LMDS: 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.
LMDS
Largest movements
- Receivables within one year +€125,361
up €125,361 (+20.4%), from €614,304 to €739,665
of which Other amounts receivable: +€250,117
- Cash -€47,560
down €47,560 (-57.2%), from €83,178 to €35,617
mainly Contributions, distributions and other (-€315,814) and Receivables within one year (-€125,361)
- Other debts +€320,673
up €320,673 (+231.1%), from €138,730 to €459,403
- Reserves -€257,306
down €257,306 (-28.3%), from €909,637 to €652,332
of which Distributable reserves: -€255,446
- Gross operating margin -€247,388
down €247,388 (-60.7%), from €407,467 to €160,079
- Taxes -€101,221
down €101,221 (-80.3%), from €126,053 to €24,832
- Financial income -€70,872
no longer reported in 2025 (was €70,872)
- Financial charges +€33,053
up €33,053 (+81.1%), from €40,772 to €73,825
- Provisions +€10,686
no longer reported in 2025 (was -€10,686)
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 | €1,220,122 | €1,297,924 | +€77,801 | +6.4% |
| Fixed assets | 21/28 | €522,641 | €522,641 | = | 0.0% |
| Financial fixed assets | 28 | €522,641 | €522,641 | = | 0.0% |
| Current assets | 29/58 | €697,481 | €775,283 | +€77,801 | +11.2% |
| Amounts receivable within one year | 40/41 | €614,304 | €739,665 | +€125,361 | +20.4% |
| Trade receivables | 40 | €412,253 | €287,497 | -€124,756 | -30.3% |
| Other amounts receivable | 41 | €202,051 | €452,168 | +€250,117 | +123.8% |
| Cash at bank and in hand | 54/58 | €83,178 | €35,617 | -€47,560 | -57.2% |
| Total equity and liabilities | 10/49 | €1,220,122 | €1,297,924 | +€77,801 | +6.4% |
| Equity | 10/15 | €999,535 | €744,089 | -€255,446 | -25.6% |
| Contributions | 10/11 | €6,200 | €8,060 | +€1,860 | +30.0% |
| Reserves | 13 | €909,637 | €652,332 | -€257,306 | -28.3% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €907,777 | €652,332 | -€255,446 | -28.1% |
| Profit (loss) carried forward | 14 | €83,698 | €83,698 | = | 0.0% |
| Amounts payable | 17/49 | €220,588 | €553,835 | +€333,247 | +151.1% |
| Amounts payable within one year | 42/48 | €220,588 | €553,835 | +€333,247 | +151.1% |
| Trade debts | 44 | €1,595 | €8,220 | +€6,625 | +415.4% |
| Suppliers | 440/4 | €1,595 | €8,220 | +€6,625 | +415.4% |
| Taxes, remuneration and social security | 45 | €80,263 | €86,212 | +€5,949 | +7.4% |
| Taxes | 450/3 | €80,263 | €86,212 | +€5,949 | +7.4% |
| Other amounts payable | 47/48 | €138,730 | €459,403 | +€320,673 | +231.1% |
| Non-recurring operating income | 76A | €187,000 | - | -€187,000 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€10,686 | - | +€10,686 | |
| Other operating charges | 640/8 | €2,103 | €1,054 | -€1,050 | -49.9% |
| Gross operating margin | 9900 | €407,467 | €160,079 | -€247,388 | -60.7% |
| Operating profit (loss) | 9901 | €416,050 | €159,025 | -€257,025 | -61.8% |
| Financial income | 75/76B | €70,872 | - | -€70,872 | |
| Recurring financial income | 75 | €70,872 | - | -€70,872 | |
| Financial charges | 65/66B | €40,772 | €73,825 | +€33,053 | +81.1% |
| Recurring financial charges | 65 | €40,772 | €73,825 | +€33,053 | +81.1% |
| Profit (loss) for the period before taxes | 9903 | €446,150 | €85,200 | -€360,950 | -80.9% |
| Income taxes | 67/77 | €126,053 | €24,832 | -€101,221 | -80.3% |
| Profit (loss) for the period | 9904 | €320,097 | €60,369 | -€259,729 | -81.1% |
| Profit (loss) for the period to be appropriated | 9905 | €320,097 | €60,369 | -€259,729 | -81.1% |
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 1 October 2026 via checked.be.