LRM: what changed
LRM
Largest movements
- Current investments -€127,734
down €127,734 (-100%), from €127,734 to €0
- Tangible fixed assets +€88,489
up €88,489 (+103%), from €85,863 to €174,352
of which Land and buildings: +€75,638
- Receivables after one year +€17,000
up €17,000 (+5.7%), from €300,068 to €317,069
- Cash -€11,203
down €11,203 (-72.8%), from €15,394 to €4,191
mainly Investment in fixed assets (net) (-€105,631) and Net result for the year (-€33,117)
- Reserves -€23,252
down €23,252 (-6.0%), from €388,034 to €364,782
- Profit (loss) carried forward -€9,865
new in 2025: -€9,865
- Financial income +€7,669
up €7,669 (+66.9%), from €11,471 to €19,139
- Gross operating margin -€7,227
down €7,227 (-29.7%), from -€24,357 to -€31,584
- Other operating charges -€2,181
down €2,181 (-45.9%), from €4,752 to €2,571
- Financial charges -€1,700
down €1,700 (-69.1%), from €2,461 to €761
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €532,518 | €499,408 | -€33,110 | -6.2% |
| Fixed assets | 21/28 | €86,439 | €174,928 | +€88,489 | +102% |
| Tangible fixed assets | 22/27 | €85,863 | €174,352 | +€88,489 | +103% |
| Land and buildings | 22 | €82,382 | €158,020 | +€75,638 | +91.8% |
| Plant, machinery and equipment | 23 | €1,601 | €12,100 | +€10,498 | +656% |
| Furniture and vehicles | 24 | €1,880 | €4,233 | +€2,353 | +125% |
| Financial fixed assets | 28 | €576 | €576 | = | 0.0% |
| Current assets | 29/58 | €446,079 | €324,480 | -€121,599 | -27.3% |
| Amounts receivable after more than one year | 29 | €300,068 | €317,069 | +€17,000 | +5.7% |
| Other amounts receivable | 291 | €300,068 | €317,069 | +€17,000 | +5.7% |
| Amounts receivable within one year | 40/41 | €2,883 | €3,220 | +€337 | +11.7% |
| Other amounts receivable | 41 | €2,883 | €3,220 | +€337 | +11.7% |
| Current investments | 50/53 | €127,734 | €0 | -€127,734 | -100% |
| Cash at bank and in hand | 54/58 | €15,394 | €4,191 | -€11,203 | -72.8% |
| Total equity and liabilities | 10/49 | €532,518 | €499,408 | -€33,110 | -6.2% |
| Equity | 10/15 | €530,034 | €496,917 | -€33,117 | -6.2% |
| Contributions | 10/11 | €142,000 | €142,000 | = | 0.0% |
| Reserves | 13 | €388,034 | €364,782 | -€23,252 | -6.0% |
| Distributable reserves | 133 | €388,034 | €364,782 | -€23,252 | -6.0% |
| Profit (loss) carried forward | 14 | - | -€9,865 | -€9,865 | |
| Amounts payable | 17/49 | €2,484 | €2,491 | +€7 | +0.3% |
| Amounts payable within one year | 42/48 | €2,484 | €2,491 | +€7 | +0.3% |
| Trade debts | 44 | €142 | €340 | +€198 | +139% |
| Suppliers | 440/4 | €142 | €340 | +€198 | +139% |
| Taxes, remuneration and social security | 45 | €2,341 | €2,151 | -€191 | -8.1% |
| Taxes | 450/3 | €2,341 | €2,151 | -€191 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,887 | €17,142 | +€255 | +1.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €4,752 | €2,571 | -€2,181 | -45.9% |
| Gross operating margin | 9900 | -€24,357 | -€31,584 | -€7,227 | -29.7% |
| Operating profit (loss) | 9901 | -€45,997 | -€51,297 | -€5,300 | -11.5% |
| Financial income | 75/76B | €11,471 | €19,139 | +€7,669 | +66.9% |
| Recurring financial income | 75 | €11,471 | €19,139 | +€7,669 | +66.9% |
| Financial charges | 65/66B | €2,461 | €761 | -€1,700 | -69.1% |
| Recurring financial charges | 65 | €2,461 | €761 | -€1,700 | -69.1% |
| Profit (loss) for the period before taxes | 9903 | -€36,987 | -€32,919 | +€4,068 | +11.0% |
| Income taxes | 67/77 | €199 | €198 | -€1 | -0.7% |
| Profit (loss) for the period | 9904 | -€37,187 | -€33,117 | +€4,070 | +10.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,187 | -€33,117 | +€4,070 | +10.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.