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.
What changed
LEBELCO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2023not consecutivefiled annual accounts (NBB)
Net result for the year
€236,730
2023 · -€259,606+€496,336
Equity
€6.8m
2023 · €6.5m+€236,730
Cash
€11,803
2023 · €53,198-€41,395
Balance sheet total
€28.6m
2023 · €29.4m-€800,407
Largest movements
Assets
- Tangible fixed assets -€1.2m
down €1.2m (-5.9%), from €19.6m to €18.5m
of which Land and buildings: -€1.2m
- Receivables within one year +€374,099
up €374,099 (+3.9%), from €9.6m to €10.0m
of which Other amounts receivable: +€399,749
Equity and liabilities
- Debts after one year -€483,274
down €483,274 (-2.7%), from €17.8m to €17.3m
- Trade debts -€453,536
down €453,536 (-62.1%), from €730,352 to €276,816
- Profit (loss) carried forward +€420,659
up €420,659 (+24.6%), from -€1.7m to -€1.3m
Income statement
- Gross operating margin +€1.3m
up €1.3m (+91.5%), from €1.4m to €2.6m
- Depreciation +€457,029
up €457,029 (+53.7%), from €851,313 to €1.3m
- Financial charges +€348,627
up €348,627 (+49.9%), from €698,783 to €1.0m
- Financial income +€100,187
up €100,187 (+75.8%), from €132,224 to €232,411
- Taxes +€37,511
up €37,511 (+209,443%), from €18 to €37,529
From the 2023 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 2023
-€259,606
Gross operating margin
+€1.3m
Staff costs
-€32,928
Depreciation
-€457,029
Other operating charges
+€20,865
Financial income
+€100,187
Financial charges
-€348,627
Taxes
-€37,511
Deferred taxes and other
-€6,620
Result 2025
€236,730
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,416,095 | €28,615,689 | -€800,407 | -2.7% |
| Fixed assets | 21/28 | €19,751,333 | €18,596,722 | -€1.2m | -5.8% |
| Tangible fixed assets | 22/27 | €19,620,515 | €18,465,404 | -€1.2m | -5.9% |
| Land and buildings | 22 | €19,589,283 | €18,413,366 | -€1.2m | -6.0% |
| Plant, machinery and equipment | 23 | €22,006 | €20,800 | -€1,206 | -5.5% |
| Furniture and vehicles | 24 | €9,227 | €31,239 | +€22,012 | +239% |
| Financial fixed assets | 28 | €130,818 | €131,318 | +€500 | +0.4% |
| Current assets | 29/58 | €9,664,763 | €10,018,967 | +€354,204 | +3.7% |
| Stocks and contracts in progress | 3 | - | €21,500 | +€21,500 | |
| Stocks | 30/36 | - | €21,500 | +€21,500 | |
| Amounts receivable within one year | 40/41 | €9,611,565 | €9,985,664 | +€374,099 | +3.9% |
| Trade receivables | 40 | €46,237 | €20,587 | -€25,650 | -55.5% |
| Other amounts receivable | 41 | €9,565,328 | €9,965,077 | +€399,749 | +4.2% |
| Cash at bank and in hand | 54/58 | €53,198 | €11,803 | -€41,395 | -77.8% |
| Total equity and liabilities | 10/49 | €29,416,095 | €28,615,689 | -€800,407 | -2.7% |
| Equity | 10/15 | €6,542,079 | €6,778,809 | +€236,730 | +3.6% |
| Contributions | 10/11 | €154,539 | €154,539 | = | 0.0% |
| Capital | 10 | €154,539 | €154,539 | = | 0.0% |
| Issued capital | 100 | €154,539 | €154,539 | = | 0.0% |
| Revaluation surpluses | 12 | €3,752,947 | €3,752,947 | = | 0.0% |
| Reserves | 13 | €4,343,204 | €4,159,276 | -€183,928 | -4.2% |
| Non-distributable reserves | 130/1 | €15,454 | €15,454 | = | 0.0% |
| Legal reserve | 130 | €15,454 | €15,454 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,327,750 | €4,143,822 | -€183,928 | -4.2% |
| Profit (loss) carried forward | 14 | -€1,708,612 | -€1,287,953 | +€420,659 | +24.6% |
| Provisions and deferred taxes | 16 | €1,502,128 | €1,413,813 | -€88,315 | -5.9% |
| Deferred taxes | 168 | €1,502,128 | €1,413,813 | -€88,315 | -5.9% |
| Amounts payable | 17/49 | €21,371,889 | €20,423,067 | -€948,822 | -4.4% |
| Amounts payable after more than one year | 17 | €17,757,326 | €17,274,052 | -€483,274 | -2.7% |
| Financial debts | 170/4 | €17,757,326 | €17,274,052 | -€483,274 | -2.7% |
| Amounts payable within one year | 42/48 | €3,609,463 | €3,011,464 | -€597,998 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €989,841 | €706,444 | -€283,397 | -28.6% |
| Financial debts | 43 | - | €11,905 | +€11,905 | |
| Credit institutions | 430/8 | - | €11,905 | +€11,905 | |
| Trade debts | 44 | €730,352 | €276,816 | -€453,536 | -62.1% |
| Suppliers | 440/4 | €730,352 | €276,816 | -€453,536 | -62.1% |
| Taxes, remuneration and social security | 45 | €37,215 | €22,211 | -€15,003 | -40.3% |
| Taxes | 450/3 | €27,690 | €12,523 | -€15,166 | -54.8% |
| Remuneration and social security | 454/9 | €9,525 | €9,688 | +€163 | +1.7% |
| Other amounts payable | 47/48 | €1,852,055 | €1,994,089 | +€142,033 | +7.7% |
| Accrued charges and deferred income | 492/3 | €5,100 | €137,550 | +€132,450 | +2,597% |
| Non-recurring operating income | 76A | €975 | €261,677 | +€260,702 | +26,739% |
| Remuneration, social security and pensions | 62 | €110,885 | €143,813 | +€32,928 | +29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €851,313 | €1,308,342 | +€457,029 | +53.7% |
| Other operating charges | 640/8 | €200,726 | €179,861 | -€20,865 | -10.4% |
| Gross operating margin | 9900 | €1,374,960 | €2,632,960 | +€1.3m | +91.5% |
| Operating profit (loss) | 9901 | €212,036 | €1,000,944 | +€788,908 | +372% |
| Financial income | 75/76B | €132,224 | €232,411 | +€100,187 | +75.8% |
| Recurring financial income | 75 | €132,224 | €232,411 | +€100,187 | +75.8% |
| Financial charges | 65/66B | €698,783 | €1,047,410 | +€348,627 | +49.9% |
| Recurring financial charges | 65 | €698,783 | €1,047,410 | +€348,627 | +49.9% |
| Profit (loss) for the period before taxes | 9903 | -€354,523 | €185,944 | +€540,467 | |
| Transfer from deferred taxes | 780 | €94,935 | €142,403 | +€47,468 | +50.0% |
| Transfer to deferred taxes | 680 | - | €54,088 | +€54,088 | |
| Income taxes | 67/77 | €18 | €37,529 | +€37,511 | +209,443% |
| Profit (loss) for the period | 9904 | -€259,606 | €236,730 | +€496,336 | |
| Transfer from tax-exempt reserves | 789 | €230,795 | €346,192 | +€115,397 | +50.0% |
| Transfer to tax-exempt reserves | 689 | - | €162,263 | +€162,263 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,811 | €420,659 | +€449,470 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.