LH.AA: 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.
LH.AA
Largest movements
- Cash +€117,814
new in 2025: €117,814
mainly Net result for the year (+€116,557) and Other debts (+€78,144)
- Receivables within one year +€25,736
up €25,736 (+182.6%), from €14,097 to €39,833
of which Trade receivables: +€23,700
- Stocks and contracts +€13,417
up €13,417 (+20.0%), from €67,081 to €80,498
- Tangible fixed assets +€7,434
up €7,434 (+54.8%), from €13,573 to €21,007
of which Other tangible fixed assets: +€9,493
- Other debts +€78,144
up €78,144 (+2207.5%), from €3,540 to €81,684
- Profit (loss) carried forward +€71,557
up €71,557 (+113.4%), from €63,092 to €134,649
- Accrued charges and deferred income +€23,388
new in 2025: €23,388
- Tax, wage and social debts +€23,105
up €23,105 (+133.3%), from €17,336 to €40,441
- Trade debts -€16,715
no longer reported in 2025 (was €16,715)
- Gross operating margin +€124,316
up €124,316 (+282.5%), from €44,000 to €168,316
- Other operating charges +€19,664
up €19,664 (+4479.3%), from €439 to €20,103
- Taxes +€13,901
up €13,901 (+243.7%), from €5,705 to €19,606
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 | €116,413 | €283,162 | +€166,749 | +143.2% |
| Fixed assets | 21/28 | €34,785 | €45,017 | +€10,232 | +29.4% |
| Intangible fixed assets | 21 | €15,962 | €18,760 | +€2,798 | +17.5% |
| Tangible fixed assets | 22/27 | €13,573 | €21,007 | +€7,434 | +54.8% |
| Plant, machinery and equipment | 23 | €653 | €322 | -€331 | -50.7% |
| Furniture and vehicles | 24 | €6,083 | €4,355 | -€1,728 | -28.4% |
| Other tangible fixed assets | 26 | €6,837 | €16,330 | +€9,493 | +138.8% |
| Financial fixed assets | 28 | €5,250 | €5,250 | = | 0.0% |
| Current assets | 29/58 | €81,628 | €238,145 | +€156,517 | +191.7% |
| Stocks and contracts in progress | 3 | €67,081 | €80,498 | +€13,417 | +20.0% |
| Stocks | 30/36 | €67,081 | €80,498 | +€13,417 | +20.0% |
| Amounts receivable within one year | 40/41 | €14,097 | €39,833 | +€25,736 | +182.6% |
| Trade receivables | 40 | €14,097 | €37,797 | +€23,700 | +168.1% |
| Other amounts receivable | 41 | - | €2,036 | +€2,036 | |
| Cash at bank and in hand | 54/58 | - | €117,814 | +€117,814 | |
| Deferred charges and accrued income | 490/1 | €450 | - | -€450 | |
| Total equity and liabilities | 10/49 | €116,413 | €283,162 | +€166,749 | +143.2% |
| Equity | 10/15 | €66,092 | €137,649 | +€71,557 | +108.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,092 | €134,649 | +€71,557 | +113.4% |
| Amounts payable | 17/49 | €50,321 | €145,513 | +€95,192 | +189.2% |
| Amounts payable within one year | 42/48 | €50,321 | €122,125 | +€71,804 | +142.7% |
| Financial debts | 43 | €12,730 | - | -€12,730 | |
| Credit institutions | 430/8 | €12,730 | - | -€12,730 | |
| Trade debts | 44 | €16,715 | - | -€16,715 | |
| Suppliers | 440/4 | €16,715 | - | -€16,715 | |
| Taxes, remuneration and social security | 45 | €17,336 | €40,441 | +€23,105 | +133.3% |
| Taxes | 450/3 | €17,336 | €40,441 | +€23,105 | +133.3% |
| Other amounts payable | 47/48 | €3,540 | €81,684 | +€78,144 | +2207.5% |
| Accrued charges and deferred income | 492/3 | - | €23,388 | +€23,388 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,061 | €9,206 | +€145 | +1.6% |
| Other operating charges | 640/8 | €439 | €20,103 | +€19,664 | +4479.3% |
| Gross operating margin | 9900 | €44,000 | €168,316 | +€124,316 | +282.5% |
| Operating profit (loss) | 9901 | €34,500 | €139,007 | +€104,507 | +302.9% |
| Financial income | 75/76B | - | €48 | +€48 | |
| Recurring financial income | 75 | - | €48 | +€48 | |
| Financial charges | 65/66B | €2,296 | €2,892 | +€596 | +26.0% |
| Recurring financial charges | 65 | €2,296 | €2,892 | +€596 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €32,204 | €136,163 | +€103,959 | +322.8% |
| Income taxes | 67/77 | €5,705 | €19,606 | +€13,901 | +243.7% |
| Profit (loss) for the period | 9904 | €26,499 | €116,557 | +€90,058 | +339.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,499 | €116,557 | +€90,058 | +339.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.