LEPCO: 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.
LEPCO
Largest movements
- Cash +€490,185
up €490,185 (+77.2%), from €635,015 to €1.1m
mainly Net result for the year (+€457,275) and Other debts (+€370,000)
- Tangible fixed assets +€349,012
up €349,012 (+521%), from €67,046 to €416,058
of which Other tangible fixed assets: +€336,026
- Receivables within one year +€171,274
up €171,274 (+74.9%), from €228,600 to €399,874
of which Other amounts receivable: +€100,406
- Stocks and contracts -€121,815
down €121,815 (-13.6%), from €894,780 to €772,965
- Intangible fixed assets -€55,556
down €55,556 (-12.1%), from €459,472 to €403,916
- Other debts +€370,000
new in 2025: €370,000
- Debts after one year +€181,143
up €181,143 (+57.8%), from €313,534 to €494,676
- Current portion of long-term debt +€174,993
up €174,993 (+333%), from €52,490 to €227,483
- Reserves +€87,275
up €87,275 (+778%), from €11,213 to €98,488
- Trade debts +€72,231
up €72,231 (+4.8%), from €1.5m to €1.6m
- Staff costs -€367,014
down €367,014 (-15.6%), from €2.3m to €2.0m
- Gross operating margin +€144,808
up €144,808 (+5.9%), from €2.5m to €2.6m
- Depreciation +€33,632
up €33,632 (+72.2%), from €46,582 to €80,214
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 | €2,299,292 | €3,130,018 | +€830,726 | +36.1% |
| Formation expenses | 20 | €2,451 | €1,848 | -€602 | -24.6% |
| Fixed assets | 21/28 | €526,518 | €819,974 | +€293,456 | +55.7% |
| Intangible fixed assets | 21 | €459,472 | €403,916 | -€55,556 | -12.1% |
| Tangible fixed assets | 22/27 | €67,046 | €416,058 | +€349,012 | +521% |
| Plant, machinery and equipment | 23 | €28,315 | €42,093 | +€13,777 | +48.7% |
| Furniture and vehicles | 24 | €3,548 | €2,757 | -€791 | -22.3% |
| Other tangible fixed assets | 26 | €35,183 | €371,209 | +€336,026 | +955% |
| Current assets | 29/58 | €1,770,323 | €2,308,196 | +€537,873 | +30.4% |
| Stocks and contracts in progress | 3 | €894,780 | €772,965 | -€121,815 | -13.6% |
| Stocks | 30/36 | €894,780 | €772,965 | -€121,815 | -13.6% |
| Amounts receivable within one year | 40/41 | €228,600 | €399,874 | +€171,274 | +74.9% |
| Trade receivables | 40 | €171,052 | €241,920 | +€70,868 | +41.4% |
| Other amounts receivable | 41 | €57,549 | €157,955 | +€100,406 | +174% |
| Cash at bank and in hand | 54/58 | €635,015 | €1,125,200 | +€490,185 | +77.2% |
| Deferred charges and accrued income | 490/1 | €11,928 | €10,157 | -€1,771 | -14.8% |
| Total equity and liabilities | 10/49 | €2,299,292 | €3,130,018 | +€830,726 | +36.1% |
| Equity | 10/15 | €13,213 | €100,488 | +€87,275 | +661% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €11,213 | €98,488 | +€87,275 | +778% |
| Distributable reserves | 133 | €11,213 | €98,488 | +€87,275 | +778% |
| Amounts payable | 17/49 | €2,286,079 | €3,029,530 | +€743,452 | +32.5% |
| Amounts payable after more than one year | 17 | €313,534 | €494,676 | +€181,143 | +57.8% |
| Financial debts | 170/4 | €313,534 | €494,676 | +€181,143 | +57.8% |
| Amounts payable within one year | 42/48 | €1,887,165 | €2,456,550 | +€569,386 | +30.2% |
| Current portion of amounts payable after more than one year | 42 | €52,490 | €227,483 | +€174,993 | +333% |
| Trade debts | 44 | €1,509,422 | €1,581,652 | +€72,231 | +4.8% |
| Suppliers | 440/4 | €1,509,422 | €1,581,652 | +€72,231 | +4.8% |
| Taxes, remuneration and social security | 45 | €325,253 | €277,415 | -€47,838 | -14.7% |
| Taxes | 450/3 | €47,712 | €45,207 | -€2,504 | -5.2% |
| Remuneration and social security | 454/9 | €277,542 | €232,208 | -€45,334 | -16.3% |
| Other amounts payable | 47/48 | - | €370,000 | +€370,000 | |
| Accrued charges and deferred income | 492/3 | €85,380 | €78,303 | -€7,077 | -8.3% |
| Remuneration, social security and pensions | 62 | €2,345,808 | €1,978,794 | -€367,014 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,582 | €80,214 | +€33,632 | +72.2% |
| Other operating charges | 640/8 | €10,470 | €27,242 | +€16,772 | +160% |
| Gross operating margin | 9900 | €2,475,103 | €2,619,911 | +€144,808 | +5.9% |
| Operating profit (loss) | 9901 | €72,244 | €533,661 | +€461,418 | +639% |
| Financial income | 75/76B | - | €3,357 | +€3,357 | |
| Recurring financial income | 75 | - | €3,357 | +€3,357 | |
| Financial charges | 65/66B | €47,030 | €42,263 | -€4,767 | -10.1% |
| Recurring financial charges | 65 | €47,030 | €42,263 | -€4,767 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €25,213 | €494,755 | +€469,541 | +1,862% |
| Income taxes | 67/77 | €14,000 | €37,480 | +€23,480 | +168% |
| Profit (loss) for the period | 9904 | €11,213 | €457,275 | +€446,062 | +3,978% |
| Profit (loss) for the period to be appropriated | 9905 | €11,213 | €457,275 | +€446,062 | +3,978% |
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 15 October 2026 via checked.be.