Lemaire & Massillon: what changed
What changed
Lemaire & Massillon
filed annual accounts (NBB)
Net result for the year
-€9,399
2024 · €4,533-€13,932
Equity
€672,983
2024 · €743,109-€70,127
Cash
€103,409
2024 · €22,385+€81,023
Balance sheet total
€1.5m
2024 · €1.6m-€33,204
Largest movements
Assets
- Current investments -€130,000
no longer reported in 2025 (was €130,000)
- Cash +€81,023
up €81,023 (+362%), from €22,385 to €103,409
mainly Current investments (+€130,000) and Other debts (+€108,951)
- Stocks and contracts +€29,102
up €29,102 (+4.8%), from €601,434 to €630,536
Equity and liabilities
- Other debts +€108,951
up €108,951 (+28.8%), from €378,901 to €487,852
- Reserves -€60,727
down €60,727 (-29.7%), from €204,495 to €143,767
of which Distributable reserves: -€60,727
- Debts after one year -€45,854
down €45,854 (-13.0%), from €353,604 to €307,750
- Current portion of long-term debt -€31,947
down €31,947 (-41.6%), from €76,747 to €44,800
Income statement
- Financial charges +€9,799
up €9,799 (+35.1%), from €27,919 to €37,717
- Gross operating margin -€3,381
down €3,381 (-3.6%), from €94,120 to €90,740
- Depreciation +€2,309
up €2,309 (+5.6%), from €41,295 to €43,603
- Financial income +€1,659
up €1,659 (+537%), from €309 to €1,968
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€4,533
Gross operating margin
-€3,381
Depreciation
-€2,309
Other operating charges
-€469
Financial income
+€1,659
Financial charges
-€9,799
Taxes
+€366
Result 2025
-€9,399
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€123,326
Investment
+€96,226
Financing
-€138,528
Cash 2024
€22,385
From operations (derived)
+€123,326
Net result for the year
-€9,399
Depreciation
+€43,603
Stocks and contracts
-€29,102
Receivables within one year
+€3,500
Trade debts
-€778
Tax, wage and social debts
+€6,531
Other debts
+€108,951
Accrued charges and deferred income
+€20
Investment (derived)
+€96,226
Investment in fixed assets (net)
-€33,774
Current investments
+€130,000
Financing
-€138,528
Debts after one year
-€45,854
Current portion of long-term debt
-€31,947
Contributions, distributions and other
-€60,727
Cash 2025
€103,409
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,559,493 | €1,526,289 | -€33,204 | -2.1% |
| Fixed assets | 21/28 | €792,123 | €782,294 | -€9,829 | -1.2% |
| Tangible fixed assets | 22/27 | €790,497 | €782,294 | -€8,202 | -1.0% |
| Land and buildings | 22 | €790,497 | €782,294 | -€8,202 | -1.0% |
| Financial fixed assets | 28 | €1,627 | - | -€1,627 | |
| Current assets | 29/58 | €767,369 | €743,994 | -€23,375 | -3.0% |
| Stocks and contracts in progress | 3 | €601,434 | €630,536 | +€29,102 | +4.8% |
| Stocks | 30/36 | €601,434 | €630,536 | +€29,102 | +4.8% |
| Amounts receivable within one year | 40/41 | €13,550 | €10,050 | -€3,500 | -25.8% |
| Other amounts receivable | 41 | €13,550 | €10,050 | -€3,500 | -25.8% |
| Current investments | 50/53 | €130,000 | - | -€130,000 | |
| Cash at bank and in hand | 54/58 | €22,385 | €103,409 | +€81,023 | +362% |
| Total equity and liabilities | 10/49 | €1,559,493 | €1,526,289 | -€33,204 | -2.1% |
| Equity | 10/15 | €743,109 | €672,983 | -€70,127 | -9.4% |
| Contributions | 10/11 | €475,000 | €475,000 | = | 0.0% |
| Reserves | 13 | €204,495 | €143,767 | -€60,727 | -29.7% |
| Non-distributable reserves | 130/1 | €24,262 | €24,262 | = | 0.0% |
| Reserves not available under the articles | 1311 | €24,262 | €24,262 | = | 0.0% |
| Distributable reserves | 133 | €180,233 | €119,506 | -€60,727 | -33.7% |
| Profit (loss) carried forward | 14 | €63,615 | €54,216 | -€9,399 | -14.8% |
| Amounts payable | 17/49 | €816,383 | €853,306 | +€36,923 | +4.5% |
| Amounts payable after more than one year | 17 | €353,604 | €307,750 | -€45,854 | -13.0% |
| Financial debts | 170/4 | €353,604 | €307,750 | -€45,854 | -13.0% |
| Amounts payable within one year | 42/48 | €461,877 | €544,634 | +€82,757 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €76,747 | €44,800 | -€31,947 | -41.6% |
| Trade debts | 44 | €778 | - | -€778 | |
| Suppliers | 440/4 | €778 | - | -€778 | |
| Taxes, remuneration and social security | 45 | €5,451 | €11,981 | +€6,531 | +120% |
| Taxes | 450/3 | €5,451 | €11,981 | +€6,531 | +120% |
| Other amounts payable | 47/48 | €378,901 | €487,852 | +€108,951 | +28.8% |
| Accrued charges and deferred income | 492/3 | €902 | €922 | +€20 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,295 | €43,603 | +€2,309 | +5.6% |
| Other operating charges | 640/8 | €19,758 | €20,228 | +€469 | +2.4% |
| Gross operating margin | 9900 | €94,120 | €90,740 | -€3,381 | -3.6% |
| Operating profit (loss) | 9901 | €33,067 | €26,909 | -€6,159 | -18.6% |
| Financial income | 75/76B | €309 | €1,968 | +€1,659 | +537% |
| Recurring financial income | 75 | €309 | €1,968 | +€1,659 | +537% |
| Financial charges | 65/66B | €27,919 | €37,717 | +€9,799 | +35.1% |
| Recurring financial charges | 65 | €27,919 | €37,717 | +€9,799 | +35.1% |
| Profit (loss) for the period before taxes | 9903 | €5,458 | -€8,841 | -€14,299 | |
| Income taxes | 67/77 | €925 | €558 | -€366 | -39.6% |
| Profit (loss) for the period | 9904 | €4,533 | -€9,399 | -€13,932 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,533 | -€9,399 | -€13,932 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.