Lebaras Capital: 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.
Lebaras Capital
Largest movements
- Receivables after one year +€5.0m
up €5.0m (+5.4%), from €92.4m to €97.4m
- Cash -€3.7m
down €3.7m (-13.4%), from €27.4m to €23.8m
mainly Receivables after one year (-€5.0m) and Receivables within one year (-€321,431)
- Reserves +€1.4m
up €1.4m (+1.0%), from €140.6m to €142.0m
- Gross operating margin -€766,898
down €766,898, from €554,380 to -€212,518
- Financial income -€481,798
down €481,798 (-16.8%), from €2.9m to €2.4m
- Taxes -€310,932
down €310,932 (-38.6%), from €806,315 to €495,383
- Depreciation +€58,914
up €58,914 (+140%), from €42,081 to €100,995
- Financial charges -€25,894
down €25,894 (-18.0%), from €143,560 to €117,665
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 | €141,194,875 | €142,670,890 | +€1.5m | +1.0% |
| Fixed assets | 21/28 | €462,894 | €361,899 | -€100,995 | -21.8% |
| Tangible fixed assets | 22/27 | €462,894 | €361,899 | -€100,995 | -21.8% |
| Leasing and similar rights | 25 | €462,894 | €361,899 | -€100,995 | -21.8% |
| Current assets | 29/58 | €140,731,981 | €142,308,991 | +€1.6m | +1.1% |
| Amounts receivable after more than one year | 29 | €92,400,000 | €97,400,000 | +€5.0m | +5.4% |
| Other amounts receivable | 291 | €92,400,000 | €97,400,000 | +€5.0m | +5.4% |
| Amounts receivable within one year | 40/41 | €20,799,411 | €21,120,842 | +€321,431 | +1.5% |
| Other amounts receivable | 41 | €20,799,411 | €21,120,842 | +€321,431 | +1.5% |
| Cash at bank and in hand | 54/58 | €27,434,426 | €23,771,121 | -€3.7m | -13.4% |
| Deferred charges and accrued income | 490/1 | €98,143 | €17,028 | -€81,115 | -82.6% |
| Total equity and liabilities | 10/49 | €141,194,875 | €142,670,890 | +€1.5m | +1.0% |
| Equity | 10/15 | €140,991,671 | €142,428,081 | +€1.4m | +1.0% |
| Contributions | 10/11 | €423,202 | €423,202 | = | 0.0% |
| Reserves | 13 | €140,568,468 | €142,004,879 | +€1.4m | +1.0% |
| Distributable reserves | 133 | €140,568,468 | €142,004,879 | +€1.4m | +1.0% |
| Amounts payable | 17/49 | €203,204 | €242,809 | +€39,605 | +19.5% |
| Amounts payable after more than one year | 17 | €200,000 | €200,000 | = | 0.0% |
| Financial debts | 170/4 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,204 | €12,216 | +€9,012 | +281% |
| Trade debts | 44 | - | €12,216 | +€12,216 | |
| Suppliers | 440/4 | - | €12,216 | +€12,216 | |
| Taxes, remuneration and social security | 45 | €3,204 | - | -€3,204 | |
| Remuneration and social security | 454/9 | €3,204 | - | -€3,204 | |
| Accrued charges and deferred income | 492/3 | - | €30,593 | +€30,593 | |
| Remuneration, social security and pensions | 62 | €15,361 | €14,882 | -€478 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,081 | €100,995 | +€58,914 | +140% |
| Gross operating margin | 9900 | €554,380 | -€212,518 | -€766,898 | |
| Operating profit (loss) | 9901 | €496,938 | -€328,395 | -€825,334 | |
| Financial income | 75/76B | €2,859,652 | €2,377,854 | -€481,798 | -16.8% |
| Recurring financial income | 75 | €2,859,652 | €2,377,854 | -€481,798 | -16.8% |
| Financial charges | 65/66B | €143,560 | €117,665 | -€25,894 | -18.0% |
| Recurring financial charges | 65 | €143,560 | €117,665 | -€25,894 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €3,213,031 | €1,931,793 | -€1.3m | -39.9% |
| Income taxes | 67/77 | €806,315 | €495,383 | -€310,932 | -38.6% |
| Profit (loss) for the period | 9904 | €2,406,716 | €1,436,410 | -€970,305 | -40.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,406,716 | €1,436,410 | -€970,305 | -40.3% |
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 30 October 2026 via checked.be.