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
-€122,845
2024 · -€57,858-€64,986
Equity
€1.2m
2024 · €1.3m-€122,845
Cash
€31,011
2024 · €26,182+€4,829
Balance sheet total
€3.9m
2024 · €3.7m+€132,185
Largest movements
Assets
- Tangible fixed assets +€152,706
up €152,706 (+4.1%), from €3.7m to €3.8m
of which Land and buildings: +€183,066
Equity and liabilities
- Debts after one year +€245,625
up €245,625 (+10.7%), from €2.3m to €2.5m
of which Financial debts: +€240,000
- Profit (loss) carried forward -€113,883
down €113,883 (-81.2%), from -€140,181 to -€254,064
Income statement
- Depreciation +€46,127
up €46,127 (+30.3%), from €152,232 to €198,359
- Gross operating margin -€21,045
down €21,045 (-19.1%), from €110,168 to €89,123
- Financial income +€5,921
up €5,921 (+55.9%), from €10,600 to €16,521
- Other operating charges +€2,146
up €2,146 (+9.2%), from €23,361 to €25,507
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
-€57,858
Gross operating margin
-€21,045
Staff costs
-€4
Depreciation
-€46,127
Other operating charges
-€2,146
Other operating items
-€1,580
Financial income
+€5,921
Financial charges
-€246
Taxes
+€241
Result 2025
-€122,845
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
+€110,270
Investment
-€351,066
Financing
+€245,625
Cash 2024
€26,182
From operations (derived)
+€110,270
Net result for the year
-€122,845
Depreciation
+€198,359
Receivables within one year
+€24,785
Smaller working-capital items
+€448
Provisions
-€3,764
Trade debts
+€10,200
Advances received
+€3,086
Investment (derived)
-€351,066
Investment in fixed assets (net)
-€351,066
Financing
+€245,625
Debts after one year
+€245,625
Cash 2025
€31,011
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,747,635 | €3,879,820 | +€132,185 | +3.5% |
| Fixed assets | 21/28 | €3,686,265 | €3,838,971 | +€152,706 | +4.1% |
| Tangible fixed assets | 22/27 | €3,686,265 | €3,838,971 | +€152,706 | +4.1% |
| Land and buildings | 22 | €3,551,868 | €3,734,933 | +€183,066 | +5.2% |
| Plant, machinery and equipment | 23 | €3,572 | €5,281 | +€1,708 | +47.8% |
| Furniture and vehicles | 24 | €130,825 | €98,757 | -€32,068 | -24.5% |
| Current assets | 29/58 | €61,370 | €40,848 | -€20,521 | -33.4% |
| Amounts receivable within one year | 40/41 | €33,887 | €9,102 | -€24,785 | -73.1% |
| Trade receivables | 40 | €33,886 | €8,124 | -€25,763 | -76.0% |
| Other amounts receivable | 41 | €1 | €978 | +€977 | +87249.1% |
| Cash at bank and in hand | 54/58 | €26,182 | €31,011 | +€4,829 | +18.4% |
| Deferred charges and accrued income | 490/1 | €1,300 | €735 | -€565 | -43.5% |
| Total equity and liabilities | 10/49 | €3,747,635 | €3,879,820 | +€132,185 | +3.5% |
| Equity | 10/15 | €1,348,006 | €1,225,162 | -€122,845 | -9.1% |
| Contributions | 10/11 | €502,000 | €502,000 | = | 0.0% |
| Capital | 10 | €502,000 | €502,000 | = | 0.0% |
| Issued capital | 100 | €502,000 | €502,000 | = | 0.0% |
| Reserves | 13 | €986,187 | €977,226 | -€8,962 | -0.9% |
| Non-distributable reserves | 130/1 | €50,200 | €50,200 | = | 0.0% |
| Legal reserve | 130 | €50,200 | €50,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €235,987 | €227,026 | -€8,962 | -3.8% |
| Distributable reserves | 133 | €700,000 | €700,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€140,181 | -€254,064 | -€113,883 | -81.2% |
| Provisions and deferred taxes | 16 | €99,127 | €95,362 | -€3,764 | -3.8% |
| Deferred taxes | 168 | €99,127 | €95,362 | -€3,764 | -3.8% |
| Amounts payable | 17/49 | €2,300,502 | €2,559,296 | +€258,794 | +11.2% |
| Amounts payable after more than one year | 17 | €2,299,466 | €2,545,091 | +€245,625 | +10.7% |
| Financial debts | 170/4 | €2,264,000 | €2,504,000 | +€240,000 | +10.6% |
| Other amounts payable | 178/9 | €35,466 | €41,091 | +€5,625 | +15.9% |
| Amounts payable within one year | 42/48 | €1,036 | €14,205 | +€13,169 | +1271.6% |
| Trade debts | 44 | - | €10,200 | +€10,200 | |
| Suppliers | 440/4 | - | €10,200 | +€10,200 | |
| Advances received on contracts in progress | 46 | - | €3,086 | +€3,086 | |
| Other amounts payable | 47/48 | €1,036 | €919 | -€117 | -11.3% |
| Non-recurring operating income | 76A | €2,420 | - | -€2,420 | |
| Remuneration, social security and pensions | 62 | €131 | €135 | +€4 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,232 | €198,359 | +€46,127 | +30.3% |
| Other operating charges | 640/8 | €23,361 | €25,507 | +€2,146 | +9.2% |
| Non-recurring operating charges | 66A | €5,465 | €7,045 | +€1,580 | +28.9% |
| Gross operating margin | 9900 | €110,168 | €89,123 | -€21,045 | -19.1% |
| Operating profit (loss) | 9901 | -€71,021 | -€141,923 | -€70,903 | -99.8% |
| Financial income | 75/76B | €10,600 | €16,521 | +€5,921 | +55.9% |
| Recurring financial income | 75 | €10,600 | €16,521 | +€5,921 | +55.9% |
| Financial charges | 65/66B | €280 | €526 | +€246 | +88.0% |
| Recurring financial charges | 65 | €280 | €526 | +€246 | +88.0% |
| Profit (loss) for the period before taxes | 9903 | -€60,701 | -€125,929 | -€65,228 | -107.5% |
| Transfer from deferred taxes | 780 | €3,764 | €3,764 | = | 0.0% |
| Income taxes | 67/77 | €922 | €680 | -€241 | -26.2% |
| Profit (loss) for the period | 9904 | -€57,858 | -€122,845 | -€64,986 | -112.3% |
| Transfer from tax-exempt reserves | 789 | €8,962 | €8,962 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,897 | -€113,883 | -€64,986 | -132.9% |
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 4 October 2026 via checked.be.