LARFROST: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
LARFROST
Largest movements
- Current investments +€500,000
up €500,000 (+20.0%), from €2.5m to €3.0m
- Tangible fixed assets -€499,680
down €499,680 (-3.6%), from €13.8m to €13.3m
of which Land and buildings: -€657,737
- Receivables within one year -€392,348
down €392,348 (-18.9%), from €2.1m to €1.7m
of which Trade receivables: -€395,294
- Cash -€362,649
down €362,649 (-36.9%), from €983,857 to €621,207
mainly Debts after one year (-€1.5m) and Contributions, distributions and other (-€719,054)
- Debts after one year -€1.5m
down €1.5m (-24.6%), from €6.2m to €4.7m
- Reserves +€1.0m
up €1.0m (+12.2%), from €8.5m to €9.6m
of which Distributable reserves: +€1.0m
- Other debts -€469,000
down €469,000 (-36.8%), from €1.3m to €805,000
- Gross operating margin +€315,642
up €315,642 (+7.7%), from €4.1m to €4.4m
- Depreciation -€282,895
down €282,895 (-20.0%), from €1.4m to €1.1m
- Taxes +€121,658
up €121,658 (+25.5%), from €476,686 to €598,344
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,473,356 | €18,724,036 | -€749,319 | -3.8% |
| Fixed assets | 21/28 | €13,805,508 | €13,305,828 | -€499,680 | -3.6% |
| Tangible fixed assets | 22/27 | €13,803,645 | €13,303,965 | -€499,680 | -3.6% |
| Land and buildings | 22 | €13,272,878 | €12,615,141 | -€657,737 | -5.0% |
| Plant, machinery and equipment | 23 | €162,307 | €172,878 | +€10,571 | +6.5% |
| Furniture and vehicles | 24 | €368,461 | €515,946 | +€147,485 | +40.0% |
| Financial fixed assets | 28 | €1,863 | €1,863 | = | 0.0% |
| Current assets | 29/58 | €5,667,848 | €5,418,208 | -€249,640 | -4.4% |
| Amounts receivable within one year | 40/41 | €2,074,252 | €1,681,904 | -€392,348 | -18.9% |
| Trade receivables | 40 | €2,051,536 | €1,656,242 | -€395,294 | -19.3% |
| Other amounts receivable | 41 | €22,716 | €25,661 | +€2,946 | +13.0% |
| Current investments | 50/53 | €2,500,000 | €3,000,000 | +€500,000 | +20.0% |
| Cash at bank and in hand | 54/58 | €983,857 | €621,207 | -€362,649 | -36.9% |
| Deferred charges and accrued income | 490/1 | €109,739 | €115,097 | +€5,358 | +4.9% |
| Total equity and liabilities | 10/49 | €19,473,356 | €18,724,036 | -€749,319 | -3.8% |
| Equity | 10/15 | €9,327,393 | €10,451,186 | +€1.1m | +12.0% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Revaluation surpluses | 12 | €448,048 | €539,832 | +€91,784 | +20.5% |
| Reserves | 13 | €8,542,886 | €9,585,732 | +€1.0m | +12.2% |
| Non-distributable reserves | 130/1 | €156,900 | €156,900 | = | 0.0% |
| Legal reserve | 130 | €156,900 | €156,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,843 | €56,843 | = | 0.0% |
| Distributable reserves | 133 | €8,329,143 | €9,371,990 | +€1.0m | +12.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €36,460 | €25,622 | -€10,838 | -29.7% |
| Amounts payable | 17/49 | €10,145,962 | €8,272,850 | -€1.9m | -18.5% |
| Amounts payable after more than one year | 17 | €6,234,999 | €4,699,999 | -€1.5m | -24.6% |
| Financial debts | 170/4 | €6,234,999 | €4,699,999 | -€1.5m | -24.6% |
| Amounts payable within one year | 42/48 | €3,885,487 | €3,546,870 | -€338,617 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €1,560,000 | €1,535,000 | -€25,000 | -1.6% |
| Trade debts | 44 | €895,349 | €978,992 | +€83,643 | +9.3% |
| Suppliers | 440/4 | €895,349 | €978,992 | +€83,643 | +9.3% |
| Taxes, remuneration and social security | 45 | €156,138 | €227,878 | +€71,739 | +45.9% |
| Taxes | 450/3 | €73,876 | €147,525 | +€73,649 | +99.7% |
| Remuneration and social security | 454/9 | €82,263 | €80,353 | -€1,910 | -2.3% |
| Other amounts payable | 47/48 | €1,274,000 | €805,000 | -€469,000 | -36.8% |
| Accrued charges and deferred income | 492/3 | €25,476 | €25,981 | +€505 | +2.0% |
| Remuneration, social security and pensions | 62 | €605,679 | €627,864 | +€22,185 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,415,855 | €1,132,960 | -€282,895 | -20.0% |
| Other operating charges | 640/8 | €161,252 | €171,175 | +€9,923 | +6.2% |
| Gross operating margin | 9900 | €4,123,535 | €4,439,177 | +€315,642 | +7.7% |
| Operating profit (loss) | 9901 | €1,940,750 | €2,507,178 | +€566,429 | +29.2% |
| Financial income | 75/76B | €55,347 | €44,529 | -€10,818 | -19.5% |
| Recurring financial income | 75 | €55,347 | €44,529 | -€10,818 | -19.5% |
| Financial charges | 65/66B | €66,492 | €110,516 | +€44,024 | +66.2% |
| Recurring financial charges | 65 | €66,492 | €110,516 | +€44,024 | +66.2% |
| Profit (loss) for the period before taxes | 9903 | €1,929,604 | €2,441,191 | +€511,587 | +26.5% |
| Income taxes | 67/77 | €476,686 | €598,344 | +€121,658 | +25.5% |
| Profit (loss) for the period | 9904 | €1,452,918 | €1,842,847 | +€389,929 | +26.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,452,918 | €1,842,847 | +€389,929 | +26.8% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.