LEFFICO: 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.
LEFFICO
Largest movements
- Tangible fixed assets -€413,623
down €413,623 (-39.1%), from €1.1m to €644,897
of which Other tangible fixed assets: -€381,972
- Receivables after one year -€200,000
down €200,000 (-28.6%), from €700,000 to €500,000
of which Other amounts receivable: -€200,000
- Cash -€86,454
down €86,454 (-43.7%), from €197,985 to €111,530
mainly Tax, wage and social debts (-€521,267) and Contributions, distributions and other (-€394,145)
- Financial fixed assets +€60,000
up €60,000 (+115.7%), from €51,867 to €111,867
- Receivables within one year -€50,006
down €50,006 (-29.0%), from €172,367 to €122,360
of which Other amounts receivable: -€114,259
- Tax, wage and social debts -€521,267
down €521,267 (-78.2%), from €666,396 to €145,129
of which Taxes: -€527,083
- Debts after one year -€196,497
down €196,497 (-100.0%), from €196,497 to €0
- Reserves +€37,848
up €37,848 (+1.6%), from €2.3m to €2.4m
of which Distributable reserves: +€37,848
- Current portion of long-term debt -€36,656
down €36,656 (-100.0%), from €36,656 to €0
- Gross operating margin +€463,409
up €463,409 (+188.6%), from €245,685 to €709,094
- Financial income -€141,975
down €141,975 (-81.8%), from €173,667 to €31,692
- Taxes +€132,520
up €132,520 (+142.9%), from €92,759 to €225,280
- Depreciation -€14,180
down €14,180 (-25.7%), from €55,124 to €40,944
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 | €3,282,187 | €2,567,158 | -€715,028 | -21.8% |
| Fixed assets | 21/28 | €1,110,387 | €756,764 | -€353,623 | -31.8% |
| Tangible fixed assets | 22/27 | €1,058,520 | €644,897 | -€413,623 | -39.1% |
| Land and buildings | 22 | €614,665 | €600,170 | -€14,495 | -2.4% |
| Plant, machinery and equipment | 23 | €7,657 | €6,915 | -€742 | -9.7% |
| Furniture and vehicles | 24 | €54,225 | €37,812 | -€16,414 | -30.3% |
| Other tangible fixed assets | 26 | €381,972 | €0 | -€381,972 | -100.0% |
| Financial fixed assets | 28 | €51,867 | €111,867 | +€60,000 | +115.7% |
| Current assets | 29/58 | €2,171,800 | €1,810,395 | -€361,405 | -16.6% |
| Amounts receivable after more than one year | 29 | €700,000 | €500,000 | -€200,000 | -28.6% |
| Trade receivables | 290 | - | €0 | = | |
| Other amounts receivable | 291 | €700,000 | €500,000 | -€200,000 | -28.6% |
| Amounts receivable within one year | 40/41 | €172,367 | €122,360 | -€50,006 | -29.0% |
| Trade receivables | 40 | €6,500 | €70,753 | +€64,253 | +988.5% |
| Other amounts receivable | 41 | €165,867 | €51,607 | -€114,259 | -68.9% |
| Current investments | 50/53 | €1,100,000 | €1,075,000 | -€25,000 | -2.3% |
| Cash at bank and in hand | 54/58 | €197,985 | €111,530 | -€86,454 | -43.7% |
| Deferred charges and accrued income | 490/1 | €1,449 | €1,504 | +€56 | +3.8% |
| Total equity and liabilities | 10/49 | €3,282,187 | €2,567,158 | -€715,028 | -21.8% |
| Equity | 10/15 | €2,337,908 | €2,375,756 | +€37,848 | +1.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,319,316 | €2,357,164 | +€37,848 | +1.6% |
| Tax-exempt reserves | 132 | €138 | €138 | = | 0.0% |
| Distributable reserves | 133 | €2,319,178 | €2,357,026 | +€37,848 | +1.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €944,279 | €191,402 | -€752,877 | -79.7% |
| Amounts payable after more than one year | 17 | €196,497 | €0 | -€196,497 | -100.0% |
| Financial debts | 170/4 | €196,497 | €0 | -€196,497 | -100.0% |
| Amounts payable within one year | 42/48 | €747,782 | €191,402 | -€556,380 | -74.4% |
| Current portion of amounts payable after more than one year | 42 | €36,656 | €0 | -€36,656 | -100.0% |
| Trade debts | 44 | €44,731 | €19,976 | -€24,755 | -55.3% |
| Suppliers | 440/4 | €44,731 | €19,976 | -€24,755 | -55.3% |
| Taxes, remuneration and social security | 45 | €666,396 | €145,129 | -€521,267 | -78.2% |
| Taxes | 450/3 | €666,396 | €139,313 | -€527,083 | -79.1% |
| Remuneration and social security | 454/9 | - | €5,816 | +€5,816 | |
| Other amounts payable | 47/48 | - | €26,298 | +€26,298 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,124 | €40,944 | -€14,180 | -25.7% |
| Other operating charges | 640/8 | €2,714 | €2,317 | -€397 | -14.6% |
| Non-recurring operating charges | 66A | - | €34,759 | +€34,759 | |
| Gross operating margin | 9900 | €245,685 | €709,094 | +€463,409 | +188.6% |
| Operating profit (loss) | 9901 | €187,848 | €631,075 | +€443,227 | +236.0% |
| Financial income | 75/76B | €173,667 | €31,692 | -€141,975 | -81.8% |
| Recurring financial income | 75 | €173,667 | €31,692 | -€141,975 | -81.8% |
| Financial charges | 65/66B | €5,145 | €5,494 | +€349 | +6.8% |
| Recurring financial charges | 65 | €5,145 | €298 | -€4,847 | -94.2% |
| Non-recurring financial charges | 66B | - | €5,196 | +€5,196 | |
| Profit (loss) for the period before taxes | 9903 | €356,370 | €657,273 | +€300,903 | +84.4% |
| Income taxes | 67/77 | €92,759 | €225,280 | +€132,520 | +142.9% |
| Profit (loss) for the period | 9904 | €263,610 | €431,993 | +€168,383 | +63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €263,610 | €431,993 | +€168,383 | +63.9% |
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 10 October 2026 via checked.be.