Lenaerts: 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.
Lenaerts
Largest movements
- Cash +€279,155
up €279,155 (+169.7%), from €164,471 to €443,626
mainly Net result for the year (+€708,939) and Trade debts (+€2,077)
- Receivables within one year +€62,444
up €62,444 (+15.9%), from €391,697 to €454,141
of which Trade receivables: +€76,531
- Reserves +€368,939
up €368,939 (+76.6%), from €481,726 to €850,664
- Tax, wage and social debts -€19,235
down €19,235 (-31.3%), from €61,429 to €42,195
of which Remuneration and social security: -€18,475
- Gross operating margin +€727,289
up €727,289 (+253.9%), from €286,401 to €1.0m
- Taxes +€179,299
up €179,299 (+305.0%), from €58,787 to €238,087
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 | €565,782 | €903,586 | +€337,805 | +59.7% |
| Fixed assets | 21/28 | €7,353 | €5,298 | -€2,055 | -28.0% |
| Tangible fixed assets | 22/27 | €6,653 | €4,598 | -€2,055 | -30.9% |
| Plant, machinery and equipment | 23 | €3,137 | €2,532 | -€605 | -19.3% |
| Furniture and vehicles | 24 | €3,516 | €2,065 | -€1,450 | -41.3% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €558,429 | €898,289 | +€339,860 | +60.9% |
| Amounts receivable within one year | 40/41 | €391,697 | €454,141 | +€62,444 | +15.9% |
| Trade receivables | 40 | €357,847 | €434,378 | +€76,531 | +21.4% |
| Other amounts receivable | 41 | €33,850 | €19,763 | -€14,087 | -41.6% |
| Cash at bank and in hand | 54/58 | €164,471 | €443,626 | +€279,155 | +169.7% |
| Deferred charges and accrued income | 490/1 | €2,261 | €522 | -€1,739 | -76.9% |
| Total equity and liabilities | 10/49 | €565,782 | €903,586 | +€337,805 | +59.7% |
| Equity | 10/15 | €487,926 | €856,864 | +€368,939 | +75.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €481,726 | €850,664 | +€368,939 | +76.6% |
| Distributable reserves | 133 | €481,726 | €850,664 | +€368,939 | +76.6% |
| Amounts payable | 17/49 | €77,856 | €46,722 | -€31,134 | -40.0% |
| Amounts payable within one year | 42/48 | €77,856 | €46,722 | -€31,134 | -40.0% |
| Current portion of amounts payable after more than one year | 42 | €8,875 | - | -€8,875 | |
| Trade debts | 44 | €550 | €2,628 | +€2,077 | +377.4% |
| Suppliers | 440/4 | €550 | €2,628 | +€2,077 | +377.4% |
| Taxes, remuneration and social security | 45 | €61,429 | €42,195 | -€19,235 | -31.3% |
| Taxes | 450/3 | €41,581 | €40,821 | -€760 | -1.8% |
| Remuneration and social security | 454/9 | €19,848 | €1,373 | -€18,475 | -93.1% |
| Other amounts payable | 47/48 | €7,001 | €1,899 | -€5,102 | -72.9% |
| Non-recurring operating income | 76A | - | €940,000 | +€940,000 | |
| Remuneration, social security and pensions | 62 | €71,051 | €66,953 | -€4,098 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,055 | €2,055 | = | 0.0% |
| Other operating charges | 640/8 | €513 | €840 | +€327 | +63.7% |
| Gross operating margin | 9900 | €286,401 | €1,013,690 | +€727,289 | +253.9% |
| Operating profit (loss) | 9901 | €212,782 | €943,841 | +€731,060 | +343.6% |
| Financial income | 75/76B | €679 | €3,295 | +€2,616 | +385.4% |
| Recurring financial income | 75 | €679 | €3,295 | +€2,616 | +385.4% |
| Financial charges | 65/66B | €400 | €111 | -€289 | -72.3% |
| Recurring financial charges | 65 | €400 | €111 | -€289 | -72.3% |
| Profit (loss) for the period before taxes | 9903 | €213,061 | €947,025 | +€733,965 | +344.5% |
| Income taxes | 67/77 | €58,787 | €238,087 | +€179,299 | +305.0% |
| Profit (loss) for the period | 9904 | €154,273 | €708,939 | +€554,665 | +359.5% |
| Profit (loss) for the period to be appropriated | 9905 | €154,273 | €708,939 | +€554,665 | +359.5% |
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.