LUC LALEMAN: 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.
LUC LALEMAN
Largest movements
- Cash +€605,739
up €605,739 (+109%), from €553,447 to €1.2m
mainly Net result for the year (+€310,278) and Investment in fixed assets (net) (+€256,459)
- Tangible fixed assets -€334,687
down €334,687 (-28.5%), from €1.2m to €838,355
of which Land and buildings: -€333,793
- Reserves +€315,462
up €315,462 (+19.5%), from €1.6m to €1.9m
of which Distributable reserves: +€320,960
- Tax, wage and social debts +€23,165
up €23,165 (+631%), from €3,672 to €26,837
of which Taxes: +€20,349
- Debts after one year -€21,022
down €21,022 (-59.7%), from €35,191 to €14,169
- Gross operating margin +€211,213
up €211,213 (+58.1%), from €363,349 to €574,562
- Taxes +€98,541
up €98,541 (+190%), from €51,827 to €150,369
- Depreciation -€30,546
down €30,546 (-28.1%), from €108,773 to €78,227
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 | €1,795,232 | €2,080,917 | +€285,686 | +15.9% |
| Fixed assets | 21/28 | €1,173,596 | €838,910 | -€334,687 | -28.5% |
| Tangible fixed assets | 22/27 | €1,173,041 | €838,355 | -€334,687 | -28.5% |
| Land and buildings | 22 | €1,122,873 | €789,080 | -€333,793 | -29.7% |
| Plant, machinery and equipment | 23 | €37,125 | €42,308 | +€5,183 | +14.0% |
| Furniture and vehicles | 24 | €13,044 | €6,966 | -€6,077 | -46.6% |
| Financial fixed assets | 28 | €555 | €555 | = | 0.0% |
| Current assets | 29/58 | €621,635 | €1,242,008 | +€620,372 | +99.8% |
| Amounts receivable within one year | 40/41 | €67,990 | €82,822 | +€14,832 | +21.8% |
| Other amounts receivable | 41 | €67,990 | €82,822 | +€14,832 | +21.8% |
| Cash at bank and in hand | 54/58 | €553,447 | €1,159,186 | +€605,739 | +109% |
| Deferred charges and accrued income | 490/1 | €198 | €0 | -€198 | -100% |
| Total equity and liabilities | 10/49 | €1,795,232 | €2,080,917 | +€285,686 | +15.9% |
| Equity | 10/15 | €1,643,244 | €1,953,538 | +€310,294 | +18.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €6,789 | €6,789 | = | 0.0% |
| Reserves | 13 | €1,618,887 | €1,934,349 | +€315,462 | +19.5% |
| Tax-exempt reserves | 132 | €58,269 | €52,772 | -€5,497 | -9.4% |
| Distributable reserves | 133 | €1,560,618 | €1,881,578 | +€320,960 | +20.6% |
| Profit (loss) carried forward | 14 | €5,168 | - | -€5,168 | |
| Provisions and deferred taxes | 16 | €24,739 | €22,265 | -€2,474 | -10.0% |
| Deferred taxes | 168 | €24,739 | €22,265 | -€2,474 | -10.0% |
| Amounts payable | 17/49 | €127,249 | €105,114 | -€22,135 | -17.4% |
| Amounts payable after more than one year | 17 | €35,191 | €14,169 | -€21,022 | -59.7% |
| Financial debts | 170/4 | €35,191 | €14,169 | -€21,022 | -59.7% |
| Amounts payable within one year | 42/48 | €92,058 | €90,945 | -€1,113 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €35,414 | €21,022 | -€14,392 | -40.6% |
| Trade debts | 44 | €23,461 | €17,289 | -€6,172 | -26.3% |
| Suppliers | 440/4 | €23,461 | €17,289 | -€6,172 | -26.3% |
| Taxes, remuneration and social security | 45 | €3,672 | €26,837 | +€23,165 | +631% |
| Taxes | 450/3 | €20 | €20,369 | +€20,349 | +102,876% |
| Remuneration and social security | 454/9 | €3,652 | €6,469 | +€2,817 | +77.1% |
| Other amounts payable | 47/48 | €29,511 | €25,797 | -€3,714 | -12.6% |
| Non-recurring operating income | 76A | - | €124 | +€124 | |
| Remuneration, social security and pensions | 62 | €27,489 | €32,124 | +€4,635 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,773 | €78,227 | -€30,546 | -28.1% |
| Other operating charges | 640/8 | €6,228 | €4,897 | -€1,332 | -21.4% |
| Gross operating margin | 9900 | €363,349 | €574,562 | +€211,213 | +58.1% |
| Operating profit (loss) | 9901 | €220,859 | €459,315 | +€238,456 | +108% |
| Financial income | 75/76B | €57 | €1 | -€57 | -98.8% |
| Recurring financial income | 75 | €57 | €1 | -€57 | -98.8% |
| Financial charges | 65/66B | €1,632 | €1,143 | -€489 | -30.0% |
| Recurring financial charges | 65 | €1,632 | €1,143 | -€489 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €219,284 | €458,173 | +€238,888 | +109% |
| Transfer from deferred taxes | 780 | €2,743 | €2,474 | -€270 | -9.8% |
| Income taxes | 67/77 | €51,827 | €150,369 | +€98,541 | +190% |
| Profit (loss) for the period | 9904 | €170,200 | €310,278 | +€140,078 | +82.3% |
| Transfer from tax-exempt reserves | 789 | €6,108 | €5,497 | -€611 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €176,308 | €315,775 | +€139,467 | +79.1% |
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 24 October 2026 via checked.be.