LGM²: 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.
LGM²
Largest movements
- Tangible fixed assets +€43,383
up €43,383 (+1224.6%), from €3,543 to €46,926
of which Furniture and vehicles: +€39,999
- Receivables within one year -€40,799
down €40,799 (-71.3%), from €57,228 to €16,429
of which Trade receivables: -€43,610
- Stocks and contracts +€3,500
new in 2025: €3,500
- Cash +€2,388
up €2,388 (+10.1%), from €23,550 to €25,938
mainly Receivables within one year (+€40,799) and Debts after one year (+€13,394)
- Tax, wage and social debts -€16,040
down €16,040 (-58.9%), from €27,256 to €11,216
of which Taxes: -€15,229
- Debts after one year +€13,394
new in 2025: €13,394
- Reserves +€9,749
up €9,749 (+29.7%), from €32,878 to €42,627
of which Distributable reserves: +€11,524
- Current portion of long-term debt +€3,824
new in 2025: €3,824
- Trade debts -€2,834
down €2,834 (-35.2%), from €8,057 to €5,223
- Gross operating margin -€15,851
down €15,851 (-37.7%), from €42,083 to €26,232
- Depreciation +€8,173
up €8,173 (+606.2%), from €1,348 to €9,522
- Taxes -€6,001
down €6,001 (-59.8%), from €10,037 to €4,037
- Other operating charges +€606
up €606 (+91.8%), from €659 to €1,265
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 | €85,156 | €93,272 | +€8,116 | +9.5% |
| Fixed assets | 21/28 | €3,543 | €46,926 | +€43,383 | +1224.6% |
| Tangible fixed assets | 22/27 | €3,543 | €46,926 | +€43,383 | +1224.6% |
| Plant, machinery and equipment | 23 | €1,172 | €4,556 | +€3,384 | +288.7% |
| Furniture and vehicles | 24 | €2,371 | €42,370 | +€39,999 | +1687.3% |
| Current assets | 29/58 | €81,613 | €46,347 | -€35,267 | -43.2% |
| Stocks and contracts in progress | 3 | - | €3,500 | +€3,500 | |
| Stocks | 30/36 | - | €3,500 | +€3,500 | |
| Amounts receivable within one year | 40/41 | €57,228 | €16,429 | -€40,799 | -71.3% |
| Trade receivables | 40 | €57,228 | €13,618 | -€43,610 | -76.2% |
| Other amounts receivable | 41 | - | €2,811 | +€2,811 | |
| Cash at bank and in hand | 54/58 | €23,550 | €25,938 | +€2,388 | +10.1% |
| Deferred charges and accrued income | 490/1 | €836 | €479 | -€356 | -42.6% |
| Total equity and liabilities | 10/49 | €85,156 | €93,272 | +€8,116 | +9.5% |
| Equity | 10/15 | €49,281 | €59,030 | +€9,749 | +19.8% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Outside capital | 11 | €7,500 | €7,500 | = | 0.0% |
| Other | 1109/19 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €32,878 | €42,627 | +€9,749 | +29.7% |
| Tax-exempt reserves | 132 | €12,195 | €10,420 | -€1,775 | -14.6% |
| Distributable reserves | 133 | €20,682 | €32,207 | +€11,524 | +55.7% |
| Profit (loss) carried forward | 14 | €8,903 | €8,903 | = | 0.0% |
| Amounts payable | 17/49 | €35,875 | €34,243 | -€1,633 | -4.6% |
| Amounts payable after more than one year | 17 | - | €13,394 | +€13,394 | |
| Financial debts | 170/4 | - | €13,394 | +€13,394 | |
| Amounts payable within one year | 42/48 | €35,875 | €20,849 | -€15,026 | -41.9% |
| Current portion of amounts payable after more than one year | 42 | - | €3,824 | +€3,824 | |
| Trade debts | 44 | €8,057 | €5,223 | -€2,834 | -35.2% |
| Suppliers | 440/4 | €8,057 | €5,223 | -€2,834 | -35.2% |
| Taxes, remuneration and social security | 45 | €27,256 | €11,216 | -€16,040 | -58.9% |
| Taxes | 450/3 | €25,517 | €10,288 | -€15,229 | -59.7% |
| Remuneration and social security | 454/9 | €1,738 | €927 | -€811 | -46.7% |
| Other amounts payable | 47/48 | €563 | €586 | +€23 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,348 | €9,522 | +€8,173 | +606.2% |
| Other operating charges | 640/8 | €659 | €1,265 | +€606 | +91.8% |
| Non-recurring operating charges | 66A | €544 | €45 | -€499 | -91.7% |
| Gross operating margin | 9900 | €42,083 | €26,232 | -€15,851 | -37.7% |
| Operating profit (loss) | 9901 | €39,530 | €15,400 | -€24,130 | -61.0% |
| Financial charges | 65/66B | €529 | €777 | +€248 | +46.9% |
| Recurring financial charges | 65 | €529 | €777 | +€248 | +46.9% |
| Profit (loss) for the period before taxes | 9903 | €39,002 | €14,623 | -€24,378 | -62.5% |
| Income taxes | 67/77 | €10,037 | €4,037 | -€6,001 | -59.8% |
| Profit (loss) for the period | 9904 | €28,964 | €10,587 | -€18,378 | -63.4% |
| Transfer from tax-exempt reserves | 789 | - | €1,775 | +€1,775 | |
| Transfer to tax-exempt reserves | 689 | €11,570 | - | -€11,570 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,394 | €12,362 | -€5,032 | -28.9% |
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 5 October 2026 via checked.be.