LARCO: 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.
LARCO
Largest movements
- Cash +€683,676
up €683,676 (+212.4%), from €321,923 to €1.0m
mainly Net result for the year (+€751,601) and Depreciation (+€674,533)
- Tangible fixed assets -€282,779
down €282,779 (-5.3%), from €5.4m to €5.1m
of which Plant, machinery and equipment: -€288,997
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Receivables within one year -€133,361
down €133,361 (-8.7%), from €1.5m to €1.4m
of which Trade receivables: -€113,361
- Debts after one year -€665,931
down €665,931 (-19.2%), from €3.5m to €2.8m
- Reserves +€315,750
up €315,750 (+394.6%), from €80,010 to €395,760
of which Tax-exempt reserves: +€315,750
- Profit (loss) carried forward +€275,126
up €275,126 (+20.3%), from €1.4m to €1.6m
- Trade debts +€224,890
up €224,890 (+52.2%), from €431,165 to €656,056
- Tax, wage and social debts -€137,552
down €137,552 (-46.0%), from €298,858 to €161,305
of which Taxes: -€133,967
- Gross operating margin +€251,276
up €251,276 (+12.2%), from €2.1m to €2.3m
- Staff costs +€47,972
up €47,972 (+8.9%), from €536,074 to €584,046
- Taxes +€46,315
up €46,315 (+23.1%), from €200,420 to €246,735
- Depreciation +€32,382
up €32,382 (+5.0%), from €642,152 to €674,533
- Other operating charges -€23,993
down €23,993 (-86.1%), from €27,855 to €3,862
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 | €7,600,344 | €7,701,035 | +€100,691 | +1.3% |
| Fixed assets | 21/28 | €5,382,001 | €5,096,025 | -€285,977 | -5.3% |
| Intangible fixed assets | 21 | €7,101 | €3,903 | -€3,198 | -45.0% |
| Tangible fixed assets | 22/27 | €5,351,350 | €5,068,571 | -€282,779 | -5.3% |
| Land and buildings | 22 | €3,190,233 | €3,121,975 | -€68,258 | -2.1% |
| Plant, machinery and equipment | 23 | €2,002,108 | €1,713,111 | -€288,997 | -14.4% |
| Furniture and vehicles | 24 | €159,010 | €233,486 | +€74,477 | +46.8% |
| Financial fixed assets | 28 | €23,550 | €23,550 | = | 0.0% |
| Current assets | 29/58 | €2,218,343 | €2,605,011 | +€386,668 | +17.4% |
| Stocks and contracts in progress | 3 | €156,512 | €178,748 | +€22,236 | +14.2% |
| Stocks | 30/36 | €156,512 | €178,748 | +€22,236 | +14.2% |
| Amounts receivable within one year | 40/41 | €1,530,690 | €1,397,330 | -€133,361 | -8.7% |
| Trade receivables | 40 | €1,490,690 | €1,377,330 | -€113,361 | -7.6% |
| Other amounts receivable | 41 | €40,000 | €20,000 | -€20,000 | -50.0% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €321,923 | €1,005,599 | +€683,676 | +212.4% |
| Deferred charges and accrued income | 490/1 | €9,217 | €23,333 | +€14,116 | +153.1% |
| Total equity and liabilities | 10/49 | €7,600,344 | €7,701,035 | +€100,691 | +1.3% |
| Equity | 10/15 | €2,647,423 | €3,204,286 | +€556,863 | +21.0% |
| Contributions | 10/11 | €800,100 | €800,100 | = | 0.0% |
| Capital | 10 | €800,100 | €800,100 | = | 0.0% |
| Issued capital | 100 | €800,100 | €800,100 | = | 0.0% |
| Reserves | 13 | €80,010 | €395,760 | +€315,750 | +394.6% |
| Non-distributable reserves | 130/1 | €80,010 | €80,010 | = | 0.0% |
| Legal reserve | 130 | €80,010 | €80,010 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €315,750 | +€315,750 | |
| Profit (loss) carried forward | 14 | €1,354,593 | €1,629,719 | +€275,126 | +20.3% |
| Investment grants | 15 | €412,720 | €378,708 | -€34,012 | -8.2% |
| Amounts payable | 17/49 | €4,952,921 | €4,496,749 | -€456,172 | -9.2% |
| Amounts payable after more than one year | 17 | €3,475,263 | €2,809,332 | -€665,931 | -19.2% |
| Financial debts | 170/4 | €3,475,263 | €2,809,332 | -€665,931 | -19.2% |
| Amounts payable within one year | 42/48 | €1,475,280 | €1,668,438 | +€193,158 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €651,445 | €701,081 | +€49,637 | +7.6% |
| Trade debts | 44 | €431,165 | €656,056 | +€224,890 | +52.2% |
| Suppliers | 440/4 | €431,165 | €656,056 | +€224,890 | +52.2% |
| Taxes, remuneration and social security | 45 | €298,858 | €161,305 | -€137,552 | -46.0% |
| Taxes | 450/3 | €240,071 | €106,104 | -€133,967 | -55.8% |
| Remuneration and social security | 454/9 | €58,787 | €55,201 | -€3,585 | -6.1% |
| Other amounts payable | 47/48 | €93,812 | €149,995 | +€56,184 | +59.9% |
| Accrued charges and deferred income | 492/3 | €2,378 | €18,979 | +€16,601 | +698.1% |
| Remuneration, social security and pensions | 62 | €536,074 | €584,046 | +€47,972 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €642,152 | €674,533 | +€32,382 | +5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€471 | €0 | +€471 | |
| Other operating charges | 640/8 | €27,855 | €3,862 | -€23,993 | -86.1% |
| Gross operating margin | 9900 | €2,057,375 | €2,308,652 | +€251,276 | +12.2% |
| Operating profit (loss) | 9901 | €851,765 | €1,046,210 | +€194,445 | +22.8% |
| Financial income | 75/76B | €48,474 | €54,886 | +€6,412 | +13.2% |
| Recurring financial income | 75 | €48,474 | €54,886 | +€6,412 | +13.2% |
| Financial charges | 65/66B | €80,385 | €102,761 | +€22,377 | +27.8% |
| Recurring financial charges | 65 | €80,385 | €102,761 | +€22,377 | +27.8% |
| Profit (loss) for the period before taxes | 9903 | €819,854 | €998,335 | +€178,481 | +21.8% |
| Income taxes | 67/77 | €200,420 | €246,735 | +€46,315 | +23.1% |
| Profit (loss) for the period | 9904 | €619,435 | €751,601 | +€132,166 | +21.3% |
| Transfer to tax-exempt reserves | 689 | - | €315,750 | +€315,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €619,435 | €435,851 | -€183,584 | -29.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.