LSR Management: 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.
LSR Management
Largest movements
- Current investments -€118,696
down €118,696 (-100%), from €118,696 to €0
- Tangible fixed assets +€69,877
up €69,877, from €0 to €69,877
of which Furniture and vehicles: +€67,788
- Receivables within one year +€12,937
up €12,937 (+21.4%), from €60,481 to €73,418
of which Other amounts receivable: +€51,861
- Cash -€11,188
down €11,188 (-21.7%), from €51,525 to €40,337
mainly Contributions, distributions and other (-€205,453) and Investment in fixed assets (net) (-€75,778)
- Profit (loss) carried forward -€53,428
down €53,428 (-100%), from €53,428 to €0
- Tax, wage and social debts +€10,716
up €10,716 (+932%), from €1,150 to €11,866
of which Taxes: +€11,866
- Trade debts -€5,929
down €5,929 (-88.9%), from €6,666 to €737
- Gross operating margin +€48,337
up €48,337 (+40.5%), from €119,232 to €167,569
- Financial income +€25,269
up €25,269 (+134%), from €18,891 to €44,160
- Taxes +€16,237
up €16,237 (+45.6%), from €35,643 to €51,880
- Depreciation +€5,908
up €5,908 (+1,197%), from €494 to €6,401
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 | €234,213 | €185,434 | -€48,779 | -20.8% |
| Fixed assets | 21/28 | €1,777 | €71,154 | +€69,377 | +3,903% |
| Tangible fixed assets | 22/27 | €0 | €69,877 | +€69,877 | |
| Plant, machinery and equipment | 23 | - | €2,089 | +€2,089 | |
| Furniture and vehicles | 24 | €0 | €67,788 | +€67,788 | |
| Financial fixed assets | 28 | €1,777 | €1,277 | -€500 | -28.1% |
| Current assets | 29/58 | €232,436 | €114,280 | -€118,156 | -50.8% |
| Amounts receivable within one year | 40/41 | €60,481 | €73,418 | +€12,937 | +21.4% |
| Trade receivables | 40 | €57,771 | €18,847 | -€38,924 | -67.4% |
| Other amounts receivable | 41 | €2,710 | €54,571 | +€51,861 | +1,914% |
| Current investments | 50/53 | €118,696 | €0 | -€118,696 | -100% |
| Cash at bank and in hand | 54/58 | €51,525 | €40,337 | -€11,188 | -21.7% |
| Deferred charges and accrued income | 490/1 | €1,734 | €524 | -€1,209 | -69.8% |
| Total equity and liabilities | 10/49 | €234,213 | €185,434 | -€48,779 | -20.8% |
| Equity | 10/15 | €73,833 | €20,405 | -€53,428 | -72.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,428 | €0 | -€53,428 | -100% |
| Amounts payable | 17/49 | €160,380 | €165,029 | +€4,648 | +2.9% |
| Amounts payable within one year | 42/48 | €159,980 | €164,629 | +€4,648 | +2.9% |
| Trade debts | 44 | €6,666 | €737 | -€5,929 | -88.9% |
| Suppliers | 440/4 | €6,666 | €737 | -€5,929 | -88.9% |
| Taxes, remuneration and social security | 45 | €1,150 | €11,866 | +€10,716 | +932% |
| Taxes | 450/3 | €0 | €11,866 | +€11,866 | |
| Remuneration and social security | 454/9 | €1,150 | €0 | -€1,150 | -100% |
| Other amounts payable | 47/48 | €152,165 | €152,026 | -€139 | -0.1% |
| Accrued charges and deferred income | 492/3 | €400 | €400 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €494 | €6,401 | +€5,908 | +1,197% |
| Other operating charges | 640/8 | €528 | €0 | -€528 | -100% |
| Gross operating margin | 9900 | €119,232 | €167,569 | +€48,337 | +40.5% |
| Operating profit (loss) | 9901 | €118,211 | €161,168 | +€42,958 | +36.3% |
| Financial income | 75/76B | €18,891 | €44,160 | +€25,269 | +134% |
| Recurring financial income | 75 | €18,891 | €44,160 | +€25,269 | +134% |
| Financial charges | 65/66B | €838 | €1,423 | +€585 | +69.8% |
| Recurring financial charges | 65 | €838 | €1,423 | +€585 | +69.8% |
| Profit (loss) for the period before taxes | 9903 | €136,263 | €203,905 | +€67,642 | +49.6% |
| Income taxes | 67/77 | €35,643 | €51,880 | +€16,237 | +45.6% |
| Profit (loss) for the period | 9904 | €100,621 | €152,026 | +€51,405 | +51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €100,621 | €152,026 | +€51,405 | +51.1% |
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 19 October 2026 via checked.be.