LS MANAGEMENT: 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.
LS MANAGEMENT
Largest movements
- Tangible fixed assets -€53,840
down €53,840 (-17.1%), from €314,613 to €260,774
of which Plant, machinery and equipment: -€40,231
- Cash +€7,088
up €7,088 (+3.0%), from €234,099 to €241,186
mainly Net result for the year (+€111,399) and Depreciation (+€53,840)
- Debts after one year -€120,000
no longer reported in 2025 (was €120,000)
- Reserves +€111,399
up €111,399 (+26.4%), from €421,635 to €533,033
- Tax, wage and social debts -€30,214
down €30,214 (-26.8%), from €112,910 to €82,696
- Accrued charges and deferred income -€9,922
down €9,922 (-71.6%), from €13,852 to €3,930
- Gross operating margin -€42,037
down €42,037 (-16.6%), from €253,771 to €211,735
- Taxes -€12,084
down €12,084 (-21.0%), from €57,527 to €45,442
- Financial charges -€4,090
down €4,090 (-88.9%), from €4,600 to €510
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 | €671,412 | €622,875 | -€48,536 | -7.2% |
| Fixed assets | 21/28 | €314,613 | €260,774 | -€53,840 | -17.1% |
| Tangible fixed assets | 22/27 | €314,613 | €260,774 | -€53,840 | -17.1% |
| Plant, machinery and equipment | 23 | €277,255 | €237,024 | -€40,231 | -14.5% |
| Furniture and vehicles | 24 | €37,358 | €23,750 | -€13,608 | -36.4% |
| Current assets | 29/58 | €356,798 | €362,102 | +€5,304 | +1.5% |
| Amounts receivable within one year | 40/41 | €22,700 | €20,916 | -€1,784 | -7.9% |
| Trade receivables | 40 | €22,700 | €20,916 | -€1,784 | -7.9% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €234,099 | €241,186 | +€7,088 | +3.0% |
| Total equity and liabilities | 10/49 | €671,412 | €622,875 | -€48,536 | -7.2% |
| Equity | 10/15 | €424,635 | €536,033 | +€111,399 | +26.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €421,635 | €533,033 | +€111,399 | +26.4% |
| Distributable reserves | 133 | €421,635 | €533,033 | +€111,399 | +26.4% |
| Amounts payable | 17/49 | €246,777 | €86,842 | -€159,935 | -64.8% |
| Amounts payable after more than one year | 17 | €120,000 | - | -€120,000 | |
| Financial debts | 170/4 | €120,000 | - | -€120,000 | |
| Amounts payable within one year | 42/48 | €112,924 | €82,912 | -€30,012 | -26.6% |
| Trade debts | 44 | €14 | €216 | +€202 | +1433.7% |
| Suppliers | 440/4 | €14 | €216 | +€202 | +1433.7% |
| Taxes, remuneration and social security | 45 | €112,910 | €82,696 | -€30,214 | -26.8% |
| Taxes | 450/3 | €112,910 | €82,696 | -€30,214 | -26.8% |
| Accrued charges and deferred income | 492/3 | €13,852 | €3,930 | -€9,922 | -71.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,840 | €53,840 | = | 0.0% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €253,771 | €211,735 | -€42,037 | -16.6% |
| Operating profit (loss) | 9901 | €199,404 | €157,351 | -€42,053 | -21.1% |
| Financial charges | 65/66B | €4,600 | €510 | -€4,090 | -88.9% |
| Recurring financial charges | 65 | €4,600 | €510 | -€4,090 | -88.9% |
| Profit (loss) for the period before taxes | 9903 | €194,804 | €156,841 | -€37,963 | -19.5% |
| Income taxes | 67/77 | €57,527 | €45,442 | -€12,084 | -21.0% |
| Profit (loss) for the period | 9904 | €137,277 | €111,399 | -€25,878 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €137,277 | €111,399 | -€25,878 | -18.9% |
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 3 October 2026 via checked.be.