LMA: 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.
LMA
Largest movements
- Receivables within one year -€120,137
down €120,137 (-89.3%), from €134,591 to €14,454
of which Trade receivables: -€97,161
- Tangible fixed assets +€8,310
up €8,310 (+87.3%), from €9,517 to €17,827
of which Plant, machinery and equipment: +€6,932
- Cash +€7,687
up €7,687 (+14.3%), from €53,941 to €61,628
mainly Receivables within one year (+€120,137) and Net result for the year (+€24,312)
- Intangible fixed assets -€3,000
down €3,000 (-23.3%), from €12,877 to €9,877
- Other debts -€112,940
no longer reported in 2025 (was €112,940)
- Trade debts -€37,220
down €37,220 (-51.0%), from €73,019 to €35,800
- Accrued charges and deferred income +€18,430
new in 2025: €18,430
- Reserves +€15,000
up €15,000 (+60.0%), from €25,000 to €40,000
- Advances received +€12,572
new in 2025: €12,572
- Purchases and services +€192,245
up €192,245 (+94.1%), from €204,296 to €396,541
- Gross operating margin -€6,171
down €6,171 (-13.1%), from €46,953 to €40,782
- Taxes -€4,794
down €4,794 (-62.1%), from €7,721 to €2,926
- Depreciation +€3,489
up €3,489 (+66.0%), from €5,287 to €8,776
- Other operating charges +€849
up €849 (+29.6%), from €2,871 to €3,720
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 | €233,070 | €126,326 | -€106,744 | -45.8% |
| Formation expenses | 20 | €1,051 | €809 | -€243 | -23.1% |
| Fixed assets | 21/28 | €23,394 | €28,454 | +€5,060 | +21.6% |
| Intangible fixed assets | 21 | €12,877 | €9,877 | -€3,000 | -23.3% |
| Tangible fixed assets | 22/27 | €9,517 | €17,827 | +€8,310 | +87.3% |
| Land and buildings | 22 | - | €2,832 | +€2,832 | |
| Plant, machinery and equipment | 23 | €4,598 | €11,530 | +€6,932 | +150.8% |
| Furniture and vehicles | 24 | €4,919 | €3,466 | -€1,454 | -29.6% |
| Financial fixed assets | 28 | €1,000 | €750 | -€250 | -25.0% |
| Current assets | 29/58 | €208,625 | €97,063 | -€111,562 | -53.5% |
| Stocks and contracts in progress | 3 | €19,274 | €19,628 | +€354 | +1.8% |
| Stocks | 30/36 | €19,274 | €19,628 | +€354 | +1.8% |
| Amounts receivable within one year | 40/41 | €134,591 | €14,454 | -€120,137 | -89.3% |
| Trade receivables | 40 | €109,356 | €12,195 | -€97,161 | -88.8% |
| Other amounts receivable | 41 | €25,235 | €2,260 | -€22,976 | -91.0% |
| Cash at bank and in hand | 54/58 | €53,941 | €61,628 | +€7,687 | +14.3% |
| Deferred charges and accrued income | 490/1 | €819 | €1,353 | +€534 | +65.2% |
| Total equity and liabilities | 10/49 | €233,070 | €126,326 | -€106,744 | -45.8% |
| Equity | 10/15 | €35,734 | €47,519 | +€11,785 | +33.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €40,000 | +€15,000 | +60.0% |
| Distributable reserves | 133 | €25,000 | €40,000 | +€15,000 | +60.0% |
| Profit (loss) carried forward | 14 | €5,734 | €2,519 | -€3,215 | -56.1% |
| Amounts payable | 17/49 | €197,336 | €78,807 | -€118,530 | -60.1% |
| Amounts payable within one year | 42/48 | €197,336 | €60,376 | -€136,960 | -69.4% |
| Trade debts | 44 | €73,019 | €35,800 | -€37,220 | -51.0% |
| Suppliers | 440/4 | €73,019 | €35,800 | -€37,220 | -51.0% |
| Advances received on contracts in progress | 46 | - | €12,572 | +€12,572 | |
| Taxes, remuneration and social security | 45 | €11,377 | €12,005 | +€628 | +5.5% |
| Taxes | 450/3 | €8,220 | €12,005 | +€3,784 | +46.0% |
| Remuneration and social security | 454/9 | €3,157 | - | -€3,157 | |
| Other amounts payable | 47/48 | €112,940 | - | -€112,940 | |
| Accrued charges and deferred income | 492/3 | - | €18,430 | +€18,430 | |
| Goods, raw materials, services and sundry goods | 60/61 | €204,296 | €396,541 | +€192,245 | +94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,287 | €8,776 | +€3,489 | +66.0% |
| Other operating charges | 640/8 | €2,871 | €3,720 | +€849 | +29.6% |
| Gross operating margin | 9900 | €46,953 | €40,782 | -€6,171 | -13.1% |
| Operating profit (loss) | 9901 | €38,795 | €28,286 | -€10,509 | -27.1% |
| Financial income | 75/76B | €699 | €114 | -€584 | -83.7% |
| Recurring financial income | 75 | €699 | €114 | -€584 | -83.7% |
| Financial charges | 65/66B | €1,039 | €1,162 | +€123 | +11.9% |
| Recurring financial charges | 65 | €1,039 | €1,162 | +€123 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €38,455 | €27,238 | -€11,216 | -29.2% |
| Income taxes | 67/77 | €7,721 | €2,926 | -€4,794 | -62.1% |
| Profit (loss) for the period | 9904 | €30,734 | €24,312 | -€6,422 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,734 | €24,312 | -€6,422 | -20.9% |
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 8 October 2026 via checked.be.