LSP: 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.
LSP
Largest movements
- Tangible fixed assets +€28,057
up €28,057 (+3.5%), from €793,388 to €821,445
of which Land and buildings: +€28,796
- Receivables within one year -€26,689
down €26,689 (-24.0%), from €111,152 to €84,463
of which Trade receivables: -€31,597
- Cash +€18,957
up €18,957 (+44.4%), from €42,677 to €61,634
mainly Net result for the year (+€74,935) and Depreciation (+€68,993)
- Stocks and contracts -€14,453
down €14,453 (-34.8%), from €41,568 to €27,115
- Reserves +€74,935
up €74,935 (+19.2%), from €389,314 to €464,249
of which Distributable reserves: +€74,935
- Debts after one year -€45,000
down €45,000 (-16.1%), from €280,000 to €235,000
- Trade debts -€42,106
down €42,106 (-60.1%), from €70,119 to €28,012
- Tax, wage and social debts +€16,357
up €16,357 (+69.1%), from €23,667 to €40,023
of which Remuneration and social security: +€13,662
- Gross operating margin +€62,071
up €62,071 (+18.3%), from €340,113 to €402,184
- Depreciation +€27,372
up €27,372 (+65.8%), from €41,621 to €68,993
- Staff costs +€14,929
up €14,929 (+6.9%), from €215,999 to €230,928
- Taxes +€9,092
up €9,092 (+266%), from €3,418 to €12,510
- Financial charges +€8,685
up €8,685 (+120%), from €7,257 to €15,942
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 | €988,872 | €994,744 | +€5,872 | +0.6% |
| Fixed assets | 21/28 | €793,474 | €821,531 | +€28,057 | +3.5% |
| Tangible fixed assets | 22/27 | €793,388 | €821,445 | +€28,057 | +3.5% |
| Land and buildings | 22 | €663,038 | €691,834 | +€28,796 | +4.3% |
| Plant, machinery and equipment | 23 | €85,202 | €96,149 | +€10,946 | +12.8% |
| Furniture and vehicles | 24 | €45,147 | €33,462 | -€11,685 | -25.9% |
| Financial fixed assets | 28 | €87 | €87 | = | 0.0% |
| Current assets | 29/58 | €195,397 | €173,213 | -€22,185 | -11.4% |
| Stocks and contracts in progress | 3 | €41,568 | €27,115 | -€14,453 | -34.8% |
| Stocks | 30/36 | €41,568 | €27,115 | -€14,453 | -34.8% |
| Amounts receivable within one year | 40/41 | €111,152 | €84,463 | -€26,689 | -24.0% |
| Trade receivables | 40 | €102,570 | €70,973 | -€31,597 | -30.8% |
| Other amounts receivable | 41 | €8,582 | €13,490 | +€4,908 | +57.2% |
| Cash at bank and in hand | 54/58 | €42,677 | €61,634 | +€18,957 | +44.4% |
| Total equity and liabilities | 10/49 | €988,872 | €994,744 | +€5,872 | +0.6% |
| Equity | 10/15 | €489,314 | €564,249 | +€74,935 | +15.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €389,314 | €464,249 | +€74,935 | +19.2% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €375,314 | €450,249 | +€74,935 | +20.0% |
| Amounts payable | 17/49 | €499,558 | €430,495 | -€69,063 | -13.8% |
| Amounts payable after more than one year | 17 | €280,000 | €235,000 | -€45,000 | -16.1% |
| Financial debts | 170/4 | €280,000 | €235,000 | -€45,000 | -16.1% |
| Amounts payable within one year | 42/48 | €219,558 | €195,495 | -€24,063 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €60,000 | = | 0.0% |
| Trade debts | 44 | €70,119 | €28,012 | -€42,106 | -60.1% |
| Suppliers | 440/4 | €70,119 | €28,012 | -€42,106 | -60.1% |
| Taxes, remuneration and social security | 45 | €23,667 | €40,023 | +€16,357 | +69.1% |
| Taxes | 450/3 | €6,077 | €8,772 | +€2,695 | +44.4% |
| Remuneration and social security | 454/9 | €17,590 | €31,252 | +€13,662 | +77.7% |
| Other amounts payable | 47/48 | €65,773 | €67,459 | +€1,687 | +2.6% |
| Non-recurring operating income | 76A | €413 | €7,460 | +€7,047 | +1,705% |
| Remuneration, social security and pensions | 62 | €215,999 | €230,928 | +€14,929 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,621 | €68,993 | +€27,372 | +65.8% |
| Other operating charges | 640/8 | €15,057 | €7,496 | -€7,562 | -50.2% |
| Gross operating margin | 9900 | €340,113 | €402,184 | +€62,071 | +18.3% |
| Operating profit (loss) | 9901 | €67,436 | €94,768 | +€27,332 | +40.5% |
| Financial income | 75/76B | €11,925 | €8,620 | -€3,305 | -27.7% |
| Recurring financial income | 75 | €335 | €216 | -€119 | -35.5% |
| Non-recurring financial income | 76B | €11,590 | €8,404 | -€3,186 | -27.5% |
| Financial charges | 65/66B | €7,257 | €15,942 | +€8,685 | +120% |
| Recurring financial charges | 65 | €7,257 | €15,942 | +€8,685 | +120% |
| Profit (loss) for the period before taxes | 9903 | €72,104 | €87,445 | +€15,342 | +21.3% |
| Income taxes | 67/77 | €3,418 | €12,510 | +€9,092 | +266% |
| Profit (loss) for the period | 9904 | €68,686 | €74,935 | +€6,250 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €68,686 | €74,935 | +€6,250 | +9.1% |
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 15 October 2026 via checked.be.