LT CAPITAL & ADVICE: 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.
What changed
LT CAPITAL & ADVICE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€173,925
2024 · €2.9m-€3.1m
Equity
€59.7m
2024 · €60.0m-€299,925
Cash
€82,918
2024 · €2.0m-€1.9m
Balance sheet total
€93.2m
2024 · €87.4m+€5.7m
Largest movements
Assets
- Financial fixed assets +€13.7m
up €13.7m (+39.7%), from €34.5m to €48.2m
of which Affiliated companies: +€15.9m
- Receivables within one year -€5.2m
down €5.2m (-67.3%), from €7.7m to €2.5m
of which Other amounts receivable: -€5.0m
- Current investments -€4.5m
down €4.5m (-100%), from €4.5m to €0
- Receivables after one year +€2.6m
up €2.6m (+16.8%), from €15.7m to €18.3m
- Cash -€1.9m
down €1.9m (-95.8%), from €2.0m to €82,918
mainly Investment in fixed assets (net) (-€16.1m) and Receivables after one year (-€2.6m)
Equity and liabilities
- Debts after one year +€5.3m
up €5.3m (+36.7%), from €14.5m to €19.8m
of which Financial debts: +€6.3m
Income statement
- Financial income -€4.4m
down €4.4m (-72.4%), from €6.1m to €1.7m
of which Financial income: -€2.2m
- Financial charges -€1.4m
down €1.4m (-48.7%), from €2.9m to €1.5m
of which Non-recurring financial charges: -€1.5m
- Taxes -€388,174
down €388,174 (-63.7%), from €609,344 to €221,170
- Services and other goods +€321,001
up €321,001 (+44.7%), from €718,630 to €1.0m
- Turnover +€310,378
up €310,378 (+23.7%), from €1.3m to €1.6m
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.
Result 2024
€2.9m
Turnover
+€310,378
Other operating income
-€19,271
Goods and materials
-€4,109
Services and other goods
-€321,001
Staff costs
-€246,515
Depreciation
-€18,230
Other operating charges
+€67,182
Other operating items
-€282,691
Financial income
-€4.4m
Financial charges
+€1.4m
Taxes
+€388,174
Deferred taxes and other
+€77,988
Result 2025
-€173,925
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.2m
Investment
-€11.6m
Financing
+€5.5m
Cash 2024
€2.0m
From operations (derived)
+€4.2m
Net result for the year
-€173,925
Depreciation
+€1.3m
Receivables after one year
-€2.6m
Stocks and contracts
+€1,244
Receivables within one year
+€5.2m
Deferred charges and accrued income
+€102,812
Provisions
-€144,081
Trade debts
+€92,157
Tax, wage and social debts
+€184,566
Other debts
+€225,342
Accrued charges and deferred income
+€49,395
Investment (derived)
-€11.6m
Investment in fixed assets (net)
-€16.1m
Current investments
+€4.5m
Financing
+€5.5m
Debts after one year
+€5.3m
Current portion of long-term debt
+€664,479
Short-term financial debts
-€346,821
Contributions, distributions and other
-€126,000
Cash 2025
€82,918
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €87,434,929 | €93,176,691 | +€5.7m | +6.6% |
| Fixed assets | 21/28 | €57,366,004 | €72,131,745 | +€14.8m | +25.7% |
| Intangible fixed assets | 21 | €808,434 | €443,308 | -€365,126 | -45.2% |
| Tangible fixed assets | 22/27 | €22,063,266 | €23,513,817 | +€1.5m | +6.6% |
| Land and buildings | 22 | €18,967,476 | €20,571,171 | +€1.6m | +8.5% |
| Plant, machinery and equipment | 23 | €34,038 | €25,617 | -€8,421 | -24.7% |
| Furniture and vehicles | 24 | €34,418 | €23,362 | -€11,056 | -32.1% |
| Leasing and similar rights | 25 | €2,934,795 | €2,801,129 | -€133,666 | -4.6% |
| Other tangible fixed assets | 26 | €92,538 | €92,538 | = | 0.0% |
| Financial fixed assets | 28 | €34,494,304 | €48,174,620 | +€13.7m | +39.7% |
| Affiliated companies | 280/1 | €30,911,528 | €46,855,469 | +€15.9m | +51.6% |
| Participating interests | 280 | €30,911,528 | €46,855,469 | +€15.9m | +51.6% |
| Companies linked by participating interests | 282/3 | €1,470,000 | €720,000 | -€750,000 | -51.0% |
| Participating interests | 282 | €1,470,000 | €720,000 | -€750,000 | -51.0% |
| Other financial fixed assets | 284/8 | €2,112,776 | €599,151 | -€1.5m | -71.6% |
| Shares | 284 | €623,107 | €596,107 | -€27,000 | -4.3% |
| Amounts receivable and cash guarantees | 285/8 | €1,489,669 | €3,044 | -€1.5m | -99.8% |
| Current assets | 29/58 | €30,068,925 | €21,044,946 | -€9.0m | -30.0% |
| Amounts receivable after more than one year | 29 | €15,677,306 | €18,315,450 | +€2.6m | +16.8% |
| Other amounts receivable | 291 | €15,677,306 | €18,315,450 | +€2.6m | +16.8% |
| Stocks and contracts in progress | 3 | €6,918 | €5,674 | -€1,244 | -18.0% |
| Stocks | 30/36 | €6,918 | €5,674 | -€1,244 | -18.0% |
| Goods purchased for resale | 34 | €5,662 | €5,674 | +€11 | +0.2% |
| Property held for sale | 35 | €1,255 | €0 | -€1,255 | -100% |
| Amounts receivable within one year | 40/41 | €7,651,685 | €2,498,534 | -€5.2m | -67.3% |
| Trade receivables | 40 | €376,284 | €209,315 | -€166,969 | -44.4% |
| Other amounts receivable | 41 | €7,275,401 | €2,289,219 | -€5.0m | -68.5% |
| Current investments | 50/53 | €4,500,000 | €0 | -€4.5m | -100% |
| Other investments | 51/53 | €4,500,000 | €0 | -€4.5m | -100% |
| Cash at bank and in hand | 54/58 | €1,987,835 | €82,918 | -€1.9m | -95.8% |
| Deferred charges and accrued income | 490/1 | €245,182 | €142,371 | -€102,812 | -41.9% |
| Total equity and liabilities | 10/49 | €87,434,929 | €93,176,691 | +€5.7m | +6.6% |
| Equity | 10/15 | €59,995,233 | €59,695,308 | -€299,925 | -0.5% |
| Contributions | 10/11 | €398,048 | €398,048 | = | 0.0% |
| Reserves | 13 | €26,488,118 | €26,084,943 | -€403,175 | -1.5% |
| Non-distributable reserves | 130/1 | €199,805 | €199,805 | = | 0.0% |
| Reserves not available under the articles | 1311 | €199,805 | €199,805 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,015,722 | €10,612,547 | -€403,175 | -3.7% |
| Distributable reserves | 133 | €15,272,591 | €15,272,591 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,109,067 | €33,212,317 | +€103,250 | +0.3% |
| Provisions and deferred taxes | 16 | €3,762,201 | €3,618,120 | -€144,081 | -3.8% |
| Deferred taxes | 168 | €3,762,201 | €3,618,120 | -€144,081 | -3.8% |
| Amounts payable | 17/49 | €23,677,495 | €29,863,263 | +€6.2m | +26.1% |
| Amounts payable after more than one year | 17 | €14,476,445 | €19,793,095 | +€5.3m | +36.7% |
| Financial debts | 170/4 | €13,456,700 | €19,789,775 | +€6.3m | +47.1% |
| Subordinated loans | 170 | €190,000 | €0 | -€190,000 | -100% |
| Leasing and similar obligations | 172 | €2,048,739 | €1,831,668 | -€217,072 | -10.6% |
| Credit institutions | 173 | €10,997,961 | €12,738,108 | +€1.7m | +15.8% |
| Other loans | 174 | €220,000 | €5,220,000 | +€5.0m | +2,273% |
| Other amounts payable | 178/9 | €1,019,745 | €3,320 | -€1.0m | -99.7% |
| Amounts payable within one year | 42/48 | €9,145,908 | €9,965,632 | +€819,724 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €1,846,862 | €2,511,341 | +€664,479 | +36.0% |
| Financial debts | 43 | €1,850,000 | €1,503,179 | -€346,821 | -18.7% |
| Credit institutions | 430/8 | €1,850,000 | €1,503,179 | -€346,821 | -18.7% |
| Trade debts | 44 | €252,031 | €344,189 | +€92,157 | +36.6% |
| Suppliers | 440/4 | €252,031 | €344,189 | +€92,157 | +36.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €353,827 | €538,393 | +€184,566 | +52.2% |
| Taxes | 450/3 | €323,998 | €456,334 | +€132,337 | +40.8% |
| Remuneration and social security | 454/9 | €29,829 | €82,059 | +€52,230 | +175% |
| Other amounts payable | 47/48 | €4,843,189 | €5,068,530 | +€225,342 | +4.7% |
| Accrued charges and deferred income | 492/3 | €55,142 | €104,536 | +€49,395 | +89.6% |
| Operating income | 70/76A | €2,636,051 | €2,644,467 | +€8,416 | +0.3% |
| Turnover | 70 | €1,308,350 | €1,618,728 | +€310,378 | +23.7% |
| Other operating income | 74 | €984,425 | €965,154 | -€19,271 | -2.0% |
| Non-recurring operating income | 76A | €343,276 | €60,585 | -€282,691 | -82.4% |
| Operating charges | 60/66A | €2,417,425 | €2,940,098 | +€522,673 | +21.6% |
| Goods for resale, raw materials and consumables | 60 | €5,032 | €9,142 | +€4,109 | +81.7% |
| Purchases | 600/8 | - | €7,898 | +€7,898 | |
| Change in stocks: decrease (increase) | 609 | €5,032 | €1,244 | -€3,788 | -75.3% |
| Services and other goods | 61 | €718,630 | €1,039,631 | +€321,001 | +44.7% |
| Remuneration, social security and pensions | 62 | €268,366 | €514,882 | +€246,515 | +91.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,311,699 | €1,329,929 | +€18,230 | +1.4% |
| Other operating charges | 640/8 | €113,697 | €46,515 | -€67,182 | -59.1% |
| Operating profit (loss) | 9901 | €218,626 | -€295,631 | -€514,257 | |
| Financial income | 75/76B | €6,105,779 | €1,687,913 | -€4.4m | -72.4% |
| Recurring financial income | 75 | €3,424,099 | €1,187,913 | -€2.2m | -65.3% |
| Income from financial fixed assets | 750 | €1,318,052 | €136,082 | -€1.2m | -89.7% |
| Income from current assets | 751 | €1,207,581 | €1,051,698 | -€155,883 | -12.9% |
| Other financial income | 752/9 | €898,466 | €134 | -€898,332 | -100.0% |
| Non-recurring financial income | 76B | €2,681,681 | €500,000 | -€2.2m | -81.4% |
| Financial charges | 65/66B | €2,901,182 | €1,489,119 | -€1.4m | -48.7% |
| Recurring financial charges | 65 | €801,066 | €914,466 | +€113,400 | +14.2% |
| Debt charges | 650 | €791,123 | €894,996 | +€103,873 | +13.1% |
| Other financial charges | 652/9 | €9,943 | €19,469 | +€9,526 | +95.8% |
| Non-recurring financial charges | 66B | €2,100,116 | €574,654 | -€1.5m | -72.6% |
| Profit (loss) for the period before taxes | 9903 | €3,423,223 | -€96,836 | -€3.5m | |
| Transfer from deferred taxes | 780 | €148,512 | €159,228 | +€10,715 | +7.2% |
| Transfer to deferred taxes | 680 | €82,419 | €15,146 | -€67,273 | -81.6% |
| Income taxes | 67/77 | €609,344 | €221,170 | -€388,174 | -63.7% |
| Taxes | 670/3 | €609,344 | €221,170 | -€388,174 | -63.7% |
| Profit (loss) for the period | 9904 | €2,879,972 | -€173,925 | -€3.1m | |
| Transfer from tax-exempt reserves | 789 | €413,166 | €448,614 | +€35,448 | +8.6% |
| Transfer to tax-exempt reserves | 689 | €247,257 | €45,439 | -€201,818 | -81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,045,881 | €229,250 | -€2.8m | -92.5% |
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 29 October 2026 via checked.be.