DR. LAHY: 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.
DR. LAHY
Largest movements
- Cash -€48,593
down €48,593 (-24.8%), from €195,712 to €147,119
mainly Other debts (-€43,127) and Debts after one year (-€31,000)
- Tangible fixed assets -€13,536
down €13,536 (-4.0%), from €341,232 to €327,696
of which Land and buildings: -€13,765
- Other debts -€43,127
down €43,127 (-64.6%), from €66,737 to €23,610
- Debts after one year -€31,000
down €31,000 (-92.3%), from €33,582 to €2,582
- Gross operating margin -€14,119
down €14,119 (-16.5%), from €85,531 to €71,412
- Financial income -€6,280
down €6,280 (-33.6%), from €18,711 to €12,432
- Taxes -€5,502
down €5,502 (-25.7%), from €21,448 to €15,946
- Depreciation +€1,441
up €1,441 (+5.2%), from €27,601 to €29,042
- Financial charges -€1,145
down €1,145 (-21.4%), from €5,355 to €4,210
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 | €702,033 | €635,094 | -€66,939 | -9.5% |
| Fixed assets | 21/28 | €341,232 | €327,696 | -€13,536 | -4.0% |
| Tangible fixed assets | 22/27 | €341,232 | €327,696 | -€13,536 | -4.0% |
| Land and buildings | 22 | €333,246 | €319,481 | -€13,765 | -4.1% |
| Plant, machinery and equipment | 23 | €1,970 | €1,574 | -€396 | -20.1% |
| Furniture and vehicles | 24 | €6,016 | €6,641 | +€625 | +10.4% |
| Current assets | 29/58 | €360,801 | €307,398 | -€53,403 | -14.8% |
| Stocks and contracts in progress | 3 | €7,448 | €5,400 | -€2,048 | -27.5% |
| Stocks | 30/36 | €7,448 | €5,400 | -€2,048 | -27.5% |
| Amounts receivable within one year | 40/41 | €24,922 | €19,898 | -€5,024 | -20.2% |
| Trade receivables | 40 | €24,922 | - | -€24,922 | |
| Other amounts receivable | 41 | - | €19,898 | +€19,898 | |
| Current investments | 50/53 | €130,000 | €130,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €195,712 | €147,119 | -€48,593 | -24.8% |
| Deferred charges and accrued income | 490/1 | €2,719 | €4,981 | +€2,262 | +83.2% |
| Total equity and liabilities | 10/49 | €702,033 | €635,094 | -€66,939 | -9.5% |
| Equity | 10/15 | €563,832 | €570,820 | +€6,988 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €545,232 | €552,220 | +€6,988 | +1.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €543,372 | €550,360 | +€6,988 | +1.3% |
| Amounts payable | 17/49 | €138,201 | €64,274 | -€73,927 | -53.5% |
| Amounts payable after more than one year | 17 | €33,582 | €2,582 | -€31,000 | -92.3% |
| Financial debts | 170/4 | €33,582 | €2,582 | -€31,000 | -92.3% |
| Amounts payable within one year | 42/48 | €104,619 | €61,692 | -€42,927 | -41.0% |
| Current portion of amounts payable after more than one year | 42 | €30,690 | €30,690 | -€0 | 0.0% |
| Trade debts | 44 | €506 | €200 | -€306 | -60.5% |
| Suppliers | 440/4 | €506 | €200 | -€306 | -60.5% |
| Taxes, remuneration and social security | 45 | €6,686 | €7,192 | +€506 | +7.6% |
| Taxes | 450/3 | €6,686 | €7,192 | +€506 | +7.6% |
| Other amounts payable | 47/48 | €66,737 | €23,610 | -€43,127 | -64.6% |
| Accrued charges and deferred income | 492/3 | - | €0 | +€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,601 | €29,042 | +€1,441 | +5.2% |
| Other operating charges | 640/8 | €5,957 | €6,605 | +€648 | +10.9% |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Gross operating margin | 9900 | €85,531 | €71,412 | -€14,119 | -16.5% |
| Operating profit (loss) | 9901 | €51,973 | €35,765 | -€16,208 | -31.2% |
| Financial income | 75/76B | €18,711 | €12,432 | -€6,280 | -33.6% |
| Recurring financial income | 75 | €18,711 | €12,432 | -€6,280 | -33.6% |
| Financial charges | 65/66B | €5,355 | €4,210 | -€1,145 | -21.4% |
| Recurring financial charges | 65 | €5,355 | €4,210 | -€1,145 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €65,329 | €43,986 | -€21,343 | -32.7% |
| Income taxes | 67/77 | €21,448 | €15,946 | -€5,502 | -25.7% |
| Profit (loss) for the period | 9904 | €43,881 | €28,040 | -€15,841 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €43,881 | €28,040 | -€15,841 | -36.1% |
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 16 October 2026 via checked.be.