LS CONSTRUCT: what changed
LS CONSTRUCT
Largest movements
- Receivables within one year +€88,024
up €88,024 (+62.7%), from €140,306 to €228,330
of which Trade receivables: +€69,725
- Stocks and contracts -€34,139
down €34,139 (-62.0%), from €55,039 to €20,900
- Deferred charges and accrued income -€20,519
no longer reported in 2025 (was €20,519)
- Cash +€12,630
up €12,630 (+132%), from €9,532 to €22,162
mainly Trade debts (+€67,431) and Stocks and contracts (+€34,139)
- Tangible fixed assets +€11,645
up €11,645 (+50.6%), from €23,003 to €34,648
of which Furniture and vehicles: +€8,314
- Trade debts +€67,431
up €67,431 (+71.8%), from €93,916 to €161,347
- Other debts -€21,505
no longer reported in 2025 (was €21,505)
- Reserves +€10,516
up €10,516 (+51.8%), from €20,315 to €30,831
- Tax, wage and social debts +€4,498
up €4,498 (+20.1%), from €22,363 to €26,861
of which Taxes: +€10,844
- Staff costs +€91,660
up €91,660 (+68.4%), from €134,079 to €225,739
- Gross operating margin +€82,333
up €82,333 (+46.1%), from €178,501 to €260,834
- Depreciation +€4,979
up €4,979 (+65.9%), from €7,557 to €12,536
- Taxes -€4,761
down €4,761 (-36.7%), from €12,986 to €8,225
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 | €249,249 | €306,890 | +€57,641 | +23.1% |
| Fixed assets | 21/28 | €23,853 | €35,498 | +€11,645 | +48.8% |
| Tangible fixed assets | 22/27 | €23,003 | €34,648 | +€11,645 | +50.6% |
| Plant, machinery and equipment | 23 | - | €3,331 | +€3,331 | |
| Furniture and vehicles | 24 | €23,003 | €31,317 | +€8,314 | +36.1% |
| Financial fixed assets | 28 | €850 | €850 | = | 0.0% |
| Current assets | 29/58 | €225,396 | €271,392 | +€45,996 | +20.4% |
| Stocks and contracts in progress | 3 | €55,039 | €20,900 | -€34,139 | -62.0% |
| Stocks | 30/36 | €55,039 | €20,900 | -€34,139 | -62.0% |
| Amounts receivable within one year | 40/41 | €140,306 | €228,330 | +€88,024 | +62.7% |
| Trade receivables | 40 | €91,111 | €160,836 | +€69,725 | +76.5% |
| Other amounts receivable | 41 | €49,195 | €67,494 | +€18,299 | +37.2% |
| Cash at bank and in hand | 54/58 | €9,532 | €22,162 | +€12,630 | +132% |
| Deferred charges and accrued income | 490/1 | €20,519 | - | -€20,519 | |
| Total equity and liabilities | 10/49 | €249,249 | €306,890 | +€57,641 | +23.1% |
| Equity | 10/15 | €107,209 | €117,725 | +€10,516 | +9.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €20,315 | €30,831 | +€10,516 | +51.8% |
| Distributable reserves | 133 | €20,315 | €30,831 | +€10,516 | +51.8% |
| Profit (loss) carried forward | 14 | €36,894 | €36,894 | = | 0.0% |
| Amounts payable | 17/49 | €142,040 | €189,165 | +€47,125 | +33.2% |
| Amounts payable after more than one year | 17 | €958 | - | -€958 | |
| Financial debts | 170/4 | €958 | - | -€958 | |
| Amounts payable within one year | 42/48 | €139,948 | €189,165 | +€49,218 | +35.2% |
| Current portion of amounts payable after more than one year | 42 | €2,163 | €958 | -€1,205 | -55.7% |
| Trade debts | 44 | €93,916 | €161,347 | +€67,431 | +71.8% |
| Suppliers | 440/4 | €93,916 | €161,347 | +€67,431 | +71.8% |
| Taxes, remuneration and social security | 45 | €22,363 | €26,861 | +€4,498 | +20.1% |
| Taxes | 450/3 | €14,084 | €24,928 | +€10,844 | +77.0% |
| Remuneration and social security | 454/9 | €8,279 | €1,933 | -€6,346 | -76.7% |
| Other amounts payable | 47/48 | €21,505 | - | -€21,505 | |
| Accrued charges and deferred income | 492/3 | €1,135 | - | -€1,135 | |
| Remuneration, social security and pensions | 62 | €134,079 | €225,739 | +€91,660 | +68.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,557 | €12,536 | +€4,979 | +65.9% |
| Other operating charges | 640/8 | €2,786 | €2,115 | -€670 | -24.1% |
| Gross operating margin | 9900 | €178,501 | €260,834 | +€82,333 | +46.1% |
| Operating profit (loss) | 9901 | €34,080 | €20,444 | -€13,636 | -40.0% |
| Financial income | 75/76B | €144 | €26 | -€118 | -81.8% |
| Recurring financial income | 75 | €144 | €26 | -€118 | -81.8% |
| Financial charges | 65/66B | €923 | €1,729 | +€806 | +87.3% |
| Recurring financial charges | 65 | €923 | €1,729 | +€806 | +87.3% |
| Profit (loss) for the period before taxes | 9903 | €33,301 | €18,741 | -€14,560 | -43.7% |
| Income taxes | 67/77 | €12,986 | €8,225 | -€4,761 | -36.7% |
| Profit (loss) for the period | 9904 | €20,315 | €10,516 | -€9,799 | -48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,315 | €10,516 | -€9,799 | -48.2% |
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 8 November 2026 via checked.be.