LSK: what changed
LSK
Largest movements
- Receivables within one year -€21,676
down €21,676 (-31.3%), from €69,186 to €47,510
of which Trade receivables: -€15,681
- Tangible fixed assets +€10,639
up €10,639 (+7.9%), from €134,229 to €144,868
of which Furniture and vehicles: +€65,432
- Cash -€2,729
down €2,729 (-10.7%), from €25,624 to €22,894
mainly Investment in fixed assets (net) (-€56,569) and Advances received (-€15,000)
- Advances received -€15,000
no longer reported in 2025 (was €15,000)
- Reserves +€14,464
up €14,464 (+32.0%), from €45,196 to €59,661
of which Distributable reserves: +€14,464
- Trade debts -€7,086
down €7,086 (-60.2%), from €11,766 to €4,680
- Current portion of long-term debt -€6,190
down €6,190 (-14.3%), from €43,405 to €37,215
- Tax, wage and social debts -€3,534
down €3,534 (-37.4%), from €9,440 to €5,906
of which Remuneration and social security: -€3,534
- Gross operating margin -€37,020
down €37,020 (-32.9%), from €112,674 to €75,654
- Depreciation +€5,191
up €5,191 (+12.7%), from €40,739 to €45,930
- Financial income -€4,734
down €4,734 (-56.6%), from €8,366 to €3,632
- Taxes -€1,613
down €1,613 (-20.4%), from €7,906 to €6,292
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €229,991 | €215,273 | -€14,719 | -6.4% |
| Fixed assets | 21/28 | €134,229 | €144,868 | +€10,639 | +7.9% |
| Tangible fixed assets | 22/27 | €134,229 | €144,868 | +€10,639 | +7.9% |
| Plant, machinery and equipment | 23 | €8,671 | €9,234 | +€563 | +6.5% |
| Furniture and vehicles | 24 | €1,854 | €67,287 | +€65,432 | +3,528% |
| Leasing and similar rights | 25 | €123,704 | €68,348 | -€55,356 | -44.7% |
| Current assets | 29/58 | €95,762 | €70,404 | -€25,358 | -26.5% |
| Amounts receivable within one year | 40/41 | €69,186 | €47,510 | -€21,676 | -31.3% |
| Trade receivables | 40 | €58,297 | €42,616 | -€15,681 | -26.9% |
| Other amounts receivable | 41 | €10,890 | €4,894 | -€5,996 | -55.1% |
| Cash at bank and in hand | 54/58 | €25,624 | €22,894 | -€2,729 | -10.7% |
| Deferred charges and accrued income | 490/1 | €952 | - | -€952 | |
| Total equity and liabilities | 10/49 | €229,991 | €215,273 | -€14,719 | -6.4% |
| Equity | 10/15 | €51,396 | €65,861 | +€14,464 | +28.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €45,196 | €59,661 | +€14,464 | +32.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €43,336 | €57,801 | +€14,464 | +33.4% |
| Amounts payable | 17/49 | €178,595 | €149,412 | -€29,183 | -16.3% |
| Amounts payable after more than one year | 17 | €75,217 | €77,929 | +€2,712 | +3.6% |
| Financial debts | 170/4 | €75,217 | €77,929 | +€2,712 | +3.6% |
| Amounts payable within one year | 42/48 | €102,108 | €70,023 | -€32,084 | -31.4% |
| Current portion of amounts payable after more than one year | 42 | €43,405 | €37,215 | -€6,190 | -14.3% |
| Trade debts | 44 | €11,766 | €4,680 | -€7,086 | -60.2% |
| Suppliers | 440/4 | €11,766 | €4,680 | -€7,086 | -60.2% |
| Advances received on contracts in progress | 46 | €15,000 | - | -€15,000 | |
| Taxes, remuneration and social security | 45 | €9,440 | €5,906 | -€3,534 | -37.4% |
| Taxes | 450/3 | €1,906 | €1,906 | = | 0.0% |
| Remuneration and social security | 454/9 | €7,534 | €4,000 | -€3,534 | -46.9% |
| Other amounts payable | 47/48 | €22,496 | €22,222 | -€274 | -1.2% |
| Accrued charges and deferred income | 492/3 | €1,270 | €1,459 | +€189 | +14.9% |
| Remuneration, social security and pensions | 62 | €1,784 | €2,737 | +€953 | +53.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,739 | €45,930 | +€5,191 | +12.7% |
| Other operating charges | 640/8 | €2,291 | €2,274 | -€17 | -0.7% |
| Non-recurring operating charges | 66A | €5,197 | €2,607 | -€2,589 | -49.8% |
| Gross operating margin | 9900 | €112,674 | €75,654 | -€37,020 | -32.9% |
| Operating profit (loss) | 9901 | €62,665 | €22,106 | -€40,559 | -64.7% |
| Financial income | 75/76B | €8,366 | €3,632 | -€4,734 | -56.6% |
| Recurring financial income | 75 | €8,366 | €3,632 | -€4,734 | -56.6% |
| Financial charges | 65/66B | €4,323 | €4,981 | +€658 | +15.2% |
| Recurring financial charges | 65 | €4,323 | €4,981 | +€658 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €66,708 | €20,757 | -€45,951 | -68.9% |
| Income taxes | 67/77 | €7,906 | €6,292 | -€1,613 | -20.4% |
| Profit (loss) for the period | 9904 | €58,802 | €14,464 | -€44,338 | -75.4% |
| Profit (loss) for the period to be appropriated | 9905 | €58,802 | €14,464 | -€44,338 | -75.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.