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.
What changed
LEMA
NACE 68.110, Buying and selling of own real estate
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€13.1m
2024 · €9.3m+€3.9m
Equity
€62.5m
2024 · €54.4m+€8.1m
Cash
€1.3m
2024 · €1.5m-€174,738
Balance sheet total
€78.0m
2024 · €74.0m+€4.0m
Largest movements
Assets
- Current investments +€10.0m
up €10.0m (+40.1%), from €24.8m to €34.8m
- Receivables within one year -€5.6m
down €5.6m (-22.0%), from €25.5m to €19.9m
of which Other amounts receivable: -€5.8m
Equity and liabilities
- Profit (loss) carried forward +€7.1m
up €7.1m (+59.1%), from €12.1m to €19.2m
- Debts after one year -€2.4m
down €2.4m (-38.5%), from €6.2m to €3.8m
- Other debts -€2.2m
down €2.2m (-21.1%), from €10.3m to €8.1m
- Reserves +€911,600
up €911,600 (+2.4%), from €38.5m to €39.4m
of which Distributable reserves: +€920,388
Income statement
- Financial income +€3.7m
up €3.7m (+34.2%), from €10.9m to €14.6m
- Financial charges +€543,154
up €543,154 (+170.5%), from €318,583 to €861,737
- Taxes -€494,850
down €494,850 (-38.9%), from €1.3m to €778,666
- Gross operating margin +€353,101
up €353,101 (+47.4%), from €744,742 to €1.1m
- Staff costs +€163,133
up €163,133 (+66.6%), from €244,819 to €407,952
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.
Result 2024
€9.3m
Gross operating margin
+€353,101
Staff costs
-€163,133
Depreciation
+€1,639
Other operating charges
+€5,247
Financial income
+€3.7m
Financial charges
-€543,154
Taxes
+€494,850
Result 2025
€13.1m
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.
From operations
+€17.3m
Investment
-€10.3m
Financing
-€7.2m
Cash 2024
€1.5m
From operations (derived)
+€17.3m
Net result for the year
+€13.1m
Depreciation
+€459,307
Smaller working-capital items
-€33,023
Receivables within one year
+€5.6m
Tax, wage and social debts
+€260,093
Other debts
-€2.2m
Accrued charges and deferred income
+€63,358
Investment (derived)
-€10.3m
Investment in fixed assets (net)
-€305,102
Current investments
-€10.0m
Financing
-€7.2m
Debts after one year
-€2.4m
Current portion of long-term debt
+€245,393
Contributions, distributions and other
-€5.1m
Cash 2025
€1.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €73,991,269 | €78,022,820 | +€4.0m | +5.4% |
| Fixed assets | 21/28 | €22,031,374 | €21,877,169 | -€154,205 | -0.7% |
| Tangible fixed assets | 22/27 | €18,467,405 | €18,313,200 | -€154,205 | -0.8% |
| Land and buildings | 22 | €10,392,146 | €9,953,780 | -€438,366 | -4.2% |
| Furniture and vehicles | 24 | €8,075,259 | €8,359,420 | +€284,161 | +3.5% |
| Financial fixed assets | 28 | €3,563,969 | €3,563,969 | = | 0.0% |
| Current assets | 29/58 | €51,959,895 | €56,145,652 | +€4.2m | +8.1% |
| Stocks and contracts in progress | 3 | €17,775 | €15,235 | -€2,539 | -14.3% |
| Stocks | 30/36 | €17,775 | €15,235 | -€2,539 | -14.3% |
| Amounts receivable within one year | 40/41 | €25,510,288 | €19,906,050 | -€5.6m | -22.0% |
| Trade receivables | 40 | €118,433 | €363,211 | +€244,778 | +206.7% |
| Other amounts receivable | 41 | €25,391,855 | €19,542,839 | -€5.8m | -23.0% |
| Current investments | 50/53 | €24,834,560 | €34,791,060 | +€10.0m | +40.1% |
| Cash at bank and in hand | 54/58 | €1,499,927 | €1,325,189 | -€174,738 | -11.6% |
| Deferred charges and accrued income | 490/1 | €97,345 | €108,117 | +€10,773 | +11.1% |
| Total equity and liabilities | 10/49 | €73,991,269 | €78,022,820 | +€4.0m | +5.4% |
| Equity | 10/15 | €54,398,889 | €62,454,067 | +€8.1m | +14.8% |
| Contributions | 10/11 | €3,817,783 | €3,817,783 | = | 0.0% |
| Reserves | 13 | €38,501,440 | €39,413,040 | +€911,600 | +2.4% |
| Non-distributable reserves | 130/1 | €173,606 | €173,606 | = | 0.0% |
| Other | 1319 | €173,606 | €173,606 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,153 | €26,365 | -€8,788 | -25.0% |
| Distributable reserves | 133 | €38,292,681 | €39,213,069 | +€920,388 | +2.4% |
| Profit (loss) carried forward | 14 | €12,079,667 | €19,223,245 | +€7.1m | +59.1% |
| Provisions and deferred taxes | 16 | €20,485 | €15,364 | -€5,121 | -25.0% |
| Deferred taxes | 168 | €20,485 | €15,364 | -€5,121 | -25.0% |
| Amounts payable | 17/49 | €19,571,894 | €15,553,389 | -€4.0m | -20.5% |
| Amounts payable after more than one year | 17 | €6,225,476 | €3,830,793 | -€2.4m | -38.5% |
| Financial debts | 170/4 | €6,225,476 | €3,830,793 | -€2.4m | -38.5% |
| Amounts payable within one year | 42/48 | €13,145,571 | €11,458,391 | -€1.7m | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €1,141,725 | €1,387,118 | +€245,393 | +21.5% |
| Trade debts | 44 | €82,287 | €62,619 | -€19,667 | -23.9% |
| Suppliers | 440/4 | €82,287 | €62,619 | -€19,667 | -23.9% |
| Taxes, remuneration and social security | 45 | €1,611,891 | €1,871,984 | +€260,093 | +16.1% |
| Taxes | 450/3 | €1,591,054 | €1,842,726 | +€251,672 | +15.8% |
| Remuneration and social security | 454/9 | €20,837 | €29,258 | +€8,421 | +40.4% |
| Other amounts payable | 47/48 | €10,309,668 | €8,136,669 | -€2.2m | -21.1% |
| Accrued charges and deferred income | 492/3 | €200,847 | €264,205 | +€63,358 | +31.5% |
| Non-recurring operating income | 76A | €13,715 | - | -€13,715 | |
| Remuneration, social security and pensions | 62 | €244,819 | €407,952 | +€163,133 | +66.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €460,946 | €459,307 | -€1,639 | -0.4% |
| Other operating charges | 640/8 | €86,329 | €81,082 | -€5,247 | -6.1% |
| Gross operating margin | 9900 | €744,742 | €1,097,842 | +€353,101 | +47.4% |
| Operating profit (loss) | 9901 | -€47,352 | €149,502 | +€196,853 | |
| Financial income | 75/76B | €10,891,587 | €14,620,570 | +€3.7m | +34.2% |
| Recurring financial income | 75 | €10,891,587 | €14,620,570 | +€3.7m | +34.2% |
| Financial charges | 65/66B | €318,583 | €861,737 | +€543,154 | +170.5% |
| Recurring financial charges | 65 | €318,583 | €861,737 | +€543,154 | +170.5% |
| Profit (loss) for the period before taxes | 9903 | €10,525,652 | €13,908,334 | +€3.4m | +32.1% |
| Transfer from deferred taxes | 780 | €5,121 | €5,121 | = | 0.0% |
| Income taxes | 67/77 | €1,273,516 | €778,666 | -€494,850 | -38.9% |
| Profit (loss) for the period | 9904 | €9,257,257 | €13,134,790 | +€3.9m | +41.9% |
| Transfer from tax-exempt reserves | 789 | €8,788 | €8,788 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,266,046 | €13,143,578 | +€3.9m | +41.8% |
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 11 October 2026 via checked.be.