LEMAD: 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.
What changed
LEMAD
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€50,757
2024 · €136,021-€85,263
Equity
€9.2m
2024 · €9.2m+€757
Cash
€51,871
2024 · €61,366-€9,496
Balance sheet total
€9.2m
2024 · €9.2m+€5,313
Largest movements
Assets
- Tangible fixed assets +€478,974
up €478,974 (+40.7%), from €1.2m to €1.7m
of which Land and buildings: +€480,125
- Current investments -€464,613
down €464,613 (-12.3%), from €3.8m to €3.3m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€51,831
down €51,831 (-28.5%), from €181,807 to €129,977
- Services and other goods +€35,593
up €35,593 (+16.9%), from €210,147 to €245,740
- Taxes -€31,032
down €31,032 (-66.1%), from €46,946 to €15,914
of which Taxes: -€31,063
- Depreciation +€30,783
up €30,783 (+37.0%), from €83,278 to €114,061
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
€136,021
Turnover
+€1,365
Other operating income
+€476
Services and other goods
-€35,593
Depreciation
-€30,783
Other operating charges
-€81
Financial income
-€51,831
Financial charges
+€151
Taxes
+€31,032
Result 2025
€50,757
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
+€168,927
Investment
-€128,423
Financing
-€50,000
Cash 2024
€61,366
From operations (derived)
+€168,927
Net result for the year
+€50,757
Depreciation
+€114,061
Receivables within one year
+€23,533
Deferred charges and accrued income
-€23,980
Trade debts
+€23,779
Tax, wage and social debts
-€16,640
Other debts
-€2,993
Accrued charges and deferred income
+€410
Investment (derived)
-€128,423
Investment in fixed assets (net)
-€593,035
Current investments
+€464,613
Financing
-€50,000
Contributions, distributions and other
-€50,000
Cash 2025
€51,871
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,229,505 | €9,234,818 | +€5,313 | +0.1% |
| Fixed assets | 21/28 | €3,600,051 | €4,079,025 | +€478,974 | +13.3% |
| Tangible fixed assets | 22/27 | €1,178,115 | €1,657,089 | +€478,974 | +40.7% |
| Land and buildings | 22 | €1,117,866 | €1,597,991 | +€480,125 | +43.0% |
| Plant, machinery and equipment | 23 | €47,707 | €39,676 | -€8,031 | -16.8% |
| Furniture and vehicles | 24 | €12,543 | €19,422 | +€6,879 | +54.8% |
| Financial fixed assets | 28 | €2,421,935 | €2,421,935 | = | 0.0% |
| Affiliated companies | 280/1 | €2,421,935 | €2,421,935 | = | 0.0% |
| Participating interests | 280 | €2,421,935 | €2,421,935 | = | 0.0% |
| Current assets | 29/58 | €5,629,455 | €5,155,793 | -€473,661 | -8.4% |
| Amounts receivable after more than one year | 29 | €1,650,000 | €1,650,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,650,000 | €1,650,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €126,547 | €103,014 | -€23,533 | -18.6% |
| Trade receivables | 40 | €83,370 | €57,224 | -€26,146 | -31.4% |
| Other amounts receivable | 41 | €43,177 | €45,790 | +€2,613 | +6.1% |
| Current investments | 50/53 | €3,788,600 | €3,323,987 | -€464,613 | -12.3% |
| Other investments | 51/53 | €3,788,600 | €3,323,987 | -€464,613 | -12.3% |
| Cash at bank and in hand | 54/58 | €61,366 | €51,871 | -€9,496 | -15.5% |
| Deferred charges and accrued income | 490/1 | €2,942 | €26,921 | +€23,980 | +815.1% |
| Total equity and liabilities | 10/49 | €9,229,505 | €9,234,818 | +€5,313 | +0.1% |
| Equity | 10/15 | €9,202,148 | €9,202,906 | +€757 | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €9,179,855 | €9,180,000 | +€145 | 0.0% |
| Distributable reserves | 133 | €9,179,855 | €9,180,000 | +€145 | 0.0% |
| Profit (loss) carried forward | 14 | €3,743 | €4,356 | +€612 | +16.4% |
| Amounts payable | 17/49 | €27,357 | €31,913 | +€4,555 | +16.7% |
| Amounts payable within one year | 42/48 | €26,457 | €30,602 | +€4,145 | +15.7% |
| Trade debts | 44 | €1,328 | €25,107 | +€23,779 | +1791.3% |
| Suppliers | 440/4 | €1,328 | €25,107 | +€23,779 | +1791.3% |
| Taxes, remuneration and social security | 45 | €20,067 | €3,427 | -€16,640 | -82.9% |
| Taxes | 450/3 | €17,067 | €427 | -€16,640 | -97.5% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €5,062 | €2,069 | -€2,993 | -59.1% |
| Accrued charges and deferred income | 492/3 | €900 | €1,310 | +€410 | +45.6% |
| Operating income | 70/76A | €298,409 | €300,250 | +€1,841 | +0.6% |
| Turnover | 70 | €293,184 | €294,549 | +€1,365 | +0.5% |
| Other operating income | 74 | €5,225 | €5,701 | +€476 | +9.1% |
| Operating charges | 60/66A | €296,161 | €362,618 | +€66,457 | +22.4% |
| Services and other goods | 61 | €210,147 | €245,740 | +€35,593 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,278 | €114,061 | +€30,783 | +37.0% |
| Other operating charges | 640/8 | €2,736 | €2,817 | +€81 | +3.0% |
| Operating profit (loss) | 9901 | €2,248 | -€62,368 | -€64,616 | |
| Financial income | 75/76B | €181,807 | €129,977 | -€51,831 | -28.5% |
| Recurring financial income | 75 | €181,807 | €129,977 | -€51,831 | -28.5% |
| Income from current assets | 751 | €181,623 | €129,706 | -€51,917 | -28.6% |
| Other financial income | 752/9 | €184 | €271 | +€87 | +46.9% |
| Financial charges | 65/66B | €1,089 | €938 | -€151 | -13.9% |
| Recurring financial charges | 65 | €1,089 | €938 | -€151 | -13.9% |
| Debt charges | 650 | €509 | €319 | -€190 | -37.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €580 | €619 | +€39 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €182,967 | €66,671 | -€116,296 | -63.6% |
| Income taxes | 67/77 | €46,946 | €15,914 | -€31,032 | -66.1% |
| Taxes | 670/3 | €47,338 | €16,275 | -€31,063 | -65.6% |
| Tax adjustments and reversals of tax provisions | 77 | €391 | €361 | -€30 | -7.7% |
| Profit (loss) for the period | 9904 | €136,021 | €50,757 | -€85,263 | -62.7% |
| Profit (loss) for the period to be appropriated | 9905 | €136,021 | €50,757 | -€85,263 | -62.7% |
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 30 September 2026 via checked.be.