L.C.E.: 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.
L.C.E.
Largest movements
- Receivables within one year -€79,087
down €79,087 (-44.8%), from €176,685 to €97,597
of which Trade receivables: -€55,235
- Deferred charges and accrued income +€52,840
up €52,840 (+175.3%), from €30,147 to €82,987
- Cash -€16,468
down €16,468 (-49.3%), from €33,391 to €16,923
mainly Deferred charges and accrued income (-€52,840) and Investment in fixed assets (net) (-€43,696)
- Tangible fixed assets -€5,548
down €5,548 (-7.5%), from €73,577 to €68,029
of which Leasing and similar rights: -€17,460
- Trade debts -€24,651
down €24,651 (-43.0%), from €57,326 to €32,675
- Debts after one year -€18,228
down €18,228 (-68.0%), from €26,815 to €8,587
- Other debts +€9,854
up €9,854 (+32.7%), from €30,095 to €39,949
- Tax, wage and social debts -€6,599
down €6,599 (-78.6%), from €8,400 to €1,801
of which Taxes: -€6,599
- Current portion of long-term debt -€4,093
down €4,093 (-18.3%), from €22,321 to €18,228
- Gross operating margin +€73,198
up €73,198, from -€22,364 to €50,834
- Depreciation +€3,522
up €3,522 (+7.7%), from €45,722 to €49,244
- Financial charges -€2,234
down €2,234 (-39.0%), from €5,733 to €3,499
- Staff costs +€993
up €993, from -€823 to €170
- Financial income -€979
down €979 (-97.7%), from €1,001 to €23
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.
Cash bridge derived
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 | €314,550 | €266,286 | -€48,263 | -15.3% |
| Fixed assets | 21/28 | €74,327 | €68,779 | -€5,548 | -7.5% |
| Tangible fixed assets | 22/27 | €73,577 | €68,029 | -€5,548 | -7.5% |
| Land and buildings | 22 | €11,667 | - | -€11,667 | |
| Plant, machinery and equipment | 23 | €2,883 | €6,365 | +€3,481 | +120.7% |
| Furniture and vehicles | 24 | €41,389 | €61,487 | +€20,098 | +48.6% |
| Leasing and similar rights | 25 | €17,638 | €178 | -€17,460 | -99.0% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €240,223 | €197,507 | -€42,715 | -17.8% |
| Amounts receivable within one year | 40/41 | €176,685 | €97,597 | -€79,087 | -44.8% |
| Trade receivables | 40 | €150,165 | €94,930 | -€55,235 | -36.8% |
| Other amounts receivable | 41 | €26,520 | €2,667 | -€23,852 | -89.9% |
| Cash at bank and in hand | 54/58 | €33,391 | €16,923 | -€16,468 | -49.3% |
| Deferred charges and accrued income | 490/1 | €30,147 | €82,987 | +€52,840 | +175.3% |
| Total equity and liabilities | 10/49 | €314,550 | €266,286 | -€48,263 | -15.3% |
| Equity | 10/15 | €169,496 | €164,979 | -€4,517 | -2.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €154,509 | €152,650 | -€1,859 | -1.2% |
| Distributable reserves | 133 | €154,509 | €152,650 | -€1,859 | -1.2% |
| Profit (loss) carried forward | 14 | -€3,605 | -€6,263 | -€2,658 | -73.7% |
| Amounts payable | 17/49 | €145,054 | €101,307 | -€43,747 | -30.2% |
| Amounts payable after more than one year | 17 | €26,815 | €8,587 | -€18,228 | -68.0% |
| Financial debts | 170/4 | €26,815 | €8,587 | -€18,228 | -68.0% |
| Amounts payable within one year | 42/48 | €118,141 | €92,653 | -€25,489 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €22,321 | €18,228 | -€4,093 | -18.3% |
| Trade debts | 44 | €57,326 | €32,675 | -€24,651 | -43.0% |
| Suppliers | 440/4 | €57,326 | €32,675 | -€24,651 | -43.0% |
| Taxes, remuneration and social security | 45 | €8,400 | €1,801 | -€6,599 | -78.6% |
| Taxes | 450/3 | €8,087 | €1,488 | -€6,599 | -81.6% |
| Remuneration and social security | 454/9 | €313 | €313 | = | 0.0% |
| Other amounts payable | 47/48 | €30,095 | €39,949 | +€9,854 | +32.7% |
| Accrued charges and deferred income | 492/3 | €98 | €67 | -€30 | -30.8% |
| Non-recurring operating income | 76A | - | €374 | +€374 | |
| Remuneration, social security and pensions | 62 | -€823 | €170 | +€993 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,722 | €49,244 | +€3,522 | +7.7% |
| Other operating charges | 640/8 | €2,104 | €2,167 | +€63 | +3.0% |
| Gross operating margin | 9900 | -€22,364 | €50,834 | +€73,198 | |
| Operating profit (loss) | 9901 | -€69,367 | -€748 | +€68,619 | +98.9% |
| Financial income | 75/76B | €1,001 | €23 | -€979 | -97.7% |
| Recurring financial income | 75 | €1,001 | €23 | -€979 | -97.7% |
| Financial charges | 65/66B | €5,733 | €3,499 | -€2,234 | -39.0% |
| Recurring financial charges | 65 | €5,733 | €3,499 | -€2,234 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | -€74,100 | -€4,224 | +€69,875 | +94.3% |
| Income taxes | 67/77 | €173 | €292 | +€119 | +68.5% |
| Profit (loss) for the period | 9904 | -€74,273 | -€4,517 | +€69,756 | +93.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€74,273 | -€4,517 | +€69,756 | +93.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.