LERUN: 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.
LERUN
Largest movements
- Receivables within one year -€99,401
down €99,401 (-96.7%), from €102,812 to €3,410
of which Trade receivables: -€100,000
- Current investments -€97,324
down €97,324 (-100%), from €97,324 to €0
- Deferred charges and accrued income -€37,866
down €37,866 (-33.4%), from €113,261 to €75,395
- Debts after one year -€258,636
down €258,636 (-12.5%), from €2.1m to €1.8m
- Reserves +€39,468
up €39,468 (+20.0%), from €196,879 to €236,347
- Other operating charges -€112,076
down €112,076 (-95.8%), from €117,022 to €4,946
- Gross operating margin -€44,335
down €44,335 (-20.5%), from €215,797 to €171,461
- Depreciation +€38,989
up €38,989 (+134%), from €29,137 to €68,126
- Financial charges +€17,355
up €17,355 (+47.1%), from €36,821 to €54,176
- Financial income +€10,056
new in 2025: €10,056
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 | €2,403,016 | €2,178,531 | -€224,485 | -9.3% |
| Fixed assets | 21/28 | €2,049,365 | €2,060,188 | +€10,823 | +0.5% |
| Tangible fixed assets | 22/27 | €2,049,365 | €2,060,188 | +€10,823 | +0.5% |
| Land and buildings | 22 | €2,046,859 | €2,059,732 | +€12,873 | +0.6% |
| Plant, machinery and equipment | 23 | €2,506 | €456 | -€2,049 | -81.8% |
| Current assets | 29/58 | €353,651 | €118,343 | -€235,308 | -66.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €102,812 | €3,410 | -€99,401 | -96.7% |
| Trade receivables | 40 | €100,000 | €0 | -€100,000 | -100% |
| Other amounts receivable | 41 | €2,812 | €3,410 | +€599 | +21.3% |
| Current investments | 50/53 | €97,324 | €0 | -€97,324 | -100% |
| Cash at bank and in hand | 54/58 | €40,255 | €39,537 | -€717 | -1.8% |
| Deferred charges and accrued income | 490/1 | €113,261 | €75,395 | -€37,866 | -33.4% |
| Total equity and liabilities | 10/49 | €2,403,016 | €2,178,531 | -€224,485 | -9.3% |
| Equity | 10/15 | €171,066 | €210,534 | +€39,468 | +23.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €196,879 | €236,347 | +€39,468 | +20.0% |
| Distributable reserves | 133 | €196,879 | €236,347 | +€39,468 | +20.0% |
| Profit (loss) carried forward | 14 | -€44,413 | -€44,413 | = | 0.0% |
| Amounts payable | 17/49 | €2,231,950 | €1,967,997 | -€263,953 | -11.8% |
| Amounts payable after more than one year | 17 | €2,066,226 | €1,807,590 | -€258,636 | -12.5% |
| Financial debts | 170/4 | €2,066,226 | €1,807,590 | -€258,636 | -12.5% |
| Amounts payable within one year | 42/48 | €165,724 | €160,407 | -€5,317 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €118,984 | €113,176 | -€5,808 | -4.9% |
| Financial debts | 43 | €6,862 | €0 | -€6,862 | -100% |
| Credit institutions | 430/8 | €6,862 | €0 | -€6,862 | -100% |
| Trade debts | 44 | €4,595 | €7,447 | +€2,852 | +62.1% |
| Suppliers | 440/4 | €4,595 | €7,447 | +€2,852 | +62.1% |
| Taxes, remuneration and social security | 45 | €26,437 | €30,317 | +€3,880 | +14.7% |
| Taxes | 450/3 | €26,437 | €30,317 | +€3,880 | +14.7% |
| Other amounts payable | 47/48 | €8,846 | €9,468 | +€622 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,137 | €68,126 | +€38,989 | +134% |
| Other operating charges | 640/8 | €117,022 | €4,946 | -€112,076 | -95.8% |
| Gross operating margin | 9900 | €215,797 | €171,461 | -€44,335 | -20.5% |
| Operating profit (loss) | 9901 | €69,638 | €98,389 | +€28,751 | +41.3% |
| Financial income | 75/76B | - | €10,056 | +€10,056 | |
| Recurring financial income | 75 | - | €10,056 | +€10,056 | |
| Financial charges | 65/66B | €36,821 | €54,176 | +€17,355 | +47.1% |
| Recurring financial charges | 65 | €36,821 | €54,176 | +€17,355 | +47.1% |
| Profit (loss) for the period before taxes | 9903 | €32,817 | €54,269 | +€21,452 | +65.4% |
| Income taxes | 67/77 | €8,974 | €14,801 | +€5,827 | +64.9% |
| Profit (loss) for the period | 9904 | €23,843 | €39,468 | +€15,625 | +65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,843 | €39,468 | +€15,625 | +65.5% |
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 24 October 2026 via checked.be.