Martin LEMAIRE: 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.
Martin LEMAIRE
Largest movements
- Current investments +€78,397
up €78,397 (+97.5%), from €80,385 to €158,781
- Receivables within one year -€20,374
down €20,374 (-97.2%), from €20,954 to €580
of which Trade receivables: -€20,287
- Cash +€10,432
up €10,432 (+9.7%), from €107,648 to €118,080
mainly Other debts (+€210,600) and Net result for the year (+€118,654)
- Tangible fixed assets +€10,084
up €10,084 (+6,303%), from €160 to €10,244
- Other debts +€210,600
up €210,600 (+371%), from €56,725 to €267,325
- Profit (loss) carried forward -€134,849
no longer reported in 2025 (was €134,849)
- Trade debts +€6,732
up €6,732 (+532%), from €1,265 to €7,997
- Tax, wage and social debts -€3,106
down €3,106 (-20.4%), from €15,208 to €12,101
- Financial income -€13,335
down €13,335 (-91.4%), from €14,596 to €1,261
- Gross operating margin -€3,160
down €3,160 (-2.0%), from €157,900 to €154,740
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 | €209,147 | €288,742 | +€79,596 | +38.1% |
| Fixed assets | 21/28 | €160 | €10,244 | +€10,084 | +6,303% |
| Tangible fixed assets | 22/27 | €160 | €10,244 | +€10,084 | +6,303% |
| Furniture and vehicles | 24 | €160 | €10,244 | +€10,084 | +6,303% |
| Current assets | 29/58 | €208,987 | €278,498 | +€69,511 | +33.3% |
| Amounts receivable within one year | 40/41 | €20,954 | €580 | -€20,374 | -97.2% |
| Trade receivables | 40 | €20,316 | €29 | -€20,287 | -99.9% |
| Other amounts receivable | 41 | €638 | €550 | -€88 | -13.7% |
| Current investments | 50/53 | €80,385 | €158,781 | +€78,397 | +97.5% |
| Cash at bank and in hand | 54/58 | €107,648 | €118,080 | +€10,432 | +9.7% |
| Deferred charges and accrued income | 490/1 | - | €1,057 | +€1,057 | |
| Total equity and liabilities | 10/49 | €209,147 | €288,742 | +€79,596 | +38.1% |
| Equity | 10/15 | €135,849 | €1,000 | -€134,849 | -99.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000 | €1,000 | = | 0.0% |
| Other | 1109/19 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €134,849 | - | -€134,849 | |
| Amounts payable | 17/49 | €73,298 | €287,742 | +€214,445 | +293% |
| Amounts payable within one year | 42/48 | €73,298 | €287,742 | +€214,445 | +293% |
| Financial debts | 43 | €100 | €319 | +€219 | +219% |
| Credit institutions | 430/8 | €100 | €319 | +€219 | +219% |
| Trade debts | 44 | €1,265 | €7,997 | +€6,732 | +532% |
| Suppliers | 440/4 | €1,265 | €7,997 | +€6,732 | +532% |
| Taxes, remuneration and social security | 45 | €15,208 | €12,101 | -€3,106 | -20.4% |
| Taxes | 450/3 | €15,208 | €12,101 | -€3,106 | -20.4% |
| Other amounts payable | 47/48 | €56,725 | €267,325 | +€210,600 | +371% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €631 | €314 | -€316 | -50.2% |
| Other operating charges | 640/8 | €618 | €638 | +€20 | +3.2% |
| Gross operating margin | 9900 | €157,900 | €154,740 | -€3,160 | -2.0% |
| Operating profit (loss) | 9901 | €156,651 | €153,788 | -€2,864 | -1.8% |
| Financial income | 75/76B | €14,596 | €1,261 | -€13,335 | -91.4% |
| Recurring financial income | 75 | €14,596 | €1,261 | -€13,335 | -91.4% |
| Financial charges | 65/66B | €895 | €566 | -€329 | -36.7% |
| Recurring financial charges | 65 | €895 | €566 | -€329 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €170,352 | €154,482 | -€15,870 | -9.3% |
| Income taxes | 67/77 | €35,503 | €35,828 | +€325 | +0.9% |
| Profit (loss) for the period | 9904 | €134,849 | €118,654 | -€16,195 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €134,849 | €118,654 | -€16,195 | -12.0% |
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 1 November 2026 via checked.be.