LEMAX: 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.
LEMAX
Largest movements
- Tangible fixed assets -€25,394
down €25,394 (-9.2%), from €274,528 to €249,134
- Cash -€11,217
down €11,217 (-14.6%), from €76,627 to €65,411
mainly Other debts (-€12,312) and Net result for the year (-€10,548)
- Receivables within one year +€9,774
up €9,774 (+12.8%), from €76,526 to €86,300
of which Trade receivables: +€5,484
- Other debts -€12,312
down €12,312 (-6.9%), from €179,056 to €166,745
- Profit (loss) carried forward -€10,548
new in 2025: -€10,548
- Current portion of long-term debt -€4,871
down €4,871 (-57.2%), from €8,516 to €3,645
- Gross operating margin +€22,916
up €22,916 (+527.7%), from €4,342 to €27,258
- Financial income +€4,872
up €4,872 (+2242.3%), from €217 to €5,089
- Other operating charges -€2,373
down €2,373 (-20.3%), from €11,710 to €9,337
- Financial charges -€948
down €948 (-21.1%), from €4,484 to €3,536
- Depreciation +€332
up €332 (+1.1%), from €29,400 to €29,732
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 | €477,516 | €450,867 | -€26,648 | -5.6% |
| Fixed assets | 21/28 | €274,528 | €249,134 | -€25,394 | -9.2% |
| Tangible fixed assets | 22/27 | €274,528 | €249,134 | -€25,394 | -9.2% |
| Land and buildings | 22 | €236,612 | €224,554 | -€12,058 | -5.1% |
| Plant, machinery and equipment | 23 | €6,730 | €5,916 | -€813 | -12.1% |
| Furniture and vehicles | 24 | €31,186 | €18,664 | -€12,523 | -40.2% |
| Current assets | 29/58 | €202,988 | €201,733 | -€1,255 | -0.6% |
| Amounts receivable within one year | 40/41 | €76,526 | €86,300 | +€9,774 | +12.8% |
| Trade receivables | 40 | €67,508 | €72,992 | +€5,484 | +8.1% |
| Other amounts receivable | 41 | €9,017 | €13,308 | +€4,290 | +47.6% |
| Current investments | 50/53 | €48,727 | €48,727 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €76,627 | €65,411 | -€11,217 | -14.6% |
| Deferred charges and accrued income | 490/1 | €1,108 | €1,296 | +€188 | +17.0% |
| Total equity and liabilities | 10/49 | €477,516 | €450,867 | -€26,648 | -5.6% |
| Equity | 10/15 | €241,038 | €230,490 | -€10,548 | -4.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €179,038 | €179,038 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €172,838 | €172,838 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€10,548 | -€10,548 | |
| Amounts payable | 17/49 | €236,477 | €220,377 | -€16,100 | -6.8% |
| Amounts payable after more than one year | 17 | €43,645 | €40,000 | -€3,645 | -8.4% |
| Financial debts | 170/4 | €3,645 | - | -€3,645 | |
| Other amounts payable | 178/9 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €187,907 | €175,377 | -€12,530 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €8,516 | €3,645 | -€4,871 | -57.2% |
| Trade debts | 44 | €336 | €444 | +€108 | +32.2% |
| Suppliers | 440/4 | €336 | €444 | +€108 | +32.2% |
| Taxes, remuneration and social security | 45 | - | €4,544 | +€4,544 | |
| Taxes | 450/3 | - | €4,544 | +€4,544 | |
| Other amounts payable | 47/48 | €179,056 | €166,745 | -€12,312 | -6.9% |
| Accrued charges and deferred income | 492/3 | €4,925 | €5,000 | +€75 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,400 | €29,732 | +€332 | +1.1% |
| Other operating charges | 640/8 | €11,710 | €9,337 | -€2,373 | -20.3% |
| Gross operating margin | 9900 | €4,342 | €27,258 | +€22,916 | +527.7% |
| Operating profit (loss) | 9901 | -€36,768 | -€11,811 | +€24,957 | +67.9% |
| Financial income | 75/76B | €217 | €5,089 | +€4,872 | +2242.3% |
| Recurring financial income | 75 | €217 | €5,089 | +€4,872 | +2242.3% |
| Financial charges | 65/66B | €4,484 | €3,536 | -€948 | -21.1% |
| Recurring financial charges | 65 | €4,484 | €3,536 | -€948 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | -€41,035 | -€10,258 | +€30,777 | +75.0% |
| Income taxes | 67/77 | €248 | €290 | +€42 | +16.9% |
| Profit (loss) for the period | 9904 | -€41,283 | -€10,548 | +€30,735 | +74.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,283 | -€10,548 | +€30,735 | +74.4% |
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 1 October 2026 via checked.be.