Kim 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.
Kim Lemahieu
Largest movements
- Intangible fixed assets -€92,923
down €92,923 (-21.7%), from €428,132 to €335,210
- Cash +€48,014
up €48,014 (+9.3%), from €514,260 to €562,274
mainly Net result for the year (+€259,018) and Depreciation (+€112,991)
- Other debts -€165,000
down €165,000 (-57.9%), from €285,000 to €120,000
- Reserves +€139,018
up €139,018 (+33.9%), from €409,618 to €548,636
of which Distributable reserves: +€139,018
- Debts after one year -€92,630
down €92,630 (-22.7%), from €407,640 to €315,010
- Tax, wage and social debts +€43,342
up €43,342 (+150%), from €28,906 to €72,249
of which Taxes: +€30,261
- Trade debts +€20,581
up €20,581 (+135%), from €15,197 to €35,779
- Gross operating margin +€163,965
up €163,965 (+31.7%), from €517,489 to €681,454
- Staff costs +€45,095
up €45,095 (+27.0%), from €167,153 to €212,248
- Taxes +€40,879
up €40,879 (+74.8%), from €54,677 to €95,556
- Depreciation -€8,465
down €8,465 (-7.0%), from €121,456 to €112,991
- Financial income +€6,970
up €6,970 (+245%), from €2,847 to €9,817
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 | €1,256,401 | €1,202,903 | -€53,499 | -4.3% |
| Fixed assets | 21/28 | €621,142 | €528,286 | -€92,856 | -14.9% |
| Intangible fixed assets | 21 | €428,132 | €335,210 | -€92,923 | -21.7% |
| Tangible fixed assets | 22/27 | €147,349 | €147,416 | +€67 | 0.0% |
| Plant, machinery and equipment | 23 | €29,741 | €25,595 | -€4,146 | -13.9% |
| Furniture and vehicles | 24 | €29,306 | €46,021 | +€16,715 | +57.0% |
| Other tangible fixed assets | 26 | €88,302 | €75,800 | -€12,502 | -14.2% |
| Financial fixed assets | 28 | €45,660 | €45,660 | = | 0.0% |
| Current assets | 29/58 | €635,260 | €674,617 | +€39,357 | +6.2% |
| Amounts receivable within one year | 40/41 | €119,778 | €111,011 | -€8,767 | -7.3% |
| Trade receivables | 40 | €60,861 | €75,735 | +€14,874 | +24.4% |
| Other amounts receivable | 41 | €58,917 | €35,277 | -€23,641 | -40.1% |
| Cash at bank and in hand | 54/58 | €514,260 | €562,274 | +€48,014 | +9.3% |
| Deferred charges and accrued income | 490/1 | €1,221 | €1,331 | +€110 | +9.0% |
| Total equity and liabilities | 10/49 | €1,256,401 | €1,202,903 | -€53,499 | -4.3% |
| Equity | 10/15 | €428,218 | €567,236 | +€139,018 | +32.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €409,618 | €548,636 | +€139,018 | +33.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €416 | €416 | = | 0.0% |
| Distributable reserves | 133 | €407,342 | €546,360 | +€139,018 | +34.1% |
| Amounts payable | 17/49 | €828,184 | €635,667 | -€192,517 | -23.2% |
| Amounts payable after more than one year | 17 | €407,640 | €315,010 | -€92,630 | -22.7% |
| Financial debts | 170/4 | €407,640 | €315,010 | -€92,630 | -22.7% |
| Amounts payable within one year | 42/48 | €420,544 | €320,657 | -€99,887 | -23.8% |
| Current portion of amounts payable after more than one year | 42 | €91,440 | €92,630 | +€1,189 | +1.3% |
| Trade debts | 44 | €15,197 | €35,779 | +€20,581 | +135% |
| Suppliers | 440/4 | €15,197 | €35,779 | +€20,581 | +135% |
| Taxes, remuneration and social security | 45 | €28,906 | €72,249 | +€43,342 | +150% |
| Taxes | 450/3 | €9,677 | €39,938 | +€30,261 | +313% |
| Remuneration and social security | 454/9 | €19,229 | €32,310 | +€13,081 | +68.0% |
| Other amounts payable | 47/48 | €285,000 | €120,000 | -€165,000 | -57.9% |
| Non-recurring operating income | 76A | - | €13,475 | +€13,475 | |
| Remuneration, social security and pensions | 62 | €167,153 | €212,248 | +€45,095 | +27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,456 | €112,991 | -€8,465 | -7.0% |
| Other operating charges | 640/8 | €1,132 | €1,145 | +€13 | +1.2% |
| Non-recurring operating charges | 66A | €5 | - | -€5 | |
| Gross operating margin | 9900 | €517,489 | €681,454 | +€163,965 | +31.7% |
| Operating profit (loss) | 9901 | €227,743 | €355,070 | +€127,327 | +55.9% |
| Financial income | 75/76B | €2,847 | €9,817 | +€6,970 | +245% |
| Recurring financial income | 75 | €2,847 | €9,817 | +€6,970 | +245% |
| Financial charges | 65/66B | €7,240 | €10,313 | +€3,073 | +42.5% |
| Recurring financial charges | 65 | €7,240 | €10,313 | +€3,073 | +42.5% |
| Profit (loss) for the period before taxes | 9903 | €223,350 | €354,574 | +€131,223 | +58.8% |
| Income taxes | 67/77 | €54,677 | €95,556 | +€40,879 | +74.8% |
| Profit (loss) for the period | 9904 | €168,673 | €259,018 | +€90,345 | +53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €168,673 | €259,018 | +€90,345 | +53.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.