LIMAD: 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.
LIMAD
Largest movements
- Receivables within one year -€86,773
down €86,773 (-63.4%), from €136,816 to €50,043
of which Trade receivables: -€91,325
- Cash +€44,840
up €44,840 (+35.6%), from €126,026 to €170,866
mainly Receivables within one year (+€86,773) and Other debts (+€79,829)
- Tangible fixed assets -€10,509
down €10,509 (-4.9%), from €214,172 to €203,663
of which Land and buildings: -€7,075
- Other debts +€79,829
up €79,829 (+425530.0%), from €19 to €79,848
- Reserves -€67,655
down €67,655 (-30.4%), from €222,479 to €154,823
- Accrued charges and deferred income -€33,805
down €33,805 (-56.4%), from €59,971 to €26,166
- Trade debts -€20,599
down €20,599 (-57.1%), from €36,068 to €15,469
- Debts after one year -€13,183
down €13,183 (-19.8%), from €66,560 to €53,377
- Gross operating margin -€23,226
down €23,226 (-16.3%), from €142,129 to €118,904
- Taxes -€5,930
down €5,930 (-40.6%), from €14,604 to €8,674
- Staff costs +€4,998
up €4,998 (+6.7%), from €74,665 to €79,663
- Other operating charges -€3,627
down €3,627 (-58.7%), from €6,179 to €2,552
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 | €482,777 | €430,491 | -€52,286 | -10.8% |
| Fixed assets | 21/28 | €214,172 | €203,663 | -€10,509 | -4.9% |
| Tangible fixed assets | 22/27 | €214,172 | €203,663 | -€10,509 | -4.9% |
| Land and buildings | 22 | €207,503 | €200,428 | -€7,075 | -3.4% |
| Furniture and vehicles | 24 | €6,669 | €3,235 | -€3,434 | -51.5% |
| Current assets | 29/58 | €268,605 | €226,828 | -€41,777 | -15.6% |
| Amounts receivable within one year | 40/41 | €136,816 | €50,043 | -€86,773 | -63.4% |
| Trade receivables | 40 | €125,229 | €33,903 | -€91,325 | -72.9% |
| Other amounts receivable | 41 | €11,587 | €16,140 | +€4,552 | +39.3% |
| Cash at bank and in hand | 54/58 | €126,026 | €170,866 | +€44,840 | +35.6% |
| Deferred charges and accrued income | 490/1 | €5,763 | €5,918 | +€156 | +2.7% |
| Total equity and liabilities | 10/49 | €482,777 | €430,491 | -€52,286 | -10.8% |
| Equity | 10/15 | €279,079 | €211,423 | -€67,655 | -24.2% |
| Contributions | 10/11 | €56,600 | €56,600 | = | 0.0% |
| Reserves | 13 | €222,479 | €154,823 | -€67,655 | -30.4% |
| Distributable reserves | 133 | €222,479 | €154,823 | -€67,655 | -30.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €203,698 | €219,067 | +€15,369 | +7.5% |
| Amounts payable after more than one year | 17 | €66,560 | €53,377 | -€13,183 | -19.8% |
| Financial debts | 170/4 | €66,560 | €53,377 | -€13,183 | -19.8% |
| Amounts payable within one year | 42/48 | €77,167 | €139,525 | +€62,357 | +80.8% |
| Current portion of amounts payable after more than one year | 42 | €12,889 | €14,268 | +€1,379 | +10.7% |
| Trade debts | 44 | €36,068 | €15,469 | -€20,599 | -57.1% |
| Suppliers | 440/4 | €36,068 | €15,469 | -€20,599 | -57.1% |
| Taxes, remuneration and social security | 45 | €28,192 | €29,940 | +€1,748 | +6.2% |
| Taxes | 450/3 | €19,767 | €21,215 | +€1,447 | +7.3% |
| Remuneration and social security | 454/9 | €8,424 | €8,725 | +€301 | +3.6% |
| Other amounts payable | 47/48 | €19 | €79,848 | +€79,829 | +425530.0% |
| Accrued charges and deferred income | 492/3 | €59,971 | €26,166 | -€33,805 | -56.4% |
| Remuneration, social security and pensions | 62 | €74,665 | €79,663 | +€4,998 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,845 | €10,509 | -€336 | -3.1% |
| Other operating charges | 640/8 | €6,179 | €2,552 | -€3,627 | -58.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €142,129 | €118,904 | -€23,226 | -16.3% |
| Operating profit (loss) | 9901 | €50,440 | €26,180 | -€24,261 | -48.1% |
| Financial income | 75/76B | €1,296 | €1,139 | -€157 | -12.1% |
| Recurring financial income | 75 | €1,296 | €1,139 | -€157 | -12.1% |
| Financial charges | 65/66B | €2,750 | €2,250 | -€501 | -18.2% |
| Recurring financial charges | 65 | €2,750 | €2,250 | -€501 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €48,986 | €25,069 | -€23,917 | -48.8% |
| Income taxes | 67/77 | €14,604 | €8,674 | -€5,930 | -40.6% |
| Profit (loss) for the period | 9904 | €34,382 | €16,395 | -€17,987 | -52.3% |
| Profit (loss) for the period to be appropriated | 9905 | €34,382 | €16,395 | -€17,987 | -52.3% |
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 3 October 2026 via checked.be.