LKMH Group: 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.
What changed
LKMH Group
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8,488
2024 · €35,103-€26,616
Equity
€2.8m
2024 · €2.8m+€8,488
Cash
€103,735
2024 · €94,892+€8,843
Balance sheet total
€10.7m
2024 · €11.0m-€296,674
Largest movements
Assets
- Current investments -€748,284
down €748,284 (-100%), from €748,284 to €0
- Tangible fixed assets +€575,756
up €575,756 (+6.9%), from €8.4m to €8.9m
of which Land and buildings: +€582,253
- Financial fixed assets -€170,927
down €170,927 (-10.2%), from €1.7m to €1.5m
Equity and liabilities
- Other debts -€516,210
down €516,210 (-30.8%), from €1.7m to €1.2m
Income statement
- Financial income +€269,653
up €269,653 (+18,918%), from €1,425 to €271,078
of which Non-recurring financial income: +€150,000
- Gross operating margin -€269,117
down €269,117 (-47.7%), from €563,943 to €294,826
- Depreciation +€26,998
up €26,998 (+9.4%), from €288,268 to €315,266
- Financial charges +€15,002
up €15,002 (+7.8%), from €191,977 to €206,979
- Taxes -€8,585
down €8,585, from €8,528 to -€56
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.
Result 2024
€35,103
Gross operating margin
-€269,117
Depreciation
-€26,998
Other operating charges
+€2,593
Financial income
+€269,653
Financial charges
-€15,002
Taxes
+€8,585
Deferred taxes and other
+€3,671
Result 2025
€8,488
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€162,739
Investment
+€28,190
Financing
+€143,392
Cash 2024
€94,892
From operations (derived)
-€162,739
Net result for the year
+€8,488
Depreciation
+€315,266
Receivables after one year
-€50,245
Receivables within one year
-€23,733
Deferred charges and accrued income
+€36,039
Provisions
-€3,671
Trade debts
+€95,306
Tax, wage and social debts
+€1,047
Other debts
-€516,210
Accrued charges and deferred income
-€25,025
Investment (derived)
+€28,190
Investment in fixed assets (net)
-€720,095
Current investments
+€748,284
Financing
+€143,392
Debts after one year
+€73,647
Current portion of long-term debt
-€30,255
Short-term financial debts
+€100,000
Cash 2025
€103,735
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,024,091 | €10,727,417 | -€296,674 | -2.7% |
| Fixed assets | 21/28 | €10,025,350 | €10,430,179 | +€404,829 | +4.0% |
| Tangible fixed assets | 22/27 | €8,356,160 | €8,931,916 | +€575,756 | +6.9% |
| Land and buildings | 22 | €8,335,739 | €8,917,991 | +€582,253 | +7.0% |
| Plant, machinery and equipment | 23 | €499 | €234 | -€265 | -53.0% |
| Furniture and vehicles | 24 | €1,977 | €429 | -€1,547 | -78.3% |
| Other tangible fixed assets | 26 | €17,946 | €13,261 | -€4,685 | -26.1% |
| Financial fixed assets | 28 | €1,669,190 | €1,498,263 | -€170,927 | -10.2% |
| Current assets | 29/58 | €998,741 | €297,238 | -€701,503 | -70.2% |
| Amounts receivable after more than one year | 29 | - | €50,245 | +€50,245 | |
| Other amounts receivable | 291 | - | €50,245 | +€50,245 | |
| Amounts receivable within one year | 40/41 | €102,676 | €126,410 | +€23,733 | +23.1% |
| Trade receivables | 40 | €102,271 | €107,830 | +€5,558 | +5.4% |
| Other amounts receivable | 41 | €405 | €18,580 | +€18,175 | +4,486% |
| Current investments | 50/53 | €748,284 | €0 | -€748,284 | -100% |
| Cash at bank and in hand | 54/58 | €94,892 | €103,735 | +€8,843 | +9.3% |
| Deferred charges and accrued income | 490/1 | €52,888 | €16,849 | -€36,039 | -68.1% |
| Total equity and liabilities | 10/49 | €11,024,091 | €10,727,417 | -€296,674 | -2.7% |
| Equity | 10/15 | €2,772,265 | €2,780,752 | +€8,488 | +0.3% |
| Contributions | 10/11 | €2,518,600 | €2,518,600 | = | 0.0% |
| Reserves | 13 | €315,221 | €304,207 | -€11,014 | -3.5% |
| Tax-exempt reserves | 132 | €315,221 | €304,207 | -€11,014 | -3.5% |
| Profit (loss) carried forward | 14 | -€61,557 | -€42,054 | +€19,502 | +31.7% |
| Provisions and deferred taxes | 16 | €105,074 | €101,402 | -€3,671 | -3.5% |
| Deferred taxes | 168 | €105,074 | €101,402 | -€3,671 | -3.5% |
| Amounts payable | 17/49 | €8,146,753 | €7,845,262 | -€301,491 | -3.7% |
| Amounts payable after more than one year | 17 | €5,265,525 | €5,339,172 | +€73,647 | +1.4% |
| Financial debts | 170/4 | €5,228,545 | €5,308,190 | +€79,645 | +1.5% |
| Other amounts payable | 178/9 | €36,980 | €30,982 | -€5,998 | -16.2% |
| Amounts payable within one year | 42/48 | €2,856,203 | €2,506,090 | -€350,113 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €545,010 | €514,755 | -€30,255 | -5.6% |
| Financial debts | 43 | €600,000 | €700,000 | +€100,000 | +16.7% |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Other loans | 439 | €600,000 | €600,000 | = | 0.0% |
| Trade debts | 44 | €20,214 | €115,519 | +€95,306 | +471% |
| Suppliers | 440/4 | €20,214 | €115,519 | +€95,306 | +471% |
| Taxes, remuneration and social security | 45 | €16,809 | €17,856 | +€1,047 | +6.2% |
| Taxes | 450/3 | €16,809 | €17,856 | +€1,047 | +6.2% |
| Other amounts payable | 47/48 | €1,674,171 | €1,157,961 | -€516,210 | -30.8% |
| Accrued charges and deferred income | 492/3 | €25,025 | €0 | -€25,025 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €288,268 | €315,266 | +€26,998 | +9.4% |
| Other operating charges | 640/8 | €41,491 | €38,899 | -€2,593 | -6.2% |
| Gross operating margin | 9900 | €563,943 | €294,826 | -€269,117 | -47.7% |
| Operating profit (loss) | 9901 | €234,183 | -€59,339 | -€293,522 | |
| Financial income | 75/76B | €1,425 | €271,078 | +€269,653 | +18,918% |
| Recurring financial income | 75 | €1,425 | €121,078 | +€119,653 | +8,395% |
| Non-recurring financial income | 76B | - | €150,000 | +€150,000 | |
| Financial charges | 65/66B | €191,977 | €206,979 | +€15,002 | +7.8% |
| Recurring financial charges | 65 | €191,977 | €206,979 | +€15,002 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €43,632 | €4,760 | -€38,872 | -89.1% |
| Transfer from deferred taxes | 780 | - | €3,671 | +€3,671 | |
| Income taxes | 67/77 | €8,528 | -€56 | -€8,585 | |
| Profit (loss) for the period | 9904 | €35,103 | €8,488 | -€26,616 | -75.8% |
| Transfer from tax-exempt reserves | 789 | - | €11,014 | +€11,014 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,103 | €19,502 | -€15,601 | -44.4% |
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.