LM PROJECT: 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 PROJECT
Largest movements
- Cash +€70,747
up €70,747 (+27.0%), from €262,195 to €332,942
mainly Net result for the year (+€284,447) and Tax, wage and social debts (+€31,914)
- Deferred charges and accrued income +€13,129
up €13,129 (+1521.6%), from €863 to €13,992
- Profit (loss) carried forward +€167,292
up €167,292 (+142.8%), from €117,154 to €284,447
- Other debts -€135,470
down €135,470 (-38.2%), from €354,188 to €218,718
- Tax, wage and social debts +€31,914
up €31,914 (+31.3%), from €101,985 to €133,899
- Trade debts +€25,021
up €25,021 (+99.9%), from €25,047 to €50,068
- Gross operating margin +€31,834
up €31,834 (+8.1%), from €395,211 to €427,045
- Other operating charges +€26,962
up €26,962 (+641.8%), from €4,201 to €31,163
- Financial charges -€22,253
down €22,253 (-85.8%), from €25,940 to €3,687
- Taxes +€8,470
up €8,470 (+9.0%), from €94,537 to €103,008
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 | €706,203 | €793,022 | +€86,819 | +12.3% |
| Fixed assets | 21/28 | €16,121 | €14,095 | -€2,026 | -12.6% |
| Tangible fixed assets | 22/27 | €16,121 | €11,309 | -€4,812 | -29.8% |
| Furniture and vehicles | 24 | €15,113 | €11,309 | -€3,804 | -25.2% |
| Leasing and similar rights | 25 | €1,008 | - | -€1,008 | |
| Financial fixed assets | 28 | - | €2,786 | +€2,786 | |
| Current assets | 29/58 | €690,082 | €778,927 | +€88,845 | +12.9% |
| Stocks and contracts in progress | 3 | €305,749 | €312,311 | +€6,562 | +2.1% |
| Stocks | 30/36 | €305,749 | €312,311 | +€6,562 | +2.1% |
| Amounts receivable within one year | 40/41 | €121,275 | €119,682 | -€1,593 | -1.3% |
| Trade receivables | 40 | €119,298 | €108,284 | -€11,015 | -9.2% |
| Other amounts receivable | 41 | €1,977 | €11,399 | +€9,422 | +476.6% |
| Cash at bank and in hand | 54/58 | €262,195 | €332,942 | +€70,747 | +27.0% |
| Deferred charges and accrued income | 490/1 | €863 | €13,992 | +€13,129 | +1521.6% |
| Total equity and liabilities | 10/49 | €706,203 | €793,022 | +€86,819 | +12.3% |
| Equity | 10/15 | €220,065 | €387,357 | +€167,292 | +76.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €84,310 | €84,310 | = | 0.0% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €110 | €110 | = | 0.0% |
| Profit (loss) carried forward | 14 | €117,154 | €284,447 | +€167,292 | +142.8% |
| Amounts payable | 17/49 | €486,139 | €405,665 | -€80,474 | -16.6% |
| Amounts payable within one year | 42/48 | €486,139 | €405,665 | -€80,474 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €1,921 | - | -€1,921 | |
| Financial debts | 43 | €2,997 | €2,980 | -€17 | -0.6% |
| Credit institutions | 430/8 | €2,997 | €2,980 | -€17 | -0.6% |
| Trade debts | 44 | €25,047 | €50,068 | +€25,021 | +99.9% |
| Suppliers | 440/4 | €25,047 | €50,068 | +€25,021 | +99.9% |
| Taxes, remuneration and social security | 45 | €101,985 | €133,899 | +€31,914 | +31.3% |
| Taxes | 450/3 | €101,985 | €133,899 | +€31,914 | +31.3% |
| Other amounts payable | 47/48 | €354,188 | €218,718 | -€135,470 | -38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,300 | €7,403 | -€3,897 | -34.5% |
| Other operating charges | 640/8 | €4,201 | €31,163 | +€26,962 | +641.8% |
| Gross operating margin | 9900 | €395,211 | €427,045 | +€31,834 | +8.1% |
| Operating profit (loss) | 9901 | €379,711 | €388,480 | +€8,769 | +2.3% |
| Financial income | 75/76B | €21 | €2,662 | +€2,641 | +12638.3% |
| Recurring financial income | 75 | €21 | €2,662 | +€2,641 | +12638.3% |
| Financial charges | 65/66B | €25,940 | €3,687 | -€22,253 | -85.8% |
| Recurring financial charges | 65 | €25,940 | €3,687 | -€22,253 | -85.8% |
| Profit (loss) for the period before taxes | 9903 | €353,792 | €387,455 | +€33,663 | +9.5% |
| Income taxes | 67/77 | €94,537 | €103,008 | +€8,470 | +9.0% |
| Profit (loss) for the period | 9904 | €259,254 | €284,447 | +€25,192 | +9.7% |
| Transfer to tax-exempt reserves | 689 | €42,100 | - | -€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €217,154 | €284,447 | +€67,292 | +31.0% |
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.