LCL: 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.
What changed
LCL
NACE 61.100, Wired, wireless and satellite telecommunications
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.4m
2024 · -€427,572+€2.9m
Equity
€13.8m
2024 · €11.0m+€2.8m
Cash
€6.1m
2024 · €7.2m-€1.1m
Balance sheet total
€205.4m
2024 · €165.8m+€39.7m
Largest movements
Assets
- Tangible fixed assets +€37.1m
up €37.1m (+27.5%), from €134.8m to €171.9m
of which Land and buildings: +€67.2m
- Financial fixed assets +€3.4m
up €3.4m (+18.9%), from €18.0m to €21.4m
of which Affiliated companies: +€3.4m
Equity and liabilities
- Debts after one year +€31.3m
up €31.3m (+23.7%), from €131.7m to €163.0m
of which Financial debts: +€32.0m
- Current portion of long-term debt +€5.9m
up €5.9m (+81.4%), from €7.2m to €13.1m
- Trade debts -€2.7m
down €2.7m (-23.0%), from €11.7m to €9.0m
- Reserves +€2.4m
up €2.4m (+42.7%), from €5.7m to €8.1m
of which Distributable reserves: +€2.4m
Income statement
- Turnover +€10.5m
up €10.5m (+42.0%), from €24.9m to €35.4m
- Services and other goods +€2.6m
up €2.6m (+24.6%), from €10.5m to €13.1m
- Depreciation +€2.1m
up €2.1m (+33.4%), from €6.2m to €8.3m
- Financial charges +€1.6m
up €1.6m (+41.1%), from €4.0m to €5.6m
of which Financial charges: +€2.0m
- Staff costs +€1.1m
up €1.1m (+23.5%), from €4.5m to €5.5m
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
-€427,572
Turnover
+€10.5m
Other operating income
+€57,710
Goods and materials
-€17,087
Services and other goods
-€2.6m
Staff costs
-€1.1m
Depreciation
-€2.1m
Write-downs
+€11,110
Other operating charges
+€2,525
Other operating items
+€198,775
Financial income
+€113,305
Financial charges
-€1.6m
Taxes
-€640,453
Deferred taxes and other
-€1
Result 2025
€2.4m
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
+€10.1m
Investment
-€48.7m
Financing
+€37.5m
Cash 2024
€7.2m
From operations (derived)
+€10.1m
Net result for the year
+€2.4m
Depreciation
+€8.3m
Smaller working-capital items
-€112,893
Deferred charges and accrued income
-€256,672
Trade debts
-€2.7m
Tax, wage and social debts
+€931,822
Accrued charges and deferred income
+€1.5m
Investment (derived)
-€48.7m
Investment in fixed assets (net)
-€48.7m
Financing
+€37.5m
Debts after one year
+€31.3m
Current portion of long-term debt
+€5.9m
Contributions, distributions and other
+€332,323
Cash 2025
€6.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €165,754,221 | €205,420,284 | +€39.7m | +23.9% |
| Fixed assets | 21/28 | €153,638,051 | €194,027,192 | +€40.4m | +26.3% |
| Intangible fixed assets | 21 | €850,931 | €782,925 | -€68,006 | -8.0% |
| Tangible fixed assets | 22/27 | €134,825,726 | €171,879,575 | +€37.1m | +27.5% |
| Land and buildings | 22 | €60,819,260 | €127,989,814 | +€67.2m | +110.4% |
| Plant, machinery and equipment | 23 | €2,359,335 | €4,061,503 | +€1.7m | +72.1% |
| Furniture and vehicles | 24 | €429,697 | €338,373 | -€91,324 | -21.3% |
| Leasing and similar rights | 25 | €372,616 | €261,615 | -€111,001 | -29.8% |
| Other tangible fixed assets | 26 | €753,742 | €902,572 | +€148,830 | +19.7% |
| Assets under construction and advance payments | 27 | €70,091,076 | €38,325,698 | -€31.8m | -45.3% |
| Financial fixed assets | 28 | €17,961,394 | €21,364,692 | +€3.4m | +18.9% |
| Affiliated companies | 280/1 | €17,939,394 | €21,336,662 | +€3.4m | +18.9% |
| Participating interests | 280 | €16,303,009 | €16,823,864 | +€520,855 | +3.2% |
| Amounts receivable | 281 | €1,636,385 | €4,512,798 | +€2.9m | +175.8% |
| Other financial fixed assets | 284/8 | €22,000 | €28,030 | +€6,030 | +27.4% |
| Amounts receivable and cash guarantees | 285/8 | €22,000 | €28,030 | +€6,030 | +27.4% |
| Current assets | 29/58 | €12,116,170 | €11,393,092 | -€723,078 | -6.0% |
| Stocks and contracts in progress | 3 | €333,786 | €420,087 | +€86,301 | +25.9% |
| Stocks | 30/36 | €333,786 | €420,087 | +€86,301 | +25.9% |
| Raw materials and consumables | 30/31 | €333,786 | €420,087 | +€86,301 | +25.9% |
| Amounts receivable within one year | 40/41 | €4,081,943 | €4,095,707 | +€13,764 | +0.3% |
| Trade receivables | 40 | €3,958,440 | €3,982,446 | +€24,006 | +0.6% |
| Other amounts receivable | 41 | €123,503 | €113,261 | -€10,242 | -8.3% |
| Cash at bank and in hand | 54/58 | €7,191,175 | €6,111,360 | -€1.1m | -15.0% |
| Deferred charges and accrued income | 490/1 | €509,266 | €765,938 | +€256,672 | +50.4% |
| Total equity and liabilities | 10/49 | €165,754,221 | €205,420,284 | +€39.7m | +23.9% |
| Equity | 10/15 | €11,040,597 | €13,807,567 | +€2.8m | +25.1% |
| Contributions | 10/11 | €5,336,166 | €5,336,166 | = | 0.0% |
| Capital | 10 | €5,336,166 | €5,336,166 | = | 0.0% |
| Issued capital | 100 | €5,336,166 | €5,336,166 | = | 0.0% |
| Reserves | 13 | €5,703,613 | €8,138,260 | +€2.4m | +42.7% |
| Non-distributable reserves | 130/1 | €533,617 | €533,617 | = | 0.0% |
| Legal reserve | 130 | €533,617 | €533,617 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,540 | €23,540 | = | 0.0% |
| Distributable reserves | 133 | €5,146,456 | €7,581,103 | +€2.4m | +47.3% |
| Investment grants | 15 | €818 | €333,141 | +€332,323 | +40626.3% |
| Provisions and deferred taxes | 16 | €62,457 | €49,629 | -€12,828 | -20.5% |
| Deferred taxes | 168 | €62,457 | €49,629 | -€12,828 | -20.5% |
| Amounts payable | 17/49 | €154,651,167 | €191,563,088 | +€36.9m | +23.9% |
| Amounts payable after more than one year | 17 | €131,707,110 | €162,970,512 | +€31.3m | +23.7% |
| Financial debts | 170/4 | €130,937,110 | €162,970,512 | +€32.0m | +24.5% |
| Subordinated loans | 170 | €46,166,745 | €47,955,770 | +€1.8m | +3.9% |
| Leasing and similar obligations | 172 | €505,003 | €345,782 | -€159,221 | -31.5% |
| Credit institutions | 173 | €81,589,245 | €113,277,917 | +€31.7m | +38.8% |
| Other loans | 174 | €2,676,117 | €1,391,043 | -€1.3m | -48.0% |
| Trade debts | 175 | €770,000 | - | -€770,000 | |
| Suppliers | 1750 | €770,000 | - | -€770,000 | |
| Amounts payable within one year | 42/48 | €20,326,432 | €24,438,092 | +€4.1m | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €7,227,777 | €13,110,181 | +€5.9m | +81.4% |
| Trade debts | 44 | €11,747,194 | €9,044,628 | -€2.7m | -23.0% |
| Suppliers | 440/4 | €11,747,194 | €9,044,628 | -€2.7m | -23.0% |
| Taxes, remuneration and social security | 45 | €1,351,461 | €2,283,283 | +€931,822 | +68.9% |
| Taxes | 450/3 | €615,355 | €1,392,263 | +€776,908 | +126.3% |
| Remuneration and social security | 454/9 | €736,106 | €891,020 | +€154,914 | +21.0% |
| Accrued charges and deferred income | 492/3 | €2,617,625 | €4,154,484 | +€1.5m | +58.7% |
| Operating income | 70/76A | €25,224,609 | €35,848,810 | +€10.6m | +42.1% |
| Turnover | 70 | €24,944,161 | €35,432,891 | +€10.5m | +42.0% |
| Other operating income | 74 | €280,448 | €338,158 | +€57,710 | +20.6% |
| Non-recurring operating income | 76A | - | €77,761 | +€77,761 | |
| Operating charges | 60/66A | €21,813,025 | €27,407,921 | +€5.6m | +25.6% |
| Goods for resale, raw materials and consumables | 60 | €95,408 | €112,495 | +€17,087 | +17.9% |
| Purchases | 600/8 | €95,408 | €112,495 | +€17,087 | +17.9% |
| Services and other goods | 61 | €10,496,348 | €13,079,550 | +€2.6m | +24.6% |
| Remuneration, social security and pensions | 62 | €4,487,746 | €5,540,962 | +€1.1m | +23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,212,493 | €8,288,533 | +€2.1m | +33.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,110 | - | -€11,110 | |
| Other operating charges | 640/8 | €129,305 | €126,780 | -€2,525 | -2.0% |
| Non-recurring operating charges | 66A | €380,615 | €259,601 | -€121,014 | -31.8% |
| Operating profit (loss) | 9901 | €3,411,584 | €8,440,889 | +€5.0m | +147.4% |
| Financial income | 75/76B | €141,517 | €254,822 | +€113,305 | +80.1% |
| Recurring financial income | 75 | €141,517 | €254,822 | +€113,305 | +80.1% |
| Income from financial fixed assets | 750 | €115,198 | €242,649 | +€127,451 | +110.6% |
| Income from current assets | 751 | €208 | €5,222 | +€5,014 | +2410.6% |
| Other financial income | 752/9 | €26,111 | €6,951 | -€19,160 | -73.4% |
| Financial charges | 65/66B | €3,985,708 | €5,625,645 | +€1.6m | +41.1% |
| Recurring financial charges | 65 | €3,660,708 | €5,625,645 | +€2.0m | +53.7% |
| Debt charges | 650 | €3,659,842 | €5,624,228 | +€2.0m | +53.7% |
| Other financial charges | 652/9 | €866 | €1,417 | +€551 | +63.6% |
| Non-recurring financial charges | 66B | €325,000 | - | -€325,000 | |
| Profit (loss) for the period before taxes | 9903 | -€432,607 | €3,070,066 | +€3.5m | |
| Transfer from deferred taxes | 780 | €12,829 | €12,828 | -€1 | 0.0% |
| Income taxes | 67/77 | €7,794 | €648,247 | +€640,453 | +8217.3% |
| Taxes | 670/3 | €7,794 | €648,247 | +€640,453 | +8217.3% |
| Profit (loss) for the period | 9904 | -€427,572 | €2,434,647 | +€2.9m | |
| Transfer from tax-exempt reserves | 789 | €29,537 | €29,537 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€398,035 | €2,464,184 | +€2.9m |
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 11 October 2026 via checked.be.