LARUTH: 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.
What changed
LARUTH
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€11,721
2024 · -€217,642+€205,921
Equity
-€460,129
2024 · -€448,409-€11,721
Cash
€2,453
2024 · €4,724-€2,271
Balance sheet total
€2.5m
2024 · €3.3m-€799,202
Largest movements
Assets
- Stocks and contracts -€732,880
down €732,880 (-23.1%), from €3.2m to €2.4m
- Receivables within one year -€60,769
down €60,769 (-94.9%), from €64,003 to €3,235
of which Other amounts receivable: -€60,732
Equity and liabilities
- Short-term financial debts -€700,000
down €700,000 (-37.8%), from €1.9m to €1.2m
- Trade debts -€71,965
down €71,965 (-89.7%), from €80,247 to €8,282
Income statement
- Gross operating margin +€215,966
up €215,966, from -€94,358 to €121,607
- Staff costs +€5,210
up €5,210 (+11.9%), from €43,939 to €49,148
- Financial charges +€2,063
up €2,063 (+3.0%), from €68,294 to €70,356
- Depreciation +€1,888
up €1,888 (+21.4%), from €8,817 to €10,704
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
-€217,642
Gross operating margin
+€215,966
Staff costs
-€5,210
Depreciation
-€1,888
Other operating charges
-€519
Financial income
-€440
Financial charges
-€2,063
Taxes
+€74
Result 2025
-€11,721
raises the resultlowers the result
Derived cash bridge
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
+€705,220
Investment
-€7,491
Financing
-€700,000
Cash 2024
€4,724
From operations (derived)
+€705,220
Net result for the year
-€11,721
Depreciation
+€10,704
Stocks and contracts
+€732,880
Receivables within one year
+€60,769
Smaller working-capital items
+€213
Trade debts
-€71,965
Other debts
-€10,842
Accrued charges and deferred income
-€4,818
Investment (derived)
-€7,491
Investment in fixed assets (net)
-€7,491
Financing
-€700,000
Short-term financial debts
-€700,000
Cash 2025
€2,453
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,271,132 | €2,471,930 | -€799,202 | -24.4% |
| Fixed assets | 21/28 | €34,019 | €30,805 | -€3,213 | -9.4% |
| Tangible fixed assets | 22/27 | €33,839 | €30,625 | -€3,213 | -9.5% |
| Plant, machinery and equipment | 23 | €8,152 | €6,952 | -€1,200 | -14.7% |
| Furniture and vehicles | 24 | €1,649 | €5,404 | +€3,755 | +228% |
| Other tangible fixed assets | 26 | €24,038 | €18,269 | -€5,769 | -24.0% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €3,237,114 | €2,441,125 | -€795,989 | -24.6% |
| Stocks and contracts in progress | 3 | €3,165,895 | €2,433,015 | -€732,880 | -23.1% |
| Contracts in progress | 37 | €3,165,895 | €2,433,015 | -€732,880 | -23.1% |
| Amounts receivable within one year | 40/41 | €64,003 | €3,235 | -€60,769 | -94.9% |
| Trade receivables | 40 | €36 | €0 | -€36 | -100% |
| Other amounts receivable | 41 | €63,967 | €3,235 | -€60,732 | -94.9% |
| Cash at bank and in hand | 54/58 | €4,724 | €2,453 | -€2,271 | -48.1% |
| Deferred charges and accrued income | 490/1 | €2,491 | €2,422 | -€69 | -2.8% |
| Total equity and liabilities | 10/49 | €3,271,132 | €2,471,930 | -€799,202 | -24.4% |
| Equity | 10/15 | -€448,409 | -€460,129 | -€11,721 | -2.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €113,381 | €113,381 | = | 0.0% |
| Distributable reserves | 133 | €113,381 | €113,381 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€661,790 | -€673,511 | -€11,721 | -1.8% |
| Amounts payable | 17/49 | €3,719,541 | €2,932,059 | -€787,482 | -21.2% |
| Amounts payable after more than one year | 17 | €1,429,345 | €1,429,345 | = | 0.0% |
| Other amounts payable | 178/9 | €1,429,345 | €1,429,345 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,285,379 | €1,502,715 | -€782,664 | -34.2% |
| Financial debts | 43 | €1,850,000 | €1,150,000 | -€700,000 | -37.8% |
| Credit institutions | 430/8 | €1,850,000 | €1,150,000 | -€700,000 | -37.8% |
| Trade debts | 44 | €80,247 | €8,282 | -€71,965 | -89.7% |
| Suppliers | 440/4 | €80,247 | €8,282 | -€71,965 | -89.7% |
| Taxes, remuneration and social security | 45 | €7,179 | €7,323 | +€144 | +2.0% |
| Taxes | 450/3 | €287 | €213 | -€74 | -25.9% |
| Remuneration and social security | 454/9 | €6,892 | €7,110 | +€218 | +3.2% |
| Other amounts payable | 47/48 | €347,952 | €337,110 | -€10,842 | -3.1% |
| Accrued charges and deferred income | 492/3 | €4,818 | €0 | -€4,818 | -100% |
| Remuneration, social security and pensions | 62 | €43,939 | €49,148 | +€5,210 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,817 | €10,704 | +€1,888 | +21.4% |
| Other operating charges | 640/8 | €2,430 | €2,949 | +€519 | +21.4% |
| Gross operating margin | 9900 | -€94,358 | €121,607 | +€215,966 | |
| Operating profit (loss) | 9901 | -€149,544 | €58,806 | +€208,349 | |
| Financial income | 75/76B | €482 | €43 | -€440 | -91.2% |
| Recurring financial income | 75 | €482 | €43 | -€440 | -91.2% |
| Financial charges | 65/66B | €68,294 | €70,356 | +€2,063 | +3.0% |
| Recurring financial charges | 65 | €68,294 | €70,356 | +€2,063 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | -€217,355 | -€11,508 | +€205,847 | +94.7% |
| Income taxes | 67/77 | €287 | €213 | -€74 | -25.9% |
| Profit (loss) for the period | 9904 | -€217,642 | -€11,721 | +€205,921 | +94.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€217,642 | -€11,721 | +€205,921 | +94.6% |
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 17 October 2026 via checked.be.