LECRE PROJECT: what changed
Two fiscal 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.
LECRE PROJECT
Largest movements
- Receivables within one year -€8,952
down €8,952 (-11.0%), from €81,230 to €72,278
of which Trade receivables: -€9,039
- Cash -€2,948
down €2,948 (-20.7%), from €14,239 to €11,291
mainly Short-term financial debts (-€45,000) and Accrued charges and deferred income (-€7,125)
- Short-term financial debts -€45,000
down €45,000 (-100.0%), from €45,000 to €0
- Reserves +€37,431
up €37,431 (+89.5%), from €41,840 to €79,270
- Tax, wage and social debts +€7,637
up €7,637 (+155.0%), from €4,927 to €12,564
- Accrued charges and deferred income -€7,125
no longer reported in 2025 (was €7,125)
- Trade debts -€3,527
down €3,527 (-12.0%), from €29,449 to €25,922
- Gross operating margin +€30,466
up €30,466 (+109.8%), from €27,743 to €58,209
- Taxes +€4,771
up €4,771 (+64.2%), from €7,427 to €12,198
- Financial charges -€691
down €691 (-18.7%), from €3,690 to €2,999
- Other operating charges -€618
down €618 (-35.9%), from €1,721 to €1,103
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 | €134,540 | €123,956 | -€10,584 | -7.9% |
| Fixed assets | 21/28 | €13,449 | €14,696 | +€1,247 | +9.3% |
| Tangible fixed assets | 22/27 | €13,449 | €14,696 | +€1,247 | +9.3% |
| Plant, machinery and equipment | 23 | €7,071 | €9,097 | +€2,026 | +28.7% |
| Furniture and vehicles | 24 | €6,378 | €5,599 | -€779 | -12.2% |
| Current assets | 29/58 | €121,091 | €109,260 | -€11,831 | -9.8% |
| Amounts receivable after more than one year | 29 | €24,943 | €25,691 | +€748 | +3.0% |
| Other amounts receivable | 291 | €24,943 | €25,691 | +€748 | +3.0% |
| Amounts receivable within one year | 40/41 | €81,230 | €72,278 | -€8,952 | -11.0% |
| Trade receivables | 40 | €77,480 | €68,441 | -€9,039 | -11.7% |
| Other amounts receivable | 41 | €3,751 | €3,838 | +€87 | +2.3% |
| Cash at bank and in hand | 54/58 | €14,239 | €11,291 | -€2,948 | -20.7% |
| Deferred charges and accrued income | 490/1 | €680 | €0 | -€680 | -100.0% |
| Total equity and liabilities | 10/49 | €134,540 | €123,956 | -€10,584 | -7.9% |
| Equity | 10/15 | €48,040 | €85,470 | +€37,431 | +77.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €41,840 | €79,270 | +€37,431 | +89.5% |
| Distributable reserves | 133 | €41,840 | €79,270 | +€37,431 | +89.5% |
| Amounts payable | 17/49 | €86,501 | €38,486 | -€48,015 | -55.5% |
| Amounts payable within one year | 42/48 | €79,376 | €38,486 | -€40,890 | -51.5% |
| Financial debts | 43 | €45,000 | €0 | -€45,000 | -100.0% |
| Credit institutions | 430/8 | €45,000 | €0 | -€45,000 | -100.0% |
| Trade debts | 44 | €29,449 | €25,922 | -€3,527 | -12.0% |
| Suppliers | 440/4 | €29,449 | €25,922 | -€3,527 | -12.0% |
| Taxes, remuneration and social security | 45 | €4,927 | €12,564 | +€7,637 | +155.0% |
| Taxes | 450/3 | €4,927 | €12,564 | +€7,637 | +155.0% |
| Accrued charges and deferred income | 492/3 | €7,125 | - | -€7,125 | |
| Non-recurring operating income | 76A | - | €177 | +€177 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,135 | €4,355 | +€220 | +5.3% |
| Other operating charges | 640/8 | €1,721 | €1,103 | -€618 | -35.9% |
| Non-recurring operating charges | 66A | - | €980 | +€980 | |
| Gross operating margin | 9900 | €27,743 | €58,209 | +€30,466 | +109.8% |
| Operating profit (loss) | 9901 | €21,886 | €51,770 | +€29,884 | +136.5% |
| Financial income | 75/76B | €837 | €858 | +€21 | +2.5% |
| Recurring financial income | 75 | €837 | €858 | +€21 | +2.5% |
| Financial charges | 65/66B | €3,690 | €2,999 | -€691 | -18.7% |
| Recurring financial charges | 65 | €3,690 | €2,999 | -€691 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €19,033 | €49,629 | +€30,596 | +160.7% |
| Income taxes | 67/77 | €7,427 | €12,198 | +€4,771 | +64.2% |
| Profit (loss) for the period | 9904 | €11,606 | €37,431 | +€25,824 | +222.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,606 | €37,431 | +€25,824 | +222.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.