DR. A. LEMAY: 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.
DR. A. LEMAY
Largest movements
- Cash -€60,107
down €60,107 (-38.8%), from €154,895 to €94,788
mainly Contributions, distributions and other (-€278,586) and Current investments (-€25,000)
- Current investments +€25,000
up €25,000 (+91.2%), from €27,411 to €52,411
- Deferred charges and accrued income +€18,512
up €18,512 (+25.8%), from €71,673 to €90,185
- Tangible fixed assets -€16,833
down €16,833 (-22.2%), from €75,681 to €58,847
of which Furniture and vehicles: -€17,062
- Receivables within one year -€15,821
down €15,821 (-97.2%), from €16,275 to €454
- Reserves -€100,000
no longer reported in 2025 (was €100,000)
- Other debts +€41,956
up €41,956 (+18.5%), from €226,862 to €268,819
- Trade debts +€8,794
up €8,794 (+1862.7%), from €472 to €9,266
- Gross operating margin +€16,738
up €16,738 (+7.1%), from €235,252 to €251,990
- Taxes +€3,855
up €3,855 (+7.7%), from €49,838 to €53,692
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 | €345,935 | €296,685 | -€49,250 | -14.2% |
| Fixed assets | 21/28 | €75,681 | €58,847 | -€16,833 | -22.2% |
| Tangible fixed assets | 22/27 | €75,681 | €58,847 | -€16,833 | -22.2% |
| Land and buildings | 22 | €5,270 | €3,695 | -€1,575 | -29.9% |
| Plant, machinery and equipment | 23 | - | €1,804 | +€1,804 | |
| Furniture and vehicles | 24 | €70,411 | €53,349 | -€17,062 | -24.2% |
| Current assets | 29/58 | €270,254 | €237,837 | -€32,416 | -12.0% |
| Amounts receivable within one year | 40/41 | €16,275 | €454 | -€15,821 | -97.2% |
| Other amounts receivable | 41 | €16,275 | €454 | -€15,821 | -97.2% |
| Current investments | 50/53 | €27,411 | €52,411 | +€25,000 | +91.2% |
| Cash at bank and in hand | 54/58 | €154,895 | €94,788 | -€60,107 | -38.8% |
| Deferred charges and accrued income | 490/1 | €71,673 | €90,185 | +€18,512 | +25.8% |
| Total equity and liabilities | 10/49 | €345,935 | €296,685 | -€49,250 | -14.2% |
| Equity | 10/15 | €118,600 | €18,600 | -€100,000 | -84.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100,000 | - | -€100,000 | |
| Distributable reserves | 133 | €100,000 | - | -€100,000 | |
| Amounts payable | 17/49 | €227,335 | €278,085 | +€50,750 | +22.3% |
| Amounts payable within one year | 42/48 | €227,335 | €278,085 | +€50,750 | +22.3% |
| Trade debts | 44 | €472 | €9,266 | +€8,794 | +1862.7% |
| Suppliers | 440/4 | €472 | €9,266 | +€8,794 | +1862.7% |
| Other amounts payable | 47/48 | €226,862 | €268,819 | +€41,956 | +18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,637 | €19,162 | +€525 | +2.8% |
| Other operating charges | 640/8 | €840 | €895 | +€55 | +6.6% |
| Gross operating margin | 9900 | €235,252 | €251,990 | +€16,738 | +7.1% |
| Operating profit (loss) | 9901 | €215,775 | €231,932 | +€16,157 | +7.5% |
| Financial income | 75/76B | €911 | €487 | -€423 | -46.5% |
| Recurring financial income | 75 | €911 | €487 | -€423 | -46.5% |
| Financial charges | 65/66B | €128 | €141 | +€14 | +10.9% |
| Recurring financial charges | 65 | €128 | €141 | +€14 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €216,558 | €232,278 | +€15,720 | +7.3% |
| Income taxes | 67/77 | €49,838 | €53,692 | +€3,855 | +7.7% |
| Profit (loss) for the period | 9904 | €166,720 | €178,586 | +€11,865 | +7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €166,720 | €178,586 | +€11,865 | +7.1% |
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 6 October 2026 via checked.be.