LEMAX: what changed
Two financial 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 +€45,247
up €45,247 (+32.1%), from €140,960 to €186,207
of which Plant, machinery and equipment: +€53,299
- Cash +€43,259
up €43,259 (+24.3%), from €177,809 to €221,068
mainly Net result for the year (+€212,330) and Other debts (+€30,300)
- Receivables within one year +€22,860
up €22,860 (+128.1%), from €17,839 to €40,699
of which Other amounts receivable: +€22,579
- Profit (loss) carried forward +€90,709
up €90,709 (+74.6%), from €121,620 to €212,330
- Other debts +€30,300
up €30,300 (+43.3%), from €70,000 to €100,300
- Debts after one year -€15,651
down €15,651 (-32.9%), from €47,626 to €31,976
- Gross operating margin +€34,247
up €34,247 (+12.2%), from €280,647 to €314,895
- Taxes +€14,173
up €14,173 (+25.6%), from €55,377 to €69,550
- Depreciation +€13,714
up €13,714 (+155.3%), from €8,830 to €22,544
- Other operating charges -€8,292
down €8,292 (-72.9%), from €11,369 to €3,078
- Staff costs -€6,487
down €6,487 (-44.0%), from €14,754 to €8,267
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 | €336,608 | €447,974 | +€111,366 | +33.1% |
| Fixed assets | 21/28 | €140,960 | €186,207 | +€45,247 | +32.1% |
| Tangible fixed assets | 22/27 | €140,960 | €186,207 | +€45,247 | +32.1% |
| Land and buildings | 22 | €105,960 | €97,130 | -€8,830 | -8.3% |
| Plant, machinery and equipment | 23 | - | €53,299 | +€53,299 | |
| Furniture and vehicles | 24 | - | €778 | +€778 | |
| Other tangible fixed assets | 26 | €35,000 | €35,000 | = | 0.0% |
| Current assets | 29/58 | €195,648 | €261,767 | +€66,119 | +33.8% |
| Amounts receivable within one year | 40/41 | €17,839 | €40,699 | +€22,860 | +128.1% |
| Trade receivables | 40 | €16,834 | €17,115 | +€281 | +1.7% |
| Other amounts receivable | 41 | €1,005 | €23,584 | +€22,579 | +2247.5% |
| Cash at bank and in hand | 54/58 | €177,809 | €221,068 | +€43,259 | +24.3% |
| Total equity and liabilities | 10/49 | €336,608 | €447,974 | +€111,366 | +33.1% |
| Equity | 10/15 | €200,913 | €295,242 | +€94,330 | +47.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,692 | €64,313 | +€3,620 | +6.0% |
| Distributable reserves | 133 | €60,692 | €64,313 | +€3,620 | +6.0% |
| Profit (loss) carried forward | 14 | €121,620 | €212,330 | +€90,709 | +74.6% |
| Amounts payable | 17/49 | €135,695 | €152,731 | +€17,036 | +12.6% |
| Amounts payable after more than one year | 17 | €47,626 | €31,976 | -€15,651 | -32.9% |
| Financial debts | 170/4 | €47,626 | €31,976 | -€15,651 | -32.9% |
| Amounts payable within one year | 42/48 | €88,069 | €120,755 | +€32,687 | +37.1% |
| Trade debts | 44 | €9,973 | €10,268 | +€295 | +3.0% |
| Suppliers | 440/4 | €9,973 | €10,268 | +€295 | +3.0% |
| Taxes, remuneration and social security | 45 | €8,096 | €10,187 | +€2,091 | +25.8% |
| Taxes | 450/3 | €4,696 | €6,787 | +€2,091 | +44.5% |
| Remuneration and social security | 454/9 | €3,400 | €3,400 | = | 0.0% |
| Other amounts payable | 47/48 | €70,000 | €100,300 | +€30,300 | +43.3% |
| Remuneration, social security and pensions | 62 | €14,754 | €8,267 | -€6,487 | -44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,830 | €22,544 | +€13,714 | +155.3% |
| Other operating charges | 640/8 | €11,369 | €3,078 | -€8,292 | -72.9% |
| Gross operating margin | 9900 | €280,647 | €314,895 | +€34,247 | +12.2% |
| Operating profit (loss) | 9901 | €245,694 | €281,006 | +€35,312 | +14.4% |
| Financial income | 75/76B | €2,408 | €1,835 | -€573 | -23.8% |
| Recurring financial income | 75 | €2,408 | €1,835 | -€573 | -23.8% |
| Financial charges | 65/66B | €1,105 | €961 | -€144 | -13.0% |
| Recurring financial charges | 65 | €1,105 | €961 | -€144 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €246,997 | €281,880 | +€34,883 | +14.1% |
| Income taxes | 67/77 | €55,377 | €69,550 | +€14,173 | +25.6% |
| Profit (loss) for the period | 9904 | €191,620 | €212,330 | +€20,709 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €191,620 | €212,330 | +€20,709 | +10.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.