LEWAL: 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.
LEWAL
Largest movements
- Cash +€12,912
up €12,912 (+27.0%), from €47,764 to €60,677
mainly Other debts (+€28,021) and Trade debts (+€16,980)
- Receivables within one year +€8,898
up €8,898 (+132.1%), from €6,736 to €15,634
of which Other amounts receivable: +€4,476
- Tangible fixed assets -€7,788
down €7,788 (-33.8%), from €23,049 to €15,261
of which Plant, machinery and equipment: -€5,059
- Current investments +€6,755
up €6,755 (+7.2%), from €93,737 to €100,492
- Other debts +€28,021
up €28,021 (+140.9%), from €19,881 to €47,902
- Reserves -€25,000
down €25,000 (-67.6%), from €37,000 to €12,000
- Trade debts +€16,980
up €16,980 (+782.2%), from €2,171 to €19,151
- Advances received +€4,655
new in 2025: €4,655
- Current portion of long-term debt -€3,364
no longer reported in 2025 (was €3,364)
- Gross operating margin +€28,987
up €28,987 (+55.2%), from €52,481 to €81,468
- Staff costs +€3,420
up €3,420 (+5.6%), from €61,437 to €64,857
- Depreciation -€1,859
down €1,859 (-15.6%), from €11,925 to €10,066
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 | €175,548 | €196,171 | +€20,623 | +11.7% |
| Fixed assets | 21/28 | €23,160 | €15,372 | -€7,788 | -33.6% |
| Tangible fixed assets | 22/27 | €23,049 | €15,261 | -€7,788 | -33.8% |
| Land and buildings | 22 | €2,190 | €778 | -€1,412 | -64.5% |
| Plant, machinery and equipment | 23 | €17,561 | €12,502 | -€5,059 | -28.8% |
| Furniture and vehicles | 24 | €3,298 | €1,981 | -€1,318 | -39.9% |
| Financial fixed assets | 28 | €111 | €111 | = | 0.0% |
| Current assets | 29/58 | €152,388 | €180,799 | +€28,411 | +18.6% |
| Amounts receivable within one year | 40/41 | €6,736 | €15,634 | +€8,898 | +132.1% |
| Trade receivables | 40 | €564 | €4,986 | +€4,422 | +784.7% |
| Other amounts receivable | 41 | €6,172 | €10,648 | +€4,476 | +72.5% |
| Current investments | 50/53 | €93,737 | €100,492 | +€6,755 | +7.2% |
| Cash at bank and in hand | 54/58 | €47,764 | €60,677 | +€12,912 | +27.0% |
| Deferred charges and accrued income | 490/1 | €4,151 | €3,998 | -€153 | -3.7% |
| Total equity and liabilities | 10/49 | €175,548 | €196,171 | +€20,623 | +11.7% |
| Equity | 10/15 | €140,100 | €116,453 | -€23,647 | -16.9% |
| Contributions | 10/11 | €20,452 | €20,452 | = | 0.0% |
| Reserves | 13 | €37,000 | €12,000 | -€25,000 | -67.6% |
| Distributable reserves | 133 | €37,000 | €12,000 | -€25,000 | -67.6% |
| Profit (loss) carried forward | 14 | €82,648 | €84,001 | +€1,353 | +1.6% |
| Amounts payable | 17/49 | €35,449 | €79,719 | +€44,270 | +124.9% |
| Amounts payable within one year | 42/48 | €35,449 | €79,719 | +€44,270 | +124.9% |
| Current portion of amounts payable after more than one year | 42 | €3,364 | - | -€3,364 | |
| Trade debts | 44 | €2,171 | €19,151 | +€16,980 | +782.2% |
| Suppliers | 440/4 | €2,171 | €19,151 | +€16,980 | +782.2% |
| Advances received on contracts in progress | 46 | - | €4,655 | +€4,655 | |
| Taxes, remuneration and social security | 45 | €10,033 | €8,011 | -€2,021 | -20.1% |
| Taxes | 450/3 | €1,752 | €2,659 | +€906 | +51.7% |
| Remuneration and social security | 454/9 | €8,280 | €5,353 | -€2,927 | -35.4% |
| Other amounts payable | 47/48 | €19,881 | €47,902 | +€28,021 | +140.9% |
| Remuneration, social security and pensions | 62 | €61,437 | €64,857 | +€3,420 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,925 | €10,066 | -€1,859 | -15.6% |
| Other operating charges | 640/8 | €953 | €1,049 | +€96 | +10.0% |
| Gross operating margin | 9900 | €52,481 | €81,468 | +€28,987 | +55.2% |
| Operating profit (loss) | 9901 | -€21,835 | €5,496 | +€27,331 | |
| Financial income | 75/76B | €1,173 | €1,715 | +€543 | +46.3% |
| Recurring financial income | 75 | €1,173 | €1,715 | +€543 | +46.3% |
| Financial charges | 65/66B | €204 | €118 | -€85 | -41.9% |
| Recurring financial charges | 65 | €204 | €118 | -€85 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | -€20,866 | €7,093 | +€27,958 | |
| Income taxes | 67/77 | €51 | €740 | +€689 | +1352.6% |
| Profit (loss) for the period | 9904 | -€20,917 | €6,353 | +€27,269 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,917 | €6,353 | +€27,269 |
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 7 October 2026 via checked.be.