LGDM: 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.
LGDM
Largest movements
- Cash -€63,254
down €63,254 (-92.1%), from €68,654 to €5,400
mainly Other debts (-€58,741) and Receivables within one year (-€45,823)
- Stocks and contracts -€51,647
down €51,647 (-25.6%), from €201,582 to €149,936
- Receivables within one year +€45,823
up €45,823 (+27.0%), from €169,458 to €215,281
of which Other amounts receivable: +€45,823
- Tangible fixed assets -€12,417
down €12,417 (-23.6%), from €52,623 to €40,206
of which Other tangible fixed assets: -€11,993
- Other debts -€58,741
down €58,741 (-56.8%), from €103,334 to €44,593
- Tax, wage and social debts -€23,438
no longer reported in 2025 (was €23,438)
- Profit (loss) carried forward +€6,588
up €6,588 (+3.1%), from -€211,636 to -€205,047
- Trade debts -€6,312
down €6,312 (-67.1%), from €9,405 to €3,093
- Gross operating margin -€123,271
down €123,271 (-99.6%), from €123,788 to €517
- Write-downs -€19,347
down €19,347, from €0 to -€19,347
- Financial income -€4,826
down €4,826 (-100.0%), from €4,827 to €1
- Depreciation -€1,276
down €1,276 (-9.0%), from €14,102 to €12,826
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 | €492,751 | €410,848 | -€81,903 | -16.6% |
| Fixed assets | 21/28 | €53,057 | €40,231 | -€12,826 | -24.2% |
| Intangible fixed assets | 21 | €409 | €0 | -€409 | -100.0% |
| Tangible fixed assets | 22/27 | €52,623 | €40,206 | -€12,417 | -23.6% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €424 | €0 | -€424 | -100.0% |
| Other tangible fixed assets | 26 | €52,199 | €40,206 | -€11,993 | -23.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €439,694 | €370,617 | -€69,077 | -15.7% |
| Stocks and contracts in progress | 3 | €201,582 | €149,936 | -€51,647 | -25.6% |
| Stocks | 30/36 | €201,582 | €149,936 | -€51,647 | -25.6% |
| Amounts receivable within one year | 40/41 | €169,458 | €215,281 | +€45,823 | +27.0% |
| Trade receivables | 40 | €59,432 | €59,432 | = | 0.0% |
| Other amounts receivable | 41 | €110,026 | €155,849 | +€45,823 | +41.6% |
| Cash at bank and in hand | 54/58 | €68,654 | €5,400 | -€63,254 | -92.1% |
| Total equity and liabilities | 10/49 | €492,751 | €410,848 | -€81,903 | -16.6% |
| Equity | 10/15 | -€161,636 | -€155,047 | +€6,588 | +4.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€211,636 | -€205,047 | +€6,588 | +3.1% |
| Amounts payable | 17/49 | €654,386 | €565,895 | -€88,491 | -13.5% |
| Amounts payable after more than one year | 17 | €518,209 | €518,209 | = | 0.0% |
| Other amounts payable | 178/9 | €518,209 | €518,209 | = | 0.0% |
| Amounts payable within one year | 42/48 | €136,177 | €47,686 | -€88,491 | -65.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | €0 | = | |
| Trade debts | 44 | €9,405 | €3,093 | -€6,312 | -67.1% |
| Suppliers | 440/4 | €9,405 | €3,093 | -€6,312 | -67.1% |
| Taxes, remuneration and social security | 45 | €23,438 | - | -€23,438 | |
| Taxes | 450/3 | €23,438 | - | -€23,438 | |
| Other amounts payable | 47/48 | €103,334 | €44,593 | -€58,741 | -56.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,102 | €12,826 | -€1,276 | -9.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€19,347 | -€19,347 | |
| Other operating charges | 640/8 | €852 | €151 | -€701 | -82.3% |
| Non-recurring operating charges | 66A | €70,000 | - | -€70,000 | |
| Gross operating margin | 9900 | €123,788 | €517 | -€123,271 | -99.6% |
| Operating profit (loss) | 9901 | €38,834 | €6,887 | -€31,947 | -82.3% |
| Financial income | 75/76B | €4,827 | €1 | -€4,826 | -100.0% |
| Recurring financial income | 75 | €4,827 | €1 | -€4,826 | -100.0% |
| Financial charges | 65/66B | €710 | €300 | -€411 | -57.8% |
| Recurring financial charges | 65 | €710 | €300 | -€411 | -57.8% |
| Profit (loss) for the period before taxes | 9903 | €42,951 | €6,588 | -€36,363 | -84.7% |
| Profit (loss) for the period | 9904 | €42,951 | €6,588 | -€36,363 | -84.7% |
| Profit (loss) for the period to be appropriated | 9905 | €42,951 | €6,588 | -€36,363 | -84.7% |
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 4 October 2026 via checked.be.