Lefco: 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.
Lefco
Largest movements
- Cash +€18,320
up €18,320 (+186.0%), from €9,849 to €28,169
mainly Net result for the year (+€30,182) and Depreciation (+€11,872)
- Receivables within one year +€8,256
up €8,256 (+35.9%), from €22,997 to €31,254
of which Trade receivables: +€8,594
- Tangible fixed assets -€6,383
down €6,383 (-13.4%), from €47,774 to €41,391
of which Furniture and vehicles: -€6,167
- Reserves +€28,516
up €28,516 (+147.4%), from €19,339 to €47,855
- Debts after one year -€8,887
down €8,887 (-27.3%), from €32,576 to €23,688
- Tax, wage and social debts +€1,781
up €1,781 (+12.1%), from €14,693 to €16,474
- Gross operating margin +€18,409
up €18,409 (+54.4%), from €33,815 to €52,224
- Depreciation +€5,733
up €5,733 (+93.4%), from €6,139 to €11,872
- Taxes +€3,025
up €3,025 (+54.8%), from €5,524 to €8,549
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 | €81,451 | €101,565 | +€20,114 | +24.7% |
| Fixed assets | 21/28 | €47,774 | €41,391 | -€6,383 | -13.4% |
| Tangible fixed assets | 22/27 | €47,774 | €41,391 | -€6,383 | -13.4% |
| Plant, machinery and equipment | 23 | €2,102 | €1,885 | -€216 | -10.3% |
| Furniture and vehicles | 24 | €45,673 | €39,506 | -€6,167 | -13.5% |
| Current assets | 29/58 | €33,677 | €60,174 | +€26,497 | +78.7% |
| Amounts receivable within one year | 40/41 | €22,997 | €31,254 | +€8,256 | +35.9% |
| Trade receivables | 40 | €22,655 | €31,248 | +€8,594 | +37.9% |
| Other amounts receivable | 41 | €343 | €5 | -€337 | -98.5% |
| Cash at bank and in hand | 54/58 | €9,849 | €28,169 | +€18,320 | +186.0% |
| Deferred charges and accrued income | 490/1 | €830 | €751 | -€79 | -9.5% |
| Total equity and liabilities | 10/49 | €81,451 | €101,565 | +€20,114 | +24.7% |
| Equity | 10/15 | €21,339 | €49,855 | +€28,516 | +133.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €19,339 | €47,855 | +€28,516 | +147.4% |
| Distributable reserves | 133 | €19,339 | €47,855 | +€28,516 | +147.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €60,112 | €51,710 | -€8,402 | -14.0% |
| Amounts payable after more than one year | 17 | €32,576 | €23,688 | -€8,887 | -27.3% |
| Financial debts | 170/4 | €32,576 | €23,688 | -€8,887 | -27.3% |
| Amounts payable within one year | 42/48 | €27,536 | €28,022 | +€486 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €8,569 | €8,887 | +€318 | +3.7% |
| Financial debts | 43 | €277 | €0 | -€277 | -100.0% |
| Credit institutions | 430/8 | - | €0 | = | |
| Other loans | 439 | €277 | - | -€277 | |
| Trade debts | 44 | €855 | €284 | -€571 | -66.8% |
| Suppliers | 440/4 | €855 | €284 | -€571 | -66.8% |
| Taxes, remuneration and social security | 45 | €14,693 | €16,474 | +€1,781 | +12.1% |
| Taxes | 450/3 | €14,693 | €16,474 | +€1,781 | +12.1% |
| Other amounts payable | 47/48 | €3,141 | €2,377 | -€765 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,139 | €11,872 | +€5,733 | +93.4% |
| Other operating charges | 640/8 | €113 | €161 | +€48 | +42.7% |
| Gross operating margin | 9900 | €33,815 | €52,224 | +€18,409 | +54.4% |
| Operating profit (loss) | 9901 | €27,562 | €40,190 | +€12,628 | +45.8% |
| Financial income | 75/76B | €32 | €0 | -€32 | -100.0% |
| Recurring financial income | 75 | €32 | €0 | -€32 | -100.0% |
| Financial charges | 65/66B | €1,012 | €1,459 | +€447 | +44.2% |
| Recurring financial charges | 65 | €1,012 | €1,459 | +€447 | +44.2% |
| Profit (loss) for the period before taxes | 9903 | €26,582 | €38,731 | +€12,149 | +45.7% |
| Income taxes | 67/77 | €5,524 | €8,549 | +€3,025 | +54.8% |
| Profit (loss) for the period | 9904 | €21,057 | €30,182 | +€9,124 | +43.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,057 | €30,182 | +€9,124 | +43.3% |
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 8 October 2026 via checked.be.