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
- Cash -€64,751
down €64,751 (-22.9%), from €282,439 to €217,688
mainly Investment in fixed assets (net) (-€136,323) and Debts after one year (-€33,333)
- Tangible fixed assets +€37,432
up €37,432 (+6.0%), from €618,725 to €656,157
of which Land and buildings: +€40,978
- Debts after one year -€33,333
down €33,333 (-20.0%), from €166,667 to €133,333
- Reserves +€23,626
up €23,626 (+14.4%), from €164,087 to €187,713
- Investment grants -€10,029
down €10,029 (-18.6%), from €54,007 to €43,978
- Trade debts -€9,491
no longer reported in 2025 (was €9,491)
- Gross operating margin +€4,343
up €4,343 (+3.6%), from €121,071 to €125,414
- Depreciation +€3,742
up €3,742 (+3.9%), from €95,149 to €98,891
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 | €909,014 | €880,282 | -€28,732 | -3.2% |
| Fixed assets | 21/28 | €618,725 | €656,157 | +€37,432 | +6.0% |
| Tangible fixed assets | 22/27 | €618,725 | €656,157 | +€37,432 | +6.0% |
| Land and buildings | 22 | €603,310 | €644,288 | +€40,978 | +6.8% |
| Plant, machinery and equipment | 23 | €15,212 | €11,099 | -€4,114 | -27.0% |
| Furniture and vehicles | 24 | €202 | €771 | +€568 | +281.1% |
| Current assets | 29/58 | €290,289 | €224,125 | -€66,164 | -22.8% |
| Amounts receivable within one year | 40/41 | €2,811 | €6,437 | +€3,626 | +129.0% |
| Trade receivables | 40 | €1,589 | €5,805 | +€4,216 | +265.2% |
| Other amounts receivable | 41 | €1,222 | €632 | -€590 | -48.3% |
| Cash at bank and in hand | 54/58 | €282,439 | €217,688 | -€64,751 | -22.9% |
| Deferred charges and accrued income | 490/1 | €5,039 | - | -€5,039 | |
| Total equity and liabilities | 10/49 | €909,014 | €880,282 | -€28,732 | -3.2% |
| Equity | 10/15 | €255,305 | €268,902 | +€13,597 | +5.3% |
| Contributions | 10/11 | €37,211 | €37,211 | = | 0.0% |
| Reserves | 13 | €164,087 | €187,713 | +€23,626 | +14.4% |
| Distributable reserves | 133 | €164,087 | €187,713 | +€23,626 | +14.4% |
| Investment grants | 15 | €54,007 | €43,978 | -€10,029 | -18.6% |
| Amounts payable | 17/49 | €653,709 | €611,380 | -€42,329 | -6.5% |
| Amounts payable after more than one year | 17 | €166,667 | €133,333 | -€33,333 | -20.0% |
| Financial debts | 170/4 | €166,667 | €133,333 | -€33,333 | -20.0% |
| Amounts payable within one year | 42/48 | €487,042 | €478,047 | -€8,996 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | €33,333 | €33,333 | = | 0.0% |
| Trade debts | 44 | €9,491 | - | -€9,491 | |
| Suppliers | 440/4 | €9,491 | - | -€9,491 | |
| Other amounts payable | 47/48 | €444,218 | €444,713 | +€496 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,149 | €98,891 | +€3,742 | +3.9% |
| Other operating charges | 640/8 | €9,204 | €9,492 | +€288 | +3.1% |
| Gross operating margin | 9900 | €121,071 | €125,414 | +€4,343 | +3.6% |
| Operating profit (loss) | 9901 | €16,718 | €17,031 | +€314 | +1.9% |
| Financial income | 75/76B | €10,068 | €10,102 | +€34 | +0.3% |
| Recurring financial income | 75 | €10,068 | €10,102 | +€34 | +0.3% |
| Financial charges | 65/66B | €4,054 | €3,508 | -€546 | -13.5% |
| Recurring financial charges | 65 | €4,054 | €3,508 | -€546 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €22,731 | €23,626 | +€894 | +3.9% |
| Profit (loss) for the period | 9904 | €22,731 | €23,626 | +€894 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,731 | €23,626 | +€894 | +3.9% |
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 5 October 2026 via checked.be.