LSA & Partners: 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.
LSA & Partners
Largest movements
- Current investments +€202,829
up €202,829 (+58.4%), from €347,366 to €550,195
- Receivables within one year +€63,289
up €63,289 (+66.4%), from €95,287 to €158,577
of which Other amounts receivable: +€105,207
- Reserves +€2.3m
up €2.3m (+132.8%), from €1.8m to €4.1m
- Other debts -€1.8m
no longer reported in 2025 (was €1.8m)
- Debts after one year -€210,673
down €210,673 (-27.5%), from €766,831 to €556,158
- Gross operating margin +€1.4m
up €1.4m (+137.7%), from €1.0m to €2.4m
- Staff costs +€36,168
new in 2025: €36,168
- Taxes -€32,687
down €32,687 (-93.8%), from €34,834 to €2,147
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,654,054 | €4,925,988 | +€271,934 | +5.8% |
| Fixed assets | 21/28 | €4,211,400 | €4,211,400 | = | 0.0% |
| Financial fixed assets | 28 | €4,211,400 | €4,211,400 | = | 0.0% |
| Current assets | 29/58 | €442,654 | €714,588 | +€271,934 | +61.4% |
| Amounts receivable within one year | 40/41 | €95,287 | €158,577 | +€63,289 | +66.4% |
| Trade receivables | 40 | €95,287 | €53,370 | -€41,917 | -44.0% |
| Other amounts receivable | 41 | - | €105,207 | +€105,207 | |
| Current investments | 50/53 | €347,366 | €550,195 | +€202,829 | +58.4% |
| Deferred charges and accrued income | 490/1 | - | €5,816 | +€5,816 | |
| Total equity and liabilities | 10/49 | €4,654,054 | €4,925,988 | +€271,934 | +5.8% |
| Equity | 10/15 | €1,790,784 | €4,125,024 | +€2.3m | +130.3% |
| Contributions | 10/11 | €33,334 | €33,334 | = | 0.0% |
| Reserves | 13 | €1,757,450 | €4,091,689 | +€2.3m | +132.8% |
| Distributable reserves | 133 | €1,757,450 | €4,091,689 | +€2.3m | +132.8% |
| Amounts payable | 17/49 | €2,863,270 | €800,964 | -€2.1m | -72.0% |
| Amounts payable after more than one year | 17 | €766,831 | €556,158 | -€210,673 | -27.5% |
| Financial debts | 170/4 | €766,831 | €556,158 | -€210,673 | -27.5% |
| Amounts payable within one year | 42/48 | €2,096,439 | €244,806 | -€1.9m | -88.3% |
| Current portion of amounts payable after more than one year | 42 | €209,756 | €210,673 | +€917 | +0.4% |
| Trade debts | 44 | €18,628 | €21,645 | +€3,017 | +16.2% |
| Suppliers | 440/4 | €18,628 | €21,645 | +€3,017 | +16.2% |
| Taxes, remuneration and social security | 45 | €44,424 | €12,489 | -€31,935 | -71.9% |
| Taxes | 450/3 | €44,424 | €11,737 | -€32,687 | -73.6% |
| Remuneration and social security | 454/9 | - | €752 | +€752 | |
| Other amounts payable | 47/48 | €1,823,632 | - | -€1.8m | |
| Remuneration, social security and pensions | 62 | - | €36,168 | +€36,168 | |
| Other operating charges | 640/8 | €1,094 | €10,357 | +€9,264 | +847.2% |
| Gross operating margin | 9900 | €1,027,322 | €2,441,977 | +€1.4m | +137.7% |
| Operating profit (loss) | 9901 | €1,026,229 | €2,395,451 | +€1.4m | +133.4% |
| Financial income | 75/76B | €517 | €766 | +€249 | +48.2% |
| Recurring financial income | 75 | €517 | €766 | +€249 | +48.2% |
| Financial charges | 65/66B | €65,580 | €59,831 | -€5,749 | -8.8% |
| Recurring financial charges | 65 | €65,580 | €59,831 | -€5,749 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €961,166 | €2,336,386 | +€1.4m | +143.1% |
| Income taxes | 67/77 | €34,834 | €2,147 | -€32,687 | -93.8% |
| Profit (loss) for the period | 9904 | €926,332 | €2,334,239 | +€1.4m | +152.0% |
| Profit (loss) for the period to be appropriated | 9905 | €926,332 | €2,334,239 | +€1.4m | +152.0% |
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 6 October 2026 via checked.be.