LKM Advies: 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.
LKM Advies
Largest movements
- Financial fixed assets +€36.5m
up €36.5m (+651%), from €5.6m to €42.1m
- Cash +€3.9m
up €3.9m (+93.8%), from €4.1m to €8.0m
mainly Contributions, distributions and other (+€23.4m) and Short-term financial debts (+€7.4m)
- Tangible fixed assets -€2.2m
down €2.2m (-100%), from €2.2m to €0
- Current investments -€2.0m
down €2.0m (-100%), from €2.0m to €0
- Stocks and contracts +€1.5m
up €1.5m (+159%), from €950,277 to €2.5m
- Revaluation surpluses +€23.4m
new in 2025: €23.4m
- Short-term financial debts +€7.4m
up €7.4m (+409%), from €1.8m to €9.2m
- Reserves +€3.5m
up €3.5m (+19.9%), from €17.8m to €21.4m
- Other debts +€3.5m
up €3.5m (+57.7%), from €6.1m to €9.6m
- Debts after one year -€1.6m
down €1.6m (-87.6%), from €1.9m to €232,281
- Gross operating margin -€2.7m
down €2.7m (-47.4%), from €5.7m to €3.0m
- Financial income +€1.1m
up €1.1m (+294%), from €366,697 to €1.4m
- Financial charges +€201,094
up €201,094 (+64.3%), from €312,847 to €513,941
of which Financial charges: +€201,094
- Other operating charges -€88,445
down €88,445 (-96.9%), from €91,271 to €2,826
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.
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 | €27,988,457 | €64,918,338 | +€36.9m | +132% |
| Fixed assets | 21/28 | €7,857,914 | €42,149,074 | +€34.3m | +436% |
| Tangible fixed assets | 22/27 | €2,242,257 | €0 | -€2.2m | -100% |
| Land and buildings | 22 | €2,242,257 | €0 | -€2.2m | -100% |
| Financial fixed assets | 28 | €5,615,657 | €42,149,074 | +€36.5m | +651% |
| Current assets | 29/58 | €20,130,542 | €22,769,265 | +€2.6m | +13.1% |
| Amounts receivable after more than one year | 29 | €3,473,424 | €3,329,190 | -€144,234 | -4.2% |
| Other amounts receivable | 291 | €3,473,424 | €3,329,190 | -€144,234 | -4.2% |
| Stocks and contracts in progress | 3 | €950,277 | €2,464,566 | +€1.5m | +159% |
| Stocks | 30/36 | €950,277 | €2,464,566 | +€1.5m | +159% |
| Amounts receivable within one year | 40/41 | €9,554,424 | €8,985,138 | -€569,286 | -6.0% |
| Trade receivables | 40 | €420,297 | €109,990 | -€310,307 | -73.8% |
| Other amounts receivable | 41 | €9,134,127 | €8,875,148 | -€258,979 | -2.8% |
| Current investments | 50/53 | €2,000,000 | €0 | -€2.0m | -100% |
| Cash at bank and in hand | 54/58 | €4,112,817 | €7,970,370 | +€3.9m | +93.8% |
| Deferred charges and accrued income | 490/1 | €39,600 | €20,000 | -€19,600 | -49.5% |
| Total equity and liabilities | 10/49 | €27,988,457 | €64,918,338 | +€36.9m | +132% |
| Equity | 10/15 | €17,974,845 | €44,956,211 | +€27.0m | +150% |
| Contributions | 10/11 | €149,571 | €149,571 | = | 0.0% |
| Revaluation surpluses | 12 | - | €23,434,677 | +€23.4m | |
| Reserves | 13 | €17,825,274 | €21,371,963 | +€3.5m | +19.9% |
| Distributable reserves | 133 | €17,825,274 | €21,371,963 | +€3.5m | +19.9% |
| Amounts payable | 17/49 | €10,013,611 | €19,962,127 | +€9.9m | +99.3% |
| Amounts payable after more than one year | 17 | €1,866,530 | €232,281 | -€1.6m | -87.6% |
| Financial debts | 170/4 | €1,866,530 | €232,281 | -€1.6m | -87.6% |
| Amounts payable within one year | 42/48 | €8,142,349 | €19,638,992 | +€11.5m | +141% |
| Current portion of amounts payable after more than one year | 42 | €68,318 | €39,245 | -€29,073 | -42.6% |
| Financial debts | 43 | €1,808,000 | €9,197,628 | +€7.4m | +409% |
| Credit institutions | 430/8 | €1,808,000 | €9,197,628 | +€7.4m | +409% |
| Trade debts | 44 | €171,174 | €636,484 | +€465,310 | +272% |
| Suppliers | 440/4 | €171,174 | €636,484 | +€465,310 | +272% |
| Advances received on contracts in progress | 46 | - | €150,000 | +€150,000 | |
| Taxes, remuneration and social security | 45 | €0 | €4,214 | +€4,214 | |
| Taxes | 450/3 | €0 | €4,214 | +€4,214 | |
| Other amounts payable | 47/48 | €6,094,857 | €9,611,421 | +€3.5m | +57.7% |
| Accrued charges and deferred income | 492/3 | €4,732 | €90,854 | +€86,122 | +1,820% |
| Non-recurring operating income | 76A | €198,027 | €1,695 | -€196,331 | -99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,743 | €0 | -€7,743 | -100% |
| Other operating charges | 640/8 | €91,271 | €2,826 | -€88,445 | -96.9% |
| Non-recurring operating charges | 66A | €137,568 | €398,402 | +€260,835 | +190% |
| Gross operating margin | 9900 | €5,748,642 | €3,022,720 | -€2.7m | -47.4% |
| Operating profit (loss) | 9901 | €5,512,060 | €2,621,492 | -€2.9m | -52.4% |
| Financial income | 75/76B | €366,697 | €1,444,127 | +€1.1m | +294% |
| Recurring financial income | 75 | €366,697 | €1,444,127 | +€1.1m | +294% |
| Financial charges | 65/66B | €312,847 | €513,941 | +€201,094 | +64.3% |
| Recurring financial charges | 65 | €312,847 | €513,941 | +€201,094 | +64.3% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €5,565,910 | €3,551,678 | -€2.0m | -36.2% |
| Income taxes | 67/77 | €0 | €4,989 | +€4,989 | |
| Profit (loss) for the period | 9904 | €5,565,910 | €3,546,689 | -€2.0m | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,565,910 | €3,546,689 | -€2.0m | -36.3% |
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 29 October 2026 via checked.be.