LSB GROUP: 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.
LSB GROUP
Largest movements
- Financial fixed assets +€1.2m
up €1.2m (+8.0%), from €15.0m to €16.2m
- Intangible fixed assets -€593,284
down €593,284 (-33.3%), from €1.8m to €1.2m
- Cash -€345,831
down €345,831 (-49.7%), from €695,992 to €350,161
mainly Investment in fixed assets (net) (-€1.2m) and Receivables within one year (-€287,223)
- Receivables within one year +€287,223
up €287,223 (+74.8%), from €384,009 to €671,232
of which Trade receivables: +€649,241
- Profit (loss) carried forward +€492,714
up €492,714 (+21.9%), from €2.2m to €2.7m
- Accrued charges and deferred income -€252,706
down €252,706 (-100.0%), from €252,706 to €0
- Other debts +€220,000
new in 2025: €220,000
- Services and other goods +€657,871
up €657,871 (+112.1%), from €586,906 to €1.2m
- Turnover +€493,149
up €493,149 (+41.3%), from €1.2m to €1.7m
- Financial charges -€174,089
down €174,089 (-16.3%), from €1.1m to €892,898
- Other operating income +€173,409
up €173,409 (+52.3%), from €331,277 to €504,685
- Financial income -€141,051
down €141,051 (-11.7%), from €1.2m to €1.1m
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 | €17,984,669 | €18,584,486 | +€599,816 | +3.3% |
| Fixed assets | 21/28 | €16,811,251 | €17,417,967 | +€606,716 | +3.6% |
| Intangible fixed assets | 21 | €1,779,851 | €1,186,567 | -€593,284 | -33.3% |
| Financial fixed assets | 28 | €15,031,400 | €16,231,400 | +€1.2m | +8.0% |
| Affiliated companies | 280/1 | €15,031,400 | €16,231,400 | +€1.2m | +8.0% |
| Participating interests | 280 | €13,501,400 | €16,231,400 | +€2.7m | +20.2% |
| Amounts receivable | 281 | €1,530,000 | €0 | -€1.5m | -100.0% |
| Current assets | 29/58 | €1,173,419 | €1,166,519 | -€6,900 | -0.6% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €384,009 | €671,232 | +€287,223 | +74.8% |
| Trade receivables | 40 | €0 | €649,241 | +€649,241 | |
| Other amounts receivable | 41 | €384,009 | €21,991 | -€362,018 | -94.3% |
| Cash at bank and in hand | 54/58 | €695,992 | €350,161 | -€345,831 | -49.7% |
| Deferred charges and accrued income | 490/1 | €93,418 | €145,126 | +€51,708 | +55.4% |
| Total equity and liabilities | 10/49 | €17,984,669 | €18,584,486 | +€599,816 | +3.3% |
| Equity | 10/15 | €7,921,978 | €8,440,624 | +€518,646 | +6.5% |
| Contributions | 10/11 | €5,500,000 | €5,500,000 | = | 0.0% |
| Capital | 10 | €5,500,000 | €5,500,000 | = | 0.0% |
| Issued capital | 100 | €5,500,000 | €5,500,000 | = | 0.0% |
| Reserves | 13 | €175,354 | €201,286 | +€25,932 | +14.8% |
| Non-distributable reserves | 130/1 | €175,354 | €201,286 | +€25,932 | +14.8% |
| Legal reserve | 130 | €175,354 | €201,286 | +€25,932 | +14.8% |
| Profit (loss) carried forward | 14 | €2,246,624 | €2,739,338 | +€492,714 | +21.9% |
| Amounts payable | 17/49 | €10,062,691 | €10,143,861 | +€81,170 | +0.8% |
| Amounts payable after more than one year | 17 | €9,809,985 | €9,809,985 | = | 0.0% |
| Financial debts | 170/4 | €9,809,985 | €9,809,985 | = | 0.0% |
| Other loans | 174 | €9,809,985 | €9,809,985 | = | 0.0% |
| Amounts payable within one year | 42/48 | €0 | €333,876 | +€333,876 | |
| Trade debts | 44 | €0 | €113,876 | +€113,876 | |
| Suppliers | 440/4 | €0 | €113,876 | +€113,876 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €220,000 | +€220,000 | |
| Accrued charges and deferred income | 492/3 | €252,706 | €0 | -€252,706 | -100.0% |
| Operating income | 70/76A | €1,526,613 | €2,193,170 | +€666,557 | +43.7% |
| Turnover | 70 | €1,195,336 | €1,688,485 | +€493,149 | +41.3% |
| Other operating income | 74 | €331,277 | €504,685 | +€173,409 | +52.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €1,180,691 | €1,838,205 | +€657,513 | +55.7% |
| Services and other goods | 61 | €586,906 | €1,244,777 | +€657,871 | +112.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €593,284 | €593,284 | -€0 | 0.0% |
| Other operating charges | 640/8 | €501 | €144 | -€357 | -71.2% |
| Operating profit (loss) | 9901 | €345,922 | €354,966 | +€9,044 | +2.6% |
| Financial income | 75/76B | €1,201,267 | €1,060,216 | -€141,051 | -11.7% |
| Recurring financial income | 75 | €1,201,267 | €1,060,216 | -€141,051 | -11.7% |
| Income from financial fixed assets | 750 | €1,060,000 | €1,000,000 | -€60,000 | -5.7% |
| Income from current assets | 751 | €141,267 | €60,216 | -€81,051 | -57.4% |
| Financial charges | 65/66B | €1,066,986 | €892,898 | -€174,089 | -16.3% |
| Recurring financial charges | 65 | €1,066,986 | €892,898 | -€174,089 | -16.3% |
| Debt charges | 650 | €1,066,698 | €892,506 | -€174,192 | -16.3% |
| Other financial charges | 652/9 | €288 | €392 | +€103 | +35.9% |
| Profit (loss) for the period before taxes | 9903 | €480,202 | €522,284 | +€42,082 | +8.8% |
| Income taxes | 67/77 | €0 | €3,638 | +€3,638 | |
| Taxes | 670/3 | - | €3,638 | +€3,638 | |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €480,202 | €518,646 | +€38,444 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €480,202 | €518,646 | +€38,444 | +8.0% |
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 8 October 2026 via checked.be.