LARO: 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.
LARO
Largest movements
- Stocks and contracts -€1.0m
down €1.0m (-85.5%), from €1.2m to €170,650
- Financial fixed assets +€656,802
up €656,802 (+67.1%), from €978,924 to €1.6m
- Receivables within one year -€346,842
down €346,842 (-93.4%), from €371,220 to €24,378
of which Other amounts receivable: -€320,000
- Receivables after one year -€300,230
down €300,230 (-27.0%), from €1.1m to €812,885
- Cash +€151,720
up €151,720 (+1688.9%), from €8,983 to €160,703
mainly Stocks and contracts (+€1.0m) and Receivables within one year (+€346,842)
- Short-term financial debts -€821,356
down €821,356 (-70.1%), from €1.2m to €350,000
- Debts after one year -€318,371
down €318,371 (-76.6%), from €415,634 to €97,264
- Other debts +€268,589
up €268,589, from €0 to €268,589
- Trade debts -€92,327
down €92,327 (-77.6%), from €118,995 to €26,667
- Profit (loss) carried forward +€66,314
up €66,314, from -€66,314 to €0
- Gross operating margin +€153,769
up €153,769 (+216.9%), from €70,878 to €224,647
- Other operating charges +€14,564
up €14,564 (+137.3%), from €10,605 to €25,169
- Financial charges -€12,570
down €12,570 (-17.2%), from €72,904 to €60,334
- Financial income -€6,403
down €6,403 (-39.0%), from €16,404 to €10,002
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 | €4,636,428 | €3,739,046 | -€897,382 | -19.4% |
| Fixed assets | 21/28 | €1,927,306 | €2,525,325 | +€598,019 | +31.0% |
| Tangible fixed assets | 22/27 | €948,382 | €889,599 | -€58,783 | -6.2% |
| Land and buildings | 22 | €948,382 | €889,599 | -€58,783 | -6.2% |
| Financial fixed assets | 28 | €978,924 | €1,635,725 | +€656,802 | +67.1% |
| Current assets | 29/58 | €2,709,123 | €1,213,721 | -€1.5m | -55.2% |
| Amounts receivable after more than one year | 29 | €1,113,115 | €812,885 | -€300,230 | -27.0% |
| Other amounts receivable | 291 | €1,113,115 | €812,885 | -€300,230 | -27.0% |
| Stocks and contracts in progress | 3 | €1,173,583 | €170,650 | -€1.0m | -85.5% |
| Stocks | 30/36 | €1,173,583 | €170,650 | -€1.0m | -85.5% |
| Amounts receivable within one year | 40/41 | €371,220 | €24,378 | -€346,842 | -93.4% |
| Trade receivables | 40 | €51,220 | €24,378 | -€26,842 | -52.4% |
| Other amounts receivable | 41 | €320,000 | €0 | -€320,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €8,983 | €160,703 | +€151,720 | +1688.9% |
| Deferred charges and accrued income | 490/1 | €42,222 | €45,105 | +€2,883 | +6.8% |
| Total equity and liabilities | 10/49 | €4,636,428 | €3,739,046 | -€897,382 | -19.4% |
| Equity | 10/15 | €2,919,474 | €2,989,810 | +€70,336 | +2.4% |
| Contributions | 10/11 | €126,000 | €126,000 | = | 0.0% |
| Capital | 10 | €126,000 | €126,000 | = | 0.0% |
| Issued capital | 100 | €126,000 | €126,000 | = | 0.0% |
| Revaluation surpluses | 12 | €194,789 | €194,789 | = | 0.0% |
| Reserves | 13 | €2,664,999 | €2,669,021 | +€4,022 | +0.2% |
| Non-distributable reserves | 130/1 | €12,600 | €12,600 | = | 0.0% |
| Legal reserve | 130 | €12,600 | €12,600 | = | 0.0% |
| Distributable reserves | 133 | €2,652,399 | €2,656,421 | +€4,022 | +0.2% |
| Profit (loss) carried forward | 14 | -€66,314 | €0 | +€66,314 | |
| Amounts payable | 17/49 | €1,716,954 | €749,236 | -€967,719 | -56.4% |
| Amounts payable after more than one year | 17 | €415,634 | €97,264 | -€318,371 | -76.6% |
| Financial debts | 170/4 | €415,634 | €97,264 | -€318,371 | -76.6% |
| Amounts payable within one year | 42/48 | €1,291,565 | €645,659 | -€645,906 | -50.0% |
| Financial debts | 43 | €1,171,356 | €350,000 | -€821,356 | -70.1% |
| Credit institutions | 430/8 | €1,171,356 | €350,000 | -€821,356 | -70.1% |
| Trade debts | 44 | €118,995 | €26,667 | -€92,327 | -77.6% |
| Suppliers | 440/4 | €118,995 | €26,667 | -€92,327 | -77.6% |
| Taxes, remuneration and social security | 45 | €1,214 | €402 | -€812 | -66.9% |
| Taxes | 450/3 | €1,214 | €402 | -€812 | -66.9% |
| Other amounts payable | 47/48 | €0 | €268,589 | +€268,589 | |
| Accrued charges and deferred income | 492/3 | €9,755 | €6,313 | -€3,442 | -35.3% |
| Non-recurring operating income | 76A | €0 | €120,852 | +€120,852 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,519 | €58,783 | +€264 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €10,605 | €25,169 | +€14,564 | +137.3% |
| Non-recurring operating charges | 66A | - | €19,625 | +€19,625 | |
| Gross operating margin | 9900 | €70,878 | €224,647 | +€153,769 | +216.9% |
| Operating profit (loss) | 9901 | €1,755 | €121,071 | +€119,316 | +6799.3% |
| Financial income | 75/76B | €16,404 | €10,002 | -€6,403 | -39.0% |
| Recurring financial income | 75 | €16,404 | €10,002 | -€6,403 | -39.0% |
| Financial charges | 65/66B | €72,904 | €60,334 | -€12,570 | -17.2% |
| Recurring financial charges | 65 | €72,904 | €60,334 | -€12,570 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | -€54,745 | €70,739 | +€125,484 | |
| Income taxes | 67/77 | €0 | €402 | +€402 | |
| Profit (loss) for the period | 9904 | -€54,745 | €70,336 | +€125,081 | |
| Profit (loss) for the period to be appropriated | 9905 | -€54,745 | €70,336 | +€125,081 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.