Jan Lemahieu: 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.
Jan Lemahieu
Largest movements
- Stocks and contracts +€607,236
up €607,236 (+37.9%), from €1.6m to €2.2m
- Receivables within one year -€313,146
down €313,146 (-21.2%), from €1.5m to €1.2m
of which Trade receivables: -€314,216
- Cash -€90,140
down €90,140 (-8.6%), from €1.0m to €953,462
mainly Stocks and contracts (-€607,236) and Accrued charges and deferred income (-€151,208)
- Reserves +€253,978
up €253,978 (+63.0%), from €403,229 to €657,207
- Advances received +€222,500
up €222,500 (+78.9%), from €281,950 to €504,450
- Accrued charges and deferred income -€151,208
down €151,208 (-76.0%), from €198,981 to €47,773
- Tax, wage and social debts -€111,044
down €111,044 (-24.7%), from €449,557 to €338,513
of which Taxes: -€114,163
- Financial charges +€20,164
up €20,164 (+82.1%), from €24,566 to €44,731
- Depreciation +€11,240
up €11,240 (+10.6%), from €106,016 to €117,257
- Staff costs -€10,034
down €10,034 (-2.1%), from €471,964 to €461,930
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 | €5,411,615 | €5,623,867 | +€212,253 | +3.9% |
| Fixed assets | 21/28 | €1,288,239 | €1,296,527 | +€8,288 | +0.6% |
| Tangible fixed assets | 22/27 | €1,288,239 | €1,296,527 | +€8,288 | +0.6% |
| Land and buildings | 22 | €1,059,891 | €1,007,500 | -€52,392 | -4.9% |
| Plant, machinery and equipment | 23 | €182,478 | €142,189 | -€40,289 | -22.1% |
| Furniture and vehicles | 24 | €45,870 | €146,839 | +€100,969 | +220% |
| Current assets | 29/58 | €4,123,376 | €4,327,340 | +€203,965 | +4.9% |
| Stocks and contracts in progress | 3 | €1,601,359 | €2,208,595 | +€607,236 | +37.9% |
| Stocks | 30/36 | €1,601,359 | €2,208,595 | +€607,236 | +37.9% |
| Amounts receivable within one year | 40/41 | €1,478,049 | €1,164,903 | -€313,146 | -21.2% |
| Trade receivables | 40 | €1,428,503 | €1,114,287 | -€314,216 | -22.0% |
| Other amounts receivable | 41 | €49,546 | €50,616 | +€1,070 | +2.2% |
| Cash at bank and in hand | 54/58 | €1,043,602 | €953,462 | -€90,140 | -8.6% |
| Deferred charges and accrued income | 490/1 | €366 | €380 | +€15 | +4.0% |
| Total equity and liabilities | 10/49 | €5,411,615 | €5,623,867 | +€212,253 | +3.9% |
| Equity | 10/15 | €1,535,729 | €1,789,707 | +€253,978 | +16.5% |
| Contributions | 10/11 | €1,132,500 | €1,132,500 | = | 0.0% |
| Reserves | 13 | €403,229 | €657,207 | +€253,978 | +63.0% |
| Distributable reserves | 133 | €403,229 | €657,207 | +€253,978 | +63.0% |
| Amounts payable | 17/49 | €3,875,886 | €3,834,160 | -€41,725 | -1.1% |
| Amounts payable after more than one year | 17 | €1,160,765 | €1,138,208 | -€22,557 | -1.9% |
| Financial debts | 170/4 | €1,160,765 | €1,138,208 | -€22,557 | -1.9% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €2,516,140 | €2,648,180 | +€132,040 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €111,863 | €139,057 | +€27,194 | +24.3% |
| Trade debts | 44 | €1,411,007 | €1,418,769 | +€7,762 | +0.6% |
| Suppliers | 440/4 | €1,411,007 | €1,418,769 | +€7,762 | +0.6% |
| Advances received on contracts in progress | 46 | €281,950 | €504,450 | +€222,500 | +78.9% |
| Taxes, remuneration and social security | 45 | €449,557 | €338,513 | -€111,044 | -24.7% |
| Taxes | 450/3 | €365,513 | €251,351 | -€114,163 | -31.2% |
| Remuneration and social security | 454/9 | €84,044 | €87,163 | +€3,119 | +3.7% |
| Other amounts payable | 47/48 | €261,763 | €247,391 | -€14,373 | -5.5% |
| Accrued charges and deferred income | 492/3 | €198,981 | €47,773 | -€151,208 | -76.0% |
| Remuneration, social security and pensions | 62 | €471,964 | €461,930 | -€10,034 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,016 | €117,257 | +€11,240 | +10.6% |
| Other operating charges | 640/8 | €16,966 | €22,381 | +€5,414 | +31.9% |
| Gross operating margin | 9900 | €973,247 | €980,251 | +€7,004 | +0.7% |
| Operating profit (loss) | 9901 | €378,300 | €378,684 | +€384 | +0.1% |
| Financial income | 75/76B | €3,732 | €9,381 | +€5,649 | +151% |
| Recurring financial income | 75 | €3,732 | €9,381 | +€5,649 | +151% |
| Financial charges | 65/66B | €24,566 | €44,731 | +€20,164 | +82.1% |
| Recurring financial charges | 65 | €24,566 | €44,731 | +€20,164 | +82.1% |
| Profit (loss) for the period before taxes | 9903 | €357,465 | €343,334 | -€14,131 | -4.0% |
| Income taxes | 67/77 | €89,142 | €89,356 | +€214 | +0.2% |
| Profit (loss) for the period | 9904 | €268,324 | €253,978 | -€14,346 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €268,324 | €253,978 | -€14,346 | -5.3% |
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 27 October 2026 via checked.be.