LCEBE: 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.
What changed
LCEBE
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€496,437
2024 · €123,491+€372,946
Equity
€68.6m
2024 · €68.6m-€15,312
Cash
€134,131
2024 · €108,466+€25,665
Balance sheet total
€103.3m
2024 · €99.2m+€4.1m
Largest movements
Assets
- Financial fixed assets +€3.4m
up €3.4m (+17.7%), from €19.1m to €22.5m
Equity and liabilities
- Debts after one year +€3.3m
up €3.3m (+14.9%), from €21.9m to €25.2m
of which Financial debts: +€3.3m
Income statement
- Gross operating margin +€1.4m
up €1.4m (+25.1%), from €5.4m to €6.7m
- Financial charges +€541,777
up €541,777 (+91.4%), from €593,004 to €1.1m
of which Non-recurring financial charges: +€400,000
- Depreciation +€195,329
up €195,329 (+5.5%), from €3.6m to €3.8m
- Other operating charges +€175,985
up €175,985 (+11.1%), from €1.6m to €1.8m
- Financial income +€160,748
up €160,748 (+21.5%), from €747,956 to €908,704
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
€123,491
Gross operating margin
+€1.4m
Staff costs
-€37,372
Depreciation
-€195,329
Other operating charges
-€175,985
Financial income
+€160,748
Financial charges
-€541,777
Taxes
-€41,864
Deferred taxes and other
-€146,931
Result 2025
€496,437
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.
From operations
+€5.5m
Investment
-€7.8m
Financing
+€2.4m
Cash 2024
€108,466
From operations (derived)
+€5.5m
Net result for the year
+€496,437
Depreciation
+€3.8m
Receivables within one year
+€298,357
Deferred charges and accrued income
-€307,137
Provisions
-€38,710
Trade debts
+€429,360
Tax, wage and social debts
+€295,322
Advances received
+€23,758
Other debts
+€499,753
Accrued charges and deferred income
-€1,242
Investment (derived)
-€7.8m
Investment in fixed assets (net)
-€7.8m
Current investments
-€0
Financing
+€2.4m
Debts after one year
+€3.3m
Current portion of long-term debt
-€351,559
Contributions, distributions and other
-€511,749
Cash 2025
€134,131
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €99,191,886 | €103,289,313 | +€4.1m | +4.1% |
| Fixed assets | 21/28 | €97,163,799 | €101,226,781 | +€4.1m | +4.2% |
| Intangible fixed assets | 21 | €1,512 | €20,093 | +€18,581 | +1229.2% |
| Tangible fixed assets | 22/27 | €78,034,266 | €78,699,047 | +€664,782 | +0.9% |
| Land and buildings | 22 | €74,871,092 | €75,363,014 | +€491,922 | +0.7% |
| Plant, machinery and equipment | 23 | €2,180 | €1,491 | -€689 | -31.6% |
| Furniture and vehicles | 24 | €147,196 | €192,136 | +€44,940 | +30.5% |
| Other tangible fixed assets | 26 | €3,013,797 | €3,013,797 | +€0 | 0.0% |
| Assets under construction and advance payments | 27 | - | €128,609 | +€128,609 | |
| Financial fixed assets | 28 | €19,128,022 | €22,507,641 | +€3.4m | +17.7% |
| Current assets | 29/58 | €2,028,087 | €2,062,532 | +€34,445 | +1.7% |
| Amounts receivable within one year | 40/41 | €1,736,594 | €1,438,237 | -€298,357 | -17.2% |
| Trade receivables | 40 | €700,058 | €811,448 | +€111,390 | +15.9% |
| Other amounts receivable | 41 | €1,036,536 | €626,789 | -€409,747 | -39.5% |
| Current investments | 50/53 | €71 | €71 | +€0 | +0.7% |
| Cash at bank and in hand | 54/58 | €108,466 | €134,131 | +€25,665 | +23.7% |
| Deferred charges and accrued income | 490/1 | €182,956 | €490,093 | +€307,137 | +167.9% |
| Total equity and liabilities | 10/49 | €99,191,886 | €103,289,313 | +€4.1m | +4.1% |
| Equity | 10/15 | €68,607,244 | €68,591,932 | -€15,312 | 0.0% |
| Contributions | 10/11 | €17,382,930 | €17,382,930 | -€0 | 0.0% |
| Capital | 10 | €14,818,941 | €14,818,941 | -€0 | 0.0% |
| Issued capital | 100 | €14,818,941 | €14,818,941 | -€0 | 0.0% |
| Outside capital | 11 | €2,563,989 | €2,563,989 | -€0 | 0.0% |
| Share premium | 1100/10 | €2,563,989 | €2,563,989 | -€0 | 0.0% |
| Revaluation surpluses | 12 | €1,554,796 | €1,554,796 | -€0 | 0.0% |
| Reserves | 13 | €49,426,187 | €49,424,309 | -€1,878 | 0.0% |
| Non-distributable reserves | 130/1 | €1,481,894 | €1,481,894 | -€0 | 0.0% |
| Legal reserve | 130 | €1,481,894 | €1,481,894 | -€0 | 0.0% |
| Tax-exempt reserves | 132 | €20,508,968 | €20,389,533 | -€119,435 | -0.6% |
| Distributable reserves | 133 | €27,435,325 | €27,552,882 | +€117,557 | +0.4% |
| Investment grants | 15 | €243,331 | €229,897 | -€13,434 | -5.5% |
| Provisions and deferred taxes | 16 | €3,958,554 | €3,919,844 | -€38,710 | -1.0% |
| Deferred taxes | 168 | €3,958,554 | €3,919,844 | -€38,710 | -1.0% |
| Amounts payable | 17/49 | €26,626,088 | €30,777,537 | +€4.2m | +15.6% |
| Amounts payable after more than one year | 17 | €21,910,680 | €25,166,736 | +€3.3m | +14.9% |
| Financial debts | 170/4 | €21,908,135 | €25,164,191 | +€3.3m | +14.9% |
| Other amounts payable | 178/9 | €2,545 | €2,545 | -€0 | 0.0% |
| Amounts payable within one year | 42/48 | €4,582,896 | €5,479,531 | +€896,635 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €2,833,071 | €2,481,512 | -€351,559 | -12.4% |
| Trade debts | 44 | €1,230,817 | €1,660,177 | +€429,360 | +34.9% |
| Suppliers | 440/4 | €1,230,817 | €1,660,177 | +€429,360 | +34.9% |
| Advances received on contracts in progress | 46 | €64,646 | €88,404 | +€23,758 | +36.8% |
| Taxes, remuneration and social security | 45 | €329,683 | €625,005 | +€295,322 | +89.6% |
| Taxes | 450/3 | €312,646 | €602,406 | +€289,760 | +92.7% |
| Remuneration and social security | 454/9 | €17,037 | €22,599 | +€5,562 | +32.6% |
| Other amounts payable | 47/48 | €124,680 | €624,433 | +€499,753 | +400.8% |
| Accrued charges and deferred income | 492/3 | €132,512 | €131,270 | -€1,242 | -0.9% |
| Remuneration, social security and pensions | 62 | €179,349 | €216,721 | +€37,372 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,567,578 | €3,762,907 | +€195,329 | +5.5% |
| Other operating charges | 640/8 | €1,585,008 | €1,760,993 | +€175,985 | +11.1% |
| Gross operating margin | 9900 | €5,382,387 | €6,733,843 | +€1.4m | +25.1% |
| Operating profit (loss) | 9901 | €50,452 | €993,222 | +€942,770 | +1868.7% |
| Financial income | 75/76B | €747,956 | €908,704 | +€160,748 | +21.5% |
| Recurring financial income | 75 | €747,956 | €908,704 | +€160,748 | +21.5% |
| Financial charges | 65/66B | €593,004 | €1,134,781 | +€541,777 | +91.4% |
| Recurring financial charges | 65 | €593,004 | €734,781 | +€141,777 | +23.9% |
| Non-recurring financial charges | 66B | - | €400,000 | +€400,000 | |
| Profit (loss) for the period before taxes | 9903 | €205,404 | €767,145 | +€561,741 | +273.5% |
| Transfer from deferred taxes | 780 | €185,640 | €215,613 | +€29,973 | +16.1% |
| Transfer to deferred taxes | 680 | - | €176,904 | +€176,904 | |
| Income taxes | 67/77 | €267,553 | €309,417 | +€41,864 | +15.6% |
| Profit (loss) for the period | 9904 | €123,491 | €496,437 | +€372,946 | +302.0% |
| Transfer from tax-exempt reserves | 789 | €560,227 | €650,148 | +€89,921 | +16.1% |
| Transfer to tax-exempt reserves | 689 | - | €530,713 | +€530,713 | |
| Profit (loss) for the period to be appropriated | 9905 | €683,719 | €615,872 | -€67,847 | -9.9% |
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 5 October 2026 via checked.be.