LM&T: 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&T
Largest movements
- Tangible fixed assets -€28,316
down €28,316 (-2.5%), from €1.1m to €1.1m
of which Land and buildings: -€41,536
- Cash +€16,746
up €16,746 (+105%), from €15,875 to €32,621
mainly Depreciation (+€64,803) and Receivables within one year (+€11,153)
- Trade debts -€20,399
down €20,399 (-66.8%), from €30,545 to €10,146
- Debts after one year -€20,288
down €20,288 (-2.3%), from €866,409 to €846,121
- Gross operating margin +€11,067
up €11,067 (+12.0%), from €92,241 to €103,307
- Depreciation +€5,995
up €5,995 (+10.2%), from €58,808 to €64,803
- Other operating charges +€4,724
up €4,724 (+162%), from €2,908 to €7,631
- Financial charges -€2,179
down €2,179 (-8.4%), from €25,856 to €23,676
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.
Derived cash bridge
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 | €1,201,549 | €1,180,891 | -€20,658 | -1.7% |
| Fixed assets | 21/28 | €1,147,220 | €1,118,622 | -€28,598 | -2.5% |
| Intangible fixed assets | 21 | €282 | €0 | -€282 | -100% |
| Tangible fixed assets | 22/27 | €1,146,938 | €1,118,622 | -€28,316 | -2.5% |
| Land and buildings | 22 | €1,040,309 | €998,773 | -€41,536 | -4.0% |
| Plant, machinery and equipment | 23 | €68,907 | €45,347 | -€23,561 | -34.2% |
| Furniture and vehicles | 24 | €13,747 | €58,064 | +€44,318 | +322% |
| Leasing and similar rights | 25 | €23,975 | €16,438 | -€7,537 | -31.4% |
| Current assets | 29/58 | €54,329 | €62,269 | +€7,941 | +14.6% |
| Amounts receivable within one year | 40/41 | €37,740 | €26,587 | -€11,153 | -29.6% |
| Trade receivables | 40 | €34,904 | €19,883 | -€15,021 | -43.0% |
| Other amounts receivable | 41 | €2,836 | €6,704 | +€3,868 | +136% |
| Cash at bank and in hand | 54/58 | €15,875 | €32,621 | +€16,746 | +105% |
| Deferred charges and accrued income | 490/1 | €714 | €3,062 | +€2,348 | +329% |
| Total equity and liabilities | 10/49 | €1,201,549 | €1,180,891 | -€20,658 | -1.7% |
| Equity | 10/15 | €132,032 | €139,006 | +€6,975 | +5.3% |
| Contributions | 10/11 | €171,875 | €171,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,843 | -€32,869 | +€6,975 | +17.5% |
| Amounts payable | 17/49 | €1,069,517 | €1,041,885 | -€27,632 | -2.6% |
| Amounts payable after more than one year | 17 | €866,409 | €846,121 | -€20,288 | -2.3% |
| Financial debts | 170/4 | €866,409 | €846,121 | -€20,288 | -2.3% |
| Amounts payable within one year | 42/48 | €203,108 | €195,764 | -€7,344 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €51,973 | €62,266 | +€10,294 | +19.8% |
| Financial debts | 43 | €20 | €1,889 | +€1,869 | +9,221% |
| Credit institutions | 430/8 | €20 | €1,889 | +€1,869 | +9,221% |
| Trade debts | 44 | €30,545 | €10,146 | -€20,399 | -66.8% |
| Suppliers | 440/4 | €30,545 | €10,146 | -€20,399 | -66.8% |
| Advances received on contracts in progress | 46 | €104 | €0 | -€104 | -100% |
| Taxes, remuneration and social security | 45 | €8,794 | €14,591 | +€5,796 | +65.9% |
| Taxes | 450/3 | €8,794 | €14,591 | +€5,796 | +65.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €111,672 | €106,872 | -€4,800 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,808 | €64,803 | +€5,995 | +10.2% |
| Other operating charges | 640/8 | €2,908 | €7,631 | +€4,724 | +162% |
| Gross operating margin | 9900 | €92,241 | €103,307 | +€11,067 | +12.0% |
| Operating profit (loss) | 9901 | €30,525 | €30,873 | +€348 | +1.1% |
| Financial income | 75/76B | €271 | €67 | -€204 | -75.4% |
| Recurring financial income | 75 | €271 | €67 | -€204 | -75.4% |
| Financial charges | 65/66B | €25,856 | €23,676 | -€2,179 | -8.4% |
| Recurring financial charges | 65 | €25,856 | €23,676 | -€2,179 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €4,940 | €7,263 | +€2,323 | +47.0% |
| Income taxes | 67/77 | €392 | €288 | -€104 | -26.4% |
| Profit (loss) for the period | 9904 | €4,549 | €6,975 | +€2,426 | +53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,549 | €6,975 | +€2,426 | +53.3% |
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 27 October 2026 via checked.be.