LASO: 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.
LASO
Largest movements
- Stocks and contracts -€175,299
down €175,299 (-21.3%), from €821,924 to €646,625
- Receivables within one year +€137,884
up €137,884 (+73.2%), from €188,275 to €326,159
of which Trade receivables: +€125,135
- Tangible fixed assets -€23,622
down €23,622 (-3.6%), from €662,052 to €638,429
of which Land and buildings: -€14,003
- Reserves +€168,185
up €168,185 (+91.8%), from €183,157 to €351,342
- Trade debts -€141,548
down €141,548 (-16.6%), from €850,394 to €708,845
- Debts after one year -€63,333
down €63,333 (-14.0%), from €453,888 to €390,555
- Current portion of long-term debt -€25,000
down €25,000 (-28.3%), from €88,333 to €63,333
- Gross operating margin +€67,977
up €67,977 (+22.0%), from €308,947 to €376,924
- Taxes +€19,694
up €19,694 (+32.9%), from €59,844 to €79,538
- Depreciation +€18,544
up €18,544 (+22.7%), from €81,589 to €100,133
- Financial charges -€6,004
down €6,004 (-22.8%), from €26,278 to €20,274
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,795,083 | €1,723,152 | -€71,931 | -4.0% |
| Fixed assets | 21/28 | €662,052 | €638,429 | -€23,622 | -3.6% |
| Tangible fixed assets | 22/27 | €662,052 | €638,429 | -€23,622 | -3.6% |
| Land and buildings | 22 | €614,733 | €600,730 | -€14,003 | -2.3% |
| Plant, machinery and equipment | 23 | €46,531 | €37,313 | -€9,219 | -19.8% |
| Furniture and vehicles | 24 | €787 | €387 | -€400 | -50.8% |
| Current assets | 29/58 | €1,133,031 | €1,084,723 | -€48,308 | -4.3% |
| Stocks and contracts in progress | 3 | €821,924 | €646,625 | -€175,299 | -21.3% |
| Stocks | 30/36 | €821,924 | €646,625 | -€175,299 | -21.3% |
| Amounts receivable within one year | 40/41 | €188,275 | €326,159 | +€137,884 | +73.2% |
| Trade receivables | 40 | €186,279 | €311,414 | +€125,135 | +67.2% |
| Other amounts receivable | 41 | €1,995 | €14,745 | +€12,749 | +639% |
| Cash at bank and in hand | 54/58 | €121,700 | €110,765 | -€10,935 | -9.0% |
| Deferred charges and accrued income | 490/1 | €1,133 | €1,175 | +€42 | +3.7% |
| Total equity and liabilities | 10/49 | €1,795,083 | €1,723,152 | -€71,931 | -4.0% |
| Equity | 10/15 | €390,828 | €559,013 | +€168,185 | +43.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €183,157 | €351,342 | +€168,185 | +91.8% |
| Distributable reserves | 133 | €183,157 | €351,342 | +€168,185 | +91.8% |
| Profit (loss) carried forward | 14 | €189,071 | €189,071 | = | 0.0% |
| Amounts payable | 17/49 | €1,404,255 | €1,164,139 | -€240,115 | -17.1% |
| Amounts payable after more than one year | 17 | €453,888 | €390,555 | -€63,333 | -14.0% |
| Financial debts | 170/4 | €453,888 | €390,555 | -€63,333 | -14.0% |
| Amounts payable within one year | 42/48 | €950,366 | €773,584 | -€176,782 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €88,333 | €63,333 | -€25,000 | -28.3% |
| Financial debts | 43 | €10,000 | - | -€10,000 | |
| Other loans | 439 | €10,000 | - | -€10,000 | |
| Trade debts | 44 | €850,394 | €708,845 | -€141,548 | -16.6% |
| Suppliers | 440/4 | €850,394 | €708,845 | -€141,548 | -16.6% |
| Taxes, remuneration and social security | 45 | €1,500 | €669 | -€831 | -55.4% |
| Taxes | 450/3 | - | €669 | +€669 | |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Other amounts payable | 47/48 | €139 | €737 | +€598 | +430% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,589 | €100,133 | +€18,544 | +22.7% |
| Other operating charges | 640/8 | €7,560 | €9,105 | +€1,545 | +20.4% |
| Gross operating margin | 9900 | €308,947 | €376,924 | +€67,977 | +22.0% |
| Operating profit (loss) | 9901 | €219,798 | €267,686 | +€47,888 | +21.8% |
| Financial income | 75/76B | €955 | €311 | -€644 | -67.4% |
| Recurring financial income | 75 | €955 | €311 | -€644 | -67.4% |
| Financial charges | 65/66B | €26,278 | €20,274 | -€6,004 | -22.8% |
| Recurring financial charges | 65 | €26,278 | €20,274 | -€6,004 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €194,476 | €247,723 | +€53,247 | +27.4% |
| Income taxes | 67/77 | €59,844 | €79,538 | +€19,694 | +32.9% |
| Profit (loss) for the period | 9904 | €134,631 | €168,185 | +€33,553 | +24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €134,631 | €168,185 | +€33,553 | +24.9% |
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.