LMF: 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.
LMF
Largest movements
- Tangible fixed assets -€384,202
down €384,202 (-95.0%), from €404,268 to €20,066
of which Land and buildings: -€292,943
- Receivables within one year +€112,282
up €112,282 (+19.3%), from €582,831 to €695,113
of which Trade receivables: +€99,215
- Stocks and contracts +€43,272
up €43,272 (+11.6%), from €371,888 to €415,160
of which Contracts in progress: +€73,460
- Cash -€37,158
down €37,158 (-31.8%), from €116,698 to €79,540
mainly Contributions, distributions and other (-€258,344) and Debts after one year (-€123,727)
- Deferred charges and accrued income +€15,398
up €15,398 (+145%), from €10,585 to €25,983
- Reserves -€181,447
down €181,447 (-26.5%), from €684,462 to €503,015
of which Distributable reserves: -€168,023
- Debts after one year -€123,727
down €123,727 (-98.2%), from €126,043 to €2,316
- Accrued charges and deferred income +€101,663
new in 2025: €101,663
- Contributions -€68,202
down €68,202 (-23.4%), from €291,500 to €223,298
- Trade debts +€32,816
up €32,816 (+15.4%), from €213,196 to €246,011
- Gross operating margin -€120,142
down €120,142 (-16.6%), from €723,617 to €603,476
- Depreciation -€65,636
down €65,636 (-70.9%), from €92,615 to €26,979
- Provisions +€35,000
no longer reported in 2025 (was -€35,000)
- Other operating charges -€20,608
down €20,608 (-46.0%), from €44,846 to €24,238
- Taxes -€10,271
down €10,271 (-56.8%), from €18,086 to €7,815
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 | €1,503,295 | €1,247,320 | -€255,975 | -17.0% |
| Fixed assets | 21/28 | €421,293 | €31,524 | -€389,769 | -92.5% |
| Intangible fixed assets | 21 | €16,986 | €11,418 | -€5,568 | -32.8% |
| Tangible fixed assets | 22/27 | €404,268 | €20,066 | -€384,202 | -95.0% |
| Land and buildings | 22 | €292,943 | - | -€292,943 | |
| Plant, machinery and equipment | 23 | €71,173 | - | -€71,173 | |
| Furniture and vehicles | 24 | €28,954 | €16,479 | -€12,475 | -43.1% |
| Leasing and similar rights | 25 | €11,197 | €3,587 | -€7,611 | -68.0% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €1,082,002 | €1,215,796 | +€133,794 | +12.4% |
| Stocks and contracts in progress | 3 | €371,888 | €415,160 | +€43,272 | +11.6% |
| Stocks | 30/36 | €371,888 | €341,700 | -€30,188 | -8.1% |
| Contracts in progress | 37 | - | €73,460 | +€73,460 | |
| Amounts receivable within one year | 40/41 | €582,831 | €695,113 | +€112,282 | +19.3% |
| Trade receivables | 40 | €553,416 | €652,630 | +€99,215 | +17.9% |
| Other amounts receivable | 41 | €29,415 | €42,483 | +€13,068 | +44.4% |
| Cash at bank and in hand | 54/58 | €116,698 | €79,540 | -€37,158 | -31.8% |
| Deferred charges and accrued income | 490/1 | €10,585 | €25,983 | +€15,398 | +145% |
| Total equity and liabilities | 10/49 | €1,503,295 | €1,247,320 | -€255,975 | -17.0% |
| Equity | 10/15 | €975,962 | €726,314 | -€249,649 | -25.6% |
| Contributions | 10/11 | €291,500 | €223,298 | -€68,202 | -23.4% |
| Capital | 10 | €291,500 | €223,298 | -€68,202 | -23.4% |
| Issued capital | 100 | €291,500 | €223,298 | -€68,202 | -23.4% |
| Reserves | 13 | €684,462 | €503,015 | -€181,447 | -26.5% |
| Non-distributable reserves | 130/1 | €29,150 | €22,330 | -€6,820 | -23.4% |
| Legal reserve | 130 | €29,150 | €22,330 | -€6,820 | -23.4% |
| Tax-exempt reserves | 132 | €28,227 | €21,623 | -€6,604 | -23.4% |
| Distributable reserves | 133 | €627,086 | €459,063 | -€168,023 | -26.8% |
| Amounts payable | 17/49 | €527,333 | €521,006 | -€6,327 | -1.2% |
| Amounts payable after more than one year | 17 | €126,043 | €2,316 | -€123,727 | -98.2% |
| Financial debts | 170/4 | €126,043 | €2,316 | -€123,727 | -98.2% |
| Amounts payable within one year | 42/48 | €401,290 | €417,027 | +€15,737 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €40,750 | €12,283 | -€28,467 | -69.9% |
| Trade debts | 44 | €213,196 | €246,011 | +€32,816 | +15.4% |
| Suppliers | 440/4 | €213,196 | €246,011 | +€32,816 | +15.4% |
| Taxes, remuneration and social security | 45 | €118,838 | €128,732 | +€9,894 | +8.3% |
| Taxes | 450/3 | €44,109 | €51,330 | +€7,221 | +16.4% |
| Remuneration and social security | 454/9 | €74,729 | €77,402 | +€2,673 | +3.6% |
| Other amounts payable | 47/48 | €28,505 | €30,000 | +€1,495 | +5.2% |
| Accrued charges and deferred income | 492/3 | - | €101,663 | +€101,663 | |
| Non-recurring operating income | 76A | €413 | - | -€413 | |
| Remuneration, social security and pensions | 62 | €543,581 | €544,969 | +€1,388 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,615 | €26,979 | -€65,636 | -70.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€35,000 | - | +€35,000 | |
| Other operating charges | 640/8 | €44,846 | €24,238 | -€20,608 | -46.0% |
| Gross operating margin | 9900 | €723,617 | €603,476 | -€120,142 | -16.6% |
| Operating profit (loss) | 9901 | €77,575 | €7,290 | -€70,285 | -90.6% |
| Financial income | 75/76B | €7,009 | €14,168 | +€7,159 | +102% |
| Recurring financial income | 75 | €7,009 | €14,168 | +€7,159 | +102% |
| Financial charges | 65/66B | €8,994 | €4,948 | -€4,046 | -45.0% |
| Recurring financial charges | 65 | €8,994 | €4,948 | -€4,046 | -45.0% |
| Profit (loss) for the period before taxes | 9903 | €75,591 | €16,510 | -€59,081 | -78.2% |
| Income taxes | 67/77 | €18,086 | €7,815 | -€10,271 | -56.8% |
| Profit (loss) for the period | 9904 | €57,505 | €8,695 | -€48,810 | -84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €57,505 | €8,695 | -€48,810 | -84.9% |
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 17 October 2026 via checked.be.