LENAERTS PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets -€14,885
down €14,885 (-5.7%), from €261,247 to €246,362
of which Furniture and vehicles: -€15,290
- Cash +€5,267
up €5,267 (+5.5%), from €95,690 to €100,957
mainly Depreciation (+€37,628) and Current portion of long-term debt (+€6,662)
- Debts after one year -€17,558
down €17,558 (-10.6%), from €166,187 to €148,629
- Current portion of long-term debt +€6,662
up €6,662 (+24.2%), from €27,474 to €34,136
- Profit (loss) carried forward +€4,655
up €4,655 (+2.7%), from €170,615 to €175,270
- Gross operating margin -€34,714
down €34,714 (-39.9%), from €87,111 to €52,397
- Taxes -€7,975
down €7,975 (-82.4%), from €9,677 to €1,702
- Depreciation +€1,483
up €1,483 (+4.1%), from €36,145 to €37,628
- Financial income +€911
up €911 (+1,534%), from €59 to €971
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 | €385,134 | €377,260 | -€7,874 | -2.0% |
| Fixed assets | 21/28 | €261,247 | €246,362 | -€14,885 | -5.7% |
| Tangible fixed assets | 22/27 | €261,247 | €246,362 | -€14,885 | -5.7% |
| Land and buildings | 22 | €188,202 | €174,765 | -€13,438 | -7.1% |
| Plant, machinery and equipment | 23 | €22,018 | €35,861 | +€13,843 | +62.9% |
| Furniture and vehicles | 24 | €51,026 | €35,736 | -€15,290 | -30.0% |
| Current assets | 29/58 | €123,887 | €130,898 | +€7,011 | +5.7% |
| Amounts receivable within one year | 40/41 | €27,711 | €29,455 | +€1,744 | +6.3% |
| Trade receivables | 40 | €18,739 | €11,584 | -€7,155 | -38.2% |
| Other amounts receivable | 41 | €8,972 | €17,871 | +€8,899 | +99.2% |
| Cash at bank and in hand | 54/58 | €95,690 | €100,957 | +€5,267 | +5.5% |
| Deferred charges and accrued income | 490/1 | €486 | €486 | = | 0.0% |
| Total equity and liabilities | 10/49 | €385,134 | €377,260 | -€7,874 | -2.0% |
| Equity | 10/15 | €184,875 | €189,530 | +€4,655 | +2.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €170,615 | €175,270 | +€4,655 | +2.7% |
| Amounts payable | 17/49 | €200,260 | €187,730 | -€12,530 | -6.3% |
| Amounts payable after more than one year | 17 | €166,187 | €148,629 | -€17,558 | -10.6% |
| Financial debts | 170/4 | €166,187 | €148,629 | -€17,558 | -10.6% |
| Amounts payable within one year | 42/48 | €34,072 | €39,101 | +€5,028 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €27,474 | €34,136 | +€6,662 | +24.2% |
| Trade debts | 44 | €4,912 | €4,282 | -€630 | -12.8% |
| Suppliers | 440/4 | €4,912 | €4,282 | -€630 | -12.8% |
| Taxes, remuneration and social security | 45 | €1,686 | €683 | -€1,004 | -59.5% |
| Taxes | 450/3 | €1,686 | €683 | -€1,004 | -59.5% |
| Non-recurring operating income | 76A | €1,000 | - | -€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,145 | €37,628 | +€1,483 | +4.1% |
| Other operating charges | 640/8 | €2,887 | €2,700 | -€187 | -6.5% |
| Gross operating margin | 9900 | €87,111 | €52,397 | -€34,714 | -39.9% |
| Operating profit (loss) | 9901 | €48,079 | €12,069 | -€36,010 | -74.9% |
| Financial income | 75/76B | €59 | €971 | +€911 | +1,534% |
| Recurring financial income | 75 | €59 | €971 | +€911 | +1,534% |
| Financial charges | 65/66B | €6,858 | €6,683 | -€175 | -2.6% |
| Recurring financial charges | 65 | €6,858 | €6,683 | -€175 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €41,281 | €6,357 | -€34,924 | -84.6% |
| Income taxes | 67/77 | €9,677 | €1,702 | -€7,975 | -82.4% |
| Profit (loss) for the period | 9904 | €31,603 | €4,655 | -€26,948 | -85.3% |
| Profit (loss) for the period to be appropriated | 9905 | €31,603 | €4,655 | -€26,948 | -85.3% |
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 13 October 2026 via checked.be.