LEMA: 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.
LEMA
Largest movements
- Receivables after one year +€210,000
new in 2025: €210,000
- Receivables within one year -€90,481
down €90,481 (-94.4%), from €95,893 to €5,412
of which Other amounts receivable: -€71,293
- Cash -€79,985
down €79,985 (-100.0%), from €79,997 to €11
mainly Receivables after one year (-€210,000)
- Tangible fixed assets -€7,773
down €7,773 (-49.1%), from €15,828 to €8,056
of which Furniture and vehicles: -€4,245
- Deferred charges and accrued income -€3,992
down €3,992 (-65.1%), from €6,128 to €2,136
- Short-term financial debts +€15,390
new in 2025: €15,390
- Reserves +€6,344
up €6,344 (+3.6%), from €176,808 to €183,152
- Trade debts +€2,640
up €2,640, from €0 to €2,640
- Staff costs -€78,219
down €78,219 (-83.9%), from €93,260 to €15,041
- Gross operating margin -€74,966
down €74,966 (-69.8%), from €107,473 to €32,506
- Financial charges +€3,465
up €3,465 (+256.9%), from €1,349 to €4,813
- Financial income +€2,450
up €2,450 (+63.6%), from €3,855 to €6,305
- Taxes +€1,339
up €1,339 (+46.4%), from €2,886 to €4,225
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 | €198,096 | €225,615 | +€27,519 | +13.9% |
| Fixed assets | 21/28 | €16,078 | €8,056 | -€8,023 | -49.9% |
| Tangible fixed assets | 22/27 | €15,828 | €8,056 | -€7,773 | -49.1% |
| Plant, machinery and equipment | 23 | €7,081 | €3,770 | -€3,311 | -46.8% |
| Furniture and vehicles | 24 | €8,118 | €3,873 | -€4,245 | -52.3% |
| Other tangible fixed assets | 26 | €630 | €413 | -€216 | -34.4% |
| Financial fixed assets | 28 | €250 | €0 | -€250 | -100.0% |
| Current assets | 29/58 | €182,018 | €217,559 | +€35,542 | +19.5% |
| Amounts receivable after more than one year | 29 | - | €210,000 | +€210,000 | |
| Other amounts receivable | 291 | - | €210,000 | +€210,000 | |
| Amounts receivable within one year | 40/41 | €95,893 | €5,412 | -€90,481 | -94.4% |
| Trade receivables | 40 | €19,794 | €605 | -€19,189 | -96.9% |
| Other amounts receivable | 41 | €76,099 | €4,807 | -€71,293 | -93.7% |
| Cash at bank and in hand | 54/58 | €79,997 | €11 | -€79,985 | -100.0% |
| Deferred charges and accrued income | 490/1 | €6,128 | €2,136 | -€3,992 | -65.1% |
| Total equity and liabilities | 10/49 | €198,096 | €225,615 | +€27,519 | +13.9% |
| Equity | 10/15 | €195,400 | €201,744 | +€6,344 | +3.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €176,808 | €183,152 | +€6,344 | +3.6% |
| Distributable reserves | 133 | €176,808 | €183,152 | +€6,344 | +3.6% |
| Amounts payable | 17/49 | €2,696 | €23,871 | +€21,175 | +785.5% |
| Amounts payable within one year | 42/48 | €2,696 | €23,871 | +€21,175 | +785.5% |
| Financial debts | 43 | - | €15,390 | +€15,390 | |
| Credit institutions | 430/8 | - | €15,390 | +€15,390 | |
| Trade debts | 44 | €0 | €2,640 | +€2,640 | |
| Suppliers | 440/4 | €0 | €2,640 | +€2,640 | |
| Taxes, remuneration and social security | 45 | €2,696 | €4,593 | +€1,897 | +70.4% |
| Taxes | 450/3 | €395 | €4,593 | +€4,198 | +1063.2% |
| Remuneration and social security | 454/9 | €2,301 | €0 | -€2,301 | -100.0% |
| Other amounts payable | 47/48 | €0 | €1,248 | +€1,248 | |
| Non-recurring operating income | 76A | - | €11,683 | +€11,683 | |
| Remuneration, social security and pensions | 62 | €93,260 | €15,041 | -€78,219 | -83.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,627 | €7,773 | -€855 | -9.9% |
| Other operating charges | 640/8 | €856 | €617 | -€239 | -27.9% |
| Gross operating margin | 9900 | €107,473 | €32,506 | -€74,966 | -69.8% |
| Operating profit (loss) | 9901 | €4,730 | €9,076 | +€4,346 | +91.9% |
| Financial income | 75/76B | €3,855 | €6,305 | +€2,450 | +63.6% |
| Recurring financial income | 75 | €3,855 | €6,305 | +€2,450 | +63.6% |
| Financial charges | 65/66B | €1,349 | €4,813 | +€3,465 | +256.9% |
| Recurring financial charges | 65 | €1,349 | €4,813 | +€3,465 | +256.9% |
| Profit (loss) for the period before taxes | 9903 | €7,236 | €10,568 | +€3,332 | +46.0% |
| Income taxes | 67/77 | €2,886 | €4,225 | +€1,339 | +46.4% |
| Profit (loss) for the period | 9904 | €4,350 | €6,344 | +€1,993 | +45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,350 | €6,344 | +€1,993 | +45.8% |
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 8 October 2026 via checked.be.