LEM MANAGEMENT: what changed
Two fiscal 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 MANAGEMENT
Largest movements
- Cash -€126,462
down €126,462 (-91.6%), from €138,008 to €11,545
mainly Contributions, distributions and other (-€105,000) and Debts after one year (-€46,917)
- Tangible fixed assets +€26,910
new in 2025: €26,910
- Receivables within one year -€9,900
down €9,900 (-62.2%), from €15,917 to €6,017
of which Trade receivables: -€15,869
- Debts after one year -€46,917
down €46,917 (-31.6%), from €148,241 to €101,323
- Profit (loss) carried forward -€31,254
down €31,254 (-9.4%), from €333,900 to €302,647
- Other debts -€30,687
down €30,687 (-94.9%), from €32,339 to €1,653
- Financial income -€67,779
down €67,779 (-44.7%), from €151,704 to €83,926
of which Financial income: -€60,607
- Gross operating margin -€15,211
down €15,211 (-18.2%), from €83,648 to €68,436
- Depreciation +€13,180
new in 2025: €13,180
- Taxes -€7,515
down €7,515 (-94.7%), from €7,937 to €422
- Staff costs +€3,629
up €3,629 (+6.6%), from €55,374 to €59,003
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.
Cash bridge derived
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 | €638,846 | €531,291 | -€107,556 | -16.8% |
| Fixed assets | 21/28 | €482,435 | €509,345 | +€26,910 | +5.6% |
| Tangible fixed assets | 22/27 | - | €26,910 | +€26,910 | |
| Furniture and vehicles | 24 | - | €26,910 | +€26,910 | |
| Financial fixed assets | 28 | €482,435 | €482,435 | = | 0.0% |
| Current assets | 29/58 | €156,411 | €21,946 | -€134,466 | -86.0% |
| Amounts receivable within one year | 40/41 | €15,917 | €6,017 | -€9,900 | -62.2% |
| Trade receivables | 40 | €15,869 | €0 | -€15,869 | -100.0% |
| Other amounts receivable | 41 | €48 | €6,017 | +€5,969 | +12396.2% |
| Cash at bank and in hand | 54/58 | €138,008 | €11,545 | -€126,462 | -91.6% |
| Deferred charges and accrued income | 490/1 | €2,487 | €4,384 | +€1,897 | +76.3% |
| Total equity and liabilities | 10/49 | €638,846 | €531,291 | -€107,556 | -16.8% |
| Equity | 10/15 | €388,144 | €356,890 | -€31,254 | -8.1% |
| Contributions | 10/11 | €47,750 | €47,750 | = | 0.0% |
| Reserves | 13 | €6,494 | €6,494 | = | 0.0% |
| Distributable reserves | 133 | €6,494 | €6,494 | = | 0.0% |
| Profit (loss) carried forward | 14 | €333,900 | €302,647 | -€31,254 | -9.4% |
| Amounts payable | 17/49 | €250,702 | €174,400 | -€76,302 | -30.4% |
| Amounts payable after more than one year | 17 | €148,241 | €101,323 | -€46,917 | -31.6% |
| Financial debts | 170/4 | €148,241 | €101,323 | -€46,917 | -31.6% |
| Amounts payable within one year | 42/48 | €102,065 | €72,772 | -€29,293 | -28.7% |
| Current portion of amounts payable after more than one year | 42 | €49,610 | €50,778 | +€1,168 | +2.4% |
| Trade debts | 44 | €1,236 | €301 | -€936 | -75.7% |
| Suppliers | 440/4 | €1,236 | €301 | -€936 | -75.7% |
| Taxes, remuneration and social security | 45 | €18,879 | €20,041 | +€1,161 | +6.2% |
| Taxes | 450/3 | €6,698 | €4,376 | -€2,322 | -34.7% |
| Remuneration and social security | 454/9 | €12,182 | €15,665 | +€3,483 | +28.6% |
| Other amounts payable | 47/48 | €32,339 | €1,653 | -€30,687 | -94.9% |
| Accrued charges and deferred income | 492/3 | €397 | €305 | -€92 | -23.1% |
| Remuneration, social security and pensions | 62 | €55,374 | €59,003 | +€3,629 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €13,180 | +€13,180 | |
| Other operating charges | 640/8 | €1,652 | €1,413 | -€239 | -14.5% |
| Gross operating margin | 9900 | €83,648 | €68,436 | -€15,211 | -18.2% |
| Operating profit (loss) | 9901 | €26,621 | -€5,160 | -€31,782 | |
| Financial income | 75/76B | €151,704 | €83,926 | -€67,779 | -44.7% |
| Recurring financial income | 75 | €144,533 | €83,926 | -€60,607 | -41.9% |
| Non-recurring financial income | 76B | €7,172 | €0 | -€7,172 | -100.0% |
| Financial charges | 65/66B | €7,155 | €4,597 | -€2,558 | -35.7% |
| Recurring financial charges | 65 | €7,155 | €4,597 | -€2,558 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | €171,170 | €74,168 | -€97,002 | -56.7% |
| Income taxes | 67/77 | €7,937 | €422 | -€7,515 | -94.7% |
| Profit (loss) for the period | 9904 | €163,233 | €73,746 | -€89,487 | -54.8% |
| Profit (loss) for the period to be appropriated | 9905 | €163,233 | €73,746 | -€89,487 | -54.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.