LM Connect: 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.
LM Connect
Largest movements
- Tangible fixed assets +€63,692
up €63,692 (+184.9%), from €34,439 to €98,131
of which Furniture and vehicles: +€42,229
- Receivables within one year -€9,567
down €9,567 (-20.9%), from €45,854 to €36,287
of which Trade receivables: -€7,654
- Cash -€8,364
down €8,364 (-85.5%), from €9,779 to €1,415
mainly Investment in fixed assets (net) (-€84,451) and Trade debts (-€18,839)
- Debts after one year +€33,544
new in 2025: €33,544
- Trade debts -€18,839
down €18,839 (-88.6%), from €21,273 to €2,434
- Tax, wage and social debts +€14,110
up €14,110 (+65.2%), from €21,647 to €35,756
of which Remuneration and social security: +€9,660
- Current portion of long-term debt +€12,139
new in 2025: €12,139
- Profit (loss) carried forward +€12,032
up €12,032 (+48.1%), from €25,028 to €37,060
- Staff costs +€29,320
up €29,320 (+38.8%), from €75,566 to €104,886
- Gross operating margin +€28,146
up €28,146 (+24.0%), from €117,058 to €145,204
- Depreciation +€15,495
up €15,495 (+294.3%), from €5,264 to €20,760
- Taxes -€6,929
down €6,929 (-72.5%), from €9,562 to €2,633
- Other operating charges +€1,949
up €1,949 (+276.0%), from €706 to €2,655
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 | €91,090 | €135,833 | +€44,743 | +49.1% |
| Fixed assets | 21/28 | €34,439 | €98,131 | +€63,692 | +184.9% |
| Tangible fixed assets | 22/27 | €34,439 | €98,131 | +€63,692 | +184.9% |
| Plant, machinery and equipment | 23 | - | €21,463 | +€21,463 | |
| Furniture and vehicles | 24 | €34,439 | €76,668 | +€42,229 | +122.6% |
| Current assets | 29/58 | €56,651 | €37,702 | -€18,949 | -33.4% |
| Amounts receivable within one year | 40/41 | €45,854 | €36,287 | -€9,567 | -20.9% |
| Trade receivables | 40 | €39,538 | €31,885 | -€7,654 | -19.4% |
| Other amounts receivable | 41 | €6,315 | €4,402 | -€1,913 | -30.3% |
| Cash at bank and in hand | 54/58 | €9,779 | €1,415 | -€8,364 | -85.5% |
| Deferred charges and accrued income | 490/1 | €1,018 | - | -€1,018 | |
| Total equity and liabilities | 10/49 | €91,090 | €135,833 | +€44,743 | +49.1% |
| Equity | 10/15 | €27,028 | €39,060 | +€12,032 | +44.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,028 | €37,060 | +€12,032 | +48.1% |
| Amounts payable | 17/49 | €64,062 | €96,773 | +€32,711 | +51.1% |
| Amounts payable after more than one year | 17 | - | €33,544 | +€33,544 | |
| Financial debts | 170/4 | - | €33,544 | +€33,544 | |
| Amounts payable within one year | 42/48 | €63,202 | €61,149 | -€2,054 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | - | €12,139 | +€12,139 | |
| Trade debts | 44 | €21,273 | €2,434 | -€18,839 | -88.6% |
| Suppliers | 440/4 | €21,273 | €2,434 | -€18,839 | -88.6% |
| Taxes, remuneration and social security | 45 | €21,647 | €35,756 | +€14,110 | +65.2% |
| Taxes | 450/3 | €11,151 | €15,600 | +€4,449 | +39.9% |
| Remuneration and social security | 454/9 | €10,496 | €20,156 | +€9,660 | +92.0% |
| Other amounts payable | 47/48 | €20,283 | €10,819 | -€9,464 | -46.7% |
| Accrued charges and deferred income | 492/3 | €860 | €2,080 | +€1,220 | +141.9% |
| Remuneration, social security and pensions | 62 | €75,566 | €104,886 | +€29,320 | +38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,264 | €20,760 | +€15,495 | +294.3% |
| Other operating charges | 640/8 | €706 | €2,655 | +€1,949 | +276.0% |
| Non-recurring operating charges | 66A | - | €75 | +€75 | |
| Gross operating margin | 9900 | €117,058 | €145,204 | +€28,146 | +24.0% |
| Operating profit (loss) | 9901 | €35,521 | €16,828 | -€18,693 | -52.6% |
| Financial charges | 65/66B | €932 | €2,164 | +€1,232 | +132.2% |
| Recurring financial charges | 65 | €932 | €2,164 | +€1,232 | +132.2% |
| Profit (loss) for the period before taxes | 9903 | €34,590 | €14,665 | -€19,925 | -57.6% |
| Income taxes | 67/77 | €9,562 | €2,633 | -€6,929 | -72.5% |
| Profit (loss) for the period | 9904 | €25,028 | €12,032 | -€12,996 | -51.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,028 | €12,032 | -€12,996 | -51.9% |
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 12 October 2026 via checked.be.