LMSA: 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.
What changed
LMSA
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€125,294
2024 · €119,527+€5,767
Equity
€1.9m
2024 · €1.8m+€123,628
Cash
€147,819
2024 · €74,968+€72,851
Balance sheet total
€9.7m
2024 · €8.0m+€1.6m
Largest movements
Assets
- Financial fixed assets +€1.5m
up €1.5m (+24.1%), from €6.4m to €7.9m
Equity and liabilities
- Debts after one year +€1.5m
up €1.5m (+25.6%), from €6.0m to €7.5m
- Reserves +€123,628
up €123,628 (+7.1%), from €1.7m to €1.9m
Income statement
- Financial income +€12,135
up €12,135 (+20.0%), from €60,652 to €72,787
- Financial charges -€6,938
down €6,938 (-5.3%), from €131,456 to €124,518
- Gross operating margin -€6,914
down €6,914 (-1.9%), from €358,657 to €351,743
- Depreciation +€5,220
up €5,220 (+4.7%), from €110,390 to €115,610
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.
Result 2024
€119,527
Gross operating margin
-€6,914
Depreciation
-€5,220
Other operating charges
-€234
Financial income
+€12,135
Financial charges
+€6,938
Taxes
-€938
Result 2025
€125,294
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.
From operations
+€226,622
Investment
-€1.7m
Financing
+€1.5m
Cash 2024
€74,968
From operations (derived)
+€226,622
Net result for the year
+€125,294
Depreciation
+€115,610
Receivables within one year
+€7,633
Deferred charges and accrued income
-€6,175
Trade debts
-€31,648
Tax, wage and social debts
+€21,544
Other debts
+€1,171
Accrued charges and deferred income
-€6,806
Investment (derived)
-€1.7m
Investment in fixed assets (net)
-€1.7m
Financing
+€1.5m
Debts after one year
+€1.5m
Short-term financial debts
-€4,833
Contributions, distributions and other
-€1,666
Cash 2025
€147,819
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,013,020 | €9,653,401 | +€1.6m | +20.5% |
| Fixed assets | 21/28 | €7,391,047 | €8,960,034 | +€1.6m | +21.2% |
| Tangible fixed assets | 22/27 | €1,040,580 | €1,081,834 | +€41,254 | +4.0% |
| Land and buildings | 22 | €1,020,716 | €1,073,550 | +€52,834 | +5.2% |
| Plant, machinery and equipment | 23 | €9,211 | €6,688 | -€2,523 | -27.4% |
| Furniture and vehicles | 24 | €10,653 | €1,596 | -€9,056 | -85.0% |
| Financial fixed assets | 28 | €6,350,467 | €7,878,200 | +€1.5m | +24.1% |
| Current assets | 29/58 | €621,973 | €693,366 | +€71,393 | +11.5% |
| Amounts receivable within one year | 40/41 | €479,513 | €471,880 | -€7,633 | -1.6% |
| Trade receivables | 40 | €337,372 | €270,737 | -€66,634 | -19.8% |
| Other amounts receivable | 41 | €142,142 | €201,143 | +€59,001 | +41.5% |
| Cash at bank and in hand | 54/58 | €74,968 | €147,819 | +€72,851 | +97.2% |
| Deferred charges and accrued income | 490/1 | €67,492 | €73,667 | +€6,175 | +9.1% |
| Total equity and liabilities | 10/49 | €8,013,020 | €9,653,401 | +€1.6m | +20.5% |
| Equity | 10/15 | €1,764,655 | €1,888,282 | +€123,628 | +7.0% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €1,739,865 | €1,863,493 | +€123,628 | +7.1% |
| Distributable reserves | 133 | €1,739,865 | €1,863,493 | +€123,628 | +7.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €6,248,365 | €7,765,119 | +€1.5m | +24.3% |
| Amounts payable after more than one year | 17 | €6,006,820 | €7,544,145 | +€1.5m | +25.6% |
| Financial debts | 170/4 | €6,006,820 | €7,544,145 | +€1.5m | +25.6% |
| Amounts payable within one year | 42/48 | €110,485 | €96,719 | -€13,766 | -12.5% |
| Financial debts | 43 | €7,694 | €2,861 | -€4,833 | -62.8% |
| Credit institutions | 430/8 | €7,694 | €2,861 | -€4,833 | -62.8% |
| Trade debts | 44 | €70,668 | €39,020 | -€31,648 | -44.8% |
| Suppliers | 440/4 | €70,668 | €39,020 | -€31,648 | -44.8% |
| Taxes, remuneration and social security | 45 | €574 | €22,118 | +€21,544 | +3756.6% |
| Taxes | 450/3 | €574 | €22,118 | +€21,544 | +3756.6% |
| Other amounts payable | 47/48 | €31,550 | €32,721 | +€1,171 | +3.7% |
| Accrued charges and deferred income | 492/3 | €131,060 | €124,254 | -€6,806 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,390 | €115,610 | +€5,220 | +4.7% |
| Other operating charges | 640/8 | €7,488 | €7,722 | +€234 | +3.1% |
| Gross operating margin | 9900 | €358,657 | €351,743 | -€6,914 | -1.9% |
| Operating profit (loss) | 9901 | €240,778 | €228,410 | -€12,368 | -5.1% |
| Financial income | 75/76B | €60,652 | €72,787 | +€12,135 | +20.0% |
| Recurring financial income | 75 | €60,652 | €72,787 | +€12,135 | +20.0% |
| Financial charges | 65/66B | €131,456 | €124,518 | -€6,938 | -5.3% |
| Recurring financial charges | 65 | €131,456 | €124,518 | -€6,938 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €169,974 | €176,680 | +€6,705 | +3.9% |
| Income taxes | 67/77 | €50,448 | €51,386 | +€938 | +1.9% |
| Profit (loss) for the period | 9904 | €119,527 | €125,294 | +€5,767 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €119,527 | €125,294 | +€5,767 | +4.8% |
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 4 October 2026 via checked.be.