LEMADRAN: 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.
LEMADRAN
Largest movements
- Cash -€76,561
down €76,561 (-66.7%), from €114,795 to €38,234
mainly Other debts (-€61,256) and Receivables after one year (-€21,486)
- Receivables after one year +€21,486
up €21,486 (+9.3%), from €232,120 to €253,607
- Tangible fixed assets -€7,502
down €7,502 (-7.9%), from €94,853 to €87,351
of which Land and buildings: -€5,332
- Receivables within one year -€5,010
down €5,010 (-9.3%), from €54,111 to €49,101
of which Other amounts receivable: -€14,010
- Other debts -€61,256
down €61,256 (-100.0%), from €61,275 to €19
- Reserves +€13,213
up €13,213 (+4.7%), from €278,260 to €291,473
- Current portion of long-term debt -€8,228
no longer reported in 2025 (was €8,228)
- Tax, wage and social debts -€7,057
down €7,057 (-50.9%), from €13,852 to €6,795
- Gross operating margin -€21,597
down €21,597 (-48.5%), from €44,519 to €22,922
- Financial income +€1,301
up €1,301 (+20.6%), from €6,326 to €7,627
- Taxes -€844
down €844 (-12.7%), from €6,659 to €5,815
- Other operating charges +€567
up €567 (+58.2%), from €974 to €1,541
- Depreciation +€542
up €542 (+7.8%), from €6,960 to €7,502
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 | €498,562 | €432,445 | -€66,117 | -13.3% |
| Fixed assets | 21/28 | €94,853 | €87,351 | -€7,502 | -7.9% |
| Tangible fixed assets | 22/27 | €94,853 | €87,351 | -€7,502 | -7.9% |
| Land and buildings | 22 | €83,196 | €77,864 | -€5,332 | -6.4% |
| Plant, machinery and equipment | 23 | €3,510 | €2,751 | -€759 | -21.6% |
| Furniture and vehicles | 24 | €2,886 | €2,191 | -€695 | -24.1% |
| Other tangible fixed assets | 26 | €5,261 | €4,545 | -€716 | -13.6% |
| Current assets | 29/58 | €403,709 | €345,094 | -€58,615 | -14.5% |
| Amounts receivable after more than one year | 29 | €232,120 | €253,607 | +€21,486 | +9.3% |
| Other amounts receivable | 291 | €232,120 | €253,607 | +€21,486 | +9.3% |
| Amounts receivable within one year | 40/41 | €54,111 | €49,101 | -€5,010 | -9.3% |
| Trade receivables | 40 | €13,093 | €22,093 | +€9,000 | +68.7% |
| Other amounts receivable | 41 | €41,018 | €27,008 | -€14,010 | -34.2% |
| Cash at bank and in hand | 54/58 | €114,795 | €38,234 | -€76,561 | -66.7% |
| Deferred charges and accrued income | 490/1 | €2,683 | €4,153 | +€1,469 | +54.8% |
| Total equity and liabilities | 10/49 | €498,562 | €432,445 | -€66,117 | -13.3% |
| Equity | 10/15 | €361,931 | €375,144 | +€13,213 | +3.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €278,260 | €291,473 | +€13,213 | +4.7% |
| Distributable reserves | 133 | €278,260 | €291,473 | +€13,213 | +4.7% |
| Profit (loss) carried forward | 14 | €71,270 | €71,270 | = | 0.0% |
| Amounts payable | 17/49 | €136,632 | €57,301 | -€79,330 | -58.1% |
| Amounts payable after more than one year | 17 | €48,569 | €48,569 | = | 0.0% |
| Financial debts | 170/4 | €48,569 | €48,569 | = | 0.0% |
| Amounts payable within one year | 42/48 | €88,063 | €8,732 | -€79,330 | -90.1% |
| Current portion of amounts payable after more than one year | 42 | €8,228 | - | -€8,228 | |
| Trade debts | 44 | €4,708 | €1,919 | -€2,789 | -59.2% |
| Suppliers | 440/4 | €4,708 | €1,919 | -€2,789 | -59.2% |
| Taxes, remuneration and social security | 45 | €13,852 | €6,795 | -€7,057 | -50.9% |
| Taxes | 450/3 | €13,852 | €6,795 | -€7,057 | -50.9% |
| Other amounts payable | 47/48 | €61,275 | €19 | -€61,256 | -100.0% |
| Remuneration, social security and pensions | 62 | €271 | - | -€271 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,960 | €7,502 | +€542 | +7.8% |
| Other operating charges | 640/8 | €974 | €1,541 | +€567 | +58.2% |
| Gross operating margin | 9900 | €44,519 | €22,922 | -€21,597 | -48.5% |
| Operating profit (loss) | 9901 | €36,314 | €13,879 | -€22,435 | -61.8% |
| Financial income | 75/76B | €6,326 | €7,627 | +€1,301 | +20.6% |
| Recurring financial income | 75 | €6,326 | €7,627 | +€1,301 | +20.6% |
| Financial charges | 65/66B | €2,561 | €2,478 | -€83 | -3.2% |
| Recurring financial charges | 65 | €2,561 | €2,478 | -€83 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €40,079 | €19,028 | -€21,051 | -52.5% |
| Income taxes | 67/77 | €6,659 | €5,815 | -€844 | -12.7% |
| Profit (loss) for the period | 9904 | €33,420 | €13,213 | -€20,207 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,420 | €13,213 | -€20,207 | -60.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.