LM Projects: 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 Projects
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+335.1%), from €344,925 to €1.5m
- Stocks and contracts +€95,000
new in 2025: €95,000
- Cash +€77,544
up €77,544 (+1491.4%), from €5,199 to €82,743
mainly Debts after one year (+€910,144) and Depreciation (+€218,342)
- Receivables within one year -€48,150
down €48,150 (-24.3%), from €197,925 to €149,775
of which Trade receivables: -€128,021
- Debts after one year +€910,144
up €910,144 (+414.8%), from €219,400 to €1.1m
- Current portion of long-term debt +€148,952
up €148,952 (+252.8%), from €58,918 to €207,871
- Other debts +€103,573
up €103,573 (+571.8%), from €18,115 to €121,688
- Trade debts +€70,359
up €70,359 (+77.7%), from €90,533 to €160,892
- Short-term financial debts +€25,000
new in 2025: €25,000
- Gross operating margin +€205,210
up €205,210 (+111.1%), from €184,737 to €389,947
- Depreciation +€156,050
up €156,050 (+250.5%), from €62,292 to €218,342
- Staff costs +€128,217
new in 2025: €128,217
- Taxes -€22,336
down €22,336, from €22,336 to -€0
- Financial charges +€14,052
up €14,052 (+138.8%), from €10,127 to €24,179
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 | €551,215 | €1,837,300 | +€1.3m | +233.3% |
| Formation expenses | 20 | €567 | €340 | -€227 | -40.0% |
| Fixed assets | 21/28 | €344,925 | €1,500,743 | +€1.2m | +335.1% |
| Tangible fixed assets | 22/27 | €344,925 | €1,500,743 | +€1.2m | +335.1% |
| Land and buildings | 22 | - | €524,291 | +€524,291 | |
| Plant, machinery and equipment | 23 | €20,646 | €337,121 | +€316,475 | +1532.8% |
| Furniture and vehicles | 24 | €24,107 | €17,189 | -€6,919 | -28.7% |
| Leasing and similar rights | 25 | €300,171 | €622,142 | +€321,971 | +107.3% |
| Current assets | 29/58 | €205,723 | €336,217 | +€130,494 | +63.4% |
| Stocks and contracts in progress | 3 | - | €95,000 | +€95,000 | |
| Contracts in progress | 37 | - | €95,000 | +€95,000 | |
| Amounts receivable within one year | 40/41 | €197,925 | €149,775 | -€48,150 | -24.3% |
| Trade receivables | 40 | €189,248 | €61,227 | -€128,021 | -67.6% |
| Other amounts receivable | 41 | €8,677 | €88,548 | +€79,871 | +920.5% |
| Cash at bank and in hand | 54/58 | €5,199 | €82,743 | +€77,544 | +1491.4% |
| Deferred charges and accrued income | 490/1 | €2,599 | €8,699 | +€6,100 | +234.7% |
| Total equity and liabilities | 10/49 | €551,215 | €1,837,300 | +€1.3m | +233.3% |
| Equity | 10/15 | €141,018 | €157,179 | +€16,161 | +11.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €26,111 | €26,111 | = | 0.0% |
| Distributable reserves | 133 | €26,111 | €26,111 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,907 | €126,068 | +€16,161 | +14.7% |
| Amounts payable | 17/49 | €410,197 | €1,680,121 | +€1.3m | +309.6% |
| Amounts payable after more than one year | 17 | €219,400 | €1,129,544 | +€910,144 | +414.8% |
| Financial debts | 170/4 | €219,400 | €1,129,544 | +€910,144 | +414.8% |
| Amounts payable within one year | 42/48 | €190,797 | €550,577 | +€359,780 | +188.6% |
| Current portion of amounts payable after more than one year | 42 | €58,918 | €207,871 | +€148,952 | +252.8% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €90,533 | €160,892 | +€70,359 | +77.7% |
| Suppliers | 440/4 | €90,533 | €160,892 | +€70,359 | +77.7% |
| Taxes, remuneration and social security | 45 | €23,230 | €35,127 | +€11,897 | +51.2% |
| Taxes | 450/3 | €23,230 | €22,336 | -€894 | -3.9% |
| Remuneration and social security | 454/9 | €0 | €12,791 | +€12,791 | |
| Other amounts payable | 47/48 | €18,115 | €121,688 | +€103,573 | +571.8% |
| Non-recurring operating income | 76A | - | €14,000 | +€14,000 | |
| Remuneration, social security and pensions | 62 | - | €128,217 | +€128,217 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,292 | €218,342 | +€156,050 | +250.5% |
| Other operating charges | 640/8 | €3,076 | €3,058 | -€18 | -0.6% |
| Gross operating margin | 9900 | €184,737 | €389,947 | +€205,210 | +111.1% |
| Operating profit (loss) | 9901 | €119,370 | €40,330 | -€79,040 | -66.2% |
| Financial income | 75/76B | €0 | €10 | +€10 | +6873.3% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +6873.3% |
| Financial charges | 65/66B | €10,127 | €24,179 | +€14,052 | +138.8% |
| Recurring financial charges | 65 | €10,127 | €24,179 | +€14,052 | +138.8% |
| Profit (loss) for the period before taxes | 9903 | €109,242 | €16,161 | -€93,081 | -85.2% |
| Income taxes | 67/77 | €22,336 | -€0 | -€22,336 | |
| Profit (loss) for the period | 9904 | €86,907 | €16,161 | -€70,746 | -81.4% |
| Profit (loss) for the period to be appropriated | 9905 | €86,907 | €16,161 | -€70,746 | -81.4% |
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.