LENARTZ: 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.
LENARTZ
Largest movements
- Stocks and contracts +€49,460
up €49,460 (+61.0%), from €81,036 to €130,496
of which Stocks: +€24,873
- Tangible fixed assets -€43,370
down €43,370 (-17.6%), from €246,077 to €202,706
of which Furniture and vehicles: -€27,683
- Receivables within one year +€27,349
up €27,349 (+21.5%), from €127,156 to €154,505
of which Other amounts receivable: +€66,127
- Cash +€12,050
up €12,050 (+53.6%), from €22,468 to €34,518
mainly Net result for the year (+€59,373) and Trade debts (+€45,265)
- Current investments +€10,003
up €10,003 (+39,167%), from €26 to €10,029
- Trade debts +€45,265
up €45,265 (+529%), from €8,562 to €53,827
- Profit (loss) carried forward +€43,260
up €43,260 (+36.3%), from €119,258 to €162,518
- Other debts -€25,000
down €25,000 (-55.6%), from €45,000 to €20,000
- Debts after one year -€10,176
down €10,176 (-25.0%), from €40,686 to €30,510
- Tax, wage and social debts +€7,085
up €7,085 (+123%), from €5,762 to €12,848
of which Taxes: +€7,085
- Gross operating margin -€32,306
down €32,306 (-6.8%), from €474,177 to €441,872
- Staff costs -€18,200
down €18,200 (-5.7%), from €322,118 to €303,918
- Write-downs -€15,000
new in 2025: -€15,000
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 | €481,143 | €537,019 | +€55,876 | +11.6% |
| Fixed assets | 21/28 | €246,077 | €202,706 | -€43,370 | -17.6% |
| Tangible fixed assets | 22/27 | €246,077 | €202,706 | -€43,370 | -17.6% |
| Land and buildings | 22 | €175,796 | €159,384 | -€16,412 | -9.3% |
| Plant, machinery and equipment | 23 | €722 | €1,447 | +€725 | +100% |
| Furniture and vehicles | 24 | €69,559 | €41,876 | -€27,683 | -39.8% |
| Current assets | 29/58 | €235,067 | €334,313 | +€99,246 | +42.2% |
| Stocks and contracts in progress | 3 | €81,036 | €130,496 | +€49,460 | +61.0% |
| Stocks | 30/36 | €37,827 | €62,700 | +€24,873 | +65.8% |
| Contracts in progress | 37 | €43,209 | €67,797 | +€24,588 | +56.9% |
| Amounts receivable within one year | 40/41 | €127,156 | €154,505 | +€27,349 | +21.5% |
| Trade receivables | 40 | €89,694 | €50,915 | -€38,779 | -43.2% |
| Other amounts receivable | 41 | €37,462 | €103,590 | +€66,127 | +177% |
| Current investments | 50/53 | €26 | €10,029 | +€10,003 | +39,167% |
| Cash at bank and in hand | 54/58 | €22,468 | €34,518 | +€12,050 | +53.6% |
| Deferred charges and accrued income | 490/1 | €4,380 | €4,764 | +€384 | +8.8% |
| Total equity and liabilities | 10/49 | €481,143 | €537,019 | +€55,876 | +11.6% |
| Equity | 10/15 | €228,581 | €267,023 | +€38,442 | +16.8% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €34,207 | €30,320 | -€3,887 | -11.4% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,207 | €23,320 | -€3,887 | -14.3% |
| Profit (loss) carried forward | 14 | €119,258 | €162,518 | +€43,260 | +36.3% |
| Investment grants | 15 | €5,116 | €4,185 | -€931 | -18.2% |
| Provisions and deferred taxes | 16 | €25,046 | €23,045 | -€2,001 | -8.0% |
| Provisions for liabilities and charges | 160/5 | €11,037 | €11,037 | = | 0.0% |
| Environmental obligations | 163 | €11,037 | €11,037 | = | 0.0% |
| Deferred taxes | 168 | €14,009 | €12,008 | -€2,001 | -14.3% |
| Amounts payable | 17/49 | €227,516 | €246,951 | +€19,435 | +8.5% |
| Amounts payable after more than one year | 17 | €40,686 | €30,510 | -€10,176 | -25.0% |
| Financial debts | 170/4 | €40,686 | €30,510 | -€10,176 | -25.0% |
| Amounts payable within one year | 42/48 | €185,333 | €216,442 | +€31,108 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €26,009 | €25,712 | -€296 | -1.1% |
| Financial debts | 43 | €100,000 | €104,055 | +€4,055 | +4.1% |
| Credit institutions | 430/8 | €100,000 | €104,055 | +€4,055 | +4.1% |
| Trade debts | 44 | €8,562 | €53,827 | +€45,265 | +529% |
| Suppliers | 440/4 | €8,562 | €53,827 | +€45,265 | +529% |
| Taxes, remuneration and social security | 45 | €5,762 | €12,848 | +€7,085 | +123% |
| Taxes | 450/3 | €5,762 | €12,848 | +€7,085 | +123% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €45,000 | €20,000 | -€25,000 | -55.6% |
| Accrued charges and deferred income | 492/3 | €1,497 | €0 | -€1,497 | -100% |
| Remuneration, social security and pensions | 62 | €322,118 | €303,918 | -€18,200 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,920 | €44,374 | -€1,545 | -3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€15,000 | -€15,000 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€675 | €0 | +€675 | |
| Other operating charges | 640/8 | €24,476 | €24,899 | +€423 | +1.7% |
| Gross operating margin | 9900 | €474,177 | €441,872 | -€32,306 | -6.8% |
| Operating profit (loss) | 9901 | €82,339 | €83,681 | +€1,342 | +1.6% |
| Financial income | 75/76B | €2,025 | €4,749 | +€2,724 | +134% |
| Recurring financial income | 75 | €2,025 | €4,749 | +€2,724 | +134% |
| Financial charges | 65/66B | €12,009 | €11,972 | -€37 | -0.3% |
| Recurring financial charges | 65 | €12,009 | €11,972 | -€37 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €72,356 | €76,458 | +€4,103 | +5.7% |
| Transfer from deferred taxes | 780 | €2,001 | €2,001 | = | 0.0% |
| Income taxes | 67/77 | €17,274 | €19,087 | +€1,813 | +10.5% |
| Profit (loss) for the period | 9904 | €57,083 | €59,373 | +€2,290 | +4.0% |
| Transfer from tax-exempt reserves | 789 | €3,887 | €3,887 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,970 | €63,260 | +€2,290 | +3.8% |
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 14 October 2026 via checked.be.