LOCAP: 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.
LOCAP
Largest movements
- Stocks and contracts -€760,290
down €760,290 (-26.9%), from €2.8m to €2.1m
- Receivables within one year +€369,828
up €369,828 (+93.0%), from €397,456 to €767,283
of which Other amounts receivable: +€202,438
- Cash -€157,433
down €157,433 (-54.0%), from €291,285 to €133,852
mainly Trade debts (-€638,360) and Receivables within one year (-€369,828)
- Tangible fixed assets -€65,731
down €65,731 (-9.3%), from €704,176 to €638,445
- Trade debts -€638,360
down €638,360 (-93.4%), from €683,254 to €44,894
- Current portion of long-term debt -€114,734
down €114,734 (-43.5%), from €263,791 to €149,057
- Profit (loss) carried forward +€102,359
up €102,359 (+8.6%), from €1.2m to €1.3m
- Other debts -€84,119
down €84,119 (-47.1%), from €178,468 to €94,348
- Tax, wage and social debts +€59,525
up €59,525 (+265.9%), from €22,387 to €81,912
of which Taxes: +€64,095
- Write-downs -€299,592
down €299,592, from €149,796 to -€149,796
- Gross operating margin +€130,172
up €130,172 (+41.9%), from €310,444 to €440,616
- Other operating charges +€79,239
up €79,239 (+635.2%), from €12,474 to €91,713
- Staff costs +€32,631
up €32,631 (+29.0%), from €112,403 to €145,035
- Financial charges +€26,159
up €26,159 (+28.5%), from €91,725 to €117,884
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 | €4,364,645 | €3,690,369 | -€674,276 | -15.4% |
| Fixed assets | 21/28 | €716,518 | €646,153 | -€70,366 | -9.8% |
| Intangible fixed assets | 21 | €6,135 | €1,500 | -€4,635 | -75.5% |
| Tangible fixed assets | 22/27 | €704,176 | €638,445 | -€65,731 | -9.3% |
| Land and buildings | 22 | €495,615 | €472,530 | -€23,085 | -4.7% |
| Plant, machinery and equipment | 23 | €160,936 | €129,098 | -€31,838 | -19.8% |
| Furniture and vehicles | 24 | €9,150 | €4,302 | -€4,849 | -53.0% |
| Other tangible fixed assets | 26 | €38,475 | €32,516 | -€5,960 | -15.5% |
| Financial fixed assets | 28 | €6,207 | €6,207 | = | 0.0% |
| Current assets | 29/58 | €3,648,127 | €3,044,217 | -€603,910 | -16.6% |
| Amounts receivable after more than one year | 29 | €102,744 | €61,455 | -€41,289 | -40.2% |
| Trade receivables | 290 | €102,744 | €61,455 | -€41,289 | -40.2% |
| Stocks and contracts in progress | 3 | €2,823,063 | €2,062,773 | -€760,290 | -26.9% |
| Stocks | 30/36 | €2,823,063 | €2,062,773 | -€760,290 | -26.9% |
| Amounts receivable within one year | 40/41 | €397,456 | €767,283 | +€369,828 | +93.0% |
| Trade receivables | 40 | €195,718 | €363,108 | +€167,390 | +85.5% |
| Other amounts receivable | 41 | €201,737 | €404,175 | +€202,438 | +100.3% |
| Cash at bank and in hand | 54/58 | €291,285 | €133,852 | -€157,433 | -54.0% |
| Deferred charges and accrued income | 490/1 | €33,579 | €18,853 | -€14,726 | -43.9% |
| Total equity and liabilities | 10/49 | €4,364,645 | €3,690,369 | -€674,276 | -15.4% |
| Equity | 10/15 | €1,834,315 | €1,986,774 | +€152,458 | +8.3% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €627,510 | €677,609 | +€50,099 | +8.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €172,610 | €0 | -€172,610 | -100.0% |
| Distributable reserves | 133 | €453,000 | €675,709 | +€222,709 | +49.2% |
| Profit (loss) carried forward | 14 | €1,187,805 | €1,290,165 | +€102,359 | +8.6% |
| Amounts payable | 17/49 | €2,530,330 | €1,703,596 | -€826,734 | -32.7% |
| Amounts payable after more than one year | 17 | €1,381,637 | €1,332,661 | -€48,976 | -3.5% |
| Financial debts | 170/4 | €1,381,637 | €1,332,661 | -€48,976 | -3.5% |
| Amounts payable within one year | 42/48 | €1,147,900 | €370,212 | -€777,688 | -67.7% |
| Current portion of amounts payable after more than one year | 42 | €263,791 | €149,057 | -€114,734 | -43.5% |
| Trade debts | 44 | €683,254 | €44,894 | -€638,360 | -93.4% |
| Suppliers | 440/4 | €683,254 | €44,894 | -€638,360 | -93.4% |
| Taxes, remuneration and social security | 45 | €22,387 | €81,912 | +€59,525 | +265.9% |
| Taxes | 450/3 | €7,566 | €71,661 | +€64,095 | +847.2% |
| Remuneration and social security | 454/9 | €14,821 | €10,251 | -€4,570 | -30.8% |
| Other amounts payable | 47/48 | €178,468 | €94,348 | -€84,119 | -47.1% |
| Accrued charges and deferred income | 492/3 | €793 | €722 | -€71 | -8.9% |
| Remuneration, social security and pensions | 62 | €112,403 | €145,035 | +€32,631 | +29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,152 | €76,447 | -€7,705 | -9.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €149,796 | -€149,796 | -€299,592 | |
| Other operating charges | 640/8 | €12,474 | €91,713 | +€79,239 | +635.2% |
| Gross operating margin | 9900 | €310,444 | €440,616 | +€130,172 | +41.9% |
| Operating profit (loss) | 9901 | -€48,382 | €277,216 | +€325,599 | |
| Financial income | 75/76B | €5,194 | €6,728 | +€1,535 | +29.5% |
| Recurring financial income | 75 | €5,194 | €6,728 | +€1,535 | +29.5% |
| Financial charges | 65/66B | €91,725 | €117,884 | +€26,159 | +28.5% |
| Recurring financial charges | 65 | €91,725 | €117,884 | +€26,159 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | -€134,914 | €166,061 | +€300,975 | |
| Income taxes | 67/77 | €5,597 | €13,602 | +€8,006 | +143.0% |
| Profit (loss) for the period | 9904 | -€140,510 | €152,458 | +€292,969 | |
| Transfer from tax-exempt reserves | 789 | - | €222,709 | +€222,709 | |
| Transfer to tax-exempt reserves | 689 | - | €50,099 | +€50,099 | |
| Profit (loss) for the period to be appropriated | 9905 | -€140,510 | €325,068 | +€465,579 |
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 5 October 2026 via checked.be.