LEHDIS: 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.
LEHDIS
Largest movements
- Tangible fixed assets +€2.0m
up €2.0m (+125%), from €1.6m to €3.6m
of which Assets under construction and advance payments: +€2.0m
- Receivables within one year +€217,592
up €217,592 (+133%), from €163,184 to €380,776
of which Other amounts receivable: +€117,130
- Formation expenses +€184,937
up €184,937 (+2,933%), from €6,305 to €191,242
- Cash -€176,506
down €176,506 (-25.0%), from €707,097 to €530,591
mainly Investment in fixed assets (net) (-€2.3m) and Trade debts (-€234,142)
- Deferred charges and accrued income -€105,839
down €105,839 (-67.3%), from €157,356 to €51,517
- Debts after one year +€2.2m
up €2.2m (+187%), from €1.2m to €3.4m
of which Financial debts: +€2.2m
- Short-term financial debts +€385,000
up €385,000 (+226%), from €170,000 to €555,000
- Trade debts -€234,142
down €234,142 (-19.2%), from €1.2m to €986,845
- Profit (loss) carried forward -€224,736
down €224,736 (-98.8%), from €227,567 to €2,831
- Other debts -€95,512
down €95,512 (-100%), from €95,512 to €0
- Gross operating margin -€265,716
down €265,716 (-18.7%), from €1.4m to €1.2m
- Financial charges -€133,168
down €133,168 (-60.2%), from €221,219 to €88,051
of which Non-recurring financial charges: -€138,599
- Staff costs +€131,344
up €131,344 (+13.5%), from €973,497 to €1.1m
- Write-downs +€34,863
up €34,863, from -€34,863 to €0
- Other operating charges -€32,819
down €32,819 (-27.3%), from €120,092 to €87,272
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 | €3,355,523 | €5,494,815 | +€2.1m | +63.8% |
| Formation expenses | 20 | €6,305 | €191,242 | +€184,937 | +2,933% |
| Fixed assets | 21/28 | €1,616,400 | €3,598,016 | +€2.0m | +123% |
| Intangible fixed assets | 21 | €1,734 | €1,193 | -€541 | -31.2% |
| Tangible fixed assets | 22/27 | €1,601,672 | €3,596,823 | +€2.0m | +125% |
| Land and buildings | 22 | €1,247,790 | €1,309,215 | +€61,425 | +4.9% |
| Plant, machinery and equipment | 23 | €145,928 | €161,031 | +€15,103 | +10.3% |
| Furniture and vehicles | 24 | €29,016 | €65,908 | +€36,892 | +127% |
| Leasing and similar rights | 25 | €75,816 | €0 | -€75,816 | -100% |
| Other tangible fixed assets | 26 | €58,698 | €44,558 | -€14,140 | -24.1% |
| Assets under construction and advance payments | 27 | €44,424 | €2,016,110 | +€2.0m | +4,438% |
| Financial fixed assets | 28 | €12,994 | €0 | -€12,994 | -100% |
| Current assets | 29/58 | €1,732,819 | €1,705,557 | -€27,262 | -1.6% |
| Amounts receivable after more than one year | 29 | €37,750 | €37,750 | = | 0.0% |
| Trade receivables | 290 | €37,750 | €37,750 | = | 0.0% |
| Stocks and contracts in progress | 3 | €667,431 | €704,923 | +€37,491 | +5.6% |
| Stocks | 30/36 | €667,431 | €704,923 | +€37,491 | +5.6% |
| Amounts receivable within one year | 40/41 | €163,184 | €380,776 | +€217,592 | +133% |
| Trade receivables | 40 | €49,710 | €150,172 | +€100,462 | +202% |
| Other amounts receivable | 41 | €113,474 | €230,604 | +€117,130 | +103% |
| Cash at bank and in hand | 54/58 | €707,097 | €530,591 | -€176,506 | -25.0% |
| Deferred charges and accrued income | 490/1 | €157,356 | €51,517 | -€105,839 | -67.3% |
| Total equity and liabilities | 10/49 | €3,355,523 | €5,494,815 | +€2.1m | +63.8% |
| Equity | 10/15 | €390,427 | €167,831 | -€222,596 | -57.0% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €12,860 | €15,000 | +€2,140 | +16.6% |
| Non-distributable reserves | 130/1 | €12,860 | €15,000 | +€2,140 | +16.6% |
| Legal reserve | 130 | €12,860 | €15,000 | +€2,140 | +16.6% |
| Profit (loss) carried forward | 14 | €227,567 | €2,831 | -€224,736 | -98.8% |
| Amounts payable | 17/49 | €2,965,096 | €5,326,984 | +€2.4m | +79.7% |
| Amounts payable after more than one year | 17 | €1,181,580 | €3,386,447 | +€2.2m | +187% |
| Financial debts | 170/4 | €967,780 | €3,172,647 | +€2.2m | +228% |
| Other amounts payable | 178/9 | €213,800 | €213,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,777,257 | €1,918,550 | +€141,293 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €121,317 | €169,082 | +€47,765 | +39.4% |
| Financial debts | 43 | €170,000 | €555,000 | +€385,000 | +226% |
| Credit institutions | 430/8 | €170,000 | €555,000 | +€385,000 | +226% |
| Trade debts | 44 | €1,220,987 | €986,845 | -€234,142 | -19.2% |
| Suppliers | 440/4 | €1,220,987 | €986,845 | -€234,142 | -19.2% |
| Taxes, remuneration and social security | 45 | €169,441 | €207,623 | +€38,181 | +22.5% |
| Taxes | 450/3 | €3,732 | €19,260 | +€15,529 | +416% |
| Remuneration and social security | 454/9 | €165,709 | €188,362 | +€22,653 | +13.7% |
| Other amounts payable | 47/48 | €95,512 | €0 | -€95,512 | -100% |
| Accrued charges and deferred income | 492/3 | €6,259 | €21,987 | +€15,728 | +251% |
| Non-recurring operating income | 76A | €27,254 | €20,663 | -€6,591 | -24.2% |
| Remuneration, social security and pensions | 62 | €973,497 | €1,104,841 | +€131,344 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,112 | €100,253 | +€11,141 | +12.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€34,863 | €0 | +€34,863 | |
| Other operating charges | 640/8 | €120,092 | €87,272 | -€32,819 | -27.3% |
| Non-recurring operating charges | 66A | €55,264 | €947 | -€54,317 | -98.3% |
| Gross operating margin | 9900 | €1,417,972 | €1,152,256 | -€265,716 | -18.7% |
| Operating profit (loss) | 9901 | €214,871 | -€141,057 | -€355,928 | |
| Financial income | 75/76B | €1,677 | €7,050 | +€5,373 | +320% |
| Recurring financial income | 75 | €1,677 | €7,050 | +€5,373 | +320% |
| Financial charges | 65/66B | €221,219 | €88,051 | -€133,168 | -60.2% |
| Recurring financial charges | 65 | €82,619 | €88,051 | +€5,432 | +6.6% |
| Non-recurring financial charges | 66B | €138,599 | €0 | -€138,599 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€4,671 | -€222,058 | -€217,387 | -4,654% |
| Income taxes | 67/77 | €9,714 | €538 | -€9,176 | -94.5% |
| Profit (loss) for the period | 9904 | -€14,384 | -€222,596 | -€208,212 | -1,448% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,384 | -€222,596 | -€208,212 | -1,448% |
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 19 October 2026 via checked.be.