LAROE: 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.
LAROE
Largest movements
- Cash +€146,845
up €146,845 (+252.8%), from €58,089 to €204,934
mainly Net result for the year (+€159,975) and Debts after one year (+€76,427)
- Tangible fixed assets +€101,885
up €101,885 (+289.3%), from €35,215 to €137,100
of which Furniture and vehicles: +€110,987
- Receivables within one year +€14,968
up €14,968 (+383.5%), from €3,903 to €18,871
of which Trade receivables: +€11,076
- Reserves +€159,975
up €159,975 (+60.2%), from €265,557 to €425,532
- Debts after one year +€76,427
up €76,427, from €0 to €76,427
- Tax, wage and social debts +€16,160
up €16,160 (+24.8%), from €65,085 to €81,245
of which Remuneration and social security: +€8,240
- Trade debts +€13,541
up €13,541 (+169.2%), from €8,003 to €21,544
- Other debts -€8,254
down €8,254 (-98.2%), from €8,404 to €150
- Gross operating margin +€39,775
up €39,775 (+14.1%), from €282,448 to €322,223
- Depreciation +€10,854
up €10,854 (+113.0%), from €9,604 to €20,458
- Taxes +€7,093
up €7,093 (+16.8%), from €42,135 to €49,228
- Staff costs +€3,460
up €3,460 (+3.8%), from €91,305 to €94,766
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 | €363,086 | €632,716 | +€269,631 | +74.3% |
| Fixed assets | 21/28 | €35,215 | €137,100 | +€101,885 | +289.3% |
| Tangible fixed assets | 22/27 | €35,215 | €137,100 | +€101,885 | +289.3% |
| Plant, machinery and equipment | 23 | €34,492 | €25,390 | -€9,103 | -26.4% |
| Furniture and vehicles | 24 | €723 | €111,710 | +€110,987 | +15348.6% |
| Current assets | 29/58 | €327,870 | €495,617 | +€167,746 | +51.2% |
| Stocks and contracts in progress | 3 | €14,579 | €16,645 | +€2,066 | +14.2% |
| Stocks | 30/36 | €14,579 | €16,645 | +€2,066 | +14.2% |
| Amounts receivable within one year | 40/41 | €3,903 | €18,871 | +€14,968 | +383.5% |
| Trade receivables | 40 | €1,836 | €12,912 | +€11,076 | +603.1% |
| Other amounts receivable | 41 | €2,067 | €5,959 | +€3,892 | +188.3% |
| Current investments | 50/53 | €250,000 | €250,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €58,089 | €204,934 | +€146,845 | +252.8% |
| Deferred charges and accrued income | 490/1 | €1,299 | €5,167 | +€3,867 | +297.7% |
| Total equity and liabilities | 10/49 | €363,086 | €632,716 | +€269,631 | +74.3% |
| Equity | 10/15 | €267,557 | €427,532 | +€159,975 | +59.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €265,557 | €425,532 | +€159,975 | +60.2% |
| Distributable reserves | 133 | €265,557 | €425,532 | +€159,975 | +60.2% |
| Amounts payable | 17/49 | €95,529 | €205,185 | +€109,656 | +114.8% |
| Amounts payable after more than one year | 17 | €0 | €76,427 | +€76,427 | |
| Financial debts | 170/4 | €0 | €76,427 | +€76,427 | |
| Amounts payable within one year | 42/48 | €95,529 | €126,957 | +€31,428 | +32.9% |
| Current portion of amounts payable after more than one year | 42 | €10,396 | €17,375 | +€6,979 | +67.1% |
| Trade debts | 44 | €8,003 | €21,544 | +€13,541 | +169.2% |
| Suppliers | 440/4 | €8,003 | €21,544 | +€13,541 | +169.2% |
| Advances received on contracts in progress | 46 | €3,642 | €6,643 | +€3,001 | +82.4% |
| Taxes, remuneration and social security | 45 | €65,085 | €81,245 | +€16,160 | +24.8% |
| Taxes | 450/3 | €58,481 | €66,401 | +€7,920 | +13.5% |
| Remuneration and social security | 454/9 | €6,604 | €14,844 | +€8,240 | +124.8% |
| Other amounts payable | 47/48 | €8,404 | €150 | -€8,254 | -98.2% |
| Accrued charges and deferred income | 492/3 | - | €1,801 | +€1,801 | |
| Remuneration, social security and pensions | 62 | €91,305 | €94,766 | +€3,460 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,604 | €20,458 | +€10,854 | +113.0% |
| Other operating charges | 640/8 | €1,540 | €1,545 | +€5 | +0.3% |
| Gross operating margin | 9900 | €282,448 | €322,223 | +€39,775 | +14.1% |
| Operating profit (loss) | 9901 | €179,999 | €205,455 | +€25,455 | +14.1% |
| Financial income | 75/76B | €3,357 | €5,590 | +€2,233 | +66.5% |
| Recurring financial income | 75 | €3,357 | €5,590 | +€2,233 | +66.5% |
| Financial charges | 65/66B | €1,595 | €1,842 | +€246 | +15.4% |
| Recurring financial charges | 65 | €1,595 | €1,842 | +€246 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €181,761 | €209,203 | +€27,442 | +15.1% |
| Income taxes | 67/77 | €42,135 | €49,228 | +€7,093 | +16.8% |
| Profit (loss) for the period | 9904 | €139,626 | €159,975 | +€20,349 | +14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €139,626 | €159,975 | +€20,349 | +14.6% |
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.