LSMM: 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.
LSMM
Largest movements
- Stocks and contracts +€20,875
up €20,875 (+130%), from €16,060 to €36,935
- Receivables within one year -€6,658
down €6,658 (-86.3%), from €7,715 to €1,057
- Cash -€2,800
down €2,800 (-26.3%), from €10,655 to €7,856
mainly Stocks and contracts (-€20,875) and Advances received (-€7,955)
- Other debts +€12,948
up €12,948 (+102%), from €12,678 to €25,626
- Advances received -€7,955
no longer reported in 2025 (was €7,955)
- Trade debts +€2,754
up €2,754 (+493%), from €558 to €3,312
- Profit (loss) carried forward +€2,081
up €2,081 (+7,489%), from €28 to €2,109
- Tax, wage and social debts +€1,590
up €1,590 (+92.9%), from €1,711 to €3,300
- Gross operating margin -€4,494
down €4,494 (-60.1%), from €7,478 to €2,984
- Taxes -€855
down €855 (-57.1%), from €1,497 to €643
- Other operating charges -€664
down €664 (-81.6%), from €814 to €150
- Financial charges +€86
up €86 (+284%), from €30 to €117
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 | €34,430 | €45,848 | +€11,417 | +33.2% |
| Current assets | 29/58 | €34,430 | €45,848 | +€11,417 | +33.2% |
| Stocks and contracts in progress | 3 | €16,060 | €36,935 | +€20,875 | +130% |
| Stocks | 30/36 | €16,060 | €36,935 | +€20,875 | +130% |
| Amounts receivable within one year | 40/41 | €7,715 | €1,057 | -€6,658 | -86.3% |
| Trade receivables | 40 | €7,715 | €1,057 | -€6,658 | -86.3% |
| Cash at bank and in hand | 54/58 | €10,655 | €7,856 | -€2,800 | -26.3% |
| Total equity and liabilities | 10/49 | €34,430 | €45,848 | +€11,417 | +33.2% |
| Equity | 10/15 | €11,528 | €13,609 | +€2,081 | +18.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €6,500 | €6,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28 | €2,109 | +€2,081 | +7,489% |
| Amounts payable | 17/49 | €22,902 | €32,239 | +€9,336 | +40.8% |
| Amounts payable within one year | 42/48 | €22,902 | €32,239 | +€9,336 | +40.8% |
| Trade debts | 44 | €558 | €3,312 | +€2,754 | +493% |
| Suppliers | 440/4 | €558 | €3,312 | +€2,754 | +493% |
| Advances received on contracts in progress | 46 | €7,955 | - | -€7,955 | |
| Taxes, remuneration and social security | 45 | €1,711 | €3,300 | +€1,590 | +92.9% |
| Taxes | 450/3 | €1,711 | €3,300 | +€1,590 | +92.9% |
| Other amounts payable | 47/48 | €12,678 | €25,626 | +€12,948 | +102% |
| Other operating charges | 640/8 | €814 | €150 | -€664 | -81.6% |
| Gross operating margin | 9900 | €7,478 | €2,984 | -€4,494 | -60.1% |
| Operating profit (loss) | 9901 | €6,664 | €2,834 | -€3,830 | -57.5% |
| Financial income | 75/76B | €63 | €6 | -€56 | -89.9% |
| Recurring financial income | 75 | €63 | €6 | -€56 | -89.9% |
| Financial charges | 65/66B | €30 | €117 | +€86 | +284% |
| Recurring financial charges | 65 | €30 | €117 | +€86 | +284% |
| Profit (loss) for the period before taxes | 9903 | €6,697 | €2,724 | -€3,973 | -59.3% |
| Income taxes | 67/77 | €1,497 | €643 | -€855 | -57.1% |
| Profit (loss) for the period | 9904 | €5,199 | €2,081 | -€3,118 | -60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,199 | €2,081 | -€3,118 | -60.0% |
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 14 October 2026 via checked.be.