LM PROJECTS: 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 PROJECTS
Largest movements
- Cash -€257,677
down €257,677 (-98.0%), from €262,965 to €5,287
mainly Stocks and contracts (-€192,661) and Tax, wage and social debts (-€61,533)
- Stocks and contracts +€192,661
up €192,661 (+212.4%), from €90,707 to €283,368
of which Contracts in progress: +€283,368
- Receivables within one year -€8,940
down €8,940 (-71.2%), from €12,559 to €3,619
of which Trade receivables: -€12,285
- Tax, wage and social debts -€61,533
down €61,533 (-99.3%), from €61,938 to €406
- Profit (loss) carried forward -€10,373
down €10,373 (-3.9%), from -€268,665 to -€279,038
- Gross operating margin -€43,216
down €43,216, from €35,950 to -€7,266
- Depreciation -€1,531
down €1,531 (-100.0%), from €1,531 to €0
- Other operating charges +€499
up €499 (+22.2%), from €2,249 to €2,748
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 | €368,141 | €294,188 | -€73,952 | -20.1% |
| Fixed assets | 21/28 | €795 | €795 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €795 | €795 | = | 0.0% |
| Current assets | 29/58 | €367,346 | €293,393 | -€73,952 | -20.1% |
| Stocks and contracts in progress | 3 | €90,707 | €283,368 | +€192,661 | +212.4% |
| Stocks | 30/36 | €90,707 | €0 | -€90,707 | -100.0% |
| Contracts in progress | 37 | - | €283,368 | +€283,368 | |
| Amounts receivable within one year | 40/41 | €12,559 | €3,619 | -€8,940 | -71.2% |
| Trade receivables | 40 | €12,285 | €0 | -€12,285 | -100.0% |
| Other amounts receivable | 41 | €274 | €3,619 | +€3,345 | +1219.5% |
| Cash at bank and in hand | 54/58 | €262,965 | €5,287 | -€257,677 | -98.0% |
| Deferred charges and accrued income | 490/1 | €1,115 | €1,119 | +€4 | +0.3% |
| Total equity and liabilities | 10/49 | €368,141 | €294,188 | -€73,952 | -20.1% |
| Equity | 10/15 | -€248,665 | -€259,038 | -€10,373 | -4.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€268,665 | -€279,038 | -€10,373 | -3.9% |
| Amounts payable | 17/49 | €616,805 | €553,226 | -€63,579 | -10.3% |
| Amounts payable after more than one year | 17 | €539,723 | €537,223 | -€2,500 | -0.5% |
| Financial debts | 170/4 | €539,723 | €537,223 | -€2,500 | -0.5% |
| Amounts payable within one year | 42/48 | €77,082 | €16,003 | -€61,079 | -79.2% |
| Trade debts | 44 | €10,671 | €11,331 | +€660 | +6.2% |
| Suppliers | 440/4 | €10,671 | €11,331 | +€660 | +6.2% |
| Taxes, remuneration and social security | 45 | €61,938 | €406 | -€61,533 | -99.3% |
| Taxes | 450/3 | €61,938 | €406 | -€61,533 | -99.3% |
| Other amounts payable | 47/48 | €4,473 | €4,266 | -€207 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,531 | €0 | -€1,531 | -100.0% |
| Other operating charges | 640/8 | €2,249 | €2,748 | +€499 | +22.2% |
| Gross operating margin | 9900 | €35,950 | -€7,266 | -€43,216 | |
| Operating profit (loss) | 9901 | €32,170 | -€10,014 | -€42,184 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €44 | €40 | -€3 | -7.1% |
| Recurring financial charges | 65 | €44 | €40 | -€3 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €32,127 | -€10,054 | -€42,182 | |
| Income taxes | 67/77 | €406 | €319 | -€87 | -21.4% |
| Profit (loss) for the period | 9904 | €31,722 | -€10,373 | -€42,095 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,722 | -€10,373 | -€42,095 |
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 29 September 2026 via checked.be.