LINCELOT: 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.
LINCELOT
Largest movements
- Cash +€35,945
up €35,945 (+25.5%), from €140,796 to €176,742
mainly Depreciation (+€43,334) and Net result for the year (+€31,055)
- Tangible fixed assets -€19,845
down €19,845 (-3.2%), from €625,868 to €606,024
of which Land and buildings: -€30,654
- Deferred charges and accrued income +€18,117
up €18,117 (+576%), from €3,145 to €21,262
- Receivables within one year -€10,765
down €10,765 (-13.3%), from €80,856 to €70,091
of which Trade receivables: -€26,685
- Debts after one year -€55,365
down €55,365 (-11.3%), from €488,271 to €432,906
of which Financial debts: -€55,365
- Reserves +€31,055
up €31,055 (+15.9%), from €194,936 to €225,990
of which Distributable reserves: +€31,055
- Current portion of long-term debt +€22,368
up €22,368 (+41.2%), from €54,300 to €76,667
- Tax, wage and social debts +€11,408
up €11,408 (+19.4%), from €58,692 to €70,101
of which Taxes: +€7,593
- Gross operating margin +€70,573
up €70,573 (+21.4%), from €330,524 to €401,097
- Staff costs +€62,416
up €62,416 (+27.3%), from €228,322 to €290,738
- Other operating charges +€11,444
up €11,444 (+430%), from €2,660 to €14,104
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 | €853,222 | €880,123 | +€26,901 | +3.2% |
| Fixed assets | 21/28 | €627,353 | €606,954 | -€20,399 | -3.3% |
| Intangible fixed assets | 21 | €1,484 | €930 | -€554 | -37.3% |
| Tangible fixed assets | 22/27 | €625,868 | €606,024 | -€19,845 | -3.2% |
| Land and buildings | 22 | €597,679 | €567,025 | -€30,654 | -5.1% |
| Plant, machinery and equipment | 23 | €875 | €20,423 | +€19,549 | +2,235% |
| Furniture and vehicles | 24 | €27,315 | €18,575 | -€8,739 | -32.0% |
| Current assets | 29/58 | €225,869 | €273,169 | +€47,300 | +20.9% |
| Amounts receivable within one year | 40/41 | €80,856 | €70,091 | -€10,765 | -13.3% |
| Trade receivables | 40 | €80,003 | €53,318 | -€26,685 | -33.4% |
| Other amounts receivable | 41 | €853 | €16,773 | +€15,920 | +1,866% |
| Current investments | 50/53 | €1,071 | €5,074 | +€4,002 | +374% |
| Cash at bank and in hand | 54/58 | €140,796 | €176,742 | +€35,945 | +25.5% |
| Deferred charges and accrued income | 490/1 | €3,145 | €21,262 | +€18,117 | +576% |
| Total equity and liabilities | 10/49 | €853,222 | €880,123 | +€26,901 | +3.2% |
| Equity | 10/15 | €201,136 | €232,190 | +€31,055 | +15.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €194,936 | €225,990 | +€31,055 | +15.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €193,076 | €224,130 | +€31,055 | +16.1% |
| Amounts payable | 17/49 | €652,086 | €647,932 | -€4,153 | -0.6% |
| Amounts payable after more than one year | 17 | €488,271 | €432,906 | -€55,365 | -11.3% |
| Financial debts | 170/4 | €475,771 | €420,406 | -€55,365 | -11.6% |
| Other amounts payable | 178/9 | €12,500 | €12,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €160,924 | €203,391 | +€42,467 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €54,300 | €76,667 | +€22,368 | +41.2% |
| Financial debts | 43 | €2,313 | €9,729 | +€7,416 | +321% |
| Credit institutions | 430/8 | €2,313 | €9,729 | +€7,416 | +321% |
| Trade debts | 44 | €36,391 | €37,790 | +€1,399 | +3.8% |
| Suppliers | 440/4 | €36,391 | €37,790 | +€1,399 | +3.8% |
| Taxes, remuneration and social security | 45 | €58,692 | €70,101 | +€11,408 | +19.4% |
| Taxes | 450/3 | €23,234 | €30,827 | +€7,593 | +32.7% |
| Remuneration and social security | 454/9 | €35,458 | €39,274 | +€3,816 | +10.8% |
| Other amounts payable | 47/48 | €9,228 | €9,105 | -€123 | -1.3% |
| Accrued charges and deferred income | 492/3 | €2,891 | €11,635 | +€8,744 | +302% |
| Remuneration, social security and pensions | 62 | €228,322 | €290,738 | +€62,416 | +27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,914 | €43,334 | -€3,581 | -7.6% |
| Other operating charges | 640/8 | €2,660 | €14,104 | +€11,444 | +430% |
| Gross operating margin | 9900 | €330,524 | €401,097 | +€70,573 | +21.4% |
| Operating profit (loss) | 9901 | €52,628 | €52,921 | +€293 | +0.6% |
| Financial income | 75/76B | €577 | €16 | -€561 | -97.3% |
| Recurring financial income | 75 | €577 | €16 | -€561 | -97.3% |
| Financial charges | 65/66B | €9,276 | €6,428 | -€2,849 | -30.7% |
| Recurring financial charges | 65 | €9,276 | €6,428 | -€2,849 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | €43,928 | €46,509 | +€2,581 | +5.9% |
| Income taxes | 67/77 | €15,628 | €15,454 | -€174 | -1.1% |
| Profit (loss) for the period | 9904 | €28,300 | €31,055 | +€2,754 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,300 | €31,055 | +€2,754 | +9.7% |
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.