LENAFER: 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.
LENAFER
Largest movements
- Cash +€84,672
up €84,672 (+81.4%), from €104,070 to €188,742
mainly Net result for the year (+€80,165) and Depreciation (+€8,784)
- Tangible fixed assets -€15,648
down €15,648 (-67.5%), from €23,198 to €7,550
of which Leasing and similar rights: -€9,314
- Receivables within one year +€4,311
up €4,311 (+23.0%), from €18,733 to €23,045
of which Trade receivables: +€6,375
- Profit (loss) carried forward +€80,165
up €80,165 (+82.6%), from €97,016 to €177,180
- Current portion of long-term debt -€10,781
no longer reported in 2025 (was €10,781)
- Debts after one year -€5,251
no longer reported in 2025 (was €5,251)
- Other debts +€3,792
up €3,792 (+20.3%), from €18,670 to €22,462
- Trade debts +€3,068
up €3,068 (+197.0%), from €1,557 to €4,625
- Gross operating margin +€48,542
up €48,542 (+43.9%), from €110,668 to €159,210
- Taxes +€18,527
up €18,527 (+202.0%), from €9,170 to €27,697
- Staff costs -€18,503
down €18,503 (-31.5%), from €58,702 to €40,199
- Depreciation -€4,593
down €4,593 (-34.3%), from €13,377 to €8,784
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 | €148,215 | €222,128 | +€73,914 | +49.9% |
| Fixed assets | 21/28 | €23,198 | €7,550 | -€15,648 | -67.5% |
| Tangible fixed assets | 22/27 | €23,198 | €7,550 | -€15,648 | -67.5% |
| Plant, machinery and equipment | 23 | €3,971 | €3,769 | -€202 | -5.1% |
| Furniture and vehicles | 24 | €9,913 | €3,782 | -€6,131 | -61.9% |
| Leasing and similar rights | 25 | €9,314 | - | -€9,314 | |
| Current assets | 29/58 | €125,017 | €214,578 | +€89,562 | +71.6% |
| Amounts receivable within one year | 40/41 | €18,733 | €23,045 | +€4,311 | +23.0% |
| Trade receivables | 40 | €7,934 | €14,309 | +€6,375 | +80.4% |
| Other amounts receivable | 41 | €10,799 | €8,736 | -€2,064 | -19.1% |
| Cash at bank and in hand | 54/58 | €104,070 | €188,742 | +€84,672 | +81.4% |
| Deferred charges and accrued income | 490/1 | €2,213 | €2,791 | +€578 | +26.1% |
| Total equity and liabilities | 10/49 | €148,215 | €222,128 | +€73,914 | +49.9% |
| Equity | 10/15 | €102,016 | €182,180 | +€80,165 | +78.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €97,016 | €177,180 | +€80,165 | +82.6% |
| Amounts payable | 17/49 | €46,199 | €39,948 | -€6,251 | -13.5% |
| Amounts payable after more than one year | 17 | €5,251 | - | -€5,251 | |
| Financial debts | 170/4 | €5,251 | - | -€5,251 | |
| Amounts payable within one year | 42/48 | €40,948 | €39,948 | -€1,000 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €10,781 | - | -€10,781 | |
| Trade debts | 44 | €1,557 | €4,625 | +€3,068 | +197.0% |
| Suppliers | 440/4 | €1,557 | €4,625 | +€3,068 | +197.0% |
| Taxes, remuneration and social security | 45 | €9,940 | €12,861 | +€2,922 | +29.4% |
| Taxes | 450/3 | €815 | €6,598 | +€5,782 | +709.1% |
| Remuneration and social security | 454/9 | €9,124 | €6,264 | -€2,860 | -31.4% |
| Other amounts payable | 47/48 | €18,670 | €22,462 | +€3,792 | +20.3% |
| Remuneration, social security and pensions | 62 | €58,702 | €40,199 | -€18,503 | -31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,377 | €8,784 | -€4,593 | -34.3% |
| Other operating charges | 640/8 | €1,171 | €1,424 | +€253 | +21.6% |
| Gross operating margin | 9900 | €110,668 | €159,210 | +€48,542 | +43.9% |
| Operating profit (loss) | 9901 | €37,418 | €108,803 | +€71,385 | +190.8% |
| Financial income | 75/76B | €178 | €604 | +€427 | +240.0% |
| Recurring financial income | 75 | €178 | €200 | +€22 | +12.3% |
| Non-recurring financial income | 76B | - | €405 | +€405 | |
| Financial charges | 65/66B | €1,810 | €1,546 | -€264 | -14.6% |
| Recurring financial charges | 65 | €1,640 | €1,313 | -€328 | -20.0% |
| Non-recurring financial charges | 66B | €169 | €233 | +€64 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €35,787 | €107,862 | +€72,076 | +201.4% |
| Income taxes | 67/77 | €9,170 | €27,697 | +€18,527 | +202.0% |
| Profit (loss) for the period | 9904 | €26,616 | €80,165 | +€53,548 | +201.2% |
| Profit (loss) for the period to be appropriated | 9905 | €26,616 | €80,165 | +€53,548 | +201.2% |
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 9 October 2026 via checked.be.