LAROSE: what changed
LAROSE
Largest movements
- Tangible fixed assets +€692,475
up €692,475 (+62.8%), from €1.1m to €1.8m
of which Land and buildings: +€702,173
- Receivables within one year -€300,989
down €300,989 (-96.3%), from €312,595 to €11,606
- Cash -€61,268
down €61,268 (-54.9%), from €111,698 to €50,430
mainly Investment in fixed assets (net) (-€855,893) and Net result for the year (-€77,533)
- Other debts +€434,380
up €434,380, from €0 to €434,380
- Reserves -€77,533
down €77,533 (-5.8%), from €1.3m to €1.3m
of which Distributable reserves: -€63,175
- Debts after one year -€28,628
down €28,628 (-10.8%), from €264,318 to €235,690
of which Financial debts: -€28,628
- Depreciation +€92,228
up €92,228 (+130%), from €71,190 to €163,418
- Financial charges -€24,222
down €24,222 (-62.5%), from €38,781 to €14,559
- Taxes -€10,719
down €10,719, from €9,825 to -€895
- Gross operating margin -€7,418
down €7,418 (-6.8%), from €108,600 to €101,182
- Financial income -€1,153
down €1,153 (-8.1%), from €14,146 to €12,993
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,733,029 | €2,046,496 | +€313,467 | +18.1% |
| Fixed assets | 21/28 | €1,102,505 | €1,794,980 | +€692,475 | +62.8% |
| Tangible fixed assets | 22/27 | €1,102,505 | €1,794,980 | +€692,475 | +62.8% |
| Land and buildings | 22 | €1,069,270 | €1,771,443 | +€702,173 | +65.7% |
| Furniture and vehicles | 24 | €33,234 | €23,537 | -€9,698 | -29.2% |
| Current assets | 29/58 | €630,524 | €251,517 | -€379,007 | -60.1% |
| Amounts receivable within one year | 40/41 | €312,595 | €11,606 | -€300,989 | -96.3% |
| Other amounts receivable | 41 | €312,595 | €11,606 | -€300,989 | -96.3% |
| Current investments | 50/53 | €188,488 | €188,545 | +€57 | 0.0% |
| Cash at bank and in hand | 54/58 | €111,698 | €50,430 | -€61,268 | -54.9% |
| Deferred charges and accrued income | 490/1 | €17,744 | €936 | -€16,808 | -94.7% |
| Total equity and liabilities | 10/49 | €1,733,029 | €2,046,496 | +€313,467 | +18.1% |
| Equity | 10/15 | €1,360,146 | €1,282,613 | -€77,533 | -5.7% |
| Contributions | 10/11 | €18,700 | €18,700 | = | 0.0% |
| Reserves | 13 | €1,341,446 | €1,263,913 | -€77,533 | -5.8% |
| Tax-exempt reserves | 132 | €185,022 | €170,665 | -€14,358 | -7.8% |
| Distributable reserves | 133 | €1,156,424 | €1,093,249 | -€63,175 | -5.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €66,788 | €61,908 | -€4,880 | -7.3% |
| Deferred taxes | 168 | €66,788 | €61,908 | -€4,880 | -7.3% |
| Amounts payable | 17/49 | €306,095 | €701,975 | +€395,880 | +129% |
| Amounts payable after more than one year | 17 | €264,318 | €235,690 | -€28,628 | -10.8% |
| Financial debts | 170/4 | €250,338 | €221,710 | -€28,628 | -11.4% |
| Other amounts payable | 178/9 | €13,980 | €13,980 | = | 0.0% |
| Amounts payable within one year | 42/48 | €38,594 | €463,439 | +€424,845 | +1,101% |
| Current portion of amounts payable after more than one year | 42 | €27,347 | €28,628 | +€1,281 | +4.7% |
| Trade debts | 44 | €0 | €431 | +€431 | |
| Suppliers | 440/4 | €0 | €431 | +€431 | |
| Taxes, remuneration and social security | 45 | €11,247 | €0 | -€11,247 | -100% |
| Taxes | 450/3 | €11,247 | €0 | -€11,247 | -100% |
| Other amounts payable | 47/48 | €0 | €434,380 | +€434,380 | |
| Accrued charges and deferred income | 492/3 | €3,183 | €2,846 | -€337 | -10.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,190 | €163,418 | +€92,228 | +130% |
| Other operating charges | 640/8 | €19,059 | €19,506 | +€447 | +2.3% |
| Gross operating margin | 9900 | €108,600 | €101,182 | -€7,418 | -6.8% |
| Operating profit (loss) | 9901 | €18,351 | -€81,742 | -€100,093 | |
| Financial income | 75/76B | €14,146 | €12,993 | -€1,153 | -8.1% |
| Recurring financial income | 75 | €14,146 | €12,993 | -€1,153 | -8.1% |
| Financial charges | 65/66B | €38,781 | €14,559 | -€24,222 | -62.5% |
| Recurring financial charges | 65 | €38,781 | €14,559 | -€24,222 | -62.5% |
| Profit (loss) for the period before taxes | 9903 | -€6,284 | -€83,307 | -€77,023 | -1,226% |
| Transfer from deferred taxes | 780 | €4,880 | €4,880 | = | 0.0% |
| Income taxes | 67/77 | €9,825 | -€895 | -€10,719 | |
| Profit (loss) for the period | 9904 | -€11,229 | -€77,533 | -€66,304 | -590% |
| Transfer from tax-exempt reserves | 789 | €14,358 | €14,358 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,129 | -€63,175 | -€66,304 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.