LEMAN: 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
LEMAN
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€266,705
2024 · €348,465-€81,760
Equity
€111.1m
2024 · €101.9m+€9.2m
Cash
€72,941
2024 · €104,096-€31,155
Balance sheet total
€125.9m
2024 · €127.0m-€1.1m
Largest movements
Assets
- Receivables within one year +€1.7m
up €1.7m (+7.5%), from €23.2m to €24.9m
- Tangible fixed assets -€1.4m
down €1.4m (-35.8%), from €4.0m to €2.6m
of which Land and buildings: -€1.9m
Equity and liabilities
- Contributions +€10.0m
up €10.0m (+10.0%), from €100.0m to €110.0m
- Other debts -€9.8m
down €9.8m (-76.7%), from €12.8m to €3.0m
Income statement
- Gross operating margin -€6.1m
down €6.1m (-64.4%), from €9.4m to €3.4m
- Turnover +€2.6m
up €2.6m (+237.2%), from €1.1m to €3.6m
- Financial charges -€150,474
down €150,474 (-17.8%), from €844,530 to €694,056
- Taxes +€113,689
new in 2025: €113,689
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
€348,465
Gross operating margin
-€6.1m
Depreciation
+€56,256
Other operating charges
+€15,570
Other operating items
+€5.9m
Financial income
-€64,597
Financial charges
+€150,474
Taxes
-€113,689
Result 2025
€266,705
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
-€9.9m
Investment
+€1.4m
Financing
+€8.4m
Cash 2024
€104,096
From operations (derived)
-€9.9m
Net result for the year
+€266,705
Depreciation
+€37,937
Receivables after one year
+€1.2m
Receivables within one year
-€1.7m
Deferred charges and accrued income
+€101,541
Smaller working-capital items
-€20,911
Other debts
-€9.8m
Investment (derived)
+€1.4m
Investment in fixed assets (net)
+€1.4m
Financing
+€8.4m
Debts after one year
-€530,000
Contributions, distributions and other
+€9.0m
Cash 2025
€72,941
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €127,037,639 | €125,920,504 | -€1.1m | -0.9% |
| Fixed assets | 21/28 | €94,410,757 | €92,939,423 | -€1.5m | -1.6% |
| Tangible fixed assets | 22/27 | €4,003,584 | €2,569,050 | -€1.4m | -35.8% |
| Land and buildings | 22 | €3,241,187 | €1,321,263 | -€1.9m | -59.2% |
| Plant, machinery and equipment | 23 | €16,816 | €14,948 | -€1,868 | -11.1% |
| Furniture and vehicles | 24 | €7,656 | €4,914 | -€2,743 | -35.8% |
| Other tangible fixed assets | 26 | €737,925 | €1,227,925 | +€490,000 | +66.4% |
| Financial fixed assets | 28 | €90,407,173 | €90,370,373 | -€36,800 | 0.0% |
| Current assets | 29/58 | €32,626,882 | €32,981,082 | +€354,200 | +1.1% |
| Amounts receivable after more than one year | 29 | €9,235,510 | €7,992,184 | -€1.2m | -13.5% |
| Other amounts receivable | 291 | €9,235,510 | €7,992,184 | -€1.2m | -13.5% |
| Amounts receivable within one year | 40/41 | €23,179,748 | €24,909,970 | +€1.7m | +7.5% |
| Other amounts receivable | 41 | €23,179,748 | €24,909,970 | +€1.7m | +7.5% |
| Cash at bank and in hand | 54/58 | €104,096 | €72,941 | -€31,155 | -29.9% |
| Deferred charges and accrued income | 490/1 | €107,528 | €5,987 | -€101,541 | -94.4% |
| Total equity and liabilities | 10/49 | €127,037,639 | €125,920,504 | -€1.1m | -0.9% |
| Equity | 10/15 | €101,906,403 | €111,134,108 | +€9.2m | +9.1% |
| Contributions | 10/11 | €100,000,000 | €110,000,000 | +€10.0m | +10.0% |
| Profit (loss) carried forward | 14 | €1,906,403 | €1,134,108 | -€772,295 | -40.5% |
| Amounts payable | 17/49 | €25,131,236 | €14,786,396 | -€10.3m | -41.2% |
| Amounts payable after more than one year | 17 | €11,650,000 | €11,120,000 | -€530,000 | -4.5% |
| Financial debts | 170/4 | €11,650,000 | €11,120,000 | -€530,000 | -4.5% |
| Amounts payable within one year | 42/48 | €13,421,537 | €3,613,484 | -€9.8m | -73.1% |
| Current portion of amounts payable after more than one year | 42 | €530,000 | €530,000 | = | 0.0% |
| Financial debts | 43 | €105 | €105 | = | 0.0% |
| Other loans | 439 | €105 | €105 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €120,000 | €105,875 | -€14,125 | -11.8% |
| Taxes | 450/3 | €120,000 | €105,875 | -€14,125 | -11.8% |
| Other amounts payable | 47/48 | €12,771,432 | €2,977,504 | -€9.8m | -76.7% |
| Accrued charges and deferred income | 492/3 | €59,699 | €52,912 | -€6,786 | -11.4% |
| Turnover | 70 | €1,075,642 | €3,627,480 | +€2.6m | +237.2% |
| Non-recurring operating income | 76A | €8,677,302 | - | -€8.7m | |
| Goods, raw materials, services and sundry goods | 60/61 | €329,286 | €273,951 | -€55,335 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,193 | €37,937 | -€56,256 | -59.7% |
| Other operating charges | 640/8 | €38,612 | €23,042 | -€15,570 | -40.3% |
| Non-recurring operating charges | 66A | €8,265,000 | €2,320,645 | -€5.9m | -71.9% |
| Gross operating margin | 9900 | €9,423,657 | €3,353,528 | -€6.1m | -64.4% |
| Operating profit (loss) | 9901 | €1,025,852 | €971,905 | -€53,948 | -5.3% |
| Financial income | 75/76B | €167,143 | €102,546 | -€64,597 | -38.6% |
| Recurring financial income | 75 | €167,143 | €102,546 | -€64,597 | -38.6% |
| Financial charges | 65/66B | €844,530 | €694,056 | -€150,474 | -17.8% |
| Recurring financial charges | 65 | €844,530 | €694,056 | -€150,474 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €348,465 | €380,395 | +€31,929 | +9.2% |
| Income taxes | 67/77 | - | €113,689 | +€113,689 | |
| Profit (loss) for the period | 9904 | €348,465 | €266,705 | -€81,760 | -23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €348,465 | €266,705 | -€81,760 | -23.5% |
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 29 September 2026 via checked.be.