LSM: 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.
LSM
Largest movements
- Receivables after one year -€49,300
down €49,300 (-100.0%), from €49,300 to €0
- Receivables within one year -€42,829
down €42,829 (-54.9%), from €78,052 to €35,223
of which Other amounts receivable: -€35,346
- Cash +€7,238
up €7,238 (+2.3%), from €309,523 to €316,761
mainly Net result for the year (+€72,225) and Receivables after one year (+€49,300)
- Tangible fixed assets +€4,799
new in 2025: €4,799
of which Furniture and vehicles: +€3,481
- Other debts -€105,409
down €105,409 (-74.5%), from €141,409 to €36,000
- Reserves +€36,225
up €36,225 (+13.2%), from €273,502 to €309,727
- Trade debts -€7,987
down €7,987 (-61.7%), from €12,937 to €4,950
- Gross operating margin -€65,396
down €65,396 (-39.9%), from €163,815 to €98,419
- Taxes -€18,034
down €18,034 (-38.3%), from €47,136 to €29,102
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 | €436,875 | €356,782 | -€80,093 | -18.3% |
| Fixed assets | 21/28 | - | €4,799 | +€4,799 | |
| Tangible fixed assets | 22/27 | - | €4,799 | +€4,799 | |
| Plant, machinery and equipment | 23 | - | €1,318 | +€1,318 | |
| Furniture and vehicles | 24 | - | €3,481 | +€3,481 | |
| Current assets | 29/58 | €436,875 | €351,983 | -€84,891 | -19.4% |
| Amounts receivable after more than one year | 29 | €49,300 | €0 | -€49,300 | -100.0% |
| Other amounts receivable | 291 | €49,300 | €0 | -€49,300 | -100.0% |
| Amounts receivable within one year | 40/41 | €78,052 | €35,223 | -€42,829 | -54.9% |
| Trade receivables | 40 | €18,599 | €11,116 | -€7,483 | -40.2% |
| Other amounts receivable | 41 | €59,453 | €24,107 | -€35,346 | -59.5% |
| Cash at bank and in hand | 54/58 | €309,523 | €316,761 | +€7,238 | +2.3% |
| Total equity and liabilities | 10/49 | €436,875 | €356,782 | -€80,093 | -18.3% |
| Equity | 10/15 | €276,502 | €312,727 | +€36,225 | +13.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €273,502 | €309,727 | +€36,225 | +13.2% |
| Distributable reserves | 133 | €273,502 | €309,727 | +€36,225 | +13.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €160,373 | €44,055 | -€116,317 | -72.5% |
| Amounts payable within one year | 42/48 | €160,373 | €44,055 | -€116,317 | -72.5% |
| Trade debts | 44 | €12,937 | €4,950 | -€7,987 | -61.7% |
| Suppliers | 440/4 | €12,937 | €4,950 | -€7,987 | -61.7% |
| Taxes, remuneration and social security | 45 | €6,026 | €3,105 | -€2,921 | -48.5% |
| Taxes | 450/3 | €6,026 | €3,105 | -€2,921 | -48.5% |
| Other amounts payable | 47/48 | €141,409 | €36,000 | -€105,409 | -74.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €84 | +€84 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €163,815 | €98,419 | -€65,396 | -39.9% |
| Operating profit (loss) | 9901 | €163,427 | €97,935 | -€65,492 | -40.1% |
| Financial income | 75/76B | €4,280 | €3,435 | -€845 | -19.8% |
| Recurring financial income | 75 | €4,280 | €3,435 | -€845 | -19.8% |
| Financial charges | 65/66B | €42 | €43 | +€1 | +3.2% |
| Recurring financial charges | 65 | €42 | €43 | +€1 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €167,666 | €101,327 | -€66,339 | -39.6% |
| Income taxes | 67/77 | €47,136 | €29,102 | -€18,034 | -38.3% |
| Profit (loss) for the period | 9904 | €120,530 | €72,225 | -€48,305 | -40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €120,530 | €72,225 | -€48,305 | -40.1% |
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 11 October 2026 via checked.be.