Lepage: 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.
Lepage
Largest movements
- Stocks and contracts +€24,969
up €24,969 (+329.4%), from €7,580 to €32,549
- Receivables within one year -€15,410
down €15,410 (-17.3%), from €88,941 to €73,531
of which Trade receivables: -€18,534
- Cash -€7,656
down €7,656 (-44.6%), from €17,153 to €9,496
mainly Stocks and contracts (-€24,969) and Tax, wage and social debts (-€7,886)
- Tangible fixed assets -€7,185
down €7,185 (-3.2%), from €224,109 to €216,924
of which Land and buildings: -€7,082
- Tax, wage and social debts -€7,886
down €7,886 (-32.0%), from €24,677 to €16,790
of which Remuneration and social security: -€5,220
- Debts after one year -€6,832
down €6,832 (-5.7%), from €120,270 to €113,438
- Reserves +€6,320
up €6,320 (+5.1%), from €124,421 to €130,741
- Staff costs +€40,130
up €40,130 (+400.9%), from €10,009 to €50,139
- Gross operating margin +€11,384
up €11,384 (+17.1%), from €66,448 to €77,832
- Taxes -€7,246
down €7,246 (-64.1%), from €11,297 to €4,051
- Depreciation +€4,894
up €4,894 (+95.8%), from €5,108 to €10,003
- Financial charges +€3,184
up €3,184 (+116.7%), from €2,728 to €5,913
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 | €344,771 | €336,611 | -€8,160 | -2.4% |
| Fixed assets | 21/28 | €224,109 | €216,924 | -€7,185 | -3.2% |
| Tangible fixed assets | 22/27 | €224,109 | €216,924 | -€7,185 | -3.2% |
| Land and buildings | 22 | €219,875 | €212,793 | -€7,082 | -3.2% |
| Plant, machinery and equipment | 23 | €3,380 | €3,628 | +€248 | +7.3% |
| Other tangible fixed assets | 26 | €854 | €503 | -€351 | -41.1% |
| Current assets | 29/58 | €120,663 | €119,687 | -€975 | -0.8% |
| Stocks and contracts in progress | 3 | €7,580 | €32,549 | +€24,969 | +329.4% |
| Stocks | 30/36 | €7,580 | €32,549 | +€24,969 | +329.4% |
| Amounts receivable within one year | 40/41 | €88,941 | €73,531 | -€15,410 | -17.3% |
| Trade receivables | 40 | €80,055 | €61,521 | -€18,534 | -23.2% |
| Other amounts receivable | 41 | €8,885 | €12,009 | +€3,124 | +35.2% |
| Cash at bank and in hand | 54/58 | €17,153 | €9,496 | -€7,656 | -44.6% |
| Deferred charges and accrued income | 490/1 | €6,989 | €4,111 | -€2,878 | -41.2% |
| Total equity and liabilities | 10/49 | €344,771 | €336,611 | -€8,160 | -2.4% |
| Equity | 10/15 | €129,421 | €135,741 | +€6,320 | +4.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €124,421 | €130,741 | +€6,320 | +5.1% |
| Distributable reserves | 133 | €124,421 | €130,741 | +€6,320 | +5.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €215,350 | €200,870 | -€14,480 | -6.7% |
| Amounts payable after more than one year | 17 | €120,270 | €113,438 | -€6,832 | -5.7% |
| Financial debts | 170/4 | €120,270 | €113,438 | -€6,832 | -5.7% |
| Amounts payable within one year | 42/48 | €95,080 | €87,431 | -€7,648 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €6,568 | €6,832 | +€264 | +4.0% |
| Financial debts | 43 | - | €45 | +€45 | |
| Credit institutions | 430/8 | - | €45 | +€45 | |
| Trade debts | 44 | €45,905 | €43,529 | -€2,375 | -5.2% |
| Suppliers | 440/4 | €45,905 | €43,529 | -€2,375 | -5.2% |
| Taxes, remuneration and social security | 45 | €24,677 | €16,790 | -€7,886 | -32.0% |
| Taxes | 450/3 | €16,043 | €13,376 | -€2,667 | -16.6% |
| Remuneration and social security | 454/9 | €8,634 | €3,415 | -€5,220 | -60.5% |
| Other amounts payable | 47/48 | €17,930 | €20,235 | +€2,305 | +12.9% |
| Remuneration, social security and pensions | 62 | €10,009 | €50,139 | +€40,130 | +400.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,108 | €10,003 | +€4,894 | +95.8% |
| Other operating charges | 640/8 | €2,829 | €3,338 | +€509 | +18.0% |
| Gross operating margin | 9900 | €66,448 | €77,832 | +€11,384 | +17.1% |
| Operating profit (loss) | 9901 | €48,501 | €14,352 | -€34,149 | -70.4% |
| Financial income | 75/76B | €846 | €1,932 | +€1,086 | +128.5% |
| Recurring financial income | 75 | €846 | €1,932 | +€1,086 | +128.5% |
| Financial charges | 65/66B | €2,728 | €5,913 | +€3,184 | +116.7% |
| Recurring financial charges | 65 | €2,728 | €5,913 | +€3,184 | +116.7% |
| Profit (loss) for the period before taxes | 9903 | €46,619 | €10,372 | -€36,247 | -77.8% |
| Income taxes | 67/77 | €11,297 | €4,051 | -€7,246 | -64.1% |
| Profit (loss) for the period | 9904 | €35,322 | €6,320 | -€29,002 | -82.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,322 | €6,320 | -€29,002 | -82.1% |
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 29 September 2026 via checked.be.