L.R.C.: 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.R.C.
Largest movements
- Cash -€493,354
down €493,354 (-79.1%), from €624,005 to €130,651
mainly Current investments (-€251,699) and Net result for the year (-€84,609)
- Current investments +€251,699
new in 2025: €251,699
- Financial fixed assets +€42,870
up €42,870 (+2012.7%), from €2,130 to €45,000
- Receivables within one year -€37,374
down €37,374 (-62.8%), from €59,467 to €22,093
of which Trade receivables: -€50,083
- Tangible fixed assets -€29,915
down €29,915 (-5.9%), from €503,332 to €473,417
of which Land and buildings: -€16,743
- Profit (loss) carried forward -€113,249
down €113,249 (-99.1%), from €114,313 to €1,063
- Trade debts -€80,952
down €80,952 (-96.9%), from €83,533 to €2,581
- Other debts +€66,422
new in 2025: €66,422
- Debts after one year -€39,820
down €39,820 (-19.9%), from €199,604 to €159,783
- Reserves -€37,782
down €37,782 (-6.0%), from €633,072 to €595,290
of which Tax-exempt reserves: -€21,780
- Gross operating margin -€672,737
down €672,737, from €606,295 to -€66,442
- Staff costs -€163,543
no longer reported in 2025 (was €163,543)
- Provisions -€43,900
down €43,900, from €17,900 to -€26,000
- Taxes -€9,865
down €9,865 (-95.8%), from €10,303 to €438
- Other operating charges -€9,040
down €9,040 (-71.7%), from €12,613 to €3,573
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 | €1,276,034 | €1,009,022 | -€267,012 | -20.9% |
| Fixed assets | 21/28 | €505,462 | €518,417 | +€12,955 | +2.6% |
| Tangible fixed assets | 22/27 | €503,332 | €473,417 | -€29,915 | -5.9% |
| Land and buildings | 22 | €480,857 | €464,114 | -€16,743 | -3.5% |
| Plant, machinery and equipment | 23 | €12,565 | €0 | -€12,565 | -100.0% |
| Furniture and vehicles | 24 | €9,910 | €9,303 | -€607 | -6.1% |
| Financial fixed assets | 28 | €2,130 | €45,000 | +€42,870 | +2012.7% |
| Current assets | 29/58 | €770,571 | €490,604 | -€279,967 | -36.3% |
| Amounts receivable after more than one year | 29 | €78,000 | €78,000 | = | 0.0% |
| Trade receivables | 290 | €78,000 | €78,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €6,274 | €6,825 | +€551 | +8.8% |
| Stocks | 30/36 | €6,274 | €6,825 | +€551 | +8.8% |
| Amounts receivable within one year | 40/41 | €59,467 | €22,093 | -€37,374 | -62.8% |
| Trade receivables | 40 | €50,083 | - | -€50,083 | |
| Other amounts receivable | 41 | €9,384 | €22,093 | +€12,709 | +135.4% |
| Current investments | 50/53 | - | €251,699 | +€251,699 | |
| Cash at bank and in hand | 54/58 | €624,005 | €130,651 | -€493,354 | -79.1% |
| Deferred charges and accrued income | 490/1 | €2,825 | €1,336 | -€1,489 | -52.7% |
| Total equity and liabilities | 10/49 | €1,276,034 | €1,009,022 | -€267,012 | -20.9% |
| Equity | 10/15 | €787,385 | €636,353 | -€151,031 | -19.2% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €633,072 | €595,290 | -€37,782 | -6.0% |
| Tax-exempt reserves | 132 | €239,460 | €217,680 | -€21,780 | -9.1% |
| Distributable reserves | 133 | €393,612 | €377,610 | -€16,002 | -4.1% |
| Profit (loss) carried forward | 14 | €114,313 | €1,063 | -€113,249 | -99.1% |
| Provisions and deferred taxes | 16 | €135,354 | €102,094 | -€33,260 | -24.6% |
| Provisions for liabilities and charges | 160/5 | €58,000 | €32,000 | -€26,000 | -44.8% |
| Environmental obligations | 163 | €58,000 | €32,000 | -€26,000 | -44.8% |
| Deferred taxes | 168 | €77,354 | €70,094 | -€7,260 | -9.4% |
| Amounts payable | 17/49 | €353,295 | €270,574 | -€82,721 | -23.4% |
| Amounts payable after more than one year | 17 | €199,604 | €159,783 | -€39,820 | -19.9% |
| Financial debts | 170/4 | €199,604 | €159,783 | -€39,820 | -19.9% |
| Amounts payable within one year | 42/48 | €148,241 | €110,791 | -€37,450 | -25.3% |
| Current portion of amounts payable after more than one year | 42 | €50,319 | €39,820 | -€10,499 | -20.9% |
| Trade debts | 44 | €83,533 | €2,581 | -€80,952 | -96.9% |
| Suppliers | 440/4 | €83,533 | €2,581 | -€80,952 | -96.9% |
| Taxes, remuneration and social security | 45 | €14,389 | €1,967 | -€12,422 | -86.3% |
| Taxes | 450/3 | €13,043 | €1,967 | -€11,076 | -84.9% |
| Remuneration and social security | 454/9 | €1,346 | - | -€1,346 | |
| Other amounts payable | 47/48 | - | €66,422 | +€66,422 | |
| Accrued charges and deferred income | 492/3 | €5,450 | €0 | -€5,450 | -100.0% |
| Non-recurring operating income | 76A | €339,318 | €0 | -€339,318 | -100.0% |
| Remuneration, social security and pensions | 62 | €163,543 | - | -€163,543 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,307 | €46,132 | +€2,825 | +6.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €17,900 | -€26,000 | -€43,900 | |
| Other operating charges | 640/8 | €12,613 | €3,573 | -€9,040 | -71.7% |
| Non-recurring operating charges | 66A | €2,273 | - | -€2,273 | |
| Gross operating margin | 9900 | €606,295 | -€66,442 | -€672,737 | |
| Operating profit (loss) | 9901 | €366,658 | -€90,148 | -€456,806 | |
| Financial income | 75/76B | €1,924 | €4,947 | +€3,023 | +157.1% |
| Recurring financial income | 75 | €1,924 | €4,947 | +€3,023 | +157.1% |
| Financial charges | 65/66B | €9,606 | €6,230 | -€3,375 | -35.1% |
| Recurring financial charges | 65 | €9,350 | €6,230 | -€3,120 | -33.4% |
| Non-recurring financial charges | 66B | €256 | - | -€256 | |
| Profit (loss) for the period before taxes | 9903 | €358,977 | -€91,431 | -€450,408 | |
| Transfer from deferred taxes | 780 | €7,476 | €7,260 | -€216 | -2.9% |
| Transfer to deferred taxes | 680 | €84,830 | - | -€84,830 | |
| Income taxes | 67/77 | €10,303 | €438 | -€9,865 | -95.8% |
| Profit (loss) for the period | 9904 | €271,320 | -€84,609 | -€355,929 | |
| Transfer from tax-exempt reserves | 789 | €22,427 | €21,780 | -€647 | -2.9% |
| Transfer to tax-exempt reserves | 689 | €254,489 | - | -€254,489 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,258 | -€62,829 | -€102,087 |
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 7 October 2026 via checked.be.