LM 19: 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.
LM 19
Largest movements
- Tangible fixed assets -€123,768
down €123,768 (-3.1%), from €4.1m to €3.9m
- Cash +€55,972
up €55,972 (+345.2%), from €16,216 to €72,188
mainly Depreciation (+€123,768) and Current portion of long-term debt (+€750)
No liability line moved by more than 1% of the balance sheet total.
- Financial charges -€29,952
down €29,952 (-25.3%), from €118,423 to €88,471
- Gross operating margin +€26,120
up €26,120 (+16.1%), from €161,961 to €188,082
- Depreciation +€3,668
up €3,668 (+3.1%), from €120,099 to €123,768
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 | €4,071,498 | €4,003,678 | -€67,820 | -1.7% |
| Fixed assets | 21/28 | €4,052,489 | €3,928,722 | -€123,768 | -3.1% |
| Tangible fixed assets | 22/27 | €4,052,489 | €3,928,722 | -€123,768 | -3.1% |
| Land and buildings | 22 | €4,052,489 | €3,928,722 | -€123,768 | -3.1% |
| Current assets | 29/58 | €19,008 | €74,956 | +€55,948 | +294.3% |
| Cash at bank and in hand | 54/58 | €16,216 | €72,188 | +€55,972 | +345.2% |
| Deferred charges and accrued income | 490/1 | €2,793 | €2,768 | -€24 | -0.9% |
| Total equity and liabilities | 10/49 | €4,071,498 | €4,003,678 | -€67,820 | -1.7% |
| Equity | 10/15 | -€399,437 | -€430,549 | -€31,112 | -7.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€499,437 | -€530,549 | -€31,112 | -6.2% |
| Amounts payable | 17/49 | €4,470,935 | €4,434,227 | -€36,708 | -0.8% |
| Amounts payable after more than one year | 17 | €4,424,241 | €4,388,973 | -€35,268 | -0.8% |
| Financial debts | 170/4 | €4,424,241 | €4,388,973 | -€35,268 | -0.8% |
| Amounts payable within one year | 42/48 | €34,884 | €35,268 | +€384 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €34,519 | €35,268 | +€750 | +2.2% |
| Trade debts | 44 | €365 | - | -€365 | |
| Suppliers | 440/4 | €365 | - | -€365 | |
| Accrued charges and deferred income | 492/3 | €11,810 | €9,986 | -€1,824 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,099 | €123,768 | +€3,668 | +3.1% |
| Other operating charges | 640/8 | €6,743 | €6,955 | +€212 | +3.1% |
| Gross operating margin | 9900 | €161,961 | €188,082 | +€26,120 | +16.1% |
| Operating profit (loss) | 9901 | €35,119 | €57,359 | +€22,240 | +63.3% |
| Financial income | 75/76B | €0 | €0 | -€0 | -23.8% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -23.8% |
| Financial charges | 65/66B | €118,423 | €88,471 | -€29,952 | -25.3% |
| Recurring financial charges | 65 | €118,423 | €88,471 | -€29,952 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | -€83,304 | -€31,112 | +€52,192 | +62.7% |
| Income taxes | 67/77 | €0 | €0 | -€0 | -28.6% |
| Profit (loss) for the period | 9904 | -€83,304 | -€31,112 | +€52,192 | +62.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€83,304 | -€31,112 | +€52,192 | +62.7% |
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 7 October 2026 via checked.be.