LEFICO: 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.
LEFICO
Largest movements
- Tangible fixed assets +€414,034
up €414,034 (+94.1%), from €439,812 to €853,847
of which Land and buildings: +€414,903
- Receivables within one year -€53,301
down €53,301 (-64.2%), from €82,977 to €29,675
of which Trade receivables: -€41,500
- Cash -€48,235
down €48,235 (-47.1%), from €102,343 to €54,107
mainly Investment in fixed assets (net) (-€473,066) and Contributions, distributions and other (-€78,593)
- Debts after one year +€309,809
new in 2025: €309,809
- Reserves -€44,146
down €44,146 (-4.5%), from €971,620 to €927,474
- Current portion of long-term debt +€28,132
up €28,132 (+554.7%), from €5,071 to €33,203
- Gross operating margin +€39,390
up €39,390 (+45.3%), from €87,023 to €126,413
- Taxes +€10,828
up €10,828 (+83.1%), from €13,034 to €23,862
- Depreciation +€9,578
up €9,578 (+19.4%), from €49,453 to €59,031
- Financial charges +€8,448
up €8,448 (+127.3%), from €6,634 to €15,082
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 | €1,014,891 | €1,322,324 | +€307,433 | +30.3% |
| Fixed assets | 21/28 | €439,812 | €853,847 | +€414,034 | +94.1% |
| Tangible fixed assets | 22/27 | €439,812 | €853,847 | +€414,034 | +94.1% |
| Land and buildings | 22 | €434,551 | €849,454 | +€414,903 | +95.5% |
| Plant, machinery and equipment | 23 | €3,302 | €2,915 | -€388 | -11.7% |
| Other tangible fixed assets | 26 | €1,959 | €1,478 | -€481 | -24.5% |
| Current assets | 29/58 | €575,079 | €468,477 | -€106,602 | -18.5% |
| Amounts receivable after more than one year | 29 | €80,000 | €80,000 | = | 0.0% |
| Other amounts receivable | 291 | €80,000 | €80,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €82,977 | €29,675 | -€53,301 | -64.2% |
| Trade receivables | 40 | €41,500 | €0 | -€41,500 | -100.0% |
| Other amounts receivable | 41 | €41,477 | €29,675 | -€11,801 | -28.5% |
| Current investments | 50/53 | €300,000 | €300,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €102,343 | €54,107 | -€48,235 | -47.1% |
| Deferred charges and accrued income | 490/1 | €9,760 | €4,694 | -€5,066 | -51.9% |
| Total equity and liabilities | 10/49 | €1,014,891 | €1,322,324 | +€307,433 | +30.3% |
| Equity | 10/15 | €977,820 | €933,674 | -€44,146 | -4.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €971,620 | €927,474 | -€44,146 | -4.5% |
| Distributable reserves | 133 | €971,620 | €927,474 | -€44,146 | -4.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €37,071 | €388,650 | +€351,579 | +948.4% |
| Amounts payable after more than one year | 17 | - | €309,809 | +€309,809 | |
| Financial debts | 170/4 | - | €309,809 | +€309,809 | |
| Amounts payable within one year | 42/48 | €37,071 | €78,841 | +€41,770 | +112.7% |
| Current portion of amounts payable after more than one year | 42 | €5,071 | €33,203 | +€28,132 | +554.7% |
| Trade debts | 44 | €7,860 | €12,046 | +€4,186 | +53.3% |
| Suppliers | 440/4 | €7,860 | €12,046 | +€4,186 | +53.3% |
| Taxes, remuneration and social security | 45 | €9,140 | €18,591 | +€9,451 | +103.4% |
| Taxes | 450/3 | €9,140 | €18,591 | +€9,451 | +103.4% |
| Other amounts payable | 47/48 | €15,000 | €15,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,453 | €59,031 | +€9,578 | +19.4% |
| Other operating charges | 640/8 | €3,983 | €5,032 | +€1,049 | +26.3% |
| Gross operating margin | 9900 | €87,023 | €126,413 | +€39,390 | +45.3% |
| Operating profit (loss) | 9901 | €33,588 | €62,350 | +€28,762 | +85.6% |
| Financial income | 75/76B | €10,327 | €11,042 | +€715 | +6.9% |
| Recurring financial income | 75 | €10,327 | €11,042 | +€715 | +6.9% |
| Financial charges | 65/66B | €6,634 | €15,082 | +€8,448 | +127.3% |
| Recurring financial charges | 65 | €6,634 | €15,082 | +€8,448 | +127.3% |
| Profit (loss) for the period before taxes | 9903 | €37,281 | €58,309 | +€21,029 | +56.4% |
| Income taxes | 67/77 | €13,034 | €23,862 | +€10,828 | +83.1% |
| Profit (loss) for the period | 9904 | €24,246 | €34,447 | +€10,201 | +42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,246 | €34,447 | +€10,201 | +42.1% |
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 11 October 2026 via checked.be.