LASEM: 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.
LASEM
Largest movements
- Receivables within one year +€454,800
up €454,800 (+755.6%), from €60,189 to €514,989
of which Trade receivables: +€505,130
- Tangible fixed assets -€327,457
down €327,457 (-3.1%), from €10.5m to €10.2m
of which Land and buildings: -€351,519
- Current investments -€148,240
down €148,240 (-21.6%), from €686,202 to €537,963
- Cash -€119,146
down €119,146 (-48.7%), from €244,731 to €125,585
mainly Receivables within one year (-€454,800) and Net result for the year (-€201,832)
- Reserves -€201,832
down €201,832 (-4.0%), from €5.0m to €4.8m
- Gross operating margin -€682,971
down €682,971 (-71.6%), from €953,467 to €270,496
- Financial income +€16,128
up €16,128 (+182.1%), from €8,856 to €24,985
- Staff costs -€15,654
down €15,654 (-91.0%), from €17,194 to €1,540
- Depreciation +€13,064
up €13,064 (+2.8%), from €467,295 to €480,359
- Financial charges -€9,989
down €9,989 (-82.8%), from €12,061 to €2,073
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 | €11,494,593 | €11,354,915 | -€139,678 | -1.2% |
| Fixed assets | 21/28 | €10,490,546 | €10,163,089 | -€327,457 | -3.1% |
| Tangible fixed assets | 22/27 | €10,490,271 | €10,162,814 | -€327,457 | -3.1% |
| Land and buildings | 22 | €10,317,828 | €9,966,309 | -€351,519 | -3.4% |
| Plant, machinery and equipment | 23 | €14,462 | €8,415 | -€6,046 | -41.8% |
| Furniture and vehicles | 24 | €114,394 | €76,437 | -€37,957 | -33.2% |
| Other tangible fixed assets | 26 | €43,588 | €111,653 | +€68,065 | +156.2% |
| Financial fixed assets | 28 | €275 | €275 | = | 0.0% |
| Current assets | 29/58 | €1,004,047 | €1,191,826 | +€187,779 | +18.7% |
| Stocks and contracts in progress | 3 | €2,700 | €2,700 | = | 0.0% |
| Stocks | 30/36 | €2,700 | €2,700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €60,189 | €514,989 | +€454,800 | +755.6% |
| Trade receivables | 40 | €394 | €505,524 | +€505,130 | +128173.0% |
| Other amounts receivable | 41 | €59,795 | €9,465 | -€50,330 | -84.2% |
| Current investments | 50/53 | €686,202 | €537,963 | -€148,240 | -21.6% |
| Cash at bank and in hand | 54/58 | €244,731 | €125,585 | -€119,146 | -48.7% |
| Deferred charges and accrued income | 490/1 | €10,224 | €10,590 | +€366 | +3.6% |
| Total equity and liabilities | 10/49 | €11,494,593 | €11,354,915 | -€139,678 | -1.2% |
| Equity | 10/15 | €6,145,593 | €5,943,761 | -€201,832 | -3.3% |
| Contributions | 10/11 | €1,119,000 | €1,119,000 | = | 0.0% |
| Reserves | 13 | €5,026,593 | €4,824,761 | -€201,832 | -4.0% |
| Distributable reserves | 133 | €5,026,593 | €4,824,761 | -€201,832 | -4.0% |
| Amounts payable | 17/49 | €5,349,001 | €5,411,154 | +€62,154 | +1.2% |
| Amounts payable within one year | 42/48 | €5,349,001 | €5,411,154 | +€62,154 | +1.2% |
| Trade debts | 44 | €22,725 | €95,558 | +€72,834 | +320.5% |
| Suppliers | 440/4 | €22,725 | €95,558 | +€72,834 | +320.5% |
| Taxes, remuneration and social security | 45 | €47 | €6,282 | +€6,235 | +13228.7% |
| Taxes | 450/3 | €47 | €6,282 | +€6,235 | +13228.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,326,229 | €5,309,314 | -€16,915 | -0.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €17,194 | €1,540 | -€15,654 | -91.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €467,295 | €480,359 | +€13,064 | +2.8% |
| Other operating charges | 640/8 | €7,068 | €13,154 | +€6,086 | +86.1% |
| Gross operating margin | 9900 | €953,467 | €270,496 | -€682,971 | -71.6% |
| Operating profit (loss) | 9901 | €461,910 | -€224,557 | -€686,467 | |
| Financial income | 75/76B | €8,856 | €24,985 | +€16,128 | +182.1% |
| Recurring financial income | 75 | €8,856 | €24,985 | +€16,128 | +182.1% |
| Financial charges | 65/66B | €12,061 | €2,073 | -€9,989 | -82.8% |
| Recurring financial charges | 65 | €12,061 | €2,073 | -€9,989 | -82.8% |
| Profit (loss) for the period before taxes | 9903 | €458,705 | -€201,645 | -€660,350 | |
| Income taxes | 67/77 | €5,341 | €187 | -€5,155 | -96.5% |
| Profit (loss) for the period | 9904 | €453,363 | -€201,832 | -€655,195 | |
| Profit (loss) for the period to be appropriated | 9905 | €453,363 | -€201,832 | -€655,195 |
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 8 October 2026 via checked.be.