LIC: 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.
LIC
Largest movements
- Tangible fixed assets +€346,657
up €346,657 (+294%), from €117,828 to €464,484
of which Land and buildings: +€232,448
- Current investments +€325,842
new in 2025: €325,842
- Cash -€272,286
down €272,286 (-73.9%), from €368,490 to €96,203
mainly Investment in fixed assets (net) (-€404,711) and Current investments (-€325,842)
- Receivables within one year +€75,129
up €75,129 (+44.0%), from €170,846 to €245,975
of which Other amounts receivable: +€64,037
- Deferred charges and accrued income -€38,429
down €38,429 (-86.8%), from €44,284 to €5,854
- Debts after one year +€223,602
up €223,602 (+290%), from €77,143 to €300,744
- Reserves +€138,091
up €138,091 (+26.7%), from €516,705 to €654,796
- Tax, wage and social debts +€38,520
up €38,520 (+99.3%), from €38,801 to €77,321
- Provisions +€35,344
new in 2025: €35,344
- Gross operating margin +€84,700
up €84,700 (+13.6%), from €622,765 to €707,465
- Depreciation +€44,645
up €44,645 (+214%), from €20,909 to €65,555
- Provisions +€35,344
new in 2025: €35,344
- Taxes +€9,082
up €9,082 (+6.3%), from €145,144 to €154,226
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 | €708,947 | €1,138,359 | +€429,412 | +60.6% |
| Fixed assets | 21/28 | €125,328 | €464,484 | +€339,157 | +271% |
| Tangible fixed assets | 22/27 | €117,828 | €464,484 | +€346,657 | +294% |
| Land and buildings | 22 | €98,452 | €330,900 | +€232,448 | +236% |
| Plant, machinery and equipment | 23 | €743 | €7,414 | +€6,672 | +898% |
| Furniture and vehicles | 24 | €9,138 | €109,539 | +€100,400 | +1,099% |
| Other tangible fixed assets | 26 | €9,494 | €16,631 | +€7,137 | +75.2% |
| Financial fixed assets | 28 | €7,500 | €0 | -€7,500 | -100% |
| Current assets | 29/58 | €583,619 | €673,874 | +€90,255 | +15.5% |
| Amounts receivable within one year | 40/41 | €170,846 | €245,975 | +€75,129 | +44.0% |
| Trade receivables | 40 | €83,490 | €94,582 | +€11,092 | +13.3% |
| Other amounts receivable | 41 | €87,356 | €151,393 | +€64,037 | +73.3% |
| Current investments | 50/53 | - | €325,842 | +€325,842 | |
| Cash at bank and in hand | 54/58 | €368,490 | €96,203 | -€272,286 | -73.9% |
| Deferred charges and accrued income | 490/1 | €44,284 | €5,854 | -€38,429 | -86.8% |
| Total equity and liabilities | 10/49 | €708,947 | €1,138,359 | +€429,412 | +60.6% |
| Equity | 10/15 | €516,945 | €655,036 | +€138,091 | +26.7% |
| Contributions | 10/11 | €240 | €240 | = | 0.0% |
| Reserves | 13 | €516,705 | €654,796 | +€138,091 | +26.7% |
| Distributable reserves | 133 | €516,705 | €654,796 | +€138,091 | +26.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €35,344 | +€35,344 | |
| Provisions for liabilities and charges | 160/5 | - | €35,344 | +€35,344 | |
| Other liabilities and charges | 164/5 | - | €35,344 | +€35,344 | |
| Amounts payable | 17/49 | €192,002 | €447,979 | +€255,977 | +133% |
| Amounts payable after more than one year | 17 | €77,143 | €300,744 | +€223,602 | +290% |
| Financial debts | 170/4 | €77,143 | €300,744 | +€223,602 | +290% |
| Amounts payable within one year | 42/48 | €114,860 | €147,235 | +€32,375 | +28.2% |
| Current portion of amounts payable after more than one year | 42 | €72,350 | €64,073 | -€8,277 | -11.4% |
| Financial debts | 43 | €1,330 | €3,731 | +€2,401 | +180% |
| Credit institutions | 430/8 | €1,330 | €3,731 | +€2,401 | +180% |
| Trade debts | 44 | €2,374 | €2,109 | -€265 | -11.2% |
| Suppliers | 440/4 | €2,374 | €2,109 | -€265 | -11.2% |
| Taxes, remuneration and social security | 45 | €38,801 | €77,321 | +€38,520 | +99.3% |
| Taxes | 450/3 | €38,801 | €77,321 | +€38,520 | +99.3% |
| Other amounts payable | 47/48 | €4 | €0 | -€4 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,909 | €65,555 | +€44,645 | +214% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €35,344 | +€35,344 | |
| Other operating charges | 640/8 | €2,982 | €4,278 | +€1,296 | +43.5% |
| Non-recurring operating charges | 66A | €9,450 | €6,247 | -€3,203 | -33.9% |
| Gross operating margin | 9900 | €622,765 | €707,465 | +€84,700 | +13.6% |
| Operating profit (loss) | 9901 | €589,424 | €596,042 | +€6,618 | +1.1% |
| Financial income | 75/76B | €1,237 | €3,362 | +€2,125 | +172% |
| Recurring financial income | 75 | €1,237 | €3,362 | +€2,125 | +172% |
| Financial charges | 65/66B | €8,106 | €12,969 | +€4,863 | +60.0% |
| Recurring financial charges | 65 | €8,106 | €12,969 | +€4,863 | +60.0% |
| Profit (loss) for the period before taxes | 9903 | €582,555 | €586,435 | +€3,879 | +0.7% |
| Income taxes | 67/77 | €145,144 | €154,226 | +€9,082 | +6.3% |
| Profit (loss) for the period | 9904 | €437,411 | €432,209 | -€5,202 | -1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €437,411 | €432,209 | -€5,202 | -1.2% |
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 26 October 2026 via checked.be.