LMA CONCEPT: 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 CONCEPT
Largest movements
- Current investments +€500,000
new in 2025: €500,000
- Receivables within one year +€183,610
up €183,610 (+166.0%), from €110,629 to €294,239
of which Trade receivables: +€182,427
- Cash -€99,910
down €99,910 (-11.2%), from €893,831 to €793,921
mainly Current investments (-€500,000) and Receivables within one year (-€183,610)
- Financial fixed assets +€73,897
up €73,897 (+59.1%), from €125,055 to €198,952
- Reserves +€773,622
up €773,622 (+80.5%), from €961,037 to €1.7m
- Current portion of long-term debt -€106,856
down €106,856 (-71.8%), from €148,738 to €41,882
- Tax, wage and social debts -€51,143
down €51,143 (-36.5%), from €140,045 to €88,902
of which Taxes: -€50,027
- Trade debts +€39,740
new in 2025: €39,740
- Debts after one year -€24,522
down €24,522 (-8.1%), from €302,054 to €277,532
of which Financial debts: -€25,902
- Other operating charges +€249,598
up €249,598 (+4999.0%), from €4,993 to €254,591
- Gross operating margin +€199,991
up €199,991 (+17.7%), from €1.1m to €1.3m
- Staff costs -€32,177
down €32,177, from €21,336 to -€10,841
- Taxes -€31,879
down €31,879 (-11.6%), from €275,252 to €243,373
- Depreciation +€24,709
up €24,709 (+75.7%), from €32,648 to €57,357
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 | €1,591,423 | €2,239,454 | +€648,031 | +40.7% |
| Fixed assets | 21/28 | €585,708 | €650,062 | +€64,354 | +11.0% |
| Intangible fixed assets | 21 | €14,071 | €21,579 | +€7,508 | +53.4% |
| Tangible fixed assets | 22/27 | €446,582 | €429,531 | -€17,051 | -3.8% |
| Land and buildings | 22 | €324,402 | €322,354 | -€2,048 | -0.6% |
| Plant, machinery and equipment | 23 | €36,489 | €40,956 | +€4,467 | +12.2% |
| Furniture and vehicles | 24 | €85,691 | €66,221 | -€19,470 | -22.7% |
| Financial fixed assets | 28 | €125,055 | €198,952 | +€73,897 | +59.1% |
| Current assets | 29/58 | €1,005,715 | €1,589,392 | +€583,677 | +58.0% |
| Amounts receivable within one year | 40/41 | €110,629 | €294,239 | +€183,610 | +166.0% |
| Trade receivables | 40 | €110,629 | €293,056 | +€182,427 | +164.9% |
| Other amounts receivable | 41 | - | €1,183 | +€1,183 | |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €893,831 | €793,921 | -€99,910 | -11.2% |
| Deferred charges and accrued income | 490/1 | €1,255 | €1,232 | -€23 | -1.8% |
| Total equity and liabilities | 10/49 | €1,591,423 | €2,239,454 | +€648,031 | +40.7% |
| Equity | 10/15 | €964,537 | €1,738,159 | +€773,622 | +80.2% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €961,037 | €1,734,659 | +€773,622 | +80.5% |
| Distributable reserves | 133 | €961,037 | €1,734,659 | +€773,622 | +80.5% |
| Amounts payable | 17/49 | €626,886 | €501,295 | -€125,591 | -20.0% |
| Amounts payable after more than one year | 17 | €302,054 | €277,532 | -€24,522 | -8.1% |
| Financial debts | 170/4 | €302,054 | €276,152 | -€25,902 | -8.6% |
| Other amounts payable | 178/9 | - | €1,380 | +€1,380 | |
| Amounts payable within one year | 42/48 | €324,832 | €223,763 | -€101,069 | -31.1% |
| Current portion of amounts payable after more than one year | 42 | €148,738 | €41,882 | -€106,856 | -71.8% |
| Trade debts | 44 | - | €39,740 | +€39,740 | |
| Suppliers | 440/4 | - | €39,740 | +€39,740 | |
| Taxes, remuneration and social security | 45 | €140,045 | €88,902 | -€51,143 | -36.5% |
| Taxes | 450/3 | €138,929 | €88,902 | -€50,027 | -36.0% |
| Remuneration and social security | 454/9 | €1,116 | - | -€1,116 | |
| Other amounts payable | 47/48 | €36,049 | €53,239 | +€17,190 | +47.7% |
| Remuneration, social security and pensions | 62 | €21,336 | -€10,841 | -€32,177 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,648 | €57,357 | +€24,709 | +75.7% |
| Other operating charges | 640/8 | €4,993 | €254,591 | +€249,598 | +4999.0% |
| Gross operating margin | 9900 | €1,130,749 | €1,330,740 | +€199,991 | +17.7% |
| Operating profit (loss) | 9901 | €1,071,772 | €1,029,633 | -€42,139 | -3.9% |
| Financial income | 75/76B | €3,296 | €14,594 | +€11,298 | +342.8% |
| Recurring financial income | 75 | €3,296 | €14,594 | +€11,298 | +342.8% |
| Financial charges | 65/66B | €12,583 | €27,232 | +€14,649 | +116.4% |
| Recurring financial charges | 65 | €12,583 | €27,232 | +€14,649 | +116.4% |
| Profit (loss) for the period before taxes | 9903 | €1,062,485 | €1,016,995 | -€45,490 | -4.3% |
| Income taxes | 67/77 | €275,252 | €243,373 | -€31,879 | -11.6% |
| Profit (loss) for the period | 9904 | €787,233 | €773,622 | -€13,611 | -1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €787,233 | €773,622 | -€13,611 | -1.7% |
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 7 October 2026 via checked.be.