LMAG: 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.
LMAG
Largest movements
- Receivables within one year -€291,784
down €291,784 (-33.2%), from €879,038 to €587,254
of which Trade receivables: -€287,388
- Stocks and contracts +€42,600
up €42,600 (+7.8%), from €547,493 to €590,093
- Tangible fixed assets -€15,972
down €15,972 (-21.4%), from €74,636 to €58,664
of which Furniture and vehicles: -€29,617
- Trade debts -€447,973
down €447,973 (-36.0%), from €1.2m to €796,617
- Short-term financial debts +€150,000
new in 2025: €150,000
- Tax, wage and social debts +€23,875
up €23,875 (+60.6%), from €39,422 to €63,297
of which Taxes: +€20,970
- Staff costs -€46,369
down €46,369 (-26.3%), from €176,107 to €129,738
- Gross operating margin -€43,993
down €43,993 (-18.9%), from €233,199 to €189,206
- Other operating charges -€6,185
down €6,185 (-71.9%), from €8,600 to €2,415
- Financial charges +€3,389
up €3,389 (+90.9%), from €3,727 to €7,116
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 | €1,541,852 | €1,274,502 | -€267,350 | -17.3% |
| Fixed assets | 21/28 | €74,826 | €58,854 | -€15,972 | -21.3% |
| Tangible fixed assets | 22/27 | €74,636 | €58,664 | -€15,972 | -21.4% |
| Plant, machinery and equipment | 23 | €1,879 | €16,841 | +€14,962 | +796% |
| Furniture and vehicles | 24 | €68,009 | €38,392 | -€29,617 | -43.5% |
| Other tangible fixed assets | 26 | €4,748 | €3,431 | -€1,317 | -27.7% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €1,467,026 | €1,215,648 | -€251,378 | -17.1% |
| Stocks and contracts in progress | 3 | €547,493 | €590,093 | +€42,600 | +7.8% |
| Stocks | 30/36 | €547,493 | €590,093 | +€42,600 | +7.8% |
| Amounts receivable within one year | 40/41 | €879,038 | €587,254 | -€291,784 | -33.2% |
| Trade receivables | 40 | €829,169 | €541,781 | -€287,388 | -34.7% |
| Other amounts receivable | 41 | €49,869 | €45,473 | -€4,396 | -8.8% |
| Current investments | 50/53 | €25,800 | €25,800 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,695 | €12,501 | -€2,194 | -14.9% |
| Total equity and liabilities | 10/49 | €1,541,852 | €1,274,502 | -€267,350 | -17.3% |
| Equity | 10/15 | €203,672 | €215,389 | +€11,717 | +5.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €183,212 | €194,929 | +€11,717 | +6.4% |
| Non-distributable reserves | 130/1 | €25,800 | €25,800 | = | 0.0% |
| Own shares acquired | 1312 | €25,800 | €25,800 | = | 0.0% |
| Distributable reserves | 133 | €157,412 | €169,129 | +€11,717 | +7.4% |
| Amounts payable | 17/49 | €1,338,180 | €1,059,113 | -€279,067 | -20.9% |
| Amounts payable after more than one year | 17 | €21,794 | €21,918 | +€124 | +0.6% |
| Financial debts | 170/4 | €21,794 | €21,918 | +€124 | +0.6% |
| Amounts payable within one year | 42/48 | €1,316,386 | €1,037,019 | -€279,367 | -21.2% |
| Current portion of amounts payable after more than one year | 42 | €19,874 | €14,605 | -€5,269 | -26.5% |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €1,244,590 | €796,617 | -€447,973 | -36.0% |
| Suppliers | 440/4 | €1,244,590 | €796,617 | -€447,973 | -36.0% |
| Taxes, remuneration and social security | 45 | €39,422 | €63,297 | +€23,875 | +60.6% |
| Taxes | 450/3 | €21,948 | €42,918 | +€20,970 | +95.5% |
| Remuneration and social security | 454/9 | €17,474 | €20,379 | +€2,905 | +16.6% |
| Other amounts payable | 47/48 | €12,500 | €12,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €176 | +€176 | |
| Remuneration, social security and pensions | 62 | €176,107 | €129,738 | -€46,369 | -26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,687 | €32,823 | -€864 | -2.6% |
| Other operating charges | 640/8 | €8,600 | €2,415 | -€6,185 | -71.9% |
| Gross operating margin | 9900 | €233,199 | €189,206 | -€43,993 | -18.9% |
| Operating profit (loss) | 9901 | €14,805 | €24,230 | +€9,425 | +63.7% |
| Financial income | 75/76B | €775 | €159 | -€616 | -79.5% |
| Recurring financial income | 75 | €775 | €159 | -€616 | -79.5% |
| Financial charges | 65/66B | €3,727 | €7,116 | +€3,389 | +90.9% |
| Recurring financial charges | 65 | €3,727 | €7,116 | +€3,389 | +90.9% |
| Profit (loss) for the period before taxes | 9903 | €11,853 | €17,273 | +€5,420 | +45.7% |
| Income taxes | 67/77 | €7,296 | €5,556 | -€1,740 | -23.8% |
| Profit (loss) for the period | 9904 | €4,557 | €11,717 | +€7,160 | +157% |
| Profit (loss) for the period to be appropriated | 9905 | €4,557 | €11,717 | +€7,160 | +157% |
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 20 October 2026 via checked.be.