LSG: 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.
LSG
Largest movements
- Cash +€93,362
up €93,362 (+61.5%), from €151,813 to €245,176
mainly Depreciation (+€219,904) and Net result for the year (+€126,751)
- Receivables within one year +€86,169
up €86,169 (+35.3%), from €244,006 to €330,175
of which Trade receivables: +€89,215
- Intangible fixed assets -€62,692
down €62,692 (-37.3%), from €168,228 to €105,536
- Deferred charges and accrued income +€40,292
up €40,292 (+157.1%), from €25,641 to €65,933
- Stocks and contracts +€14,848
new in 2025: €14,848
of which Stocks: +€7,612
- Trade debts +€109,396
up €109,396 (+88.7%), from €123,318 to €232,713
- Other debts +€87,965
up €87,965 (+117.3%), from €75,000 to €162,965
- Short-term financial debts +€52,704
up €52,704 (+826.8%), from €6,374 to €59,079
- Debts after one year +€42,452
up €42,452 (+14.8%), from €287,031 to €329,482
- Reserves -€36,214
down €36,214 (-10.5%), from €345,339 to €309,125
of which Tax-exempt reserves: -€36,214
- Gross operating margin +€282,227
up €282,227 (+21.3%), from €1.3m to €1.6m
- Staff costs +€118,155
up €118,155 (+11.5%), from €1.0m to €1.1m
- Taxes +€43,716
up €43,716 (+155.5%), from €28,106 to €71,822
- Depreciation +€16,707
up €16,707 (+8.2%), from €203,196 to €219,904
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 | €1,191,973 | €1,391,181 | +€199,208 | +16.7% |
| Fixed assets | 21/28 | €770,513 | €735,049 | -€35,463 | -4.6% |
| Intangible fixed assets | 21 | €168,228 | €105,536 | -€62,692 | -37.3% |
| Tangible fixed assets | 22/27 | €436,779 | €450,343 | +€13,564 | +3.1% |
| Plant, machinery and equipment | 23 | €148,830 | €124,177 | -€24,654 | -16.6% |
| Furniture and vehicles | 24 | €218,420 | €264,776 | +€46,355 | +21.2% |
| Other tangible fixed assets | 26 | €69,528 | €61,391 | -€8,137 | -11.7% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €165,506 | €179,170 | +€13,664 | +8.3% |
| Current assets | 29/58 | €421,460 | €656,132 | +€234,671 | +55.7% |
| Stocks and contracts in progress | 3 | - | €14,848 | +€14,848 | |
| Stocks | 30/36 | - | €7,612 | +€7,612 | |
| Contracts in progress | 37 | - | €7,236 | +€7,236 | |
| Amounts receivable within one year | 40/41 | €244,006 | €330,175 | +€86,169 | +35.3% |
| Trade receivables | 40 | €240,821 | €330,036 | +€89,215 | +37.0% |
| Other amounts receivable | 41 | €3,186 | €139 | -€3,046 | -95.6% |
| Cash at bank and in hand | 54/58 | €151,813 | €245,176 | +€93,362 | +61.5% |
| Deferred charges and accrued income | 490/1 | €25,641 | €65,933 | +€40,292 | +157.1% |
| Total equity and liabilities | 10/49 | €1,191,973 | €1,391,181 | +€199,208 | +16.7% |
| Equity | 10/15 | €363,939 | €327,725 | -€36,214 | -10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €345,339 | €309,125 | -€36,214 | -10.5% |
| Tax-exempt reserves | 132 | €72,427 | €36,213 | -€36,214 | -50.0% |
| Distributable reserves | 133 | €272,912 | €272,912 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €828,034 | €1,063,456 | +€235,422 | +28.4% |
| Amounts payable after more than one year | 17 | €287,031 | €329,482 | +€42,452 | +14.8% |
| Financial debts | 170/4 | €287,031 | €329,482 | +€42,452 | +14.8% |
| Amounts payable within one year | 42/48 | €540,500 | €730,478 | +€189,978 | +35.1% |
| Current portion of amounts payable after more than one year | 42 | €153,777 | €120,693 | -€33,084 | -21.5% |
| Financial debts | 43 | €6,374 | €59,079 | +€52,704 | +826.8% |
| Credit institutions | 430/8 | €6,374 | €59,079 | +€52,704 | +826.8% |
| Trade debts | 44 | €123,318 | €232,713 | +€109,396 | +88.7% |
| Suppliers | 440/4 | €123,318 | €232,713 | +€109,396 | +88.7% |
| Taxes, remuneration and social security | 45 | €182,030 | €155,028 | -€27,002 | -14.8% |
| Taxes | 450/3 | €92,875 | €48,571 | -€44,304 | -47.7% |
| Remuneration and social security | 454/9 | €89,155 | €106,457 | +€17,301 | +19.4% |
| Other amounts payable | 47/48 | €75,000 | €162,965 | +€87,965 | +117.3% |
| Accrued charges and deferred income | 492/3 | €504 | €3,496 | +€2,992 | +593.4% |
| Remuneration, social security and pensions | 62 | €1,023,779 | €1,141,934 | +€118,155 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,196 | €219,904 | +€16,707 | +8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €13,952 | +€13,952 | |
| Other operating charges | 640/8 | €4,657 | €18,017 | +€13,360 | +286.9% |
| Non-recurring operating charges | 66A | €28,650 | €0 | -€28,650 | -100.0% |
| Gross operating margin | 9900 | €1,326,189 | €1,608,416 | +€282,227 | +21.3% |
| Operating profit (loss) | 9901 | €65,906 | €214,609 | +€148,703 | +225.6% |
| Financial income | 75/76B | €4,055 | €7,556 | +€3,501 | +86.3% |
| Recurring financial income | 75 | €4,055 | €7,556 | +€3,501 | +86.3% |
| Financial charges | 65/66B | €24,483 | €23,591 | -€892 | -3.6% |
| Recurring financial charges | 65 | €24,483 | €23,591 | -€892 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €45,478 | €198,573 | +€153,095 | +336.6% |
| Income taxes | 67/77 | €28,106 | €71,822 | +€43,716 | +155.5% |
| Profit (loss) for the period | 9904 | €17,372 | €126,751 | +€109,379 | +629.6% |
| Transfer from tax-exempt reserves | 789 | €36,214 | €36,214 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,586 | €162,965 | +€109,379 | +204.1% |
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 2 October 2026 via checked.be.