LEMA: 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.
LEMA
Largest movements
- Receivables within one year -€113,984
down €113,984 (-82.0%), from €138,941 to €24,956
of which Other amounts receivable: -€114,428
- Tangible fixed assets -€42,286
down €42,286 (-16.7%), from €252,458 to €210,172
of which Land and buildings: -€26,967
- Cash +€33,140
up €33,140 (+51.0%), from €64,926 to €98,065
mainly Receivables within one year (+€113,984) and Depreciation (+€42,286)
- Reserves -€88,200
down €88,200 (-78.0%), from €113,104 to €24,905
of which Distributable reserves: -€88,200
- Debts after one year -€41,731
down €41,731 (-32.8%), from €127,210 to €85,479
- Other debts +€6,451
up €6,451 (+13.5%), from €47,723 to €54,175
- Trade debts -€5,589
down €5,589 (-8.1%), from €69,301 to €63,711
- Gross operating margin +€31,108
up €31,108 (+23.1%), from €134,435 to €165,544
- Staff costs +€9,641
up €9,641 (+12.2%), from €78,791 to €88,432
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 | €475,984 | €349,190 | -€126,794 | -26.6% |
| Fixed assets | 21/28 | €256,467 | €214,181 | -€42,286 | -16.5% |
| Tangible fixed assets | 22/27 | €252,458 | €210,172 | -€42,286 | -16.7% |
| Land and buildings | 22 | €182,235 | €155,267 | -€26,967 | -14.8% |
| Plant, machinery and equipment | 23 | €70,224 | €54,905 | -€15,319 | -21.8% |
| Financial fixed assets | 28 | €4,009 | €4,009 | = | 0.0% |
| Current assets | 29/58 | €219,516 | €135,009 | -€84,508 | -38.5% |
| Stocks and contracts in progress | 3 | €11,971 | €11,926 | -€46 | -0.4% |
| Stocks | 30/36 | €11,971 | €11,926 | -€46 | -0.4% |
| Amounts receivable within one year | 40/41 | €138,941 | €24,956 | -€113,984 | -82.0% |
| Trade receivables | 40 | - | €444 | +€444 | |
| Other amounts receivable | 41 | €138,941 | €24,513 | -€114,428 | -82.4% |
| Cash at bank and in hand | 54/58 | €64,926 | €98,065 | +€33,140 | +51.0% |
| Deferred charges and accrued income | 490/1 | €3,679 | €61 | -€3,618 | -98.3% |
| Total equity and liabilities | 10/49 | €475,984 | €349,190 | -€126,794 | -26.6% |
| Equity | 10/15 | €175,104 | €86,905 | -€88,200 | -50.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €113,104 | €24,905 | -€88,200 | -78.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €106,904 | €18,705 | -€88,200 | -82.5% |
| Amounts payable | 17/49 | €300,880 | €262,285 | -€38,594 | -12.8% |
| Amounts payable after more than one year | 17 | €127,210 | €85,479 | -€41,731 | -32.8% |
| Financial debts | 170/4 | €127,210 | €85,479 | -€41,731 | -32.8% |
| Amounts payable within one year | 42/48 | €173,670 | €176,771 | +€3,102 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €41,073 | €41,731 | +€659 | +1.6% |
| Trade debts | 44 | €69,301 | €63,711 | -€5,589 | -8.1% |
| Suppliers | 440/4 | €69,301 | €63,711 | -€5,589 | -8.1% |
| Taxes, remuneration and social security | 45 | €15,573 | €17,154 | +€1,581 | +10.2% |
| Remuneration and social security | 454/9 | €15,573 | €17,154 | +€1,581 | +10.2% |
| Other amounts payable | 47/48 | €47,723 | €54,175 | +€6,451 | +13.5% |
| Accrued charges and deferred income | 492/3 | - | €35 | +€35 | |
| Remuneration, social security and pensions | 62 | €78,791 | €88,432 | +€9,641 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,179 | €42,286 | +€107 | +0.3% |
| Other operating charges | 640/8 | €8,555 | €8,668 | +€112 | +1.3% |
| Gross operating margin | 9900 | €134,435 | €165,544 | +€31,108 | +23.1% |
| Operating profit (loss) | 9901 | €4,910 | €26,158 | +€21,248 | +432.7% |
| Financial income | 75/76B | €19 | €136 | +€118 | +631.9% |
| Recurring financial income | 75 | €19 | €136 | +€118 | +631.9% |
| Financial charges | 65/66B | €3,954 | €2,494 | -€1,460 | -36.9% |
| Recurring financial charges | 65 | €3,954 | €2,494 | -€1,460 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | €974 | €23,800 | +€22,826 | +2342.5% |
| Income taxes | 67/77 | €6 | - | -€6 | |
| Profit (loss) for the period | 9904 | €969 | €23,800 | +€22,832 | +2356.6% |
| Profit (loss) for the period to be appropriated | 9905 | €969 | €23,800 | +€22,832 | +2356.6% |
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 12 October 2026 via checked.be.