LM DEVELOPMENT: 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 DEVELOPMENT
Largest movements
- Receivables within one year +€13,929
up €13,929 (+13.3%), from €104,973 to €118,902
- Cash +€3,384
up €3,384 (+45.5%), from €7,430 to €10,814
mainly Net result for the year (+€37,902) and Accrued charges and deferred income (+€20,000)
- Accrued charges and deferred income +€20,000
new in 2025: €20,000
- Reserves +€17,902
up €17,902 (+26.5%), from €67,439 to €85,341
of which Distributable reserves: +€17,902
- Current portion of long-term debt -€14,298
no longer reported in 2025 (was €14,298)
- Investment grants +€10,925
new in 2025: €10,925
- Debts after one year -€7,552
no longer reported in 2025 (was €7,552)
- Gross operating margin +€13,596
up €13,596 (+34.7%), from €39,135 to €52,731
- Taxes +€4,368
up €4,368 (+38.9%), from €11,225 to €15,594
- Financial income +€1,161
up €1,161 (+47.3%), from €2,455 to €3,616
- Financial charges +€824
up €824 (+50.7%), from €1,628 to €2,452
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 | €113,877 | €131,419 | +€17,542 | +15.4% |
| Fixed assets | 21/28 | €93 | €93 | = | 0.0% |
| Financial fixed assets | 28 | €93 | €93 | = | 0.0% |
| Current assets | 29/58 | €113,785 | €131,326 | +€17,542 | +15.4% |
| Amounts receivable within one year | 40/41 | €104,973 | €118,902 | +€13,929 | +13.3% |
| Other amounts receivable | 41 | €104,973 | €118,902 | +€13,929 | +13.3% |
| Cash at bank and in hand | 54/58 | €7,430 | €10,814 | +€3,384 | +45.5% |
| Deferred charges and accrued income | 490/1 | €1,381 | €1,610 | +€229 | +16.6% |
| Total equity and liabilities | 10/49 | €113,877 | €131,419 | +€17,542 | +15.4% |
| Equity | 10/15 | €73,689 | €102,516 | +€28,826 | +39.1% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €67,439 | €85,341 | +€17,902 | +26.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €65,579 | €83,481 | +€17,902 | +27.3% |
| Investment grants | 15 | - | €10,925 | +€10,925 | |
| Amounts payable | 17/49 | €40,188 | €28,903 | -€11,284 | -28.1% |
| Amounts payable after more than one year | 17 | €7,552 | - | -€7,552 | |
| Financial debts | 170/4 | €7,552 | - | -€7,552 | |
| Amounts payable within one year | 42/48 | €32,636 | €8,903 | -€23,732 | -72.7% |
| Current portion of amounts payable after more than one year | 42 | €14,298 | - | -€14,298 | |
| Trade debts | 44 | €10,836 | €7,113 | -€3,722 | -34.4% |
| Suppliers | 440/4 | €10,836 | €7,113 | -€3,722 | -34.4% |
| Taxes, remuneration and social security | 45 | €7,502 | €1,790 | -€5,712 | -76.1% |
| Taxes | 450/3 | €7,502 | €1,790 | -€5,712 | -76.1% |
| Accrued charges and deferred income | 492/3 | - | €20,000 | +€20,000 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €39,135 | €52,731 | +€13,596 | +34.7% |
| Operating profit (loss) | 9901 | €38,748 | €52,331 | +€13,583 | +35.1% |
| Financial income | 75/76B | €2,455 | €3,616 | +€1,161 | +47.3% |
| Recurring financial income | 75 | €2,455 | €3,616 | +€1,161 | +47.3% |
| Financial charges | 65/66B | €1,628 | €2,452 | +€824 | +50.7% |
| Recurring financial charges | 65 | €1,628 | €2,452 | +€824 | +50.7% |
| Profit (loss) for the period before taxes | 9903 | €39,576 | €53,495 | +€13,920 | +35.2% |
| Income taxes | 67/77 | €11,225 | €15,594 | +€4,368 | +38.9% |
| Profit (loss) for the period | 9904 | €28,350 | €37,902 | +€9,551 | +33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,350 | €37,902 | +€9,551 | +33.7% |
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 11 October 2026 via checked.be.