LENOIR: what changed
Two fiscal 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.
LENOIR
Largest movements
- Receivables within one year +€39,375
up €39,375 (+28.1%), from €140,050 to €179,425
- Tangible fixed assets -€38,245
down €38,245 (-2.1%), from €1.8m to €1.8m
- Current investments -€25,603
down €25,603 (-98.1%), from €26,101 to €498
- Debts after one year -€56,457
down €56,457 (-84.8%), from €66,597 to €10,141
- Profit (loss) carried forward +€32,057
up €32,057 (+90.4%), from -€35,444 to -€3,387
- Short-term financial debts +€28,390
new in 2025: €28,390
- Current portion of long-term debt -€27,376
no longer reported in 2025 (was €27,376)
- Gross operating margin +€14,168
up €14,168 (+30.5%), from €46,508 to €60,676
- Depreciation -€7,900
down €7,900 (-34.2%), from €23,073 to €15,172
- Taxes +€4,639
up €4,639 (+666.4%), from €696 to €5,335
- Financial charges -€1,166
down €1,166 (-40.5%), from €2,878 to €1,712
- Other operating charges +€809
up €809 (+7.6%), from €10,572 to €11,380
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,003,015 | €1,975,841 | -€27,174 | -1.4% |
| Fixed assets | 21/28 | €1,832,177 | €1,793,932 | -€38,245 | -2.1% |
| Tangible fixed assets | 22/27 | €1,832,177 | €1,793,932 | -€38,245 | -2.1% |
| Land and buildings | 22 | €1,832,177 | €1,793,932 | -€38,245 | -2.1% |
| Current assets | 29/58 | €170,838 | €181,908 | +€11,071 | +6.5% |
| Amounts receivable within one year | 40/41 | €140,050 | €179,425 | +€39,375 | +28.1% |
| Other amounts receivable | 41 | €140,050 | €179,425 | +€39,375 | +28.1% |
| Current investments | 50/53 | €26,101 | €498 | -€25,603 | -98.1% |
| Cash at bank and in hand | 54/58 | €4,501 | €210 | -€4,291 | -95.3% |
| Deferred charges and accrued income | 490/1 | €186 | €1,775 | +€1,589 | +854.2% |
| Total equity and liabilities | 10/49 | €2,003,015 | €1,975,841 | -€27,174 | -1.4% |
| Equity | 10/15 | €1,882,131 | €1,914,189 | +€32,057 | +1.7% |
| Contributions | 10/11 | €182,203 | €182,203 | = | 0.0% |
| Capital | 10 | €182,203 | €182,203 | = | 0.0% |
| Issued capital | 100 | €182,203 | €182,203 | = | 0.0% |
| Revaluation surpluses | 12 | €1,377,825 | €1,377,825 | = | 0.0% |
| Reserves | 13 | €357,548 | €357,548 | = | 0.0% |
| Non-distributable reserves | 130/1 | €68,220 | €68,220 | = | 0.0% |
| Legal reserve | 130 | €68,220 | €68,220 | = | 0.0% |
| Tax-exempt reserves | 132 | €200,387 | €200,387 | = | 0.0% |
| Distributable reserves | 133 | €88,941 | €88,941 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,444 | -€3,387 | +€32,057 | +90.4% |
| Amounts payable | 17/49 | €120,884 | €61,652 | -€59,232 | -49.0% |
| Amounts payable after more than one year | 17 | €66,597 | €10,141 | -€56,457 | -84.8% |
| Financial debts | 170/4 | €66,597 | €10,141 | -€56,457 | -84.8% |
| Amounts payable within one year | 42/48 | €53,286 | €50,511 | -€2,775 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €27,376 | - | -€27,376 | |
| Financial debts | 43 | - | €28,390 | +€28,390 | |
| Credit institutions | 430/8 | - | €28,390 | +€28,390 | |
| Trade debts | 44 | €1,438 | €16,335 | +€14,897 | +1036.1% |
| Suppliers | 440/4 | €1,438 | €16,335 | +€14,897 | +1036.1% |
| Taxes, remuneration and social security | 45 | €24,405 | €5,300 | -€19,105 | -78.3% |
| Taxes | 450/3 | €24,405 | €5,300 | -€19,105 | -78.3% |
| Other amounts payable | 47/48 | €68 | €487 | +€419 | +619.4% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,073 | €15,172 | -€7,900 | -34.2% |
| Other operating charges | 640/8 | €10,572 | €11,380 | +€809 | +7.6% |
| Gross operating margin | 9900 | €46,508 | €60,676 | +€14,168 | +30.5% |
| Operating profit (loss) | 9901 | €12,863 | €34,123 | +€21,260 | +165.3% |
| Financial income | 75/76B | - | €117 | +€117 | |
| Recurring financial income | 75 | - | €117 | +€117 | |
| Financial charges | 65/66B | €2,878 | €1,712 | -€1,166 | -40.5% |
| Recurring financial charges | 65 | €2,878 | €1,712 | -€1,166 | -40.5% |
| Profit (loss) for the period before taxes | 9903 | €9,986 | €32,529 | +€22,543 | +225.8% |
| Income taxes | 67/77 | €696 | €5,335 | +€4,639 | +666.4% |
| Profit (loss) for the period | 9904 | €9,290 | €27,194 | +€17,905 | +192.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,290 | €27,194 | +€17,905 | +192.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.