LARMAS: what changed
Two fiscal 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.
LARMAS
Largest movements
- Tangible fixed assets +€377,692
up €377,692 (+81.2%), from €465,103 to €842,794
- Cash +€228,264
up €228,264 (+272.2%), from €83,846 to €312,110
mainly Net result for the year (+€284,877) and Debts after one year (+€229,256)
- Reserves +€284,877
up €284,877 (+149.5%), from €190,582 to €475,458
of which Tax-exempt reserves: +€369,098
- Debts after one year +€229,256
up €229,256 (+81.0%), from €283,112 to €512,367
of which Financial debts: +€216,007
- Provisions +€123,033
new in 2025: €123,033
- Current portion of long-term debt -€21,574
down €21,574 (-56.7%), from €38,046 to €16,472
- Gross operating margin +€376,965
up €376,965 (+508.6%), from €74,120 to €451,085
- Depreciation +€11,113
up €11,113 (+51.9%), from €21,433 to €32,546
- Taxes -€10,839
down €10,839 (-100.0%), from €10,839 to €0
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.
Cash bridge derived
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 | €548,948 | €1,161,443 | +€612,494 | +111.6% |
| Fixed assets | 21/28 | €465,103 | €842,794 | +€377,692 | +81.2% |
| Tangible fixed assets | 22/27 | €465,103 | €842,794 | +€377,692 | +81.2% |
| Land and buildings | 22 | €465,103 | €842,794 | +€377,692 | +81.2% |
| Current assets | 29/58 | €83,846 | €318,648 | +€234,802 | +280.0% |
| Amounts receivable within one year | 40/41 | €0 | €6,538 | +€6,538 | |
| Trade receivables | 40 | - | €4,907 | +€4,907 | |
| Other amounts receivable | 41 | €0 | €1,631 | +€1,631 | |
| Cash at bank and in hand | 54/58 | €83,846 | €312,110 | +€228,264 | +272.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €548,948 | €1,161,443 | +€612,494 | +111.6% |
| Equity | 10/15 | €210,582 | €495,458 | +€284,877 | +135.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €190,582 | €475,458 | +€284,877 | +149.5% |
| Tax-exempt reserves | 132 | - | €369,098 | +€369,098 | |
| Distributable reserves | 133 | €190,582 | €106,360 | -€84,221 | -44.2% |
| Provisions and deferred taxes | 16 | - | €123,033 | +€123,033 | |
| Deferred taxes | 168 | - | €123,033 | +€123,033 | |
| Amounts payable | 17/49 | €338,367 | €542,952 | +€204,585 | +60.5% |
| Amounts payable after more than one year | 17 | €283,112 | €512,367 | +€229,256 | +81.0% |
| Financial debts | 170/4 | €58,157 | €274,164 | +€216,007 | +371.4% |
| Other amounts payable | 178/9 | €224,955 | €238,203 | +€13,248 | +5.9% |
| Amounts payable within one year | 42/48 | €55,255 | €30,584 | -€24,671 | -44.6% |
| Current portion of amounts payable after more than one year | 42 | €38,046 | €16,472 | -€21,574 | -56.7% |
| Trade debts | 44 | €1,626 | €1,633 | +€7 | +0.5% |
| Suppliers | 440/4 | €1,626 | €1,633 | +€7 | +0.5% |
| Taxes, remuneration and social security | 45 | €12,583 | €12,479 | -€104 | -0.8% |
| Taxes | 450/3 | €12,583 | €12,479 | -€104 | -0.8% |
| Other amounts payable | 47/48 | €3,000 | €0 | -€3,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €497,397 | +€497,397 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,433 | €32,546 | +€11,113 | +51.9% |
| Other operating charges | 640/8 | €3,561 | €1,125 | -€2,436 | -68.4% |
| Gross operating margin | 9900 | €74,120 | €451,085 | +€376,965 | +508.6% |
| Operating profit (loss) | 9901 | €49,126 | €417,414 | +€368,288 | +749.7% |
| Financial income | 75/76B | €1,609 | €5,437 | +€3,828 | +237.8% |
| Recurring financial income | 75 | €1,609 | €5,437 | +€3,828 | +237.8% |
| Financial charges | 65/66B | €10,799 | €14,942 | +€4,143 | +38.4% |
| Recurring financial charges | 65 | €10,799 | €14,942 | +€4,143 | +38.4% |
| Profit (loss) for the period before taxes | 9903 | €39,936 | €407,909 | +€367,973 | +921.4% |
| Transfer from deferred taxes | 780 | - | €1,317 | +€1,317 | |
| Transfer to deferred taxes | 680 | - | €124,349 | +€124,349 | |
| Income taxes | 67/77 | €10,839 | €0 | -€10,839 | -100.0% |
| Profit (loss) for the period | 9904 | €29,097 | €284,877 | +€255,780 | +879.1% |
| Transfer from tax-exempt reserves | 789 | - | €3,950 | +€3,950 | |
| Transfer to tax-exempt reserves | 689 | - | €373,048 | +€373,048 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,097 | -€84,221 | -€113,319 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.