LAPIDEX: 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
LAPIDEX
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€404,734
2024 · €567,619-€162,885
Equity
€2.2m
2024 · €1.9m+€303,901
Cash
€50,380
2024 · €61,039-€10,659
Balance sheet total
€2.4m
2024 · €2.2m+€208,845
Largest movements
Assets
- Current investments +€265,748
up €265,748 (+17.8%), from €1.5m to €1.8m
- Tangible fixed assets -€49,479
down €49,479 (-8.8%), from €563,702 to €514,223
Equity and liabilities
- Reserves +€303,901
up €303,901 (+15.9%), from €1.9m to €2.2m
of which Distributable reserves: +€249,522
- Current portion of long-term debt -€40,966
down €40,966 (-52.7%), from €77,793 to €36,828
- Debts after one year -€36,828
down €36,828 (-49.7%), from €74,070 to €37,243
Income statement
- Gross operating margin -€353,194
down €353,194 (-43.3%), from €815,054 to €461,859
- Financial income +€102,772
up €102,772 (+252%), from €40,778 to €143,550
- Taxes -€87,623
down €87,623 (-38.2%), from €229,548 to €141,924
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
€567,619
Gross operating margin
-€353,194
Depreciation
-€521
Other operating charges
-€36
Financial income
+€102,772
Financial charges
+€470
Taxes
+€87,623
Result 2025
€404,734
raises the resultlowers the result
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
+€449,801
Investment
-€265,748
Financing
-€194,712
Cash 2024
€61,039
From operations (derived)
+€449,801
Net result for the year
+€404,734
Depreciation
+€49,479
Receivables within one year
-€3,157
Deferred charges and accrued income
-€78
Trade debts
+€1,709
Tax, wage and social debts
+€17,050
Other debts
-€19,937
Investment (derived)
-€265,748
Current investments
-€265,748
Financing
-€194,712
Debts after one year
-€36,828
Current portion of long-term debt
-€40,966
Short-term financial debts
-€16,086
Contributions, distributions and other
-€100,833
Cash 2025
€50,380
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,183,566 | €2,392,411 | +€208,845 | +9.6% |
| Fixed assets | 21/28 | €563,902 | €514,423 | -€49,479 | -8.8% |
| Tangible fixed assets | 22/27 | €563,702 | €514,223 | -€49,479 | -8.8% |
| Land and buildings | 22 | €127,038 | €119,339 | -€7,699 | -6.1% |
| Plant, machinery and equipment | 23 | €3,761 | €3,347 | -€414 | -11.0% |
| Furniture and vehicles | 24 | €76,485 | €57,836 | -€18,648 | -24.4% |
| Other tangible fixed assets | 26 | €356,418 | €333,701 | -€22,717 | -6.4% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €1,619,664 | €1,877,988 | +€258,324 | +15.9% |
| Amounts receivable within one year | 40/41 | €57,799 | €60,956 | +€3,157 | +5.5% |
| Trade receivables | 40 | €57,757 | €60,891 | +€3,134 | +5.4% |
| Other amounts receivable | 41 | €42 | €65 | +€23 | +53.2% |
| Current investments | 50/53 | €1,495,510 | €1,761,258 | +€265,748 | +17.8% |
| Cash at bank and in hand | 54/58 | €61,039 | €50,380 | -€10,659 | -17.5% |
| Deferred charges and accrued income | 490/1 | €5,316 | €5,394 | +€78 | +1.5% |
| Total equity and liabilities | 10/49 | €2,183,566 | €2,392,411 | +€208,845 | +9.6% |
| Equity | 10/15 | €1,934,240 | €2,238,141 | +€303,901 | +15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,915,640 | €2,219,541 | +€303,901 | +15.9% |
| Tax-exempt reserves | 132 | €421,351 | €475,730 | +€54,379 | +12.9% |
| Distributable reserves | 133 | €1,494,288 | €1,743,811 | +€249,522 | +16.7% |
| Amounts payable | 17/49 | €249,327 | €154,271 | -€95,056 | -38.1% |
| Amounts payable after more than one year | 17 | €74,070 | €37,243 | -€36,828 | -49.7% |
| Financial debts | 170/4 | €74,070 | €37,243 | -€36,828 | -49.7% |
| Amounts payable within one year | 42/48 | €175,256 | €117,028 | -€58,228 | -33.2% |
| Current portion of amounts payable after more than one year | 42 | €77,793 | €36,828 | -€40,966 | -52.7% |
| Financial debts | 43 | €18,926 | €2,841 | -€16,086 | -85.0% |
| Credit institutions | 430/8 | €2,000 | €2,841 | +€840 | +42.0% |
| Other loans | 439 | €16,926 | - | -€16,926 | |
| Trade debts | 44 | €6,211 | €7,920 | +€1,709 | +27.5% |
| Suppliers | 440/4 | €6,211 | €7,920 | +€1,709 | +27.5% |
| Taxes, remuneration and social security | 45 | €51,315 | €68,365 | +€17,050 | +33.2% |
| Taxes | 450/3 | €51,315 | €65,103 | +€13,788 | +26.9% |
| Remuneration and social security | 454/9 | - | €3,263 | +€3,263 | |
| Other amounts payable | 47/48 | €21,011 | €1,074 | -€19,937 | -94.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,958 | €49,479 | +€521 | +1.1% |
| Other operating charges | 640/8 | €5,129 | €5,164 | +€36 | +0.7% |
| Gross operating margin | 9900 | €815,054 | €461,859 | -€353,194 | -43.3% |
| Operating profit (loss) | 9901 | €760,967 | €407,216 | -€353,751 | -46.5% |
| Financial income | 75/76B | €40,778 | €143,550 | +€102,772 | +252% |
| Recurring financial income | 75 | €40,778 | €143,550 | +€102,772 | +252% |
| Financial charges | 65/66B | €4,578 | €4,108 | -€470 | -10.3% |
| Recurring financial charges | 65 | €4,578 | €4,108 | -€470 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €797,167 | €546,658 | -€250,508 | -31.4% |
| Income taxes | 67/77 | €229,548 | €141,924 | -€87,623 | -38.2% |
| Profit (loss) for the period | 9904 | €567,619 | €404,734 | -€162,885 | -28.7% |
| Transfer from tax-exempt reserves | 789 | €75,780 | €50,871 | -€24,909 | -32.9% |
| Transfer to tax-exempt reserves | 689 | €244,795 | €105,250 | -€139,545 | -57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €398,604 | €350,355 | -€48,249 | -12.1% |
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 25 October 2026 via checked.be.