LMCB: 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.
LMCB
Largest movements
- Tangible fixed assets +€873,358
up €873,358 (+402%), from €217,283 to €1.1m
of which Land and buildings: +€845,512
- Receivables within one year +€109,876
up €109,876 (+140%), from €78,719 to €188,595
of which Trade receivables: +€120,181
- Stocks and contracts -€25,206
down €25,206 (-21.2%), from €119,008 to €93,802
of which Contracts in progress: -€25,900
- Debts after one year +€835,037
up €835,037 (+833%), from €100,203 to €935,240
- Trade debts +€39,152
up €39,152 (+666%), from €5,876 to €45,028
- Reserves +€37,788
up €37,788 (+11.3%), from €335,331 to €373,119
- Current portion of long-term debt +€36,053
up €36,053 (+181%), from €19,912 to €55,965
- Depreciation +€34,483
up €34,483 (+108%), from €31,797 to €66,280
- Gross operating margin +€27,575
up €27,575 (+26.9%), from €102,433 to €130,007
- Financial charges +€16,995
up €16,995 (+331%), from €5,128 to €22,123
- Taxes -€11,926
down €11,926 (-97.8%), from €12,196 to €270
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 | €527,359 | €1,476,063 | +€948,704 | +180% |
| Fixed assets | 21/28 | €217,283 | €1,090,841 | +€873,558 | +402% |
| Tangible fixed assets | 22/27 | €217,283 | €1,090,641 | +€873,358 | +402% |
| Land and buildings | 22 | €150,782 | €996,295 | +€845,512 | +561% |
| Plant, machinery and equipment | 23 | €54,884 | €82,113 | +€27,230 | +49.6% |
| Furniture and vehicles | 24 | €11,617 | €12,233 | +€616 | +5.3% |
| Financial fixed assets | 28 | - | €200 | +€200 | |
| Current assets | 29/58 | €310,076 | €385,221 | +€75,146 | +24.2% |
| Stocks and contracts in progress | 3 | €119,008 | €93,802 | -€25,206 | -21.2% |
| Stocks | 30/36 | €17,804 | €18,498 | +€694 | +3.9% |
| Contracts in progress | 37 | €101,204 | €75,304 | -€25,900 | -25.6% |
| Amounts receivable within one year | 40/41 | €78,719 | €188,595 | +€109,876 | +140% |
| Trade receivables | 40 | €44,054 | €164,234 | +€120,181 | +273% |
| Other amounts receivable | 41 | €34,665 | €24,361 | -€10,305 | -29.7% |
| Cash at bank and in hand | 54/58 | €101,251 | €91,878 | -€9,373 | -9.3% |
| Deferred charges and accrued income | 490/1 | €11,098 | €10,946 | -€152 | -1.4% |
| Total equity and liabilities | 10/49 | €527,359 | €1,476,063 | +€948,704 | +180% |
| Equity | 10/15 | €353,931 | €391,719 | +€37,788 | +10.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €335,331 | €373,119 | +€37,788 | +11.3% |
| Distributable reserves | 133 | €335,331 | €373,119 | +€37,788 | +11.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €173,428 | €1,084,344 | +€910,916 | +525% |
| Amounts payable after more than one year | 17 | €100,203 | €935,240 | +€835,037 | +833% |
| Financial debts | 170/4 | €100,203 | €935,240 | +€835,037 | +833% |
| Amounts payable within one year | 42/48 | €73,225 | €149,104 | +€75,878 | +104% |
| Current portion of amounts payable after more than one year | 42 | €19,912 | €55,965 | +€36,053 | +181% |
| Trade debts | 44 | €5,876 | €45,028 | +€39,152 | +666% |
| Suppliers | 440/4 | €5,876 | €45,028 | +€39,152 | +666% |
| Taxes, remuneration and social security | 45 | €0 | €270 | +€270 | |
| Taxes | 450/3 | €0 | €270 | +€270 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €47,437 | €47,841 | +€404 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,797 | €66,280 | +€34,483 | +108% |
| Other operating charges | 640/8 | €2,255 | €3,552 | +€1,297 | +57.5% |
| Gross operating margin | 9900 | €102,433 | €130,007 | +€27,575 | +26.9% |
| Operating profit (loss) | 9901 | €68,381 | €60,176 | -€8,205 | -12.0% |
| Financial income | 75/76B | €10 | €5 | -€5 | -48.4% |
| Recurring financial income | 75 | €10 | €5 | -€5 | -48.4% |
| Financial charges | 65/66B | €5,128 | €22,123 | +€16,995 | +331% |
| Recurring financial charges | 65 | €5,128 | €22,123 | +€16,995 | +331% |
| Profit (loss) for the period before taxes | 9903 | €63,263 | €38,058 | -€25,205 | -39.8% |
| Income taxes | 67/77 | €12,196 | €270 | -€11,926 | -97.8% |
| Profit (loss) for the period | 9904 | €51,067 | €37,788 | -€13,279 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,067 | €37,788 | -€13,279 | -26.0% |
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 13 October 2026 via checked.be.