LMD: 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.
LMD
Largest movements
- Tangible fixed assets -€58,233
down €58,233 (-2.4%), from €2.4m to €2.3m
of which Land and buildings: -€53,360
- Debts after one year -€114,941
down €114,941 (-6.0%), from €1.9m to €1.8m
- Reserves +€31,627
up €31,627 (+22.0%), from €143,775 to €175,402
of which Distributable reserves: +€31,627
- Gross operating margin +€37,224
up €37,224 (+22.8%), from €163,546 to €200,770
- Taxes +€12,972
up €12,972 (+691.5%), from €1,876 to €14,848
- Financial charges -€12,565
down €12,565 (-16.8%), from €74,624 to €62,059
- Financial income -€5,110
down €5,110 (-100.0%), from €5,110 to €0
- Other operating charges +€3,135
up €3,135 (+20.4%), from €15,347 to €18,482
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 | €2,439,604 | €2,379,951 | -€59,652 | -2.4% |
| Fixed assets | 21/28 | €2,394,427 | €2,336,194 | -€58,233 | -2.4% |
| Tangible fixed assets | 22/27 | €2,394,427 | €2,336,194 | -€58,233 | -2.4% |
| Land and buildings | 22 | €2,380,168 | €2,326,808 | -€53,360 | -2.2% |
| Furniture and vehicles | 24 | €14,259 | €9,386 | -€4,873 | -34.2% |
| Current assets | 29/58 | €45,177 | €43,758 | -€1,419 | -3.1% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €27,962 | €23,125 | -€4,837 | -17.3% |
| Trade receivables | 40 | €27,962 | €22,814 | -€5,148 | -18.4% |
| Other amounts receivable | 41 | €0 | €311 | +€311 | |
| Cash at bank and in hand | 54/58 | €15,855 | €19,888 | +€4,033 | +25.4% |
| Deferred charges and accrued income | 490/1 | €1,360 | €744 | -€616 | -45.3% |
| Total equity and liabilities | 10/49 | €2,439,604 | €2,379,951 | -€59,652 | -2.4% |
| Equity | 10/15 | €384,702 | €416,329 | +€31,627 | +8.2% |
| Contributions | 10/11 | €219,225 | €219,225 | = | 0.0% |
| Reserves | 13 | €143,775 | €175,402 | +€31,627 | +22.0% |
| 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 | €141,915 | €173,542 | +€31,627 | +22.3% |
| Profit (loss) carried forward | 14 | €21,703 | €21,703 | = | 0.0% |
| Amounts payable | 17/49 | €2,054,901 | €1,963,622 | -€91,279 | -4.4% |
| Amounts payable after more than one year | 17 | €1,908,881 | €1,793,940 | -€114,941 | -6.0% |
| Financial debts | 170/4 | €1,908,881 | €1,793,940 | -€114,941 | -6.0% |
| Amounts payable within one year | 42/48 | €146,020 | €169,682 | +€23,662 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | €112,285 | €114,941 | +€2,656 | +2.4% |
| Financial debts | 43 | €0 | €12,000 | +€12,000 | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | - | €12,000 | +€12,000 | |
| Trade debts | 44 | €8,238 | €9,260 | +€1,022 | +12.4% |
| Suppliers | 440/4 | €8,238 | €9,260 | +€1,022 | +12.4% |
| Taxes, remuneration and social security | 45 | €12,657 | €32,661 | +€20,005 | +158.1% |
| Taxes | 450/3 | €12,657 | €21,461 | +€8,805 | +69.6% |
| Remuneration and social security | 454/9 | €0 | €11,200 | +€11,200 | |
| Other amounts payable | 47/48 | €12,841 | €819 | -€12,021 | -93.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,014 | €73,754 | -€260 | -0.4% |
| Other operating charges | 640/8 | €15,347 | €18,482 | +€3,135 | +20.4% |
| Gross operating margin | 9900 | €163,546 | €200,770 | +€37,224 | +22.8% |
| Operating profit (loss) | 9901 | €74,184 | €108,534 | +€34,350 | +46.3% |
| Financial income | 75/76B | €5,110 | €0 | -€5,110 | -100.0% |
| Recurring financial income | 75 | €5,110 | €0 | -€5,110 | -100.0% |
| Financial charges | 65/66B | €74,624 | €62,059 | -€12,565 | -16.8% |
| Recurring financial charges | 65 | €74,624 | €62,059 | -€12,565 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €4,670 | €46,475 | +€41,804 | +895.1% |
| Income taxes | 67/77 | €1,876 | €14,848 | +€12,972 | +691.5% |
| Profit (loss) for the period | 9904 | €2,795 | €31,627 | +€28,832 | +1031.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,795 | €31,627 | +€28,832 | +1031.7% |
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.