LEREAX: 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.
LEREAX
Largest movements
- Cash +€248,858
up €248,858 (+428.4%), from €58,084 to €306,941
mainly Investment in fixed assets (net) (+€179,000) and Net result for the year (+€171,966)
- Financial fixed assets -€180,000
down €180,000 (-21.9%), from €822,332 to €642,332
- Receivables after one year +€125,000
new in 2025: €125,000
- Current investments -€120,000
down €120,000 (-100.0%), from €120,000 to €0
- Tangible fixed assets -€69,472
down €69,472 (-5.4%), from €1.3m to €1.2m
of which Other tangible fixed assets: -€40,038
- Reserves +€171,966
up €171,966 (+29.9%), from €575,873 to €747,839
- Other debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Debts after one year -€73,964
down €73,964 (-6.9%), from €1.1m to €998,303
- Financial charges -€322,653
down €322,653 (-62.6%), from €515,267 to €192,614
of which Non-recurring financial charges: -€321,595
- Financial income +€51,474
up €51,474 (+16.9%), from €304,255 to €355,729
- Taxes +€17,197
up €17,197, from €0 to €17,197
- Gross operating margin +€15,741
up €15,741 (+15.4%), from €102,492 to €118,232
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 | €2,298,809 | €2,304,372 | +€5,563 | +0.2% |
| Fixed assets | 21/28 | €2,116,537 | €1,867,065 | -€249,472 | -11.8% |
| Tangible fixed assets | 22/27 | €1,294,204 | €1,224,733 | -€69,472 | -5.4% |
| Land and buildings | 22 | €1,030,706 | €1,006,556 | -€24,150 | -2.3% |
| Plant, machinery and equipment | 23 | €1,060 | €1,845 | +€785 | +74.0% |
| Furniture and vehicles | 24 | €33,179 | €27,110 | -€6,069 | -18.3% |
| Other tangible fixed assets | 26 | €229,260 | €189,223 | -€40,038 | -17.5% |
| Financial fixed assets | 28 | €822,332 | €642,332 | -€180,000 | -21.9% |
| Current assets | 29/58 | €182,272 | €437,307 | +€255,035 | +139.9% |
| Amounts receivable after more than one year | 29 | - | €125,000 | +€125,000 | |
| Other amounts receivable | 291 | - | €125,000 | +€125,000 | |
| Amounts receivable within one year | 40/41 | €1,638 | €2,717 | +€1,080 | +65.9% |
| Trade receivables | 40 | - | €1,441 | +€1,441 | |
| Other amounts receivable | 41 | €1,638 | €1,277 | -€361 | -22.0% |
| Current investments | 50/53 | €120,000 | €0 | -€120,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €58,084 | €306,941 | +€248,858 | +428.4% |
| Deferred charges and accrued income | 490/1 | €2,550 | €2,648 | +€98 | +3.8% |
| Total equity and liabilities | 10/49 | €2,298,809 | €2,304,372 | +€5,563 | +0.2% |
| Equity | 10/15 | €1,041,258 | €1,213,223 | +€171,966 | +16.5% |
| Contributions | 10/11 | €465,385 | €465,385 | = | 0.0% |
| Reserves | 13 | €575,873 | €747,839 | +€171,966 | +29.9% |
| Distributable reserves | 133 | €575,873 | €747,839 | +€171,966 | +29.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,257,551 | €1,091,149 | -€166,402 | -13.2% |
| Amounts payable after more than one year | 17 | €1,072,267 | €998,303 | -€73,964 | -6.9% |
| Financial debts | 170/4 | €1,072,267 | €998,303 | -€73,964 | -6.9% |
| Amounts payable within one year | 42/48 | €185,283 | €92,845 | -€92,438 | -49.9% |
| Current portion of amounts payable after more than one year | 42 | €73,137 | €73,964 | +€827 | +1.1% |
| Trade debts | 44 | €1,905 | €2,971 | +€1,066 | +55.9% |
| Suppliers | 440/4 | €1,905 | €2,971 | +€1,066 | +55.9% |
| Taxes, remuneration and social security | 45 | €10,241 | €15,910 | +€5,669 | +55.4% |
| Taxes | 450/3 | €10,241 | €15,910 | +€5,669 | +55.4% |
| Other amounts payable | 47/48 | €100,000 | €0 | -€100,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,382 | €70,472 | +€90 | +0.1% |
| Other operating charges | 640/8 | €21,052 | €21,712 | +€661 | +3.1% |
| Gross operating margin | 9900 | €102,492 | €118,232 | +€15,741 | +15.4% |
| Operating profit (loss) | 9901 | €11,058 | €26,048 | +€14,991 | +135.6% |
| Financial income | 75/76B | €304,255 | €355,729 | +€51,474 | +16.9% |
| Recurring financial income | 75 | €304,255 | €355,729 | +€51,474 | +16.9% |
| Financial charges | 65/66B | €515,267 | €192,614 | -€322,653 | -62.6% |
| Recurring financial charges | 65 | €13,672 | €12,614 | -€1,058 | -7.7% |
| Non-recurring financial charges | 66B | €501,595 | €180,000 | -€321,595 | -64.1% |
| Profit (loss) for the period before taxes | 9903 | -€199,955 | €189,162 | +€389,117 | |
| Income taxes | 67/77 | €0 | €17,197 | +€17,197 | |
| Profit (loss) for the period | 9904 | -€199,955 | €171,966 | +€371,921 | |
| Profit (loss) for the period to be appropriated | 9905 | -€199,955 | €171,966 | +€371,921 |
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 12 October 2026 via checked.be.