LEBELCO: 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.
LEBELCO
Largest movements
- Tangible fixed assets -€15,626
down €15,626 (-4.6%), from €340,883 to €325,257
of which Land and buildings: -€14,751
- Reserves -€9,519
down €9,519 (-5.7%), from €167,307 to €157,788
of which Tax-exempt reserves: -€6,867
- Provisions -€3,536
down €3,536 (-7.1%), from €49,506 to €45,970
- Gross operating margin +€1,186
up €1,186 (+25.2%), from €4,715 to €5,901
- Depreciation -€502
down €502 (-3.1%), from €16,128 to €15,626
- Other operating charges +€193
up €193 (+6.3%), from €3,058 to €3,251
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 | €341,317 | €325,357 | -€15,960 | -4.7% |
| Fixed assets | 21/28 | €340,983 | €325,357 | -€15,626 | -4.6% |
| Tangible fixed assets | 22/27 | €340,883 | €325,257 | -€15,626 | -4.6% |
| Land and buildings | 22 | €337,318 | €322,566 | -€14,751 | -4.4% |
| Other tangible fixed assets | 26 | €3,565 | €2,691 | -€875 | -24.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €334 | €0 | -€334 | -100.0% |
| Cash at bank and in hand | 54/58 | €334 | €0 | -€334 | -100.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €341,317 | €325,357 | -€15,960 | -4.7% |
| Equity | 10/15 | €229,307 | €219,788 | -€9,519 | -4.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €167,307 | €157,788 | -€9,519 | -5.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €96,144 | €89,276 | -€6,867 | -7.1% |
| Distributable reserves | 133 | €64,964 | €62,312 | -€2,652 | -4.1% |
| Provisions and deferred taxes | 16 | €49,506 | €45,970 | -€3,536 | -7.1% |
| Deferred taxes | 168 | €49,506 | €45,970 | -€3,536 | -7.1% |
| Amounts payable | 17/49 | €62,503 | €59,599 | -€2,905 | -4.6% |
| Amounts payable within one year | 42/48 | €62,503 | €59,599 | -€2,905 | -4.6% |
| Trade debts | 44 | €715 | €95 | -€620 | -86.7% |
| Suppliers | 440/4 | €715 | €95 | -€620 | -86.7% |
| Other amounts payable | 47/48 | €61,788 | €59,503 | -€2,285 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,128 | €15,626 | -€502 | -3.1% |
| Other operating charges | 640/8 | €3,058 | €3,251 | +€193 | +6.3% |
| Gross operating margin | 9900 | €4,715 | €5,901 | +€1,186 | +25.2% |
| Operating profit (loss) | 9901 | -€14,472 | -€12,976 | +€1,496 | +10.3% |
| Financial charges | 65/66B | €74 | €79 | +€6 | +7.7% |
| Recurring financial charges | 65 | €74 | €79 | +€6 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | -€14,545 | -€13,055 | +€1,490 | +10.2% |
| Transfer from deferred taxes | 780 | €3,536 | €3,536 | = | 0.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€11,009 | -€9,519 | +€1,490 | +13.5% |
| Transfer from tax-exempt reserves | 789 | €6,867 | €6,867 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,142 | -€2,652 | +€1,490 | +36.0% |
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 9 October 2026 via checked.be.