LEX 65: 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.
What changed
LEX 65
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.6m
2024 · €1.5m+€1.1m
Equity
€32.5m
2024 · €29.9m+€2.6m
Cash
€8.4m
2024 · €7.0m+€1.4m
Balance sheet total
€42.9m
2024 · €45.1m-€2.2m
Largest movements
Assets
- Tangible fixed assets -€2.1m
down €2.1m (-10.2%), from €20.2m to €18.1m
- Receivables after one year -€1.9m
down €1.9m (-12.0%), from €16.0m to €14.1m
- Cash +€1.4m
up €1.4m (+19.6%), from €7.0m to €8.4m
mainly Net result for the year (+€2.6m) and Receivables after one year (+€1.9m)
Equity and liabilities
- Debts after one year -€5.0m
down €5.0m (-38.5%), from €13.0m to €8.0m
- Profit (loss) carried forward +€2.6m
up €2.6m (+55.5%), from €4.6m to €7.2m
- Accrued charges and deferred income +€1.5m
up €1.5m (+236%), from €627,810 to €2.1m
- Other debts -€1.5m
down €1.5m (-99.9%), from €1.5m to €1,853
Income statement
- Taxes +€371,338
up €371,338 (+70.0%), from €530,224 to €901,562
of which Taxes: +€340,847
- Turnover +€188,575
up €188,575 (+5.2%), from €3.7m to €3.8m
- Depreciation -€158,740
down €158,740 (-15.4%), from €1.0m to €869,394
- Other operating charges +€120,742
up €120,742 (+12.6%), from €961,200 to €1.1m
- Other operating income +€120,423
up €120,423 (+12.5%), from €961,200 to €1.1m
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.
Result 2024
€1.5m
Turnover
+€188,575
Other operating income
+€120,423
Services and other goods
+€104,683
Depreciation
+€158,740
Other operating charges
-€120,742
Other operating items
+€960,082
Financial income
-€33,759
Financial charges
+€102,169
Taxes
-€371,338
Result 2025
€2.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€5.2m
Investment
+€1.2m
Financing
-€5.0m
Cash 2024
€7.0m
From operations (derived)
+€5.2m
Net result for the year
+€2.6m
Depreciation
+€869,394
Receivables after one year
+€1.9m
Receivables within one year
-€406,443
Deferred charges and accrued income
+€17,567
Trade debts
+€22,928
Tax, wage and social debts
+€166,534
Other debts
-€1.5m
Accrued charges and deferred income
+€1.5m
Investment (derived)
+€1.2m
Investment in fixed assets (net)
+€1.2m
Financing
-€5.0m
Debts after one year
-€5.0m
Cash 2025
€8.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,103,966 | €42,884,273 | -€2.2m | -4.9% |
| Fixed assets | 21/28 | €20,161,266 | €18,098,054 | -€2.1m | -10.2% |
| Tangible fixed assets | 22/27 | €20,161,266 | €18,098,054 | -€2.1m | -10.2% |
| Land and buildings | 22 | €20,161,266 | €18,098,054 | -€2.1m | -10.2% |
| Current assets | 29/58 | €24,942,700 | €24,786,219 | -€156,481 | -0.6% |
| Amounts receivable after more than one year | 29 | €16,022,816 | €14,099,761 | -€1.9m | -12.0% |
| Other amounts receivable | 291 | €16,022,816 | €14,099,761 | -€1.9m | -12.0% |
| Amounts receivable within one year | 40/41 | €1,859,616 | €2,266,059 | +€406,443 | +21.9% |
| Trade receivables | 40 | - | €251,395 | +€251,395 | |
| Other amounts receivable | 41 | €1,859,616 | €2,014,663 | +€155,047 | +8.3% |
| Cash at bank and in hand | 54/58 | €7,023,153 | €8,400,852 | +€1.4m | +19.6% |
| Deferred charges and accrued income | 490/1 | €37,114 | €19,547 | -€17,567 | -47.3% |
| Total equity and liabilities | 10/49 | €45,103,966 | €42,884,273 | -€2.2m | -4.9% |
| Equity | 10/15 | €29,926,442 | €32,492,772 | +€2.6m | +8.6% |
| Contributions | 10/11 | €23,000,000 | €23,000,000 | = | 0.0% |
| Capital | 10 | €23,000,000 | €23,000,000 | = | 0.0% |
| Issued capital | 100 | €23,000,000 | €23,000,000 | = | 0.0% |
| Reserves | 13 | €2,300,000 | €2,300,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,300,000 | €2,300,000 | = | 0.0% |
| Legal reserve | 130 | €2,300,000 | €2,300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,626,442 | €7,192,772 | +€2.6m | +55.5% |
| Amounts payable | 17/49 | €15,177,524 | €10,391,501 | -€4.8m | -31.5% |
| Amounts payable after more than one year | 17 | €13,000,000 | €8,000,000 | -€5.0m | -38.5% |
| Financial debts | 170/4 | €13,000,000 | €8,000,000 | -€5.0m | -38.5% |
| Other loans | 174 | €13,000,000 | €8,000,000 | -€5.0m | -38.5% |
| Amounts payable within one year | 42/48 | €1,549,714 | €282,264 | -€1.3m | -81.8% |
| Trade debts | 44 | €74,118 | €97,046 | +€22,928 | +30.9% |
| Suppliers | 440/4 | €74,118 | €97,046 | +€22,928 | +30.9% |
| Taxes, remuneration and social security | 45 | €16,832 | €183,365 | +€166,534 | +989% |
| Taxes | 450/3 | €16,832 | €183,365 | +€166,534 | +989% |
| Other amounts payable | 47/48 | €1,458,764 | €1,853 | -€1.5m | -99.9% |
| Accrued charges and deferred income | 492/3 | €627,810 | €2,109,237 | +€1.5m | +236% |
| Operating income | 70/76A | €4,614,003 | €4,923,001 | +€308,998 | +6.7% |
| Turnover | 70 | €3,652,803 | €3,841,378 | +€188,575 | +5.2% |
| Other operating income | 74 | €961,200 | €1,081,624 | +€120,423 | +12.5% |
| Operating charges | 60/66A | €4,862,915 | €3,760,152 | -€1.1m | -22.7% |
| Services and other goods | 61 | €473,174 | €368,491 | -€104,683 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,028,134 | €869,394 | -€158,740 | -15.4% |
| Other operating charges | 640/8 | €961,200 | €1,081,942 | +€120,742 | +12.6% |
| Non-recurring operating charges | 66A | €2,400,407 | €1,440,325 | -€960,082 | -40.0% |
| Operating profit (loss) | 9901 | -€248,912 | €1,162,849 | +€1.4m | |
| Financial income | 75/76B | €2,602,580 | €2,568,821 | -€33,759 | -1.3% |
| Recurring financial income | 75 | €2,602,580 | €2,568,821 | -€33,759 | -1.3% |
| Income from current assets | 751 | €2,398,022 | €2,466,961 | +€68,939 | +2.9% |
| Other financial income | 752/9 | €204,558 | €101,861 | -€102,697 | -50.2% |
| Financial charges | 65/66B | €365,947 | €263,778 | -€102,169 | -27.9% |
| Recurring financial charges | 65 | €365,947 | €263,778 | -€102,169 | -27.9% |
| Debt charges | 650 | €365,276 | €262,707 | -€102,569 | -28.1% |
| Other financial charges | 652/9 | €672 | €1,071 | +€400 | +59.6% |
| Profit (loss) for the period before taxes | 9903 | €1,987,721 | €3,467,892 | +€1.5m | +74.5% |
| Income taxes | 67/77 | €530,224 | €901,562 | +€371,338 | +70.0% |
| Taxes | 670/3 | €560,715 | €901,562 | +€340,847 | +60.8% |
| Tax adjustments and reversals of tax provisions | 77 | €30,490 | - | -€30,490 | |
| Profit (loss) for the period | 9904 | €1,457,496 | €2,566,330 | +€1.1m | +76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,457,496 | €2,566,330 | +€1.1m | +76.1% |
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 18 October 2026 via checked.be.