LSM Group: 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 Group
Largest movements
- Receivables within one year +€50,159
up €50,159 (+57.7%), from €86,955 to €137,114
of which Trade receivables: +€101,797
- Cash +€49,837
up €49,837 (+5.1%), from €968,895 to €1.0m
mainly Net result for the year (+€561,986) and Trade debts (+€26,484)
- Tangible fixed assets +€19,022
up €19,022 (+257%), from €7,406 to €26,428
- Reserves +€249,486
up €249,486 (+35.1%), from €709,998 to €959,484
- Tax, wage and social debts -€151,647
down €151,647 (-45.0%), from €336,772 to €185,125
of which Taxes: -€137,765
- Trade debts +€26,484
up €26,484 (+262%), from €10,107 to €36,590
- Gross operating margin -€260,793
down €260,793 (-25.5%), from €1.0m to €762,486
- Taxes -€136,810
down €136,810 (-42.5%), from €321,936 to €185,125
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 | €1,064,116 | €1,186,199 | +€122,083 | +11.5% |
| Fixed assets | 21/28 | €7,406 | €26,428 | +€19,022 | +257% |
| Tangible fixed assets | 22/27 | €7,406 | €26,428 | +€19,022 | +257% |
| Furniture and vehicles | 24 | €7,406 | €26,428 | +€19,022 | +257% |
| Current assets | 29/58 | €1,056,711 | €1,159,771 | +€103,060 | +9.8% |
| Amounts receivable within one year | 40/41 | €86,955 | €137,114 | +€50,159 | +57.7% |
| Trade receivables | 40 | €32,770 | €134,567 | +€101,797 | +311% |
| Other amounts receivable | 41 | €54,185 | €2,547 | -€51,638 | -95.3% |
| Cash at bank and in hand | 54/58 | €968,895 | €1,018,731 | +€49,837 | +5.1% |
| Deferred charges and accrued income | 490/1 | €861 | €3,926 | +€3,065 | +356% |
| Total equity and liabilities | 10/49 | €1,064,116 | €1,186,199 | +€122,083 | +11.5% |
| Equity | 10/15 | €714,998 | €964,484 | +€249,486 | +34.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €709,998 | €959,484 | +€249,486 | +35.1% |
| Distributable reserves | 133 | €709,998 | €959,484 | +€249,486 | +35.1% |
| Amounts payable | 17/49 | €349,119 | €221,715 | -€127,403 | -36.5% |
| Amounts payable within one year | 42/48 | €349,119 | €221,715 | -€127,403 | -36.5% |
| Trade debts | 44 | €10,107 | €36,590 | +€26,484 | +262% |
| Suppliers | 440/4 | €10,107 | €36,590 | +€26,484 | +262% |
| Taxes, remuneration and social security | 45 | €336,772 | €185,125 | -€151,647 | -45.0% |
| Taxes | 450/3 | €322,890 | €185,125 | -€137,765 | -42.7% |
| Remuneration and social security | 454/9 | €13,882 | - | -€13,882 | |
| Other amounts payable | 47/48 | €2,240 | - | -€2,240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €446 | €6,478 | +€6,032 | +1,353% |
| Other operating charges | 640/8 | €2,276 | €4,984 | +€2,708 | +119% |
| Gross operating margin | 9900 | €1,023,278 | €762,486 | -€260,793 | -25.5% |
| Operating profit (loss) | 9901 | €1,020,556 | €751,023 | -€269,533 | -26.4% |
| Financial income | 75/76B | €764 | €221 | -€543 | -71.1% |
| Recurring financial income | 75 | €764 | €221 | -€543 | -71.1% |
| Financial charges | 65/66B | €4,618 | €4,134 | -€484 | -10.5% |
| Recurring financial charges | 65 | €4,618 | €4,134 | -€484 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €1,016,702 | €747,111 | -€269,591 | -26.5% |
| Income taxes | 67/77 | €321,936 | €185,125 | -€136,810 | -42.5% |
| Profit (loss) for the period | 9904 | €694,767 | €561,986 | -€132,781 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €694,767 | €561,986 | -€132,781 | -19.1% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.