LENAERTS E.: 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.
LENAERTS E.
Largest movements
- Cash +€188,862
up €188,862 (+337.5%), from €55,966 to €244,829
mainly Net result for the year (+€120,758) and Receivables within one year (+€67,232)
- Receivables within one year -€67,232
down €67,232 (-83.7%), from €80,320 to €13,089
of which Trade receivables: -€55,107
- Stocks and contracts -€38,050
no longer reported in 2025 (was €38,050)
- Tangible fixed assets -€8,311
down €8,311 (-11.4%), from €72,942 to €64,630
of which Land and buildings: -€8,205
- Reserves +€120,758
up €120,758 (+125.3%), from €96,339 to €217,097
- Trade debts -€23,013
down €23,013 (-82.6%), from €27,850 to €4,837
- Tax, wage and social debts -€14,596
down €14,596 (-54.3%), from €26,883 to €12,287
- Debts after one year -€6,079
down €6,079 (-20.8%), from €29,278 to €23,200
- Gross operating margin +€178,149
up €178,149 (+414.9%), from €42,939 to €221,088
- Taxes +€39,008
up €39,008 (+491.7%), from €7,933 to €46,940
- Financial charges +€38,496
up €38,496 (+3363.9%), from €1,144 to €39,641
- Write-downs +€2,500
new in 2025: €2,500
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 | €249,388 | €324,390 | +€75,002 | +30.1% |
| Fixed assets | 21/28 | €72,942 | €64,630 | -€8,311 | -11.4% |
| Tangible fixed assets | 22/27 | €72,942 | €64,630 | -€8,311 | -11.4% |
| Land and buildings | 22 | €72,836 | €64,630 | -€8,205 | -11.3% |
| Furniture and vehicles | 24 | €106 | - | -€106 | |
| Current assets | 29/58 | €176,447 | €259,760 | +€83,314 | +47.2% |
| Stocks and contracts in progress | 3 | €38,050 | - | -€38,050 | |
| Stocks | 30/36 | €38,050 | - | -€38,050 | |
| Amounts receivable within one year | 40/41 | €80,320 | €13,089 | -€67,232 | -83.7% |
| Trade receivables | 40 | €65,137 | €10,030 | -€55,107 | -84.6% |
| Other amounts receivable | 41 | €15,184 | €3,059 | -€12,124 | -79.9% |
| Cash at bank and in hand | 54/58 | €55,966 | €244,829 | +€188,862 | +337.5% |
| Deferred charges and accrued income | 490/1 | €2,110 | €1,843 | -€267 | -12.7% |
| Total equity and liabilities | 10/49 | €249,388 | €324,390 | +€75,002 | +30.1% |
| Equity | 10/15 | €155,824 | €276,582 | +€120,758 | +77.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €96,339 | €217,097 | +€120,758 | +125.3% |
| Distributable reserves | 133 | €96,339 | €217,097 | +€120,758 | +125.3% |
| Profit (loss) carried forward | 14 | €40,885 | €40,885 | = | 0.0% |
| Amounts payable | 17/49 | €93,565 | €47,809 | -€45,756 | -48.9% |
| Amounts payable after more than one year | 17 | €29,278 | €23,200 | -€6,079 | -20.8% |
| Financial debts | 170/4 | €29,278 | €23,200 | -€6,079 | -20.8% |
| Amounts payable within one year | 42/48 | €64,085 | €24,539 | -€39,546 | -61.7% |
| Current portion of amounts payable after more than one year | 42 | €8,244 | €6,079 | -€2,165 | -26.3% |
| Trade debts | 44 | €27,850 | €4,837 | -€23,013 | -82.6% |
| Suppliers | 440/4 | €27,850 | €4,837 | -€23,013 | -82.6% |
| Taxes, remuneration and social security | 45 | €26,883 | €12,287 | -€14,596 | -54.3% |
| Taxes | 450/3 | €26,883 | €12,287 | -€14,596 | -54.3% |
| Other amounts payable | 47/48 | €1,108 | €1,337 | +€228 | +20.6% |
| Accrued charges and deferred income | 492/3 | €201 | €70 | -€132 | -65.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,318 | €8,311 | -€6 | -0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,500 | +€2,500 | |
| Other operating charges | 640/8 | €4,578 | €4,742 | +€164 | +3.6% |
| Gross operating margin | 9900 | €42,939 | €221,088 | +€178,149 | +414.9% |
| Operating profit (loss) | 9901 | €30,043 | €205,535 | +€175,492 | +584.1% |
| Financial income | 75/76B | €52 | €1,804 | +€1,752 | +3363.4% |
| Recurring financial income | 75 | €52 | €1,804 | +€1,752 | +3363.4% |
| Financial charges | 65/66B | €1,144 | €39,641 | +€38,496 | +3363.9% |
| Recurring financial charges | 65 | €1,144 | €39,641 | +€38,496 | +3363.9% |
| Profit (loss) for the period before taxes | 9903 | €28,951 | €167,698 | +€138,747 | +479.2% |
| Income taxes | 67/77 | €7,933 | €46,940 | +€39,008 | +491.7% |
| Profit (loss) for the period | 9904 | €21,018 | €120,758 | +€99,740 | +474.5% |
| Profit (loss) for the period to be appropriated | 9905 | €21,018 | €120,758 | +€99,740 | +474.5% |
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 2 October 2026 via checked.be.