LMAR: 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.
LMAR
Largest movements
- Receivables within one year +€125,495
up €125,495 (+61.6%), from €203,663 to €329,158
of which Trade receivables: +€105,182
- Tangible fixed assets +€40,958
up €40,958 (+12.6%), from €324,632 to €365,591
of which Furniture and vehicles: +€53,794
- Cash +€13,590
up €13,590 (+6.1%), from €222,116 to €235,706
mainly Advances received (+€190,649) and Net result for the year (+€92,190)
- Receivables after one year +€10,000
up €10,000 (+40.0%), from €25,000 to €35,000
- Advances received +€190,649
new in 2024: €190,649
- Reserves +€57,190
up €57,190 (+13.3%), from €430,569 to €487,759
of which Distributable reserves: +€57,190
- Accrued charges and deferred income -€38,451
down €38,451 (-98.3%), from €39,124 to €672
- Other debts -€16,768
no longer reported in 2024 (was €16,768)
- Tax, wage and social debts +€14,587
up €14,587 (+12.8%), from €113,810 to €128,397
of which Remuneration and social security: +€8,514
- Gross operating margin +€29,764
up €29,764 (+10.6%), from €280,143 to €309,907
- Depreciation +€10,341
up €10,341 (+21.6%), from €47,837 to €58,178
- Staff costs -€5,369
down €5,369 (-6.2%), from €86,536 to €81,167
- Taxes +€4,299
up €4,299 (+9.0%), from €47,588 to €51,887
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €781,862 | €972,202 | +€190,340 | +24.3% |
| Fixed assets | 21/28 | €329,132 | €370,091 | +€40,958 | +12.4% |
| Tangible fixed assets | 22/27 | €324,632 | €365,591 | +€40,958 | +12.6% |
| Land and buildings | 22 | €172,032 | €167,745 | -€4,288 | -2.5% |
| Plant, machinery and equipment | 23 | €43,833 | €36,311 | -€7,522 | -17.2% |
| Furniture and vehicles | 24 | €97,483 | €151,277 | +€53,794 | +55.2% |
| Other tangible fixed assets | 26 | €11,284 | €10,258 | -€1,026 | -9.1% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €452,729 | €602,111 | +€149,382 | +33.0% |
| Amounts receivable after more than one year | 29 | €25,000 | €35,000 | +€10,000 | +40.0% |
| Other amounts receivable | 291 | €25,000 | €35,000 | +€10,000 | +40.0% |
| Amounts receivable within one year | 40/41 | €203,663 | €329,158 | +€125,495 | +61.6% |
| Trade receivables | 40 | €63,496 | €168,678 | +€105,182 | +166% |
| Other amounts receivable | 41 | €140,167 | €160,480 | +€20,313 | +14.5% |
| Cash at bank and in hand | 54/58 | €222,116 | €235,706 | +€13,590 | +6.1% |
| Deferred charges and accrued income | 490/1 | €1,950 | €2,247 | +€297 | +15.2% |
| Total equity and liabilities | 10/49 | €781,862 | €972,202 | +€190,340 | +24.3% |
| Equity | 10/15 | €449,169 | €506,359 | +€57,190 | +12.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €430,569 | €487,759 | +€57,190 | +13.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €428,709 | €485,899 | +€57,190 | +13.3% |
| Amounts payable | 17/49 | €332,692 | €465,842 | +€133,150 | +40.0% |
| Amounts payable after more than one year | 17 | €126,286 | €118,779 | -€7,507 | -5.9% |
| Financial debts | 170/4 | €126,286 | €118,779 | -€7,507 | -5.9% |
| Amounts payable within one year | 42/48 | €167,282 | €346,391 | +€179,108 | +107% |
| Current portion of amounts payable after more than one year | 42 | €20,253 | €7,507 | -€12,746 | -62.9% |
| Trade debts | 44 | €16,451 | €19,837 | +€3,387 | +20.6% |
| Suppliers | 440/4 | €16,451 | €19,837 | +€3,387 | +20.6% |
| Advances received on contracts in progress | 46 | - | €190,649 | +€190,649 | |
| Taxes, remuneration and social security | 45 | €113,810 | €128,397 | +€14,587 | +12.8% |
| Taxes | 450/3 | €89,917 | €95,990 | +€6,073 | +6.8% |
| Remuneration and social security | 454/9 | €23,893 | €32,407 | +€8,514 | +35.6% |
| Other amounts payable | 47/48 | €16,768 | - | -€16,768 | |
| Accrued charges and deferred income | 492/3 | €39,124 | €672 | -€38,451 | -98.3% |
| Non-recurring operating income | 76A | €1,500 | €905 | -€595 | -39.7% |
| Remuneration, social security and pensions | 62 | €86,536 | €81,167 | -€5,369 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,837 | €58,178 | +€10,341 | +21.6% |
| Other operating charges | 640/8 | €5,207 | €4,923 | -€283 | -5.4% |
| Non-recurring operating charges | 66A | - | €16,716 | +€16,716 | |
| Gross operating margin | 9900 | €280,143 | €309,907 | +€29,764 | +10.6% |
| Operating profit (loss) | 9901 | €140,563 | €148,923 | +€8,360 | +5.9% |
| Financial income | 75/76B | €297 | €576 | +€279 | +94.0% |
| Recurring financial income | 75 | €297 | €576 | +€279 | +94.0% |
| Financial charges | 65/66B | €6,407 | €5,422 | -€986 | -15.4% |
| Recurring financial charges | 65 | €6,407 | €5,422 | -€986 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €134,452 | €144,077 | +€9,624 | +7.2% |
| Income taxes | 67/77 | €47,588 | €51,887 | +€4,299 | +9.0% |
| Profit (loss) for the period | 9904 | €86,864 | €92,190 | +€5,326 | +6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €86,864 | €92,190 | +€5,326 | +6.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.