LENAERTS PRINT: 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 PRINT
Largest movements
- Receivables within one year -€42,234
down €42,234 (-54.2%), from €77,866 to €35,631
of which Trade receivables: -€43,150
- Tangible fixed assets -€20,657
down €20,657 (-9.1%), from €226,260 to €205,603
of which Plant, machinery and equipment: -€40,406
- Stocks and contracts -€6,421
down €6,421 (-11.0%), from €58,261 to €51,841
- Deferred charges and accrued income +€4,403
up €4,403 (+104%), from €4,220 to €8,623
- Debts after one year -€53,921
down €53,921 (-33.7%), from €160,135 to €106,214
- Trade debts -€20,441
down €20,441 (-67.8%), from €30,137 to €9,697
- Current portion of long-term debt +€8,058
up €8,058 (+12.4%), from €64,967 to €73,025
- Other debts +€5,724
up €5,724 (+117%), from €4,881 to €10,605
- Staff costs -€7,038
down €7,038 (-7.7%), from €90,841 to €83,803
- Gross operating margin -€5,267
down €5,267 (-3.2%), from €165,739 to €160,471
- Depreciation +€2,644
up €2,644 (+3.8%), from €68,907 to €71,551
- Write-downs -€1,714
no longer reported in 2025 (was €1,714)
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.
Derived cash bridge
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 | €438,126 | €372,767 | -€65,359 | -14.9% |
| Fixed assets | 21/28 | €245,542 | €226,097 | -€19,445 | -7.9% |
| Intangible fixed assets | 21 | €19,282 | €20,494 | +€1,212 | +6.3% |
| Tangible fixed assets | 22/27 | €226,260 | €205,603 | -€20,657 | -9.1% |
| Plant, machinery and equipment | 23 | €118,780 | €78,374 | -€40,406 | -34.0% |
| Furniture and vehicles | 24 | €37,116 | €64,263 | +€27,147 | +73.1% |
| Other tangible fixed assets | 26 | €70,364 | €62,966 | -€7,398 | -10.5% |
| Current assets | 29/58 | €192,584 | €146,671 | -€45,913 | -23.8% |
| Stocks and contracts in progress | 3 | €58,261 | €51,841 | -€6,421 | -11.0% |
| Stocks | 30/36 | €58,261 | €51,841 | -€6,421 | -11.0% |
| Amounts receivable within one year | 40/41 | €77,866 | €35,631 | -€42,234 | -54.2% |
| Trade receivables | 40 | €77,225 | €34,076 | -€43,150 | -55.9% |
| Other amounts receivable | 41 | €640 | €1,556 | +€915 | +143% |
| Cash at bank and in hand | 54/58 | €52,236 | €50,575 | -€1,661 | -3.2% |
| Deferred charges and accrued income | 490/1 | €4,220 | €8,623 | +€4,403 | +104% |
| Total equity and liabilities | 10/49 | €438,126 | €372,767 | -€65,359 | -14.9% |
| Equity | 10/15 | €165,938 | €163,852 | -€2,086 | -1.3% |
| Contributions | 10/11 | €44,373 | €44,373 | = | 0.0% |
| Reserves | 13 | €121,565 | €119,479 | -€2,086 | -1.7% |
| Distributable reserves | 133 | €121,565 | €119,479 | -€2,086 | -1.7% |
| Amounts payable | 17/49 | €272,188 | €208,915 | -€63,273 | -23.2% |
| Amounts payable after more than one year | 17 | €160,135 | €106,214 | -€53,921 | -33.7% |
| Financial debts | 170/4 | €160,135 | €106,214 | -€53,921 | -33.7% |
| Amounts payable within one year | 42/48 | €111,976 | €102,701 | -€9,275 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €64,967 | €73,025 | +€8,058 | +12.4% |
| Trade debts | 44 | €30,137 | €9,697 | -€20,441 | -67.8% |
| Suppliers | 440/4 | €30,137 | €9,697 | -€20,441 | -67.8% |
| Taxes, remuneration and social security | 45 | €11,991 | €9,375 | -€2,616 | -21.8% |
| Taxes | 450/3 | €4,398 | €981 | -€3,416 | -77.7% |
| Remuneration and social security | 454/9 | €7,593 | €8,393 | +€800 | +10.5% |
| Other amounts payable | 47/48 | €4,881 | €10,605 | +€5,724 | +117% |
| Accrued charges and deferred income | 492/3 | €77 | - | -€77 | |
| Non-recurring operating income | 76A | - | €10,315 | +€10,315 | |
| Remuneration, social security and pensions | 62 | €90,841 | €83,803 | -€7,038 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,907 | €71,551 | +€2,644 | +3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,714 | - | -€1,714 | |
| Other operating charges | 640/8 | €174 | €62 | -€112 | -64.4% |
| Gross operating margin | 9900 | €165,739 | €160,471 | -€5,267 | -3.2% |
| Operating profit (loss) | 9901 | €4,103 | €5,055 | +€952 | +23.2% |
| Financial income | 75/76B | €1,018 | €1,353 | +€335 | +32.9% |
| Recurring financial income | 75 | €1,018 | €1,353 | +€335 | +32.9% |
| Financial charges | 65/66B | €9,405 | €8,494 | -€910 | -9.7% |
| Recurring financial charges | 65 | €9,405 | €8,494 | -€910 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,283 | -€2,086 | +€2,197 | +51.3% |
| Profit (loss) for the period | 9904 | -€4,283 | -€2,086 | +€2,197 | +51.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,283 | -€2,086 | +€2,197 | +51.3% |
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 30 October 2026 via checked.be.