LICAVET: what changed
Two fiscal 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.
LICAVET
Largest movements
- Cash -€138,842
down €138,842 (-88.9%), from €156,126 to €17,284
mainly Investment in fixed assets (net) (-€124,293) and Net result for the year (-€48,033)
- Tangible fixed assets +€98,916
up €98,916 (+35.9%), from €275,586 to €374,502
of which Land and buildings: +€81,546
- Stocks and contracts -€31,268
down €31,268 (-25.4%), from €123,258 to €91,990
- Intangible fixed assets -€20,000
down €20,000 (-66.7%), from €30,000 to €10,000
- Receivables within one year +€16,996
up €16,996 (+21.0%), from €80,751 to €97,747
of which Trade receivables: +€15,609
- Profit (loss) carried forward -€60,033
down €60,033 (-24.7%), from €242,892 to €182,859
- Tax, wage and social debts -€28,227
down €28,227 (-51.8%), from €54,513 to €26,286
of which Taxes: -€27,939
- Trade debts +€14,366
up €14,366 (+35.7%), from €40,245 to €54,611
- Other debts -€10,256
down €10,256 (-46.1%), from €22,256 to €12,000
- Debts after one year +€7,087
up €7,087 (+2.5%), from €282,877 to €289,964
- Gross operating margin -€117,634
down €117,634 (-52.1%), from €225,723 to €108,089
- Taxes -€17,231
no longer reported in 2025 (was €17,231)
- Staff costs +€9,866
up €9,866 (+11.0%), from €89,525 to €99,391
- Depreciation +€8,007
up €8,007 (+21.4%), from €37,370 to €45,377
- Write-downs -€5,461
down €5,461, from €1,424 to -€4,037
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 | €668,532 | €597,195 | -€71,337 | -10.7% |
| Fixed assets | 21/28 | €305,846 | €384,762 | +€78,916 | +25.8% |
| Intangible fixed assets | 21 | €30,000 | €10,000 | -€20,000 | -66.7% |
| Tangible fixed assets | 22/27 | €275,586 | €374,502 | +€98,916 | +35.9% |
| Land and buildings | 22 | €255,565 | €337,111 | +€81,546 | +31.9% |
| Plant, machinery and equipment | 23 | €18,662 | €30,162 | +€11,500 | +61.6% |
| Furniture and vehicles | 24 | €1,359 | €7,229 | +€5,870 | +431.9% |
| Financial fixed assets | 28 | €260 | €260 | = | 0.0% |
| Current assets | 29/58 | €362,686 | €212,433 | -€150,253 | -41.4% |
| Stocks and contracts in progress | 3 | €123,258 | €91,990 | -€31,268 | -25.4% |
| Stocks | 30/36 | €123,258 | €91,990 | -€31,268 | -25.4% |
| Amounts receivable within one year | 40/41 | €80,751 | €97,747 | +€16,996 | +21.0% |
| Trade receivables | 40 | €69,138 | €84,747 | +€15,609 | +22.6% |
| Other amounts receivable | 41 | €11,613 | €13,000 | +€1,387 | +11.9% |
| Cash at bank and in hand | 54/58 | €156,126 | €17,284 | -€138,842 | -88.9% |
| Deferred charges and accrued income | 490/1 | €2,551 | €5,412 | +€2,861 | +112.2% |
| Total equity and liabilities | 10/49 | €668,532 | €597,195 | -€71,337 | -10.7% |
| Equity | 10/15 | €257,252 | €197,219 | -€60,033 | -23.3% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €242,892 | €182,859 | -€60,033 | -24.7% |
| Amounts payable | 17/49 | €411,280 | €399,976 | -€11,304 | -2.7% |
| Amounts payable after more than one year | 17 | €282,877 | €289,964 | +€7,087 | +2.5% |
| Financial debts | 170/4 | €282,877 | €289,964 | +€7,087 | +2.5% |
| Amounts payable within one year | 42/48 | €128,403 | €110,012 | -€18,391 | -14.3% |
| Current portion of amounts payable after more than one year | 42 | €11,389 | €17,073 | +€5,684 | +49.9% |
| Financial debts | 43 | - | €42 | +€42 | |
| Credit institutions | 430/8 | - | €42 | +€42 | |
| Trade debts | 44 | €40,245 | €54,611 | +€14,366 | +35.7% |
| Suppliers | 440/4 | €40,245 | €54,611 | +€14,366 | +35.7% |
| Taxes, remuneration and social security | 45 | €54,513 | €26,286 | -€28,227 | -51.8% |
| Taxes | 450/3 | €37,769 | €9,830 | -€27,939 | -74.0% |
| Remuneration and social security | 454/9 | €16,744 | €16,456 | -€288 | -1.7% |
| Other amounts payable | 47/48 | €22,256 | €12,000 | -€10,256 | -46.1% |
| Remuneration, social security and pensions | 62 | €89,525 | €99,391 | +€9,866 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,370 | €45,377 | +€8,007 | +21.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,424 | -€4,037 | -€5,461 | |
| Other operating charges | 640/8 | €873 | €3,552 | +€2,679 | +306.9% |
| Non-recurring operating charges | 66A | €4,905 | - | -€4,905 | |
| Gross operating margin | 9900 | €225,723 | €108,089 | -€117,634 | -52.1% |
| Operating profit (loss) | 9901 | €91,626 | -€36,194 | -€127,820 | |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €7,836 | €11,842 | +€4,006 | +51.1% |
| Recurring financial charges | 65 | €7,836 | €11,842 | +€4,006 | +51.1% |
| Profit (loss) for the period before taxes | 9903 | €83,790 | -€48,033 | -€131,823 | |
| Income taxes | 67/77 | €17,231 | - | -€17,231 | |
| Profit (loss) for the period | 9904 | €66,559 | -€48,033 | -€114,592 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,559 | -€48,033 | -€114,592 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.