LORCA: 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.
LORCA
Largest movements
- Receivables within one year -€145,379
down €145,379 (-86.8%), from €167,517 to €22,138
of which Other amounts receivable: -€118,159
- Cash -€81,190
down €81,190 (-37.4%), from €217,220 to €136,030
mainly Current portion of long-term debt (-€82,161) and Contributions, distributions and other (-€70,000)
- Intangible fixed assets -€55,548
down €55,548 (-100.0%), from €55,548 to €0
- Deferred charges and accrued income +€13,446
up €13,446 (+63.6%), from €21,137 to €34,583
- Current portion of long-term debt -€82,161
down €82,161 (-100.0%), from €82,161 to €0
- Profit (loss) carried forward -€63,182
down €63,182 (-66.4%), from €95,170 to €31,988
- Other debts -€57,949
down €57,949 (-95.5%), from €60,680 to €2,731
- Trade debts -€24,997
down €24,997 (-10.4%), from €241,087 to €216,090
- Tax, wage and social debts -€24,814
down €24,814 (-54.5%), from €45,547 to €20,733
of which Taxes: -€20,239
- Gross operating margin -€45,952
down €45,952 (-18.6%), from €246,971 to €201,019
- Write-downs +€36,269
up €36,269 (+53.3%), from -€68,100 to -€31,831
- Staff costs +€35,777
up €35,777 (+26.2%), from €136,336 to €172,113
- Depreciation -€16,599
down €16,599 (-21.2%), from €78,468 to €61,869
- Taxes -€11,236
down €11,236 (-63.7%), from €17,642 to €6,406
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €841,147 | €579,106 | -€262,041 | -31.2% |
| Fixed assets | 21/28 | €69,229 | €20,422 | -€48,807 | -70.5% |
| Intangible fixed assets | 21 | €55,548 | €0 | -€55,548 | -100.0% |
| Tangible fixed assets | 22/27 | €13,681 | €20,422 | +€6,741 | +49.3% |
| Plant, machinery and equipment | 23 | €4,451 | €3,304 | -€1,147 | -25.8% |
| Furniture and vehicles | 24 | €9,230 | €17,118 | +€7,888 | +85.5% |
| Current assets | 29/58 | €771,918 | €558,684 | -€213,234 | -27.6% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €266,045 | €265,934 | -€110 | 0.0% |
| Stocks | 30/36 | €266,045 | €265,934 | -€110 | 0.0% |
| Amounts receivable within one year | 40/41 | €167,517 | €22,138 | -€145,379 | -86.8% |
| Trade receivables | 40 | €27,220 | €0 | -€27,220 | -100.0% |
| Other amounts receivable | 41 | €140,296 | €22,138 | -€118,159 | -84.2% |
| Cash at bank and in hand | 54/58 | €217,220 | €136,030 | -€81,190 | -37.4% |
| Deferred charges and accrued income | 490/1 | €21,137 | €34,583 | +€13,446 | +63.6% |
| Total equity and liabilities | 10/49 | €841,147 | €579,106 | -€262,041 | -31.2% |
| Equity | 10/15 | €100,170 | €36,988 | -€63,182 | -63.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,170 | €31,988 | -€63,182 | -66.4% |
| Amounts payable | 17/49 | €740,976 | €542,118 | -€198,859 | -26.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €729,476 | €539,554 | -€189,922 | -26.0% |
| Current portion of amounts payable after more than one year | 42 | €82,161 | €0 | -€82,161 | -100.0% |
| Financial debts | 43 | €300,000 | €300,000 | = | 0.0% |
| Credit institutions | 430/8 | €300,000 | €300,000 | = | 0.0% |
| Trade debts | 44 | €241,087 | €216,090 | -€24,997 | -10.4% |
| Suppliers | 440/4 | €241,087 | €216,090 | -€24,997 | -10.4% |
| Taxes, remuneration and social security | 45 | €45,547 | €20,733 | -€24,814 | -54.5% |
| Taxes | 450/3 | €33,931 | €13,692 | -€20,239 | -59.6% |
| Remuneration and social security | 454/9 | €11,616 | €7,040 | -€4,575 | -39.4% |
| Other amounts payable | 47/48 | €60,680 | €2,731 | -€57,949 | -95.5% |
| Accrued charges and deferred income | 492/3 | €11,501 | €2,564 | -€8,937 | -77.7% |
| Remuneration, social security and pensions | 62 | €136,336 | €172,113 | +€35,777 | +26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,468 | €61,869 | -€16,599 | -21.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€68,100 | -€31,831 | +€36,269 | +53.3% |
| Other operating charges | 640/8 | €1,564 | €1,540 | -€24 | -1.6% |
| Gross operating margin | 9900 | €246,971 | €201,019 | -€45,952 | -18.6% |
| Operating profit (loss) | 9901 | €98,702 | -€2,672 | -€101,374 | |
| Financial income | 75/76B | €30,092 | €29,302 | -€790 | -2.6% |
| Recurring financial income | 75 | €30,092 | €29,302 | -€790 | -2.6% |
| Financial charges | 65/66B | €16,482 | €13,406 | -€3,076 | -18.7% |
| Recurring financial charges | 65 | €16,482 | €13,406 | -€3,076 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €112,313 | €13,224 | -€99,089 | -88.2% |
| Income taxes | 67/77 | €17,642 | €6,406 | -€11,236 | -63.7% |
| Profit (loss) for the period | 9904 | €94,671 | €6,818 | -€87,852 | -92.8% |
| Profit (loss) for the period to be appropriated | 9905 | €94,671 | €6,818 | -€87,852 | -92.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.