LEMAVER: 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.
LEMAVER
Largest movements
- Cash -€390,724
down €390,724 (-96.4%), from €405,128 to €14,403
mainly Contributions, distributions and other (-€320,000) and Receivables within one year (-€26,625)
- Receivables within one year +€26,625
up €26,625 (+466.3%), from €5,709 to €32,334
of which Other amounts receivable: +€29,635
- Deferred charges and accrued income +€18,382
up €18,382 (+4173.3%), from €440 to €18,823
- Contributions -€270,000
down €270,000 (-93.1%), from €290,000 to €20,000
- Reserves -€33,646
down €33,646 (-23.9%), from €141,000 to €107,354
of which Non-distributable reserves: -€29,000
- Current portion of long-term debt -€24,959
no longer reported in 2025 (was €24,959)
- Accrued charges and deferred income -€15,004
no longer reported in 2025 (was €15,004)
- Trade debts -€8,172
no longer reported in 2025 (was €8,172)
- Staff costs -€128,979
down €128,979 (-94.5%), from €136,417 to €7,438
- Gross operating margin -€102,931
down €102,931 (-72.1%), from €142,824 to €39,893
- Depreciation -€4,264
down €4,264 (-86.2%), from €4,945 to €681
- Taxes +€3,294
up €3,294, from €0 to €3,294
- Financial charges -€2,242
down €2,242 (-82.3%), from €2,725 to €483
From the 28-02-2025 result to the 31-12-2025 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 28-02-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 28-02-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €479,288 | €131,035 | -€348,254 | -72.7% |
| Fixed assets | 21/28 | €68,011 | €65,475 | -€2,536 | -3.7% |
| Tangible fixed assets | 22/27 | €68,011 | €65,475 | -€2,536 | -3.7% |
| Land and buildings | 22 | €66,156 | €65,475 | -€681 | -1.0% |
| Furniture and vehicles | 24 | €1,855 | - | -€1,855 | |
| Current assets | 29/58 | €411,277 | €65,560 | -€345,717 | -84.1% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €5,709 | €32,334 | +€26,625 | +466.3% |
| Trade receivables | 40 | €3,011 | - | -€3,011 | |
| Other amounts receivable | 41 | €2,699 | €32,334 | +€29,635 | +1098.2% |
| Cash at bank and in hand | 54/58 | €405,128 | €14,403 | -€390,724 | -96.4% |
| Deferred charges and accrued income | 490/1 | €440 | €18,823 | +€18,382 | +4173.3% |
| Total equity and liabilities | 10/49 | €479,288 | €131,035 | -€348,254 | -72.7% |
| Equity | 10/15 | €431,000 | €127,354 | -€303,646 | -70.5% |
| Contributions | 10/11 | €290,000 | €20,000 | -€270,000 | -93.1% |
| Reserves | 13 | €141,000 | €107,354 | -€33,646 | -23.9% |
| Non-distributable reserves | 130/1 | €29,642 | €642 | -€29,000 | -97.8% |
| Reserves not available under the articles | 1311 | €29,642 | €642 | -€29,000 | -97.8% |
| Tax-exempt reserves | 132 | €50,152 | €50,152 | = | 0.0% |
| Distributable reserves | 133 | €61,206 | €56,560 | -€4,646 | -7.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €48,289 | €3,681 | -€44,608 | -92.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €33,285 | €3,681 | -€29,604 | -88.9% |
| Current portion of amounts payable after more than one year | 42 | €24,959 | - | -€24,959 | |
| Trade debts | 44 | €8,172 | - | -€8,172 | |
| Suppliers | 440/4 | €8,172 | - | -€8,172 | |
| Taxes, remuneration and social security | 45 | €154 | €3,681 | +€3,527 | +2289.7% |
| Taxes | 450/3 | €154 | €3,681 | +€3,527 | +2289.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €15,004 | - | -€15,004 | |
| Non-recurring operating income | 76A | €38,330 | - | -€38,330 | |
| Remuneration, social security and pensions | 62 | €136,417 | €7,438 | -€128,979 | -94.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,945 | €681 | -€4,264 | -86.2% |
| Other operating charges | 640/8 | €10,784 | €9,831 | -€952 | -8.8% |
| Non-recurring operating charges | 66A | - | €1,855 | +€1,855 | |
| Gross operating margin | 9900 | €142,824 | €39,893 | -€102,931 | -72.1% |
| Operating profit (loss) | 9901 | -€9,321 | €20,087 | +€29,408 | |
| Financial income | 75/76B | €1,528 | €45 | -€1,483 | -97.1% |
| Recurring financial income | 75 | €1,528 | €45 | -€1,483 | -97.1% |
| Financial charges | 65/66B | €2,725 | €483 | -€2,242 | -82.3% |
| Recurring financial charges | 65 | €2,725 | €483 | -€2,242 | -82.3% |
| Profit (loss) for the period before taxes | 9903 | -€10,519 | €19,649 | +€30,167 | |
| Income taxes | 67/77 | €0 | €3,294 | +€3,294 | |
| Profit (loss) for the period | 9904 | -€10,519 | €16,354 | +€26,873 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,519 | €16,354 | +€26,873 |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2025 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.