LIEMAX: 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.
LIEMAX
Largest movements
- Receivables within one year -€391,198
down €391,198 (-30.1%), from €1.3m to €910,293
of which Other amounts receivable: -€392,423
- Financial fixed assets -€67,000
down €67,000 (-2.5%), from €2.7m to €2.6m
- Current investments +€45,000
up €45,000 (+72.6%), from €62,001 to €107,001
- Debts after one year -€237,325
down €237,325 (-24.2%), from €978,751 to €741,426
- Reserves -€180,000
down €180,000 (-9.1%), from €2.0m to €1.8m
- Financial charges +€52,732
up €52,732 (+121.7%), from €43,338 to €96,069
of which Non-recurring financial charges: +€66,999
- Gross operating margin -€37,067
down €37,067 (-24.4%), from €151,913 to €114,846
- Financial income -€34,746
down €34,746 (-66.4%), from €52,367 to €17,621
- Taxes -€25,608
down €25,608 (-49.7%), from €51,522 to €25,914
- Depreciation -€11,688
down €11,688 (-93.3%), from €12,529 to €840
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,125,753 | €3,690,165 | -€435,587 | -10.6% |
| Fixed assets | 21/28 | €2,710,610 | €2,631,177 | -€79,433 | -2.9% |
| Tangible fixed assets | 22/27 | €13,074 | €642 | -€12,433 | -95.1% |
| Furniture and vehicles | 24 | €13,074 | €642 | -€12,433 | -95.1% |
| Financial fixed assets | 28 | €2,697,535 | €2,630,535 | -€67,000 | -2.5% |
| Current assets | 29/58 | €1,415,143 | €1,058,989 | -€356,155 | -25.2% |
| Amounts receivable within one year | 40/41 | €1,301,491 | €910,293 | -€391,198 | -30.1% |
| Trade receivables | 40 | €40 | €1,264 | +€1,225 | +3081.1% |
| Other amounts receivable | 41 | €1,301,451 | €909,028 | -€392,423 | -30.2% |
| Current investments | 50/53 | €62,001 | €107,001 | +€45,000 | +72.6% |
| Cash at bank and in hand | 54/58 | €40,051 | €31,121 | -€8,930 | -22.3% |
| Deferred charges and accrued income | 490/1 | €11,600 | €10,573 | -€1,027 | -8.9% |
| Total equity and liabilities | 10/49 | €4,125,753 | €3,690,165 | -€435,587 | -10.6% |
| Equity | 10/15 | €2,666,174 | €2,486,642 | -€179,532 | -6.7% |
| Contributions | 10/11 | €1,950 | €1,950 | = | 0.0% |
| Reserves | 13 | €1,967,855 | €1,787,855 | -€180,000 | -9.1% |
| Distributable reserves | 133 | €1,967,855 | €1,787,855 | -€180,000 | -9.1% |
| Profit (loss) carried forward | 14 | €696,369 | €696,837 | +€468 | +0.1% |
| Amounts payable | 17/49 | €1,459,579 | €1,203,524 | -€256,056 | -17.5% |
| Amounts payable after more than one year | 17 | €978,751 | €741,426 | -€237,325 | -24.2% |
| Financial debts | 170/4 | €978,751 | €741,426 | -€237,325 | -24.2% |
| Amounts payable within one year | 42/48 | €480,133 | €461,433 | -€18,700 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €234,659 | €240,011 | +€5,352 | +2.3% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €3,116 | €7,675 | +€4,559 | +146.3% |
| Suppliers | 440/4 | €3,116 | €7,675 | +€4,559 | +146.3% |
| Taxes, remuneration and social security | 45 | €39,771 | €33,747 | -€6,024 | -15.1% |
| Taxes | 450/3 | €38,571 | €33,747 | -€4,824 | -12.5% |
| Remuneration and social security | 454/9 | €1,200 | €0 | -€1,200 | -100.0% |
| Other amounts payable | 47/48 | €202,587 | €180,000 | -€22,587 | -11.1% |
| Accrued charges and deferred income | 492/3 | €695 | €664 | -€31 | -4.4% |
| Non-recurring operating income | 76A | - | €1,908 | +€1,908 | |
| Remuneration, social security and pensions | 62 | €70 | €1,760 | +€1,690 | +2396.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,529 | €840 | -€11,688 | -93.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,507 | €7,415 | +€4,908 | +195.8% |
| Gross operating margin | 9900 | €151,913 | €114,846 | -€37,067 | -24.4% |
| Operating profit (loss) | 9901 | €136,807 | €104,831 | -€31,977 | -23.4% |
| Financial income | 75/76B | €52,367 | €17,621 | -€34,746 | -66.4% |
| Recurring financial income | 75 | €52,367 | €17,621 | -€34,746 | -66.4% |
| Financial charges | 65/66B | €43,338 | €96,069 | +€52,732 | +121.7% |
| Recurring financial charges | 65 | €43,338 | €29,070 | -€14,268 | -32.9% |
| Non-recurring financial charges | 66B | - | €66,999 | +€66,999 | |
| Profit (loss) for the period before taxes | 9903 | €145,836 | €26,382 | -€119,454 | -81.9% |
| Income taxes | 67/77 | €51,522 | €25,914 | -€25,608 | -49.7% |
| Profit (loss) for the period | 9904 | €94,314 | €468 | -€93,846 | -99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €94,314 | €468 | -€93,846 | -99.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.