LTM GESTION: 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.
What changed
LTM GESTION
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€48,510
2024 · €111,025-€159,535
Equity
€158,389
2024 · €206,899-€48,510
Cash
€24,372
2024 · €23,401+€971
Balance sheet total
€62.1m
2024 · €29.3m+€32.8m
Largest movements
Assets
- Receivables after one year +€32.6m
up €32.6m (+112%), from €29.1m to €61.8m
Equity and liabilities
- Debts after one year +€32.6m
up €32.6m (+112%), from €29.0m to €61.6m
Income statement
- Provisions +€147,016
new in 2025: €147,016
- Gross operating margin -€42,148
down €42,148 (-29.8%), from €141,346 to €99,198
- Taxes -€38,812
no longer reported in 2025 (was €38,812)
- Financial income -€13,852
down €13,852 (-50.9%), from €27,227 to €13,375
- Depreciation -€4,933
down €4,933 (-29.6%), from €16,665 to €11,732
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.
Result 2024
€111,025
Gross operating margin
-€42,148
Staff costs
-€443
Depreciation
+€4,933
Provisions
-€147,016
Financial income
-€13,852
Financial charges
+€179
Taxes
+€38,812
Result 2025
-€48,510
raises the resultlowers the result
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.
From operations
-€32.6m
Investment
€0
Financing
+€32.6m
Cash 2024
€23,401
From operations (derived)
-€32.6m
Net result for the year
-€48,510
Depreciation
+€11,732
Receivables after one year
-€32.6m
Receivables within one year
-€154,482
Smaller working-capital items
+€53,384
Provisions
+€147,016
Financing
+€32.6m
Debts after one year
+€32.6m
Cash 2025
€24,372
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,265,711 | €62,053,391 | +€32.8m | +112% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €11,956 | €224 | -€11,732 | -98.1% |
| Intangible fixed assets | 21 | €11,732 | €0 | -€11,732 | -100% |
| Financial fixed assets | 28 | €224 | €224 | = | 0.0% |
| Current assets | 29/58 | €29,253,755 | €62,053,167 | +€32.8m | +112% |
| Amounts receivable after more than one year | 29 | €29,125,475 | €61,769,345 | +€32.6m | +112% |
| Other amounts receivable | 291 | €29,125,475 | €61,769,345 | +€32.6m | +112% |
| Amounts receivable within one year | 40/41 | €104,879 | €259,361 | +€154,482 | +147% |
| Trade receivables | 40 | €81,312 | €246,235 | +€164,923 | +203% |
| Other amounts receivable | 41 | €23,567 | €13,126 | -€10,441 | -44.3% |
| Cash at bank and in hand | 54/58 | €23,401 | €24,372 | +€971 | +4.2% |
| Deferred charges and accrued income | 490/1 | €0 | €90 | +€90 | +128,129% |
| Total equity and liabilities | 10/49 | €29,265,711 | €62,053,391 | +€32.8m | +112% |
| Equity | 10/15 | €206,899 | €158,389 | -€48,510 | -23.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €194,499 | €145,989 | -€48,510 | -24.9% |
| Distributable reserves | 133 | €194,499 | €145,989 | -€48,510 | -24.9% |
| Provisions and deferred taxes | 16 | - | €147,016 | +€147,016 | |
| Provisions for liabilities and charges | 160/5 | - | €147,016 | +€147,016 | |
| Other liabilities and charges | 164/5 | - | €147,016 | +€147,016 | |
| Amounts payable | 17/49 | €29,058,812 | €61,747,986 | +€32.7m | +112% |
| Amounts payable after more than one year | 17 | €29,012,350 | €61,648,050 | +€32.6m | +112% |
| Other amounts payable | 178/9 | €29,012,350 | €61,648,050 | +€32.6m | +112% |
| Amounts payable within one year | 42/48 | €46,388 | €99,900 | +€53,512 | +115% |
| Trade debts | 44 | €33,215 | €89,095 | +€55,880 | +168% |
| Suppliers | 440/4 | €33,215 | €89,095 | +€55,880 | +168% |
| Taxes, remuneration and social security | 45 | €13,173 | €10,805 | -€2,368 | -18.0% |
| Taxes | 450/3 | €13,173 | €10,805 | -€2,368 | -18.0% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Accrued charges and deferred income | 492/3 | €74 | €36 | -€38 | -51.1% |
| Remuneration, social security and pensions | 62 | - | €443 | +€443 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,665 | €11,732 | -€4,933 | -29.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €147,016 | +€147,016 | |
| Gross operating margin | 9900 | €141,346 | €99,198 | -€42,148 | -29.8% |
| Operating profit (loss) | 9901 | €124,681 | -€59,993 | -€184,674 | |
| Financial income | 75/76B | €27,227 | €13,375 | -€13,852 | -50.9% |
| Recurring financial income | 75 | €27,227 | €13,375 | -€13,852 | -50.9% |
| Financial charges | 65/66B | €2,071 | €1,892 | -€179 | -8.7% |
| Recurring financial charges | 65 | €2,071 | €1,892 | -€179 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €149,836 | -€48,510 | -€198,346 | |
| Income taxes | 67/77 | €38,812 | - | -€38,812 | |
| Profit (loss) for the period | 9904 | €111,025 | -€48,510 | -€159,535 | |
| Profit (loss) for the period to be appropriated | 9905 | €111,025 | -€48,510 | -€159,535 |
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 13 October 2026 via checked.be.