LICAVA: 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.
LICAVA
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+2,983%), from €50,417 to €1.6m
of which Trade receivables: +€1.5m
- Stocks and contracts -€809,720
down €809,720 (-100%), from €809,720 to €0
- Tangible fixed assets -€297,746
down €297,746 (-100%), from €297,746 to €0
- Cash -€156,348
down €156,348 (-83.0%), from €188,321 to €31,973
mainly Contributions, distributions and other (-€2.0m) and Receivables within one year (-€1.5m)
- Current portion of long-term debt +€460,828
new in 2025: €460,828
- Short-term financial debts -€298,000
down €298,000 (-100%), from €298,000 to €0
- Advances received -€209,683
down €209,683 (-100%), from €209,683 to €0
- Other debts +€196,750
up €196,750 (+66.2%), from €297,189 to €493,940
- Trade debts +€166,284
up €166,284 (+150%), from €111,170 to €277,454
- Gross operating margin +€2.5m
up €2.5m (+2,153%), from €113,789 to €2.6m
- Taxes +€613,819
up €613,819 (+2,892%), from €21,223 to €635,042
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 | €1,350,531 | €1,586,450 | +€235,919 | +17.5% |
| Fixed assets | 21/28 | €297,746 | €0 | -€297,746 | -100% |
| Tangible fixed assets | 22/27 | €297,746 | €0 | -€297,746 | -100% |
| Land and buildings | 22 | €297,746 | €0 | -€297,746 | -100% |
| Current assets | 29/58 | €1,052,785 | €1,586,450 | +€533,665 | +50.7% |
| Stocks and contracts in progress | 3 | €809,720 | €0 | -€809,720 | -100% |
| Stocks | 30/36 | €809,720 | €0 | -€809,720 | -100% |
| Amounts receivable within one year | 40/41 | €50,417 | €1,554,476 | +€1.5m | +2,983% |
| Trade receivables | 40 | €50,417 | €1,523,949 | +€1.5m | +2,923% |
| Other amounts receivable | 41 | - | €30,528 | +€30,528 | |
| Cash at bank and in hand | 54/58 | €188,321 | €31,973 | -€156,348 | -83.0% |
| Deferred charges and accrued income | 490/1 | €4,327 | €0 | -€4,327 | -100% |
| Total equity and liabilities | 10/49 | €1,350,531 | €1,586,450 | +€235,919 | +17.5% |
| Equity | 10/15 | €387,622 | €341,154 | -€46,468 | -12.0% |
| Contributions | 10/11 | €331,000 | €331,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,622 | €10,154 | -€46,468 | -82.1% |
| Amounts payable | 17/49 | €962,909 | €1,245,296 | +€282,387 | +29.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €955,619 | €1,244,768 | +€289,149 | +30.3% |
| Current portion of amounts payable after more than one year | 42 | - | €460,828 | +€460,828 | |
| Financial debts | 43 | €298,000 | €0 | -€298,000 | -100% |
| Credit institutions | 430/8 | €298,000 | €0 | -€298,000 | -100% |
| Trade debts | 44 | €111,170 | €277,454 | +€166,284 | +150% |
| Suppliers | 440/4 | €111,170 | €277,454 | +€166,284 | +150% |
| Advances received on contracts in progress | 46 | €209,683 | €0 | -€209,683 | -100% |
| Taxes, remuneration and social security | 45 | €39,577 | €12,547 | -€27,030 | -68.3% |
| Taxes | 450/3 | €39,577 | €12,547 | -€27,030 | -68.3% |
| Other amounts payable | 47/48 | €297,189 | €493,940 | +€196,750 | +66.2% |
| Accrued charges and deferred income | 492/3 | €7,290 | €528 | -€6,762 | -92.8% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €113,789 | €2,564,179 | +€2.5m | +2,153% |
| Operating profit (loss) | 9901 | €113,276 | €2,563,651 | +€2.5m | +2,163% |
| Financial income | 75/76B | €1 | €3,657 | +€3,656 | +677,065% |
| Recurring financial income | 75 | €1 | €3,657 | +€3,656 | +677,065% |
| Financial charges | 65/66B | €5,244 | €28,734 | +€23,491 | +448% |
| Recurring financial charges | 65 | €5,244 | €28,734 | +€23,491 | +448% |
| Profit (loss) for the period before taxes | 9903 | €108,033 | €2,538,574 | +€2.4m | +2,250% |
| Income taxes | 67/77 | €21,223 | €635,042 | +€613,819 | +2,892% |
| Profit (loss) for the period | 9904 | €86,810 | €1,903,532 | +€1.8m | +2,093% |
| Profit (loss) for the period to be appropriated | 9905 | €86,810 | €1,903,532 | +€1.8m | +2,093% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.