LECOBEL: 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.
LECOBEL
Largest movements
- Receivables within one year -€187,085
down €187,085 (-13.1%), from €1.4m to €1.2m
of which Other amounts receivable: -€142,391
- Tangible fixed assets -€64,081
down €64,081 (-16.8%), from €381,527 to €317,446
of which Other tangible fixed assets: -€51,175
- Cash +€49,318
up €49,318 (+22.4%), from €220,434 to €269,753
mainly Receivables within one year (+€187,085) and Depreciation (+€67,210)
- Trade debts -€168,970
down €168,970 (-35.0%), from €482,586 to €313,616
- Staff costs -€259,462
down €259,462 (-48.6%), from €534,116 to €274,654
- Gross operating margin -€228,178
down €228,178 (-40.1%), from €568,439 to €340,261
- Write-downs -€9,120
down €9,120, from €3,216 to -€5,904
- Financial income +€8,644
up €8,644 (+65.7%), from €13,154 to €21,798
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 | €2,051,781 | €1,859,844 | -€191,937 | -9.4% |
| Fixed assets | 21/28 | €398,108 | €334,328 | -€63,780 | -16.0% |
| Tangible fixed assets | 22/27 | €381,527 | €317,446 | -€64,081 | -16.8% |
| Furniture and vehicles | 24 | €24,503 | €11,597 | -€12,906 | -52.7% |
| Other tangible fixed assets | 26 | €357,024 | €305,849 | -€51,175 | -14.3% |
| Financial fixed assets | 28 | €16,581 | €16,882 | +€301 | +1.8% |
| Current assets | 29/58 | €1,653,673 | €1,525,516 | -€128,157 | -7.7% |
| Amounts receivable within one year | 40/41 | €1,425,855 | €1,238,769 | -€187,085 | -13.1% |
| Trade receivables | 40 | €183,536 | €138,842 | -€44,694 | -24.4% |
| Other amounts receivable | 41 | €1,242,319 | €1,099,928 | -€142,391 | -11.5% |
| Cash at bank and in hand | 54/58 | €220,434 | €269,753 | +€49,318 | +22.4% |
| Deferred charges and accrued income | 490/1 | €7,384 | €16,994 | +€9,610 | +130% |
| Total equity and liabilities | 10/49 | €2,051,781 | €1,859,844 | -€191,937 | -9.4% |
| Equity | 10/15 | €1,485,701 | €1,478,440 | -€7,261 | -0.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,422,750 | €1,413,750 | -€9,000 | -0.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €39,550 | €39,550 | = | 0.0% |
| Distributable reserves | 133 | €1,377,000 | €1,368,000 | -€9,000 | -0.7% |
| Profit (loss) carried forward | 14 | €951 | €2,690 | +€1,739 | +183% |
| Amounts payable | 17/49 | €566,080 | €381,404 | -€184,676 | -32.6% |
| Amounts payable within one year | 42/48 | €565,939 | €381,404 | -€184,535 | -32.6% |
| Trade debts | 44 | €482,586 | €313,616 | -€168,970 | -35.0% |
| Suppliers | 440/4 | €482,586 | €313,616 | -€168,970 | -35.0% |
| Taxes, remuneration and social security | 45 | €52,573 | €44,039 | -€8,533 | -16.2% |
| Taxes | 450/3 | €19,901 | €7,426 | -€12,474 | -62.7% |
| Remuneration and social security | 454/9 | €32,672 | €36,613 | +€3,941 | +12.1% |
| Other amounts payable | 47/48 | €30,780 | €23,749 | -€7,031 | -22.8% |
| Accrued charges and deferred income | 492/3 | €141 | - | -€141 | |
| Remuneration, social security and pensions | 62 | €534,116 | €274,654 | -€259,462 | -48.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,361 | €67,210 | -€1,151 | -1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,216 | -€5,904 | -€9,120 | |
| Other operating charges | 640/8 | €8,450 | €8,787 | +€337 | +4.0% |
| Non-recurring operating charges | 66A | - | €18,403 | +€18,403 | |
| Gross operating margin | 9900 | €568,439 | €340,261 | -€228,178 | -40.1% |
| Operating profit (loss) | 9901 | -€45,703 | -€22,888 | +€22,815 | +49.9% |
| Financial income | 75/76B | €13,154 | €21,798 | +€8,644 | +65.7% |
| Recurring financial income | 75 | €13,154 | €21,798 | +€8,644 | +65.7% |
| Financial charges | 65/66B | €3,377 | €6,170 | +€2,793 | +82.7% |
| Recurring financial charges | 65 | €3,377 | €6,170 | +€2,793 | +82.7% |
| Profit (loss) for the period before taxes | 9903 | -€35,927 | -€7,261 | +€28,666 | +79.8% |
| Income taxes | 67/77 | €211 | - | -€211 | |
| Profit (loss) for the period | 9904 | -€36,138 | -€7,261 | +€28,877 | +79.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,138 | -€7,261 | +€28,877 | +79.9% |
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 16 October 2026 via checked.be.