Johan Lenaerts: 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.
Johan Lenaerts
Largest movements
- Cash -€18,057
down €18,057 (-8.7%), from €208,643 to €190,586
mainly Contributions, distributions and other (-€327,422) and Debts after one year (-€15,951)
- Tangible fixed assets -€8,845
down €8,845 (-2.9%), from €306,030 to €297,185
of which Land and buildings: -€16,771
- Receivables within one year +€6,604
up €6,604 (+35.8%), from €18,466 to €25,069
of which Trade receivables: +€7,852
- Profit (loss) carried forward -€299,922
no longer reported in 2025 (was €299,922)
- Other debts +€281,723
up €281,723 (+146,395%), from €192 to €281,916
- Debts after one year -€15,951
down €15,951 (-8.7%), from €182,565 to €166,614
- Reserves +€10,445
up €10,445 (+562%), from €1,860 to €12,305
- Gross operating margin +€7,985
up €7,985 (+14.4%), from €55,493 to €63,478
- Financial income -€4,950
no longer reported in 2025 (was €4,950)
- Depreciation -€2,890
down €2,890 (-22.9%), from €12,630 to €9,740
- Other operating charges -€1,264
down €1,264 (-46.2%), from €2,738 to €1,474
- Taxes +€853
up €853 (+8.3%), from €10,236 to €11,089
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 | €533,938 | €512,840 | -€21,098 | -4.0% |
| Fixed assets | 21/28 | €306,030 | €297,185 | -€8,845 | -2.9% |
| Tangible fixed assets | 22/27 | €306,030 | €297,185 | -€8,845 | -2.9% |
| Land and buildings | 22 | €302,076 | €285,305 | -€16,771 | -5.6% |
| Plant, machinery and equipment | 23 | - | €1,220 | +€1,220 | |
| Furniture and vehicles | 24 | €3,953 | €1,773 | -€2,180 | -55.1% |
| Other tangible fixed assets | 26 | - | €8,886 | +€8,886 | |
| Current assets | 29/58 | €227,908 | €215,655 | -€12,253 | -5.4% |
| Amounts receivable within one year | 40/41 | €18,466 | €25,069 | +€6,604 | +35.8% |
| Trade receivables | 40 | €17,217 | €25,069 | +€7,852 | +45.6% |
| Other amounts receivable | 41 | €1,249 | - | -€1,249 | |
| Cash at bank and in hand | 54/58 | €208,643 | €190,586 | -€18,057 | -8.7% |
| Deferred charges and accrued income | 490/1 | €800 | - | -€800 | |
| Total equity and liabilities | 10/49 | €533,938 | €512,840 | -€21,098 | -4.0% |
| Equity | 10/15 | €320,382 | €30,905 | -€289,477 | -90.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €12,305 | +€10,445 | +562% |
| Distributable reserves | 133 | €1,860 | €12,305 | +€10,445 | +562% |
| Profit (loss) carried forward | 14 | €299,922 | - | -€299,922 | |
| Amounts payable | 17/49 | €213,556 | €481,934 | +€268,378 | +126% |
| Amounts payable after more than one year | 17 | €182,565 | €166,614 | -€15,951 | -8.7% |
| Financial debts | 170/4 | €182,565 | €166,614 | -€15,951 | -8.7% |
| Amounts payable within one year | 42/48 | €30,992 | €315,320 | +€284,329 | +917% |
| Current portion of amounts payable after more than one year | 42 | €15,696 | €15,951 | +€255 | +1.6% |
| Trade debts | 44 | €587 | €1,857 | +€1,270 | +216% |
| Suppliers | 440/4 | €587 | €1,857 | +€1,270 | +216% |
| Taxes, remuneration and social security | 45 | €14,516 | €15,597 | +€1,081 | +7.4% |
| Taxes | 450/3 | €10,516 | €11,597 | +€1,081 | +10.3% |
| Remuneration and social security | 454/9 | €4,000 | €4,000 | = | 0.0% |
| Other amounts payable | 47/48 | €192 | €281,916 | +€281,723 | +146,395% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,630 | €9,740 | -€2,890 | -22.9% |
| Other operating charges | 640/8 | €2,738 | €1,474 | -€1,264 | -46.2% |
| Gross operating margin | 9900 | €55,493 | €63,478 | +€7,985 | +14.4% |
| Operating profit (loss) | 9901 | €40,125 | €52,264 | +€12,140 | +30.3% |
| Financial income | 75/76B | €4,950 | - | -€4,950 | |
| Recurring financial income | 75 | €4,950 | - | -€4,950 | |
| Financial charges | 65/66B | €3,501 | €3,230 | -€271 | -7.8% |
| Recurring financial charges | 65 | €3,501 | €3,230 | -€271 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €41,573 | €49,034 | +€7,461 | +17.9% |
| Income taxes | 67/77 | €10,236 | €11,089 | +€853 | +8.3% |
| Profit (loss) for the period | 9904 | €31,337 | €37,945 | +€6,608 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,337 | €37,945 | +€6,608 | +21.1% |
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 17 October 2026 via checked.be.