LEM: 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.
LEM
Largest movements
- Tangible fixed assets +€62,660
up €62,660 (+10.9%), from €573,168 to €635,828
of which Furniture and vehicles: +€79,171
- Receivables within one year +€31,134
up €31,134 (+45.1%), from €69,080 to €100,214
of which Trade receivables: +€31,134
- Cash +€9,931
up €9,931 (+10.0%), from €98,972 to €108,903
mainly Net result for the year (+€59,136) and Depreciation (+€32,787)
- Profit (loss) carried forward +€59,136
up €59,136 (+38.6%), from €153,154 to €212,290
- Tax, wage and social debts +€20,397
up €20,397 (+38.1%), from €53,515 to €73,912
- Current portion of long-term debt +€10,492
up €10,492 (+38.9%), from €27,000 to €37,492
- Gross operating margin -€111,278
down €111,278 (-47.2%), from €235,982 to €124,704
- Taxes -€27,765
down €27,765 (-64.3%), from €43,182 to €15,418
- Depreciation +€14,357
up €14,357 (+77.9%), from €18,429 to €32,787
- Financial charges -€4,839
down €4,839 (-22.8%), from €21,217 to €16,378
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 | €742,218 | €845,869 | +€103,651 | +14.0% |
| Fixed assets | 21/28 | €573,168 | €635,828 | +€62,660 | +10.9% |
| Tangible fixed assets | 22/27 | €573,168 | €635,828 | +€62,660 | +10.9% |
| Land and buildings | 22 | €573,168 | €556,657 | -€16,511 | -2.9% |
| Furniture and vehicles | 24 | - | €79,171 | +€79,171 | |
| Current assets | 29/58 | €169,050 | €210,041 | +€40,991 | +24.2% |
| Amounts receivable within one year | 40/41 | €69,080 | €100,214 | +€31,134 | +45.1% |
| Trade receivables | 40 | €58,080 | €89,214 | +€31,134 | +53.6% |
| Other amounts receivable | 41 | €11,000 | €11,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €98,972 | €108,903 | +€9,931 | +10.0% |
| Deferred charges and accrued income | 490/1 | €997 | €924 | -€74 | -7.4% |
| Total equity and liabilities | 10/49 | €742,218 | €845,869 | +€103,651 | +14.0% |
| Equity | 10/15 | €158,154 | €217,290 | +€59,136 | +37.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €153,154 | €212,290 | +€59,136 | +38.6% |
| Amounts payable | 17/49 | €584,064 | €628,579 | +€44,515 | +7.6% |
| Amounts payable after more than one year | 17 | €346,500 | €354,774 | +€8,274 | +2.4% |
| Financial debts | 170/4 | €346,500 | €354,774 | +€8,274 | +2.4% |
| Amounts payable within one year | 42/48 | €237,564 | €273,805 | +€36,241 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €27,000 | €37,492 | +€10,492 | +38.9% |
| Trade debts | 44 | €2,998 | €10,313 | +€7,315 | +244% |
| Suppliers | 440/4 | €2,998 | €10,313 | +€7,315 | +244% |
| Taxes, remuneration and social security | 45 | €53,515 | €73,912 | +€20,397 | +38.1% |
| Taxes | 450/3 | €53,515 | €73,912 | +€20,397 | +38.1% |
| Other amounts payable | 47/48 | €154,050 | €152,088 | -€1,962 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,429 | €32,787 | +€14,357 | +77.9% |
| Other operating charges | 640/8 | - | €986 | +€986 | |
| Gross operating margin | 9900 | €235,982 | €124,704 | -€111,278 | -47.2% |
| Operating profit (loss) | 9901 | €217,553 | €90,932 | -€126,621 | -58.2% |
| Financial charges | 65/66B | €21,217 | €16,378 | -€4,839 | -22.8% |
| Recurring financial charges | 65 | €21,217 | €16,378 | -€4,839 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €196,336 | €74,553 | -€121,783 | -62.0% |
| Income taxes | 67/77 | €43,182 | €15,418 | -€27,765 | -64.3% |
| Profit (loss) for the period | 9904 | €153,154 | €59,136 | -€94,018 | -61.4% |
| Profit (loss) for the period to be appropriated | 9905 | €153,154 | €59,136 | -€94,018 | -61.4% |
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 20 October 2026 via checked.be.