LEM-A: 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-A
Largest movements
- Tangible fixed assets +€1.8m
up €1.8m (+128%), from €1.4m to €3.2m
of which Land and buildings: +€1.8m
- Revaluation surpluses +€1.9m
new in 2025: €1.9m
- Profit (loss) carried forward -€56,425
down €56,425 (-8.5%), from -€663,990 to -€720,414
- Other debts +€52,677
up €52,677 (+88.3%), from €59,680 to €112,357
- Short-term financial debts -€41,120
down €41,120 (-30.3%), from €135,727 to €94,607
- Tax, wage and social debts -€34,242
down €34,242 (-29.2%), from €117,142 to €82,900
- Taxes -€117,048
down €117,048 (-88.3%), from €132,550 to €15,502
- Depreciation +€51,510
up €51,510 (+91.4%), from €56,341 to €107,852
- Other operating charges +€19,518
up €19,518 (+187%), from €10,463 to €29,981
- Gross operating margin +€13,116
up €13,116 (+11.0%), from €119,265 to €132,381
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 | €1,423,322 | €3,232,329 | +€1.8m | +127% |
| Fixed assets | 21/28 | €1,419,958 | €3,231,551 | +€1.8m | +128% |
| Tangible fixed assets | 22/27 | €1,419,958 | €3,231,551 | +€1.8m | +128% |
| Land and buildings | 22 | €728,726 | €2,573,677 | +€1.8m | +253% |
| Plant, machinery and equipment | 23 | €691,232 | €657,874 | -€33,357 | -4.8% |
| Current assets | 29/58 | €3,364 | €778 | -€2,586 | -76.9% |
| Cash at bank and in hand | 54/58 | €3,364 | €778 | -€2,586 | -76.9% |
| Total equity and liabilities | 10/49 | €1,423,322 | €3,232,329 | +€1.8m | +127% |
| Equity | 10/15 | -€595,630 | €1,267,391 | +€1.9m | |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | - | -€50,000 | |
| Issued capital | 100 | €50,000 | - | -€50,000 | |
| Revaluation surpluses | 12 | - | €1,919,445 | +€1.9m | |
| Reserves | 13 | €18,360 | €18,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €16,500 | €16,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€663,990 | -€720,414 | -€56,425 | -8.5% |
| Amounts payable | 17/49 | €2,018,951 | €1,964,938 | -€54,013 | -2.7% |
| Amounts payable after more than one year | 17 | €1,630,637 | €1,612,414 | -€18,224 | -1.1% |
| Financial debts | 170/4 | €1,381,430 | €1,345,204 | -€36,226 | -2.6% |
| Other amounts payable | 178/9 | €249,208 | €267,210 | +€18,002 | +7.2% |
| Amounts payable within one year | 42/48 | €388,314 | €352,525 | -€35,790 | -9.2% |
| Financial debts | 43 | €135,727 | €94,607 | -€41,120 | -30.3% |
| Credit institutions | 430/8 | €135,727 | €94,607 | -€41,120 | -30.3% |
| Trade debts | 44 | €75,764 | €62,659 | -€13,105 | -17.3% |
| Suppliers | 440/4 | €75,764 | €62,659 | -€13,105 | -17.3% |
| Taxes, remuneration and social security | 45 | €117,142 | €82,900 | -€34,242 | -29.2% |
| Taxes | 450/3 | €117,142 | €82,900 | -€34,242 | -29.2% |
| Other amounts payable | 47/48 | €59,680 | €112,357 | +€52,677 | +88.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,341 | €107,852 | +€51,510 | +91.4% |
| Other operating charges | 640/8 | €10,463 | €29,981 | +€19,518 | +187% |
| Gross operating margin | 9900 | €119,265 | €132,381 | +€13,116 | +11.0% |
| Operating profit (loss) | 9901 | €52,461 | -€5,452 | -€57,912 | |
| Financial charges | 65/66B | €36,752 | €35,471 | -€1,280 | -3.5% |
| Recurring financial charges | 65 | €36,752 | €35,471 | -€1,280 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €15,709 | -€40,923 | -€56,632 | |
| Income taxes | 67/77 | €132,550 | €15,502 | -€117,048 | -88.3% |
| Profit (loss) for the period | 9904 | -€116,841 | -€56,425 | +€60,416 | +51.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€116,841 | -€56,425 | +€60,416 | +51.7% |
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 31 October 2026 via checked.be.