LSB IMMO: 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.
What changed
LSB IMMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€24,711
2024 · -€77,081+€101,793
Equity
€938,954
2024 · €914,243+€24,711
Cash
€5,983
2024 · €3,985+€1,998
Balance sheet total
€3.1m
2024 · €3.4m-€343,660
Largest movements
Assets
- Tangible fixed assets -€345,592
down €345,592 (-10.2%), from €3.4m to €3.1m
of which Land and buildings: -€344,534
Equity and liabilities
- Other debts -€334,530
down €334,530 (-18.1%), from €1.8m to €1.5m
Income statement
- Gross operating margin +€95,534
up €95,534 (+53.8%), from €177,502 to €273,036
- Depreciation -€7,823
down €7,823 (-4.9%), from €158,712 to €150,889
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.
Result 2024
-€77,081
Gross operating margin
+€95,534
Staff costs
-€1,518
Depreciation
+€7,823
Other operating charges
-€676
Financial income
-€318
Financial charges
+€949
Result 2025
€24,711
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.
From operations
-€147,072
Investment
+€181,343
Financing
-€32,273
Cash 2024
€3,985
From operations (derived)
-€147,072
Net result for the year
+€24,711
Depreciation
+€150,889
Receivables within one year
+€5,164
Deferred charges and accrued income
+€8,262
Trade debts
+€3,820
Tax, wage and social debts
-€2,421
Other debts
-€334,530
Accrued charges and deferred income
-€2,967
Investment (derived)
+€181,343
Investment in fixed assets (net)
+€194,703
Current investments
-€13,360
Financing
-€32,273
Debts after one year
-€33,253
Current portion of long-term debt
+€980
Cash 2025
€5,983
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,419,741 | €3,076,081 | -€343,660 | -10.0% |
| Fixed assets | 21/28 | €3,399,195 | €3,053,603 | -€345,592 | -10.2% |
| Tangible fixed assets | 22/27 | €3,398,645 | €3,053,053 | -€345,592 | -10.2% |
| Land and buildings | 22 | €3,395,892 | €3,051,358 | -€344,534 | -10.1% |
| Plant, machinery and equipment | 23 | €1,338 | €647 | -€691 | -51.7% |
| Furniture and vehicles | 24 | €1,415 | €1,048 | -€367 | -26.0% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €20,546 | €22,478 | +€1,932 | +9.4% |
| Amounts receivable within one year | 40/41 | €6,538 | €1,373 | -€5,164 | -79.0% |
| Trade receivables | 40 | €6,281 | €1,373 | -€4,907 | -78.1% |
| Other amounts receivable | 41 | €257 | - | -€257 | |
| Current investments | 50/53 | €700 | €14,061 | +€13,360 | +1908.1% |
| Cash at bank and in hand | 54/58 | €3,985 | €5,983 | +€1,998 | +50.1% |
| Deferred charges and accrued income | 490/1 | €9,324 | €1,061 | -€8,262 | -88.6% |
| Total equity and liabilities | 10/49 | €3,419,741 | €3,076,081 | -€343,660 | -10.0% |
| Equity | 10/15 | €914,243 | €938,954 | +€24,711 | +2.7% |
| Contributions | 10/11 | €1,537,400 | €1,537,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€623,157 | -€598,446 | +€24,711 | +4.0% |
| Amounts payable | 17/49 | €2,505,498 | €2,137,127 | -€368,372 | -14.7% |
| Amounts payable after more than one year | 17 | €613,823 | €580,570 | -€33,253 | -5.4% |
| Financial debts | 170/4 | €613,823 | €580,570 | -€33,253 | -5.4% |
| Amounts payable within one year | 42/48 | €1,888,709 | €1,556,557 | -€332,152 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €32,273 | €33,253 | +€980 | +3.0% |
| Trade debts | 44 | - | €3,820 | +€3,820 | |
| Suppliers | 440/4 | - | €3,820 | +€3,820 | |
| Taxes, remuneration and social security | 45 | €9,460 | €7,039 | -€2,421 | -25.6% |
| Taxes | 450/3 | €560 | €374 | -€186 | -33.2% |
| Remuneration and social security | 454/9 | €8,901 | €6,665 | -€2,236 | -25.1% |
| Other amounts payable | 47/48 | €1,846,976 | €1,512,445 | -€334,530 | -18.1% |
| Accrued charges and deferred income | 492/3 | €2,967 | - | -€2,967 | |
| Non-recurring operating income | 76A | €38,214 | €115,574 | +€77,360 | +202.4% |
| Remuneration, social security and pensions | 62 | €47,010 | €48,529 | +€1,518 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,712 | €150,889 | -€7,823 | -4.9% |
| Other operating charges | 640/8 | €28,065 | €28,741 | +€676 | +2.4% |
| Gross operating margin | 9900 | €177,502 | €273,036 | +€95,534 | +53.8% |
| Operating profit (loss) | 9901 | -€56,286 | €44,877 | +€101,163 | |
| Financial income | 75/76B | €380 | €61 | -€318 | -83.9% |
| Recurring financial income | 75 | €380 | €61 | -€318 | -83.9% |
| Financial charges | 65/66B | €21,176 | €20,227 | -€949 | -4.5% |
| Recurring financial charges | 65 | €21,176 | €20,227 | -€949 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | -€77,081 | €24,711 | +€101,793 | |
| Profit (loss) for the period | 9904 | -€77,081 | €24,711 | +€101,793 | |
| Profit (loss) for the period to be appropriated | 9905 | -€77,081 | €24,711 | +€101,793 |
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.