LR & CO: 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.
LR & CO
Largest movements
- Cash +€645,008
up €645,008 (+114%), from €565,245 to €1.2m
mainly Net result for the year (+€317,727) and Depreciation (+€272,955)
- Receivables within one year -€269,310
down €269,310 (-39.8%), from €676,107 to €406,797
of which Other amounts receivable: -€218,510
- Tangible fixed assets -€267,482
down €267,482 (-11.7%), from €2.3m to €2.0m
of which Land and buildings: -€238,745
- Receivables after one year -€72,856
down €72,856 (-11.1%), from €656,484 to €583,628
- Reserves +€317,727
up €317,727 (+7.2%), from €4.4m to €4.8m
of which Distributable reserves: +€373,196
- Other debts -€186,772
down €186,772 (-25.4%), from €734,326 to €547,554
- Financial income -€199,864
down €199,864 (-37.7%), from €530,137 to €330,273
- Gross operating margin -€124,069
down €124,069 (-27.0%), from €459,957 to €335,888
- Staff costs -€110,636
down €110,636, from €105,739 to -€4,898
- Depreciation -€33,348
down €33,348 (-10.9%), from €306,303 to €272,955
- Financial charges +€31,367
up €31,367 (+186%), from €16,889 to €48,256
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 | €6,261,477 | €6,292,629 | +€31,152 | +0.5% |
| Fixed assets | 21/28 | €4,355,012 | €4,087,530 | -€267,482 | -6.1% |
| Tangible fixed assets | 22/27 | €2,287,273 | €2,019,790 | -€267,482 | -11.7% |
| Land and buildings | 22 | €2,153,434 | €1,914,689 | -€238,745 | -11.1% |
| Plant, machinery and equipment | 23 | €13,982 | €14,949 | +€967 | +6.9% |
| Furniture and vehicles | 24 | €118,642 | €90,152 | -€28,490 | -24.0% |
| Leasing and similar rights | 25 | €1,214 | €0 | -€1,214 | -100% |
| Financial fixed assets | 28 | €2,067,739 | €2,067,739 | = | 0.0% |
| Current assets | 29/58 | €1,906,465 | €2,205,099 | +€298,634 | +15.7% |
| Amounts receivable after more than one year | 29 | €656,484 | €583,628 | -€72,856 | -11.1% |
| Other amounts receivable | 291 | €656,484 | €583,628 | -€72,856 | -11.1% |
| Amounts receivable within one year | 40/41 | €676,107 | €406,797 | -€269,310 | -39.8% |
| Trade receivables | 40 | €114,546 | €63,745 | -€50,801 | -44.3% |
| Other amounts receivable | 41 | €561,561 | €343,051 | -€218,510 | -38.9% |
| Cash at bank and in hand | 54/58 | €565,245 | €1,210,253 | +€645,008 | +114% |
| Deferred charges and accrued income | 490/1 | €8,629 | €4,421 | -€4,208 | -48.8% |
| Total equity and liabilities | 10/49 | €6,261,477 | €6,292,629 | +€31,152 | +0.5% |
| Equity | 10/15 | €4,939,530 | €5,257,257 | +€317,727 | +6.4% |
| Contributions | 10/11 | €505,830 | €505,830 | = | 0.0% |
| Reserves | 13 | €4,433,700 | €4,751,427 | +€317,727 | +7.2% |
| Tax-exempt reserves | 132 | €587,220 | €531,751 | -€55,469 | -9.4% |
| Distributable reserves | 133 | €3,846,480 | €4,219,676 | +€373,196 | +9.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €195,740 | €177,250 | -€18,490 | -9.4% |
| Deferred taxes | 168 | €195,740 | €177,250 | -€18,490 | -9.4% |
| Amounts payable | 17/49 | €1,126,207 | €858,121 | -€268,086 | -23.8% |
| Amounts payable after more than one year | 17 | €253,085 | €199,179 | -€53,906 | -21.3% |
| Financial debts | 170/4 | €253,085 | €199,179 | -€53,906 | -21.3% |
| Amounts payable within one year | 42/48 | €863,677 | €618,719 | -€244,958 | -28.4% |
| Current portion of amounts payable after more than one year | 42 | €53,935 | €53,906 | -€29 | -0.1% |
| Trade debts | 44 | €6,126 | €6,768 | +€643 | +10.5% |
| Suppliers | 440/4 | €6,126 | €6,768 | +€643 | +10.5% |
| Advances received on contracts in progress | 46 | €4,628 | €0 | -€4,628 | -100% |
| Taxes, remuneration and social security | 45 | €64,663 | €10,491 | -€54,172 | -83.8% |
| Taxes | 450/3 | €43,705 | €4,400 | -€39,305 | -89.9% |
| Remuneration and social security | 454/9 | €20,958 | €6,091 | -€14,866 | -70.9% |
| Other amounts payable | 47/48 | €734,326 | €547,554 | -€186,772 | -25.4% |
| Accrued charges and deferred income | 492/3 | €9,445 | €40,223 | +€30,778 | +326% |
| Non-recurring operating income | 76A | - | €32,761 | +€32,761 | |
| Remuneration, social security and pensions | 62 | €105,739 | -€4,898 | -€110,636 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €306,303 | €272,955 | -€33,348 | -10.9% |
| Other operating charges | 640/8 | €30,802 | €31,903 | +€1,100 | +3.6% |
| Non-recurring operating charges | 66A | €1,783 | €0 | -€1,783 | -100% |
| Gross operating margin | 9900 | €459,957 | €335,888 | -€124,069 | -27.0% |
| Operating profit (loss) | 9901 | €15,329 | €35,927 | +€20,598 | +134% |
| Financial income | 75/76B | €530,137 | €330,273 | -€199,864 | -37.7% |
| Recurring financial income | 75 | €530,137 | €330,273 | -€199,864 | -37.7% |
| Financial charges | 65/66B | €16,889 | €48,256 | +€31,367 | +186% |
| Recurring financial charges | 65 | €16,889 | €48,256 | +€31,367 | +186% |
| Profit (loss) for the period before taxes | 9903 | €528,577 | €317,944 | -€210,633 | -39.8% |
| Transfer from deferred taxes | 780 | €20,809 | €18,490 | -€2,319 | -11.1% |
| Income taxes | 67/77 | €24,665 | €18,706 | -€5,958 | -24.2% |
| Profit (loss) for the period | 9904 | €524,722 | €317,727 | -€206,994 | -39.4% |
| Transfer from tax-exempt reserves | 789 | €62,427 | €55,469 | -€6,958 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €587,149 | €373,196 | -€213,952 | -36.4% |
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 14 October 2026 via checked.be.