LENOBLE MANAGEMENT: 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.
LENOBLE MANAGEMENT
Largest movements
- Tangible fixed assets -€52,639
down €52,639 (-12.9%), from €408,076 to €355,437
of which Land and buildings: -€29,045
- Debts after one year -€371,792
down €371,792 (-15.9%), from €2.3m to €2.0m
of which Financial debts: -€221,792
- Profit (loss) carried forward +€291,482
up €291,482 (+255%), from €114,337 to €405,819
- Financial income +€225,000
new in 2025: €225,000
- Gross operating margin -€36,167
down €36,167 (-16.2%), from €223,233 to €187,066
- Taxes -€22,232
down €22,232 (-51.6%), from €43,049 to €20,817
- Depreciation +€9,992
up €9,992 (+23.4%), from €42,647 to €52,639
- Financial charges -€3,688
down €3,688 (-9.7%), from €37,995 to €34,307
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 | €3,015,486 | €2,954,685 | -€60,801 | -2.0% |
| Fixed assets | 21/28 | €2,945,420 | €2,892,781 | -€52,639 | -1.8% |
| Tangible fixed assets | 22/27 | €408,076 | €355,437 | -€52,639 | -12.9% |
| Land and buildings | 22 | €303,708 | €274,663 | -€29,045 | -9.6% |
| Leasing and similar rights | 25 | €104,368 | €80,774 | -€23,594 | -22.6% |
| Financial fixed assets | 28 | €2,537,344 | €2,537,344 | = | 0.0% |
| Current assets | 29/58 | €70,067 | €61,904 | -€8,162 | -11.6% |
| Amounts receivable within one year | 40/41 | €21,903 | €7,691 | -€14,212 | -64.9% |
| Trade receivables | 40 | €21,393 | €3,933 | -€17,460 | -81.6% |
| Other amounts receivable | 41 | €510 | €3,759 | +€3,249 | +637% |
| Cash at bank and in hand | 54/58 | €39,013 | €47,192 | +€8,179 | +21.0% |
| Deferred charges and accrued income | 490/1 | €9,151 | €7,021 | -€2,130 | -23.3% |
| Total equity and liabilities | 10/49 | €3,015,486 | €2,954,685 | -€60,801 | -2.0% |
| Equity | 10/15 | €249,961 | €541,443 | +€291,482 | +117% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €121,364 | €121,364 | = | 0.0% |
| Distributable reserves | 133 | €121,364 | €121,364 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,337 | €405,819 | +€291,482 | +255% |
| Amounts payable | 17/49 | €2,765,525 | €2,413,242 | -€352,283 | -12.7% |
| Amounts payable after more than one year | 17 | €2,331,563 | €1,959,770 | -€371,792 | -15.9% |
| Financial debts | 170/4 | €919,219 | €697,426 | -€221,792 | -24.1% |
| Other amounts payable | 178/9 | €1,412,344 | €1,262,344 | -€150,000 | -10.6% |
| Amounts payable within one year | 42/48 | €432,414 | €451,923 | +€19,509 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €148,868 | €152,302 | +€3,434 | +2.3% |
| Financial debts | 43 | €31,194 | €25,414 | -€5,781 | -18.5% |
| Credit institutions | 430/8 | €31,194 | €25,414 | -€5,781 | -18.5% |
| Trade debts | 44 | €3,242 | €6,641 | +€3,399 | +105% |
| Suppliers | 440/4 | €3,242 | €6,641 | +€3,399 | +105% |
| Taxes, remuneration and social security | 45 | €34,552 | €28,008 | -€6,544 | -18.9% |
| Taxes | 450/3 | €31,245 | €24,666 | -€6,579 | -21.1% |
| Remuneration and social security | 454/9 | €3,307 | €3,343 | +€36 | +1.1% |
| Other amounts payable | 47/48 | €214,558 | €239,558 | +€25,000 | +11.7% |
| Accrued charges and deferred income | 492/3 | €1,548 | €1,548 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,647 | €52,639 | +€9,992 | +23.4% |
| Other operating charges | 640/8 | €11,752 | €12,822 | +€1,070 | +9.1% |
| Gross operating margin | 9900 | €223,233 | €187,066 | -€36,167 | -16.2% |
| Operating profit (loss) | 9901 | €168,834 | €121,605 | -€47,228 | -28.0% |
| Financial income | 75/76B | - | €225,000 | +€225,000 | |
| Recurring financial income | 75 | - | €225,000 | +€225,000 | |
| Financial charges | 65/66B | €37,995 | €34,307 | -€3,688 | -9.7% |
| Recurring financial charges | 65 | €37,995 | €34,307 | -€3,688 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €130,839 | €312,299 | +€181,460 | +139% |
| Income taxes | 67/77 | €43,049 | €20,817 | -€22,232 | -51.6% |
| Profit (loss) for the period | 9904 | €87,790 | €291,482 | +€203,692 | +232% |
| Profit (loss) for the period to be appropriated | 9905 | €87,790 | €291,482 | +€203,692 | +232% |
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 18 October 2026 via checked.be.