Larsan: 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.
What changed
Larsan
NACE 68.310, Real estate agency activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€237,170
2024 · -€18,668-€218,502
Equity
€2.4m
2024 · €2.6m-€237,170
Cash
€7,767
2024 · €11,246-€3,479
Balance sheet total
€6.4m
2024 · €6.6m-€102,101
Largest movements
Assets
- Tangible fixed assets -€127,238
down €127,238 (-3.0%), from €4.2m to €4.1m
of which Land and buildings: -€88,913
Equity and liabilities
- Trade debts +€236,654
up €236,654 (+128.1%), from €184,761 to €421,415
- Profit (loss) carried forward -€165,776
down €165,776 (-10.1%), from -€1.6m to -€1.8m
- Debts after one year -€96,903
down €96,903 (-4.2%), from €2.3m to €2.2m
- Reserves -€71,394
down €71,394 (-2.9%), from €2.5m to €2.4m
of which Tax-exempt reserves: -€71,394
Income statement
- Gross operating margin -€145,000
down €145,000 (-55.7%), from €260,364 to €115,364
- Other operating charges +€46,765
up €46,765 (+37.0%), from €126,488 to €173,253
- Financial charges -€8,829
down €8,829 (-10.4%), from €84,808 to €75,979
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.
Result 2024
-€18,668
Gross operating margin
-€145,000
Depreciation
-€1,278
Other operating charges
-€46,765
Other operating items
-€33,046
Financial income
-€1,333
Financial charges
+€8,829
Taxes
+€90
Result 2025
-€237,170
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.
From operations
+€78,537
Investment
€0
Financing
-€82,016
Cash 2024
€11,246
From operations (derived)
+€78,537
Net result for the year
-€237,170
Depreciation
+€127,238
Receivables within one year
-€28,368
Smaller working-capital items
-€318
Provisions
-€23,798
Trade debts
+€236,654
Other debts
-€10,944
Accrued charges and deferred income
+€15,242
Financing
-€82,016
Debts after one year
-€96,903
Current portion of long-term debt
+€14,888
Cash 2025
€7,767
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,551,708 | €6,449,606 | -€102,101 | -1.6% |
| Fixed assets | 21/28 | €4,594,511 | €4,467,273 | -€127,238 | -2.8% |
| Tangible fixed assets | 22/27 | €4,239,511 | €4,112,273 | -€127,238 | -3.0% |
| Land and buildings | 22 | €3,983,388 | €3,894,476 | -€88,913 | -2.2% |
| Furniture and vehicles | 24 | €1,548 | €1,022 | -€526 | -34.0% |
| Other tangible fixed assets | 26 | €254,574 | €216,775 | -€37,799 | -14.8% |
| Financial fixed assets | 28 | €355,000 | €355,000 | = | 0.0% |
| Current assets | 29/58 | €1,957,197 | €1,982,333 | +€25,136 | +1.3% |
| Amounts receivable within one year | 40/41 | €1,940,544 | €1,968,912 | +€28,368 | +1.5% |
| Trade receivables | 40 | €24,761 | €22,265 | -€2,496 | -10.1% |
| Other amounts receivable | 41 | €1,915,783 | €1,946,647 | +€30,864 | +1.6% |
| Cash at bank and in hand | 54/58 | €11,246 | €7,767 | -€3,479 | -30.9% |
| Deferred charges and accrued income | 490/1 | €5,407 | €5,654 | +€247 | +4.6% |
| Total equity and liabilities | 10/49 | €6,551,708 | €6,449,606 | -€102,101 | -1.6% |
| Equity | 10/15 | €2,611,919 | €2,374,749 | -€237,170 | -9.1% |
| Contributions | 10/11 | €1,776,787 | €1,776,787 | = | 0.0% |
| Capital | 10 | €1,022,305 | €1,022,305 | = | 0.0% |
| Issued capital | 100 | €1,022,305 | €1,022,305 | = | 0.0% |
| Outside capital | 11 | €754,482 | €754,482 | = | 0.0% |
| Share premium | 1100/10 | €754,482 | €754,482 | = | 0.0% |
| Reserves | 13 | €2,472,483 | €2,401,089 | -€71,394 | -2.9% |
| Non-distributable reserves | 130/1 | €23,886 | €23,886 | = | 0.0% |
| Legal reserve | 130 | €23,886 | €23,886 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,818,458 | €1,747,065 | -€71,394 | -3.9% |
| Distributable reserves | 133 | €630,138 | €630,138 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,637,351 | -€1,803,127 | -€165,776 | -10.1% |
| Provisions and deferred taxes | 16 | €606,153 | €582,355 | -€23,798 | -3.9% |
| Deferred taxes | 168 | €606,153 | €582,355 | -€23,798 | -3.9% |
| Amounts payable | 17/49 | €3,333,636 | €3,492,502 | +€158,866 | +4.8% |
| Amounts payable after more than one year | 17 | €2,330,886 | €2,233,983 | -€96,903 | -4.2% |
| Financial debts | 170/4 | €2,330,886 | €2,233,983 | -€96,903 | -4.2% |
| Amounts payable within one year | 42/48 | €978,317 | €1,218,844 | +€240,527 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €419,712 | €434,599 | +€14,888 | +3.5% |
| Trade debts | 44 | €184,761 | €421,415 | +€236,654 | +128.1% |
| Suppliers | 440/4 | €184,761 | €421,415 | +€236,654 | +128.1% |
| Taxes, remuneration and social security | 45 | €1,284 | €1,214 | -€71 | -5.5% |
| Taxes | 450/3 | €1,284 | €1,214 | -€71 | -5.5% |
| Other amounts payable | 47/48 | €372,560 | €361,617 | -€10,944 | -2.9% |
| Accrued charges and deferred income | 492/3 | €24,433 | €39,675 | +€15,242 | +62.4% |
| Non-recurring operating income | 76A | €320,476 | €31,049 | -€289,427 | -90.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,960 | €127,238 | +€1,278 | +1.0% |
| Other operating charges | 640/8 | €126,488 | €173,253 | +€46,765 | +37.0% |
| Non-recurring operating charges | 66A | €18,192 | €51,237 | +€33,046 | +181.7% |
| Gross operating margin | 9900 | €260,364 | €115,364 | -€145,000 | -55.7% |
| Operating profit (loss) | 9901 | -€10,275 | -€236,364 | -€226,088 | -2200.3% |
| Financial income | 75/76B | €53,282 | €51,949 | -€1,333 | -2.5% |
| Recurring financial income | 75 | €53,282 | €51,949 | -€1,333 | -2.5% |
| Financial charges | 65/66B | €84,808 | €75,979 | -€8,829 | -10.4% |
| Recurring financial charges | 65 | €84,808 | €75,979 | -€8,829 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | -€41,802 | -€260,393 | -€218,592 | -522.9% |
| Transfer from deferred taxes | 780 | €23,798 | €23,798 | +€0 | 0.0% |
| Income taxes | 67/77 | €664 | €574 | -€90 | -13.5% |
| Profit (loss) for the period | 9904 | -€18,668 | -€237,170 | -€218,502 | -1170.5% |
| Transfer from tax-exempt reserves | 789 | €71,394 | €71,394 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,726 | -€165,776 | -€218,502 |
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.