LMS: 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.
LMS
Largest movements
- Cash -€159,313
down €159,313 (-78.5%), from €202,972 to €43,660
mainly Contributions, distributions and other (-€265,000) and Debts after one year (-€12,406)
- Tangible fixed assets -€17,275
down €17,275 (-87.7%), from €19,689 to €2,414
- Receivables within one year +€9,421
up €9,421 (+24.8%), from €37,979 to €47,400
of which Trade receivables: +€23,090
- Reserves -€197,669
down €197,669 (-96.9%), from €204,065 to €6,396
- Other debts +€46,564
new in 2025: €46,564
- Debts after one year -€12,406
down €12,406 (-79.5%), from €15,598 to €3,192
- Tax, wage and social debts -€4,300
down €4,300 (-17.0%), from €25,264 to €20,964
- Gross operating margin +€31,532
up €31,532 (+41.7%), from €75,617 to €107,149
- Taxes +€7,502
up €7,502 (+54.8%), from €13,693 to €21,195
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 | €260,873 | €93,884 | -€166,989 | -64.0% |
| Fixed assets | 21/28 | €19,689 | €2,414 | -€17,275 | -87.7% |
| Tangible fixed assets | 22/27 | €19,689 | €2,414 | -€17,275 | -87.7% |
| Furniture and vehicles | 24 | €19,689 | €2,414 | -€17,275 | -87.7% |
| Current assets | 29/58 | €241,185 | €91,470 | -€149,715 | -62.1% |
| Amounts receivable within one year | 40/41 | €37,979 | €47,400 | +€9,421 | +24.8% |
| Trade receivables | 40 | €24,310 | €47,400 | +€23,090 | +95.0% |
| Other amounts receivable | 41 | €13,669 | - | -€13,669 | |
| Cash at bank and in hand | 54/58 | €202,972 | €43,660 | -€159,313 | -78.5% |
| Deferred charges and accrued income | 490/1 | €233 | €410 | +€177 | +76.2% |
| Total equity and liabilities | 10/49 | €260,873 | €93,884 | -€166,989 | -64.0% |
| Equity | 10/15 | €206,565 | €8,896 | -€197,669 | -95.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €204,065 | €6,396 | -€197,669 | -96.9% |
| Distributable reserves | 133 | €204,065 | €6,396 | -€197,669 | -96.9% |
| Amounts payable | 17/49 | €54,309 | €84,988 | +€30,680 | +56.5% |
| Amounts payable after more than one year | 17 | €15,598 | €3,192 | -€12,406 | -79.5% |
| Financial debts | 170/4 | €15,598 | €3,192 | -€12,406 | -79.5% |
| Amounts payable within one year | 42/48 | €38,710 | €81,796 | +€43,086 | +111.3% |
| Current portion of amounts payable after more than one year | 42 | €11,846 | €12,406 | +€561 | +4.7% |
| Trade debts | 44 | €1,601 | €1,862 | +€262 | +16.3% |
| Suppliers | 440/4 | €1,601 | €1,862 | +€262 | +16.3% |
| Taxes, remuneration and social security | 45 | €25,264 | €20,964 | -€4,300 | -17.0% |
| Taxes | 450/3 | €25,264 | €20,964 | -€4,300 | -17.0% |
| Other amounts payable | 47/48 | - | €46,564 | +€46,564 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,275 | €17,275 | = | 0.0% |
| Other operating charges | 640/8 | €1,000 | €1,433 | +€433 | +43.3% |
| Gross operating margin | 9900 | €75,617 | €107,149 | +€31,532 | +41.7% |
| Operating profit (loss) | 9901 | €57,343 | €88,442 | +€31,099 | +54.2% |
| Financial income | 75/76B | €1,017 | €1,660 | +€643 | +63.2% |
| Recurring financial income | 75 | €1,017 | €1,660 | +€643 | +63.2% |
| Financial charges | 65/66B | €2,004 | €1,576 | -€428 | -21.4% |
| Recurring financial charges | 65 | €2,004 | €1,576 | -€428 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €56,356 | €88,526 | +€32,170 | +57.1% |
| Income taxes | 67/77 | €13,693 | €21,195 | +€7,502 | +54.8% |
| Profit (loss) for the period | 9904 | €42,663 | €67,331 | +€24,668 | +57.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,663 | €67,331 | +€24,668 | +57.8% |
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 10 October 2026 via checked.be.