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
- Tangible fixed assets +€35,450
up €35,450 (+2627.2%), from €1,349 to €36,799
of which Furniture and vehicles: +€35,950
- Stocks and contracts +€8,514
up €8,514 (+63.3%), from €13,455 to €21,969
- Receivables within one year -€2,532
down €2,532 (-5.4%), from €46,644 to €44,111
of which Trade receivables: -€7,682
- Debts after one year +€25,997
new in 2025: €25,997
- Current portion of long-term debt +€6,428
new in 2025: €6,428
- Reserves +€6,302
up €6,302 (+40.4%), from €15,587 to €21,890
of which Distributable reserves: +€6,302
- Tax, wage and social debts +€1,869
up €1,869 (+52.8%), from €3,539 to €5,408
of which Remuneration and social security: +€1,500
- Gross operating margin +€6,862
up €6,862 (+122.9%), from €5,584 to €12,446
- Depreciation +€2,044
up €2,044 (+408.8%), from €500 to €2,544
- Taxes +€1,460
up €1,460 (+159.7%), from €914 to €2,374
- Financial income +€333
up €333 (+353.6%), from €94 to €427
- Financial charges +€322
up €322 (+84.8%), from €380 to €701
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 | €76,190 | €117,262 | +€41,072 | +53.9% |
| Fixed assets | 21/28 | €1,549 | €36,999 | +€35,450 | +2288.1% |
| Tangible fixed assets | 22/27 | €1,349 | €36,799 | +€35,450 | +2627.2% |
| Plant, machinery and equipment | 23 | €1,349 | €849 | -€500 | -37.1% |
| Furniture and vehicles | 24 | €0 | €35,950 | +€35,950 | |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €74,641 | €80,262 | +€5,622 | +7.5% |
| Stocks and contracts in progress | 3 | €13,455 | €21,969 | +€8,514 | +63.3% |
| Stocks | 30/36 | €13,455 | €21,969 | +€8,514 | +63.3% |
| Amounts receivable within one year | 40/41 | €46,644 | €44,111 | -€2,532 | -5.4% |
| Trade receivables | 40 | €42,699 | €35,016 | -€7,682 | -18.0% |
| Other amounts receivable | 41 | €3,945 | €9,095 | +€5,150 | +130.6% |
| Cash at bank and in hand | 54/58 | €12,581 | €13,167 | +€586 | +4.7% |
| Deferred charges and accrued income | 490/1 | €1,962 | €1,015 | -€946 | -48.2% |
| Total equity and liabilities | 10/49 | €76,190 | €117,262 | +€41,072 | +53.9% |
| Equity | 10/15 | €56,039 | €62,341 | +€6,302 | +11.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,587 | €21,890 | +€6,302 | +40.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €13,727 | €20,030 | +€6,302 | +45.9% |
| Profit (loss) carried forward | 14 | €21,851 | €21,851 | = | 0.0% |
| Amounts payable | 17/49 | €20,151 | €54,921 | +€34,769 | +172.5% |
| Amounts payable after more than one year | 17 | - | €25,997 | +€25,997 | |
| Financial debts | 170/4 | - | €25,997 | +€25,997 | |
| Amounts payable within one year | 42/48 | €20,151 | €28,924 | +€8,772 | +43.5% |
| Current portion of amounts payable after more than one year | 42 | - | €6,428 | +€6,428 | |
| Trade debts | 44 | €4,565 | €4,212 | -€353 | -7.7% |
| Suppliers | 440/4 | €4,565 | €4,212 | -€353 | -7.7% |
| Taxes, remuneration and social security | 45 | €3,539 | €5,408 | +€1,869 | +52.8% |
| Taxes | 450/3 | €2,039 | €2,408 | +€369 | +18.1% |
| Remuneration and social security | 454/9 | €1,500 | €3,000 | +€1,500 | +100.0% |
| Other amounts payable | 47/48 | €12,048 | €12,876 | +€828 | +6.9% |
| Non-recurring operating income | 76A | €4,000 | €4,481 | +€481 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €500 | €2,544 | +€2,044 | +408.8% |
| Other operating charges | 640/8 | €1,225 | €951 | -€273 | -22.3% |
| Gross operating margin | 9900 | €5,584 | €12,446 | +€6,862 | +122.9% |
| Operating profit (loss) | 9901 | €3,860 | €8,951 | +€5,091 | +131.9% |
| Financial income | 75/76B | €94 | €427 | +€333 | +353.6% |
| Recurring financial income | 75 | €94 | €427 | +€333 | +353.6% |
| Financial charges | 65/66B | €380 | €701 | +€322 | +84.8% |
| Recurring financial charges | 65 | €380 | €701 | +€322 | +84.8% |
| Profit (loss) for the period before taxes | 9903 | €3,574 | €8,677 | +€5,103 | +142.8% |
| Income taxes | 67/77 | €914 | €2,374 | +€1,460 | +159.7% |
| Profit (loss) for the period | 9904 | €2,660 | €6,302 | +€3,642 | +136.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,660 | €6,302 | +€3,642 | +136.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.