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
- Current investments +€2.6m
up €2.6m (+255.0%), from €1.0m to €3.6m
- Receivables within one year -€2.5m
down €2.5m (-79.4%), from €3.2m to €661,619
of which Other amounts receivable: -€2.5m
- Tangible fixed assets -€2.2m
down €2.2m (-80.7%), from €2.7m to €518,611
of which Land and buildings: -€2.2m
- Cash -€306,604
down €306,604 (-28.2%), from €1.1m to €781,918
mainly Contributions, distributions and other (-€5.6m) and Current investments (-€2.6m)
- Deferred charges and accrued income +€150,164
up €150,164 (+2181.1%), from €6,885 to €157,049
- Reserves -€2.0m
down €2.0m (-35.0%), from €5.6m to €3.7m
of which Distributable reserves: -€3.3m
- Other debts -€604,505
down €604,505 (-32.2%), from €1.9m to €1.3m
- Provisions +€456,143
new in 2025: €456,143
- Contributions -€268,883
down €268,883 (-59.1%), from €454,925 to €186,042
- Accrued charges and deferred income +€89,720
up €89,720 (+811.0%), from €11,062 to €100,782
- Gross operating margin +€3.3m
up €3.3m (+344.7%), from €944,515 to €4.2m
- Depreciation -€76,929
down €76,929 (-80.3%), from €95,847 to €18,919
- Taxes -€57,830
down €57,830 (-22.4%), from €258,238 to €200,409
- Other operating charges -€51,645
down €51,645 (-69.9%), from €73,885 to €22,239
- Financial income +€51,371
up €51,371 (+13.6%), from €377,001 to €428,371
of which Non-recurring financial income: +€238,264
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 | €7,999,081 | €5,672,446 | -€2.3m | -29.1% |
| Fixed assets | 21/28 | €2,692,070 | €521,861 | -€2.2m | -80.6% |
| Tangible fixed assets | 22/27 | €2,688,820 | €518,611 | -€2.2m | -80.7% |
| Land and buildings | 22 | €2,687,225 | €517,949 | -€2.2m | -80.7% |
| Plant, machinery and equipment | 23 | €602 | €0 | -€602 | -100.0% |
| Furniture and vehicles | 24 | €993 | €662 | -€331 | -33.3% |
| Financial fixed assets | 28 | €3,250 | €3,250 | = | 0.0% |
| Current assets | 29/58 | €5,307,012 | €5,150,585 | -€156,426 | -2.9% |
| Amounts receivable after more than one year | 29 | - | €0 | = | |
| Other amounts receivable | 291 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €3,211,605 | €661,619 | -€2.5m | -79.4% |
| Trade receivables | 40 | €67,921 | €45,693 | -€22,228 | -32.7% |
| Other amounts receivable | 41 | €3,143,685 | €615,926 | -€2.5m | -80.4% |
| Current investments | 50/53 | €1,000,000 | €3,550,000 | +€2.6m | +255.0% |
| Cash at bank and in hand | 54/58 | €1,088,521 | €781,918 | -€306,604 | -28.2% |
| Deferred charges and accrued income | 490/1 | €6,885 | €157,049 | +€150,164 | +2181.1% |
| Total equity and liabilities | 10/49 | €7,999,081 | €5,672,446 | -€2.3m | -29.1% |
| Equity | 10/15 | €6,073,165 | €3,839,509 | -€2.2m | -36.8% |
| Contributions | 10/11 | €454,925 | €186,042 | -€268,883 | -59.1% |
| Reserves | 13 | €5,618,240 | €3,653,467 | -€2.0m | -35.0% |
| Tax-exempt reserves | 132 | - | €1,368,428 | +€1.4m | |
| Distributable reserves | 133 | €5,618,240 | €2,285,039 | -€3.3m | -59.3% |
| Provisions and deferred taxes | 16 | - | €456,143 | +€456,143 | |
| Deferred taxes | 168 | - | €456,143 | +€456,143 | |
| Amounts payable | 17/49 | €1,925,916 | €1,376,794 | -€549,122 | -28.5% |
| Amounts payable within one year | 42/48 | €1,914,854 | €1,276,012 | -€638,842 | -33.4% |
| Trade debts | 44 | €499 | €974 | +€475 | +95.1% |
| Suppliers | 440/4 | €499 | €974 | +€475 | +95.1% |
| Taxes, remuneration and social security | 45 | €38,520 | €3,708 | -€34,811 | -90.4% |
| Taxes | 450/3 | €38,520 | €3,708 | -€34,811 | -90.4% |
| Other amounts payable | 47/48 | €1,875,835 | €1,271,330 | -€604,505 | -32.2% |
| Accrued charges and deferred income | 492/3 | €11,062 | €100,782 | +€89,720 | +811.0% |
| Non-recurring operating income | 76A | - | €3,649,141 | +€3.6m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,847 | €18,919 | -€76,929 | -80.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €44,375 | +€44,375 | |
| Other operating charges | 640/8 | €73,885 | €22,239 | -€51,645 | -69.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €944,515 | €4,200,647 | +€3.3m | +344.7% |
| Operating profit (loss) | 9901 | €774,783 | €4,115,114 | +€3.3m | +431.1% |
| Financial income | 75/76B | €377,001 | €428,371 | +€51,371 | +13.6% |
| Recurring financial income | 75 | €377,001 | €190,107 | -€186,893 | -49.6% |
| Non-recurring financial income | 76B | - | €238,264 | +€238,264 | |
| Financial charges | 65/66B | €123,811 | €92,802 | -€31,009 | -25.0% |
| Recurring financial charges | 65 | €123,811 | €92,802 | -€31,009 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €1,027,973 | €4,450,684 | +€3.4m | +333.0% |
| Transfer to deferred taxes | 680 | - | €912,285 | +€912,285 | |
| Income taxes | 67/77 | €258,238 | €200,409 | -€57,830 | -22.4% |
| Profit (loss) for the period | 9904 | €769,735 | €3,337,990 | +€2.6m | +333.7% |
| Transfer to tax-exempt reserves | 689 | - | €3,069,108 | +€3.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €769,735 | €268,882 | -€500,853 | -65.1% |
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 7 October 2026 via checked.be.