LSDM: 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.
LSDM
Largest movements
- Current investments -€528,506
no longer reported in 2025 (was €528,506)
- Cash -€206,486
down €206,486 (-71.9%), from €287,075 to €80,589
mainly Contributions, distributions and other (-€1.1m) and Investment in fixed assets (net) (-€22,951)
- Receivables within one year -€168,844
down €168,844 (-77.9%), from €216,650 to €47,806
of which Trade receivables: -€100,652
- Tangible fixed assets +€19,784
up €19,784 (+161%), from €12,264 to €32,049
of which Land and buildings: +€19,784
- Profit (loss) carried forward -€1.0m
down €1.0m (-99.9%), from €1.0m to €824
- Other debts +€105,895
up €105,895 (+391%), from €27,105 to €133,000
- Gross operating margin -€64,705
down €64,705 (-29.5%), from €219,577 to €154,872
- Taxes -€18,699
down €18,699 (-34.5%), from €54,253 to €35,554
- Financial income -€5,061
down €5,061 (-29.5%), from €17,162 to €12,101
- Depreciation +€3,167
new in 2025: €3,167
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 | €1,052,997 | €160,464 | -€892,533 | -84.8% |
| Fixed assets | 21/28 | €12,264 | €32,049 | +€19,784 | +161% |
| Tangible fixed assets | 22/27 | €12,264 | €32,049 | +€19,784 | +161% |
| Land and buildings | 22 | - | €19,784 | +€19,784 | |
| Furniture and vehicles | 24 | €12,264 | €12,264 | = | 0.0% |
| Current assets | 29/58 | €1,040,733 | €128,415 | -€912,318 | -87.7% |
| Amounts receivable within one year | 40/41 | €216,650 | €47,806 | -€168,844 | -77.9% |
| Trade receivables | 40 | €114,250 | €13,598 | -€100,652 | -88.1% |
| Other amounts receivable | 41 | €102,400 | €34,208 | -€68,192 | -66.6% |
| Current investments | 50/53 | €528,506 | - | -€528,506 | |
| Cash at bank and in hand | 54/58 | €287,075 | €80,589 | -€206,486 | -71.9% |
| Deferred charges and accrued income | 490/1 | €8,502 | €20 | -€8,482 | -99.8% |
| Total equity and liabilities | 10/49 | €1,052,997 | €160,464 | -€892,533 | -84.8% |
| Equity | 10/15 | €1,008,258 | €825 | -€1.0m | -99.9% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,008,257 | €824 | -€1.0m | -99.9% |
| Amounts payable | 17/49 | €44,739 | €159,638 | +€114,899 | +257% |
| Amounts payable within one year | 42/48 | €44,739 | €159,638 | +€114,899 | +257% |
| Trade debts | 44 | €3,869 | €4,821 | +€952 | +24.6% |
| Suppliers | 440/4 | €3,869 | €4,821 | +€952 | +24.6% |
| Taxes, remuneration and social security | 45 | €13,765 | €21,817 | +€8,052 | +58.5% |
| Taxes | 450/3 | €13,765 | €21,817 | +€8,052 | +58.5% |
| Other amounts payable | 47/48 | €27,105 | €133,000 | +€105,895 | +391% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,167 | +€3,167 | |
| Other operating charges | 640/8 | €1,503 | €1,155 | -€348 | -23.2% |
| Gross operating margin | 9900 | €219,577 | €154,872 | -€64,705 | -29.5% |
| Operating profit (loss) | 9901 | €218,074 | €150,550 | -€67,524 | -31.0% |
| Financial income | 75/76B | €17,162 | €12,101 | -€5,061 | -29.5% |
| Recurring financial income | 75 | €17,162 | €12,101 | -€5,061 | -29.5% |
| Financial charges | 65/66B | €123 | €1,530 | +€1,407 | +1,144% |
| Recurring financial charges | 65 | €123 | €1,530 | +€1,407 | +1,144% |
| Profit (loss) for the period before taxes | 9903 | €235,113 | €161,122 | -€73,991 | -31.5% |
| Income taxes | 67/77 | €54,253 | €35,554 | -€18,699 | -34.5% |
| Profit (loss) for the period | 9904 | €180,860 | €125,567 | -€55,293 | -30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €180,860 | €125,567 | -€55,293 | -30.6% |
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 13 October 2026 via checked.be.