LGM: 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.
LGM
Largest movements
- Receivables within one year -€27,948
down €27,948 (-45.2%), from €61,823 to €33,875
of which Trade receivables: -€25,763
- Deferred charges and accrued income -€14,926
down €14,926 (-73.5%), from €20,306 to €5,381
- Cash -€14,320
down €14,320 (-26.2%), from €54,674 to €40,354
mainly Other debts (-€60,214) and Contributions, distributions and other (-€56,080)
- Tangible fixed assets -€10,022
down €10,022 (-27.6%), from €36,354 to €26,332
of which Furniture and vehicles: -€10,022
- Other debts -€60,214
down €60,214 (-48.7%), from €123,543 to €63,329
- Debts after one year -€7,834
down €7,834 (-58.9%), from €13,299 to €5,464
- Gross operating margin +€45,884
up €45,884 (+124%), from €36,916 to €82,800
- Taxes +€9,756
up €9,756 (+187%), from €5,221 to €14,977
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 | €173,158 | €105,942 | -€67,216 | -38.8% |
| Fixed assets | 21/28 | €36,354 | €26,332 | -€10,022 | -27.6% |
| Tangible fixed assets | 22/27 | €36,354 | €26,332 | -€10,022 | -27.6% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €36,354 | €26,332 | -€10,022 | -27.6% |
| Current assets | 29/58 | €136,804 | €79,610 | -€57,194 | -41.8% |
| Amounts receivable within one year | 40/41 | €61,823 | €33,875 | -€27,948 | -45.2% |
| Trade receivables | 40 | €54,024 | €28,261 | -€25,763 | -47.7% |
| Other amounts receivable | 41 | €7,800 | €5,614 | -€2,186 | -28.0% |
| Cash at bank and in hand | 54/58 | €54,674 | €40,354 | -€14,320 | -26.2% |
| Deferred charges and accrued income | 490/1 | €20,306 | €5,381 | -€14,926 | -73.5% |
| Total equity and liabilities | 10/49 | €173,158 | €105,942 | -€67,216 | -38.8% |
| Equity | 10/15 | €20,536 | €20,636 | +€100 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76 | €176 | +€100 | +132% |
| Amounts payable | 17/49 | €152,622 | €85,306 | -€67,316 | -44.1% |
| Amounts payable after more than one year | 17 | €13,299 | €5,464 | -€7,834 | -58.9% |
| Financial debts | 170/4 | €13,299 | €5,464 | -€7,834 | -58.9% |
| Amounts payable within one year | 42/48 | €139,324 | €79,842 | -€59,482 | -42.7% |
| Current portion of amounts payable after more than one year | 42 | €7,420 | €7,834 | +€414 | +5.6% |
| Financial debts | 43 | €1,020 | €2,057 | +€1,038 | +102% |
| Credit institutions | 430/8 | €1,020 | €2,057 | +€1,038 | +102% |
| Trade debts | 44 | €2,264 | €2,254 | -€10 | -0.4% |
| Suppliers | 440/4 | €2,264 | €2,254 | -€10 | -0.4% |
| Taxes, remuneration and social security | 45 | €5,077 | €4,367 | -€710 | -14.0% |
| Taxes | 450/3 | €5,077 | €4,367 | -€710 | -14.0% |
| Other amounts payable | 47/48 | €123,543 | €63,329 | -€60,214 | -48.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,616 | €10,022 | -€593 | -5.6% |
| Other operating charges | 640/8 | €327 | €431 | +€104 | +31.9% |
| Gross operating margin | 9900 | €36,916 | €82,800 | +€45,884 | +124% |
| Operating profit (loss) | 9901 | €25,973 | €72,347 | +€46,373 | +179% |
| Financial income | 75/76B | €4 | €145 | +€141 | +3,634% |
| Recurring financial income | 75 | €4 | €145 | +€141 | +3,634% |
| Financial charges | 65/66B | €1,653 | €1,335 | -€318 | -19.3% |
| Recurring financial charges | 65 | €1,653 | €1,335 | -€318 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €24,324 | €71,157 | +€46,833 | +193% |
| Income taxes | 67/77 | €5,221 | €14,977 | +€9,756 | +187% |
| Profit (loss) for the period | 9904 | €19,103 | €56,180 | +€37,077 | +194% |
| Profit (loss) for the period to be appropriated | 9905 | €19,103 | €56,180 | +€37,077 | +194% |
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 24 October 2026 via checked.be.