LTF-MGMT: what changed
Two fiscal 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.
LTF-MGMT
Largest movements
- Tangible fixed assets -€505,851
no longer reported in 2025 (was €505,851)
of which Land and buildings: -€482,015
- Formation expenses -€66,290
no longer reported in 2025 (was €66,290)
- Debts after one year -€523,000
no longer reported in 2025 (was €523,000)
- Profit (loss) carried forward -€145,921
down €145,921 (-401.1%), from -€36,379 to -€182,300
- Other debts +€96,059
up €96,059 (+107.8%), from €89,089 to €185,147
- Gross operating margin +€30,337
up €30,337, from -€8,678 to €21,658
- Financial charges +€21,854
up €21,854 (+164.7%), from €13,272 to €35,126
- Depreciation -€13,515
no longer reported in 2025 (was €13,515)
- Other operating charges +€779
up €779 (+85.2%), from €914 to €1,694
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 | €582,207 | €8,863 | -€573,344 | -98.5% |
| Formation expenses | 20 | €66,290 | - | -€66,290 | |
| Fixed assets | 21/28 | €505,851 | - | -€505,851 | |
| Tangible fixed assets | 22/27 | €505,851 | - | -€505,851 | |
| Land and buildings | 22 | €482,015 | - | -€482,015 | |
| Plant, machinery and equipment | 23 | €23,836 | - | -€23,836 | |
| Current assets | 29/58 | €10,066 | €8,863 | -€1,203 | -12.0% |
| Amounts receivable within one year | 40/41 | €6,152 | €8,238 | +€2,086 | +33.9% |
| Trade receivables | 40 | - | €2,238 | +€2,238 | |
| Other amounts receivable | 41 | €6,152 | €6,000 | -€152 | -2.5% |
| Cash at bank and in hand | 54/58 | €3,914 | €421 | -€3,493 | -89.2% |
| Deferred charges and accrued income | 490/1 | - | €203 | +€203 | |
| Total equity and liabilities | 10/49 | €582,207 | €8,863 | -€573,344 | -98.5% |
| Equity | 10/15 | -€31,379 | -€177,300 | -€145,921 | -465.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,379 | -€182,300 | -€145,921 | -401.1% |
| Amounts payable | 17/49 | €613,586 | €186,163 | -€427,423 | -69.7% |
| Amounts payable after more than one year | 17 | €523,000 | - | -€523,000 | |
| Financial debts | 170/4 | €523,000 | - | -€523,000 | |
| Amounts payable within one year | 42/48 | €90,586 | €186,163 | +€95,577 | +105.5% |
| Trade debts | 44 | €1,498 | €200 | -€1,297 | -86.6% |
| Suppliers | 440/4 | €1,498 | €200 | -€1,297 | -86.6% |
| Taxes, remuneration and social security | 45 | - | €815 | +€815 | |
| Taxes | 450/3 | - | €815 | +€815 | |
| Other amounts payable | 47/48 | €89,089 | €185,147 | +€96,059 | +107.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,515 | - | -€13,515 | |
| Other operating charges | 640/8 | €914 | €1,694 | +€779 | +85.2% |
| Non-recurring operating charges | 66A | - | €130,762 | +€130,762 | |
| Gross operating margin | 9900 | -€8,678 | €21,658 | +€30,337 | |
| Operating profit (loss) | 9901 | -€23,107 | -€110,798 | -€87,691 | -379.5% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €13,272 | €35,126 | +€21,854 | +164.7% |
| Recurring financial charges | 65 | €13,272 | €35,126 | +€21,854 | +164.7% |
| Profit (loss) for the period before taxes | 9903 | -€36,379 | -€145,921 | -€109,541 | -301.1% |
| Profit (loss) for the period | 9904 | -€36,379 | -€145,921 | -€109,541 | -301.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,379 | -€145,921 | -€109,541 | -301.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.