LARSA: 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.
LARSA
Largest movements
- Receivables within one year -€24,634
down €24,634 (-59.3%), from €41,509 to €16,875
of which Trade receivables: -€24,643
- Tangible fixed assets -€14,697
down €14,697 (-10.6%), from €138,839 to €124,143
of which Leasing and similar rights: -€14,064
- Debts after one year -€111,073
down €111,073 (-11.6%), from €956,083 to €845,010
- Other debts +€79,435
up €79,435 (+162.0%), from €49,026 to €128,461
- Profit (loss) carried forward -€32,518
new in 2025: -€32,518
- Staff costs +€71,218
up €71,218 (+629.2%), from €11,319 to €82,537
- Gross operating margin -€38,872
down €38,872 (-23.7%), from €163,968 to €125,095
- Taxes -€20,796
down €20,796 (-95.9%), from €21,685 to €890
- Depreciation +€6,252
up €6,252 (+28.7%), from €21,776 to €28,028
- Financial charges +€5,089
up €5,089 (+14.3%), from €35,642 to €40,731
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 | €1,244,806 | €1,205,919 | -€38,887 | -3.1% |
| Fixed assets | 21/28 | €1,153,839 | €1,139,143 | -€14,697 | -1.3% |
| Tangible fixed assets | 22/27 | €138,839 | €124,143 | -€14,697 | -10.6% |
| Furniture and vehicles | 24 | €10,052 | €9,420 | -€632 | -6.3% |
| Leasing and similar rights | 25 | €128,787 | €114,723 | -€14,064 | -10.9% |
| Financial fixed assets | 28 | €1,015,000 | €1,015,000 | = | 0.0% |
| Current assets | 29/58 | €90,966 | €66,776 | -€24,190 | -26.6% |
| Amounts receivable within one year | 40/41 | €41,509 | €16,875 | -€24,634 | -59.3% |
| Trade receivables | 40 | €41,509 | €16,866 | -€24,643 | -59.4% |
| Other amounts receivable | 41 | - | €9 | +€9 | |
| Cash at bank and in hand | 54/58 | €41,257 | €38,268 | -€2,989 | -7.2% |
| Deferred charges and accrued income | 490/1 | €8,200 | €11,634 | +€3,433 | +41.9% |
| Total equity and liabilities | 10/49 | €1,244,806 | €1,205,919 | -€38,887 | -3.1% |
| Equity | 10/15 | €75,268 | €42,750 | -€32,518 | -43.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €70,268 | €70,268 | = | 0.0% |
| Distributable reserves | 133 | €70,268 | €70,268 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€32,518 | -€32,518 | |
| Amounts payable | 17/49 | €1,169,537 | €1,163,169 | -€6,369 | -0.5% |
| Amounts payable after more than one year | 17 | €956,083 | €845,010 | -€111,073 | -11.6% |
| Financial debts | 170/4 | €956,083 | €845,010 | -€111,073 | -11.6% |
| Amounts payable within one year | 42/48 | €213,454 | €318,159 | +€104,705 | +49.1% |
| Current portion of amounts payable after more than one year | 42 | €110,157 | €120,886 | +€10,729 | +9.7% |
| Trade debts | 44 | €11,530 | €14,052 | +€2,522 | +21.9% |
| Suppliers | 440/4 | €11,530 | €14,052 | +€2,522 | +21.9% |
| Taxes, remuneration and social security | 45 | €42,742 | €54,759 | +€12,018 | +28.1% |
| Taxes | 450/3 | €35,811 | €40,892 | +€5,081 | +14.2% |
| Remuneration and social security | 454/9 | €6,931 | €13,868 | +€6,937 | +100.1% |
| Other amounts payable | 47/48 | €49,026 | €128,461 | +€79,435 | +162.0% |
| Remuneration, social security and pensions | 62 | €11,319 | €82,537 | +€71,218 | +629.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,776 | €28,028 | +€6,252 | +28.7% |
| Other operating charges | 640/8 | €3,277 | €5,428 | +€2,151 | +65.6% |
| Gross operating margin | 9900 | €163,968 | €125,095 | -€38,872 | -23.7% |
| Operating profit (loss) | 9901 | €127,596 | €9,102 | -€118,493 | -92.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -33.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -33.3% |
| Financial charges | 65/66B | €35,642 | €40,731 | +€5,089 | +14.3% |
| Recurring financial charges | 65 | €35,642 | €40,731 | +€5,089 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €91,954 | -€31,629 | -€123,583 | |
| Income taxes | 67/77 | €21,685 | €890 | -€20,796 | -95.9% |
| Profit (loss) for the period | 9904 | €70,268 | -€32,518 | -€102,787 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,268 | -€32,518 | -€102,787 |
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 29 September 2026 via checked.be.