LCWL: 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.
LCWL
Largest movements
- Cash +€211,423
up €211,423 (+74.9%), from €282,395 to €493,817
mainly Net result for the year (+€156,247) and Tax, wage and social debts (+€55,546)
- Receivables within one year -€14,815
down €14,815 (-87.8%), from €16,877 to €2,062
of which Trade receivables: -€16,296
- Deferred charges and accrued income -€6,641
no longer reported in 2025 (was €6,641)
- Reserves +€156,247
up €156,247 (+84.8%), from €184,193 to €340,440
- Tax, wage and social debts +€55,546
up €55,546 (+60.5%), from €91,844 to €147,390
of which Taxes: +€63,265
- Other debts -€18,474
down €18,474 (-72.8%), from €25,391 to €6,917
- Gross operating margin -€89,097
down €89,097 (-27.6%), from €322,340 to €233,243
- Staff costs -€47,573
down €47,573 (-84.7%), from €56,151 to €8,578
- Taxes -€13,042
down €13,042 (-16.4%), from €79,393 to €66,351
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 | €310,114 | €500,351 | +€190,237 | +61.3% |
| Formation expenses | 20 | €2,216 | €1,662 | -€554 | -25.0% |
| Fixed assets | 21/28 | - | €2,809 | +€2,809 | |
| Tangible fixed assets | 22/27 | - | €2,809 | +€2,809 | |
| Furniture and vehicles | 24 | - | €2,809 | +€2,809 | |
| Current assets | 29/58 | €307,898 | €495,880 | +€187,982 | +61.1% |
| Stocks and contracts in progress | 3 | €1,985 | - | -€1,985 | |
| Stocks | 30/36 | €1,985 | - | -€1,985 | |
| Amounts receivable within one year | 40/41 | €16,877 | €2,062 | -€14,815 | -87.8% |
| Trade receivables | 40 | €16,446 | €150 | -€16,296 | -99.1% |
| Other amounts receivable | 41 | €431 | €1,912 | +€1,481 | +344% |
| Cash at bank and in hand | 54/58 | €282,395 | €493,817 | +€211,423 | +74.9% |
| Deferred charges and accrued income | 490/1 | €6,641 | - | -€6,641 | |
| Total equity and liabilities | 10/49 | €310,114 | €500,351 | +€190,237 | +61.3% |
| Equity | 10/15 | €189,193 | €345,440 | +€156,247 | +82.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €184,193 | €340,440 | +€156,247 | +84.8% |
| Distributable reserves | 133 | €184,193 | €340,440 | +€156,247 | +84.8% |
| Amounts payable | 17/49 | €120,922 | €154,911 | +€33,990 | +28.1% |
| Amounts payable within one year | 42/48 | €120,922 | €154,911 | +€33,990 | +28.1% |
| Trade debts | 44 | €3,687 | €604 | -€3,083 | -83.6% |
| Suppliers | 440/4 | €3,687 | €604 | -€3,083 | -83.6% |
| Taxes, remuneration and social security | 45 | €91,844 | €147,390 | +€55,546 | +60.5% |
| Taxes | 450/3 | €84,125 | €147,390 | +€63,265 | +75.2% |
| Remuneration and social security | 454/9 | €7,719 | - | -€7,719 | |
| Other amounts payable | 47/48 | €25,391 | €6,917 | -€18,474 | -72.8% |
| Remuneration, social security and pensions | 62 | €56,151 | €8,578 | -€47,573 | -84.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €554 | €879 | +€325 | +58.6% |
| Other operating charges | 640/8 | €1,072 | €400 | -€672 | -62.7% |
| Gross operating margin | 9900 | €322,340 | €233,243 | -€89,097 | -27.6% |
| Operating profit (loss) | 9901 | €264,563 | €223,387 | -€41,176 | -15.6% |
| Financial income | 75/76B | €11 | €68 | +€56 | +490% |
| Recurring financial income | 75 | €11 | €68 | +€56 | +490% |
| Financial charges | 65/66B | €989 | €856 | -€132 | -13.4% |
| Recurring financial charges | 65 | €989 | €856 | -€132 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €263,586 | €222,598 | -€40,988 | -15.6% |
| Income taxes | 67/77 | €79,393 | €66,351 | -€13,042 | -16.4% |
| Profit (loss) for the period | 9904 | €184,193 | €156,247 | -€27,946 | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €184,193 | €156,247 | -€27,946 | -15.2% |
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.