LICREA: 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.
LICREA
Largest movements
- Tangible fixed assets +€897,270
up €897,270 (+180%), from €499,518 to €1.4m
of which Land and buildings: +€898,549
- Receivables within one year -€557,761
down €557,761 (-96.5%), from €578,210 to €20,449
of which Other amounts receivable: -€557,796
- Cash +€76,645
up €76,645 (+14.2%), from €540,693 to €617,338
mainly Receivables within one year (+€557,761) and Contributions, distributions and other (+€357,053)
- Revaluation surpluses +€835,627
up €835,627 (+218%), from €383,603 to €1.2m
- Reserves -€446,925
down €446,925 (-40.1%), from €1.1m to €667,714
of which Distributable reserves: -€446,925
- Depreciation +€25,743
up €25,743 (+341%), from €7,549 to €33,292
- Financial income -€16,920
down €16,920 (-67.7%), from €24,981 to €8,061
- Taxes -€11,315
down €11,315 (-42.3%), from €26,765 to €15,450
- Gross operating margin -€8,889
down €8,889 (-9.5%), from €93,305 to €84,416
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 | €1,618,422 | €2,034,576 | +€416,154 | +25.7% |
| Fixed assets | 21/28 | €499,518 | €1,396,789 | +€897,270 | +180% |
| Tangible fixed assets | 22/27 | €499,518 | €1,396,789 | +€897,270 | +180% |
| Land and buildings | 22 | €495,437 | €1,393,986 | +€898,549 | +181% |
| Furniture and vehicles | 24 | €4,081 | €2,802 | -€1,279 | -31.3% |
| Current assets | 29/58 | €1,118,904 | €637,788 | -€481,116 | -43.0% |
| Amounts receivable within one year | 40/41 | €578,210 | €20,449 | -€557,761 | -96.5% |
| Trade receivables | 40 | €398 | €434 | +€36 | +8.9% |
| Other amounts receivable | 41 | €577,812 | €20,016 | -€557,796 | -96.5% |
| Cash at bank and in hand | 54/58 | €540,693 | €617,338 | +€76,645 | +14.2% |
| Total equity and liabilities | 10/49 | €1,618,422 | €2,034,576 | +€416,154 | +25.7% |
| Equity | 10/15 | €1,579,477 | €1,968,179 | +€388,702 | +24.6% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Revaluation surpluses | 12 | €383,603 | €1,219,229 | +€835,627 | +218% |
| Reserves | 13 | €1,114,639 | €667,714 | -€446,925 | -40.1% |
| Non-distributable reserves | 130/1 | €8,950 | €8,950 | = | 0.0% |
| Legal reserve | 130 | €8,950 | €8,950 | = | 0.0% |
| Distributable reserves | 133 | €1,105,689 | €658,764 | -€446,925 | -40.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €1,236 | €1,236 | = | 0.0% |
| Provisions and deferred taxes | 16 | €412 | €412 | = | 0.0% |
| Deferred taxes | 168 | €412 | €412 | = | 0.0% |
| Amounts payable | 17/49 | €38,533 | €65,985 | +€27,452 | +71.2% |
| Amounts payable within one year | 42/48 | €38,533 | €65,985 | +€27,452 | +71.2% |
| Trade debts | 44 | €1,491 | €20,948 | +€19,457 | +1,305% |
| Suppliers | 440/4 | €1,491 | €20,948 | +€19,457 | +1,305% |
| Taxes, remuneration and social security | 45 | €24,100 | €17,000 | -€7,100 | -29.5% |
| Taxes | 450/3 | €24,100 | €17,000 | -€7,100 | -29.5% |
| Other amounts payable | 47/48 | €12,942 | €28,038 | +€15,096 | +117% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,549 | €33,292 | +€25,743 | +341% |
| Other operating charges | 640/8 | €10,492 | €10,820 | +€328 | +3.1% |
| Gross operating margin | 9900 | €93,305 | €84,416 | -€8,889 | -9.5% |
| Operating profit (loss) | 9901 | €75,264 | €40,304 | -€34,960 | -46.4% |
| Financial income | 75/76B | €24,981 | €8,061 | -€16,920 | -67.7% |
| Recurring financial income | 75 | €24,981 | €8,061 | -€16,920 | -67.7% |
| Financial charges | 65/66B | €1,194 | €1,266 | +€72 | +6.0% |
| Recurring financial charges | 65 | €1,194 | €1,266 | +€72 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €99,051 | €47,099 | -€51,952 | -52.4% |
| Income taxes | 67/77 | €26,765 | €15,450 | -€11,315 | -42.3% |
| Profit (loss) for the period | 9904 | €72,286 | €31,649 | -€40,637 | -56.2% |
| Profit (loss) for the period to be appropriated | 9905 | €72,286 | €31,649 | -€40,637 | -56.2% |
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 31 October 2026 via checked.be.