LSIM: 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.
LSIM
Largest movements
- Financial fixed assets +€4.6m
up €4.6m (+12.2%), from €37.7m to €42.2m
- Current investments -€2.6m
down €2.6m (-25.2%), from €10.4m to €7.8m
- Tangible fixed assets +€2.5m
up €2.5m (+62.4%), from €4.0m to €6.5m
of which Land and buildings: +€1.6m
- Profit (loss) carried forward +€25.6m
up €25.6m (+218%), from €11.8m to €37.4m
- Revaluation surpluses -€22.2m
no longer reported in 2025 (was €22.2m)
- Debts after one year +€4.1m
up €4.1m (+133%), from €3.1m to €7.1m
- Other debts -€3.0m
down €3.0m (-93.3%), from €3.3m to €217,204
- Accrued charges and deferred income -€576,836
down €576,836 (-96.7%), from €596,414 to €19,578
- Financial income +€13.4m
up €13.4m (+113%), from €11.9m to €25.3m
of which Non-recurring financial income: +€13.6m
- Taxes -€897,049
down €897,049 (-79.9%), from €1.1m to €226,069
- Financial charges -€188,468
down €188,468 (-48.7%), from €387,265 to €198,797
of which Financial charges: -€146,419
- Gross operating margin +€140,770
up €140,770 (+16.7%), from €840,660 to €981,430
- Staff costs +€23,930
up €23,930 (+81.5%), from €29,353 to €53,283
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 | €52,682,238 | €56,955,862 | +€4.3m | +8.1% |
| Fixed assets | 21/28 | €41,690,894 | €48,775,388 | +€7.1m | +17.0% |
| Tangible fixed assets | 22/27 | €4,020,065 | €6,526,851 | +€2.5m | +62.4% |
| Land and buildings | 22 | €2,371,078 | €4,014,145 | +€1.6m | +69.3% |
| Furniture and vehicles | 24 | €23,892 | €45,944 | +€22,052 | +92.3% |
| Other tangible fixed assets | 26 | €1,625,095 | €2,466,762 | +€841,668 | +51.8% |
| Financial fixed assets | 28 | €37,670,829 | €42,248,537 | +€4.6m | +12.2% |
| Current assets | 29/58 | €10,991,344 | €8,180,474 | -€2.8m | -25.6% |
| Amounts receivable within one year | 40/41 | €46,555 | €157,936 | +€111,381 | +239% |
| Trade receivables | 40 | €45,973 | €102,041 | +€56,068 | +122% |
| Other amounts receivable | 41 | €582 | €55,896 | +€55,313 | +9,501% |
| Current investments | 50/53 | €10,424,417 | €7,793,959 | -€2.6m | -25.2% |
| Cash at bank and in hand | 54/58 | €497,788 | €185,313 | -€312,475 | -62.8% |
| Deferred charges and accrued income | 490/1 | €22,585 | €43,266 | +€20,681 | +91.6% |
| Total equity and liabilities | 10/49 | €52,682,238 | €56,955,862 | +€4.3m | +8.1% |
| Equity | 10/15 | €44,063,145 | €47,438,682 | +€3.4m | +7.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €22,234,590 | - | -€22.2m | |
| Reserves | 13 | €10,006,150 | €10,006,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €10,000,000 | €10,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,760,904 | €37,371,032 | +€25.6m | +218% |
| Amounts payable | 17/49 | €8,619,094 | €9,517,180 | +€898,087 | +10.4% |
| Amounts payable after more than one year | 17 | €3,056,971 | €7,120,166 | +€4.1m | +133% |
| Financial debts | 170/4 | €3,056,971 | €7,120,166 | +€4.1m | +133% |
| Amounts payable within one year | 42/48 | €4,965,709 | €2,377,437 | -€2.6m | -52.1% |
| Current portion of amounts payable after more than one year | 42 | €450,716 | €907,124 | +€456,408 | +101% |
| Trade debts | 44 | €160,979 | €16,537 | -€144,443 | -89.7% |
| Suppliers | 440/4 | €160,979 | €16,537 | -€144,443 | -89.7% |
| Taxes, remuneration and social security | 45 | €1,089,415 | €1,236,573 | +€147,158 | +13.5% |
| Taxes | 450/3 | €1,088,258 | €1,220,690 | +€132,431 | +12.2% |
| Remuneration and social security | 454/9 | €1,157 | €15,883 | +€14,726 | +1,273% |
| Other amounts payable | 47/48 | €3,264,599 | €217,204 | -€3.0m | -93.3% |
| Accrued charges and deferred income | 492/3 | €596,414 | €19,578 | -€576,836 | -96.7% |
| Remuneration, social security and pensions | 62 | €29,353 | €53,283 | +€23,930 | +81.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,237 | €146,371 | +€15,134 | +11.5% |
| Other operating charges | 640/8 | €12,617 | €11,411 | -€1,206 | -9.6% |
| Gross operating margin | 9900 | €840,660 | €981,430 | +€140,770 | +16.7% |
| Operating profit (loss) | 9901 | €667,453 | €770,365 | +€102,912 | +15.4% |
| Financial income | 75/76B | €11,864,605 | €25,264,629 | +€13.4m | +113% |
| Recurring financial income | 75 | €2,288,471 | €2,055,159 | -€233,312 | -10.2% |
| Non-recurring financial income | 76B | €9,576,134 | €23,209,470 | +€13.6m | +142% |
| Financial charges | 65/66B | €387,265 | €198,797 | -€188,468 | -48.7% |
| Recurring financial charges | 65 | €309,807 | €163,388 | -€146,419 | -47.3% |
| Non-recurring financial charges | 66B | €77,458 | €35,409 | -€42,049 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €12,144,794 | €25,836,197 | +€13.7m | +113% |
| Income taxes | 67/77 | €1,123,118 | €226,069 | -€897,049 | -79.9% |
| Profit (loss) for the period | 9904 | €11,021,676 | €25,610,128 | +€14.6m | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €11,021,676 | €25,610,128 | +€14.6m | +132% |
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 20 October 2026 via checked.be.