LACRE: 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.
LACRE
Largest movements
- Receivables within one year -€632,233
down €632,233 (-26.3%), from €2.4m to €1.8m
of which Other amounts receivable: -€632,279
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
- Cash +€385,130
up €385,130 (+385%), from €100,037 to €485,168
mainly Receivables within one year (+€632,233) and Current investments (+€400,000)
- Tangible fixed assets +€176,670
up €176,670 (+26.6%), from €665,295 to €841,965
of which Other tangible fixed assets: +€182,975
- Other debts -€488,564
down €488,564 (-93.2%), from €524,038 to €35,475
- Profit (loss) carried forward +€118,059
up €118,059 (+50.9%), from €231,769 to €349,829
- Debts after one year -€73,989
down €73,989 (-4.0%), from €1.9m to €1.8m
- Financial income -€18,538
down €18,538 (-18.9%), from €98,095 to €79,557
of which Financial income: -€15,087
- Depreciation +€7,489
up €7,489 (+19.1%), from €39,121 to €46,610
- Taxes -€7,428
down €7,428 (-15.3%), from €48,604 to €41,176
- Gross operating margin -€5,766
down €5,766 (-3.0%), from €193,280 to €187,513
- Other operating charges +€3,627
up €3,627 (+26.4%), from €13,748 to €17,375
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 | €3,568,110 | €3,096,753 | -€471,356 | -13.2% |
| Fixed assets | 21/28 | €665,295 | €841,965 | +€176,670 | +26.6% |
| Tangible fixed assets | 22/27 | €665,295 | €841,965 | +€176,670 | +26.6% |
| Land and buildings | 22 | €255,866 | €250,121 | -€5,745 | -2.2% |
| Furniture and vehicles | 24 | €560 | - | -€560 | |
| Other tangible fixed assets | 26 | €408,869 | €591,845 | +€182,975 | +44.8% |
| Current assets | 29/58 | €2,902,815 | €2,254,788 | -€648,026 | -22.3% |
| Amounts receivable within one year | 40/41 | €2,401,854 | €1,769,621 | -€632,233 | -26.3% |
| Trade receivables | 40 | €36,125 | €36,171 | +€46 | +0.1% |
| Other amounts receivable | 41 | €2,365,729 | €1,733,450 | -€632,279 | -26.7% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €100,037 | €485,168 | +€385,130 | +385% |
| Deferred charges and accrued income | 490/1 | €924 | - | -€924 | |
| Total equity and liabilities | 10/49 | €3,568,110 | €3,096,753 | -€471,356 | -13.2% |
| Equity | 10/15 | €989,077 | €1,093,196 | +€104,119 | +10.5% |
| Contributions | 10/11 | €545,366 | €545,366 | = | 0.0% |
| Capital | 10 | €545,366 | €545,366 | = | 0.0% |
| Issued capital | 100 | €545,366 | €545,366 | = | 0.0% |
| Reserves | 13 | €211,942 | €198,001 | -€13,941 | -6.6% |
| Non-distributable reserves | 130/1 | €54,537 | €54,537 | = | 0.0% |
| Legal reserve | 130 | €54,537 | €54,537 | = | 0.0% |
| Tax-exempt reserves | 132 | €157,406 | €143,465 | -€13,941 | -8.9% |
| Profit (loss) carried forward | 14 | €231,769 | €349,829 | +€118,059 | +50.9% |
| Provisions and deferred taxes | 16 | €81,052 | €73,873 | -€7,178 | -8.9% |
| Deferred taxes | 168 | €81,052 | €73,873 | -€7,178 | -8.9% |
| Amounts payable | 17/49 | €2,497,981 | €1,929,684 | -€568,297 | -22.8% |
| Amounts payable after more than one year | 17 | €1,858,566 | €1,784,577 | -€73,989 | -4.0% |
| Financial debts | 170/4 | €1,858,566 | €1,784,577 | -€73,989 | -4.0% |
| Amounts payable within one year | 42/48 | €639,045 | €144,884 | -€494,161 | -77.3% |
| Current portion of amounts payable after more than one year | 42 | €82,430 | €77,453 | -€4,977 | -6.0% |
| Trade debts | 44 | €12,127 | €13,548 | +€1,421 | +11.7% |
| Suppliers | 440/4 | €12,127 | €13,548 | +€1,421 | +11.7% |
| Taxes, remuneration and social security | 45 | €20,450 | €18,409 | -€2,041 | -10.0% |
| Taxes | 450/3 | €14,112 | €14,874 | +€762 | +5.4% |
| Remuneration and social security | 454/9 | €6,338 | €3,534 | -€2,804 | -44.2% |
| Other amounts payable | 47/48 | €524,038 | €35,475 | -€488,564 | -93.2% |
| Accrued charges and deferred income | 492/3 | €370 | €223 | -€146 | -39.5% |
| Remuneration, social security and pensions | 62 | €27,243 | €25,476 | -€1,767 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,121 | €46,610 | +€7,489 | +19.1% |
| Other operating charges | 640/8 | €13,748 | €17,375 | +€3,627 | +26.4% |
| Non-recurring operating charges | 66A | €3,498 | - | -€3,498 | |
| Gross operating margin | 9900 | €193,280 | €187,513 | -€5,766 | -3.0% |
| Operating profit (loss) | 9901 | €109,670 | €98,052 | -€11,618 | -10.6% |
| Financial income | 75/76B | €98,095 | €79,557 | -€18,538 | -18.9% |
| Recurring financial income | 75 | €89,825 | €74,738 | -€15,087 | -16.8% |
| Non-recurring financial income | 76B | €8,270 | €4,819 | -€3,451 | -41.7% |
| Financial charges | 65/66B | €42,743 | €39,492 | -€3,251 | -7.6% |
| Recurring financial charges | 65 | €42,743 | €39,492 | -€3,251 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €165,022 | €138,117 | -€26,906 | -16.3% |
| Transfer from deferred taxes | 780 | €7,178 | €7,178 | = | 0.0% |
| Income taxes | 67/77 | €48,604 | €41,176 | -€7,428 | -15.3% |
| Profit (loss) for the period | 9904 | €123,597 | €104,119 | -€19,478 | -15.8% |
| Transfer from tax-exempt reserves | 789 | €13,941 | €13,941 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €137,537 | €118,059 | -€19,478 | -14.2% |
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 18 October 2026 via checked.be.