LS PROJECT: 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.
LS PROJECT
Largest movements
- Tangible fixed assets -€18,750
down €18,750 (-21.7%), from €86,221 to €67,471
of which Furniture and vehicles: -€13,001
- Cash +€9,251
up €9,251 (+10.4%), from €89,356 to €98,608
mainly Depreciation (+€18,750) and Trade debts (+€10,275)
- Receivables within one year +€8,147
up €8,147 (+139%), from €5,851 to €13,998
of which Trade receivables: +€7,370
- Stocks and contracts -€7,324
down €7,324 (-37.3%), from €19,650 to €12,326
- Reserves -€17,349
down €17,349 (-22.5%), from €77,157 to €59,808
of which Distributable reserves: -€14,267
- Trade debts +€10,275
up €10,275 (+269%), from €3,825 to €14,099
- Other debts +€10,085
up €10,085 (+72.1%), from €13,986 to €24,071
- Debts after one year -€8,821
down €8,821 (-40.8%), from €21,642 to €12,821
- Tax, wage and social debts -€2,696
down €2,696 (-47.1%), from €5,721 to €3,025
of which Remuneration and social security: -€2,814
- Gross operating margin -€37,573
down €37,573 (-51.9%), from €72,393 to €34,820
- Staff costs -€15,881
down €15,881 (-87.8%), from €18,096 to €2,215
- Taxes -€7,417
down €7,417 (-65.1%), from €11,399 to €3,981
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.
Derived cash bridge
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 | €201,209 | €192,529 | -€8,680 | -4.3% |
| Fixed assets | 21/28 | €86,221 | €67,471 | -€18,750 | -21.7% |
| Tangible fixed assets | 22/27 | €86,221 | €67,471 | -€18,750 | -21.7% |
| Land and buildings | 22 | €15,337 | €14,808 | -€528 | -3.4% |
| Plant, machinery and equipment | 23 | €18,639 | €15,745 | -€2,893 | -15.5% |
| Furniture and vehicles | 24 | €45,263 | €32,263 | -€13,001 | -28.7% |
| Other tangible fixed assets | 26 | €6,982 | €4,655 | -€2,327 | -33.3% |
| Current assets | 29/58 | €114,988 | €125,058 | +€10,070 | +8.8% |
| Stocks and contracts in progress | 3 | €19,650 | €12,326 | -€7,324 | -37.3% |
| Stocks | 30/36 | €19,650 | €12,326 | -€7,324 | -37.3% |
| Amounts receivable within one year | 40/41 | €5,851 | €13,998 | +€8,147 | +139% |
| Trade receivables | 40 | €2,346 | €9,716 | +€7,370 | +314% |
| Other amounts receivable | 41 | €3,505 | €4,282 | +€777 | +22.2% |
| Cash at bank and in hand | 54/58 | €89,356 | €98,608 | +€9,251 | +10.4% |
| Deferred charges and accrued income | 490/1 | €131 | €127 | -€4 | -3.0% |
| Total equity and liabilities | 10/49 | €201,209 | €192,529 | -€8,680 | -4.3% |
| Equity | 10/15 | €147,036 | €129,688 | -€17,349 | -11.8% |
| Contributions | 10/11 | €14,880 | €14,880 | = | 0.0% |
| Reserves | 13 | €77,157 | €59,808 | -€17,349 | -22.5% |
| Tax-exempt reserves | 132 | €14,586 | €11,504 | -€3,081 | -21.1% |
| Distributable reserves | 133 | €62,571 | €48,304 | -€14,267 | -22.8% |
| Profit (loss) carried forward | 14 | €55,000 | €55,000 | = | 0.0% |
| Amounts payable | 17/49 | €54,172 | €62,841 | +€8,669 | +16.0% |
| Amounts payable after more than one year | 17 | €21,642 | €12,821 | -€8,821 | -40.8% |
| Financial debts | 170/4 | €21,642 | €12,821 | -€8,821 | -40.8% |
| Amounts payable within one year | 42/48 | €32,530 | €50,016 | +€17,486 | +53.8% |
| Current portion of amounts payable after more than one year | 42 | €8,510 | €8,821 | +€311 | +3.6% |
| Trade debts | 44 | €3,825 | €14,099 | +€10,275 | +269% |
| Suppliers | 440/4 | €3,825 | €14,099 | +€10,275 | +269% |
| Advances received on contracts in progress | 46 | €488 | €0 | -€488 | -100% |
| Taxes, remuneration and social security | 45 | €5,721 | €3,025 | -€2,696 | -47.1% |
| Taxes | 450/3 | €2,907 | €3,025 | +€118 | +4.1% |
| Remuneration and social security | 454/9 | €2,814 | €0 | -€2,814 | -100% |
| Other amounts payable | 47/48 | €13,986 | €24,071 | +€10,085 | +72.1% |
| Accrued charges and deferred income | 492/3 | - | €4 | +€4 | |
| Remuneration, social security and pensions | 62 | €18,096 | €2,215 | -€15,881 | -87.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,427 | €18,750 | -€677 | -3.5% |
| Other operating charges | 640/8 | €2,073 | €1,481 | -€592 | -28.6% |
| Gross operating margin | 9900 | €72,393 | €34,820 | -€37,573 | -51.9% |
| Operating profit (loss) | 9901 | €32,797 | €12,374 | -€20,423 | -62.3% |
| Financial income | 75/76B | €564 | €460 | -€104 | -18.4% |
| Recurring financial income | 75 | €564 | €460 | -€104 | -18.4% |
| Financial charges | 65/66B | €2,115 | €2,130 | +€15 | +0.7% |
| Recurring financial charges | 65 | €2,115 | €2,130 | +€15 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €31,245 | €10,704 | -€20,541 | -65.7% |
| Income taxes | 67/77 | €11,399 | €3,981 | -€7,417 | -65.1% |
| Profit (loss) for the period | 9904 | €19,846 | €6,722 | -€13,124 | -66.1% |
| Transfer from tax-exempt reserves | 789 | €3,599 | €3,081 | -€518 | -14.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,446 | €9,803 | -€13,642 | -58.2% |
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 1 November 2026 via checked.be.