LTCS: 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.
LTCS
Largest movements
- Cash +€41,576
up €41,576 (+59.9%), from €69,403 to €110,980
mainly Net result for the year (+€121,157) and Other debts (+€94,905)
- Receivables within one year +€36,842
up €36,842 (+20.0%), from €184,555 to €221,397
of which Trade receivables: +€47,007
- Tangible fixed assets -€23,152
down €23,152 (-1.8%), from €1.3m to €1.2m
of which Land and buildings: -€27,930
- Contributions -€152,266
down €152,266 (-71.2%), from €213,766 to €61,500
- Reserves +€121,157
up €121,157 (+21.9%), from €552,419 to €673,576
of which Distributable reserves: +€139,201
- Other debts +€94,905
up €94,905 (+4369.8%), from €2,172 to €97,077
- Debts after one year -€31,268
down €31,268 (-5.8%), from €539,914 to €508,646
- Short-term financial debts +€26,388
new in 2025: €26,388
- Gross operating margin +€41,562
up €41,562 (+23.6%), from €176,149 to €217,712
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 | €1,513,502 | €1,568,768 | +€55,266 | +3.7% |
| Fixed assets | 21/28 | €1,259,544 | €1,236,392 | -€23,152 | -1.8% |
| Tangible fixed assets | 22/27 | €1,259,544 | €1,236,392 | -€23,152 | -1.8% |
| Land and buildings | 22 | €1,255,712 | €1,227,782 | -€27,930 | -2.2% |
| Plant, machinery and equipment | 23 | €2,003 | €1,268 | -€735 | -36.7% |
| Furniture and vehicles | 24 | €1,829 | €7,341 | +€5,513 | +301.4% |
| Current assets | 29/58 | €253,959 | €332,377 | +€78,418 | +30.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €184,555 | €221,397 | +€36,842 | +20.0% |
| Trade receivables | 40 | €129,537 | €176,544 | +€47,007 | +36.3% |
| Other amounts receivable | 41 | €55,018 | €44,853 | -€10,165 | -18.5% |
| Cash at bank and in hand | 54/58 | €69,403 | €110,980 | +€41,576 | +59.9% |
| Total equity and liabilities | 10/49 | €1,513,502 | €1,568,768 | +€55,266 | +3.7% |
| Equity | 10/15 | €845,639 | €814,530 | -€31,109 | -3.7% |
| Contributions | 10/11 | €213,766 | €61,500 | -€152,266 | -71.2% |
| Capital | 10 | €213,766 | €61,500 | -€152,266 | -71.2% |
| Issued capital | 100 | €213,766 | €61,500 | -€152,266 | -71.2% |
| Revaluation surpluses | 12 | €79,454 | €79,454 | = | 0.0% |
| Reserves | 13 | €552,419 | €673,576 | +€121,157 | +21.9% |
| Non-distributable reserves | 130/1 | €18,859 | €6,150 | -€12,709 | -67.4% |
| Legal reserve | 130 | €18,859 | €6,150 | -€12,709 | -67.4% |
| Tax-exempt reserves | 132 | €144,298 | €138,962 | -€5,336 | -3.7% |
| Distributable reserves | 133 | €389,263 | €528,464 | +€139,201 | +35.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €48,099 | €46,321 | -€1,779 | -3.7% |
| Deferred taxes | 168 | €48,099 | €46,321 | -€1,779 | -3.7% |
| Amounts payable | 17/49 | €619,764 | €707,917 | +€88,154 | +14.2% |
| Amounts payable after more than one year | 17 | €539,914 | €508,646 | -€31,268 | -5.8% |
| Financial debts | 170/4 | €539,914 | €508,646 | -€31,268 | -5.8% |
| Amounts payable within one year | 42/48 | €79,850 | €199,272 | +€119,422 | +149.6% |
| Current portion of amounts payable after more than one year | 42 | €30,746 | €31,268 | +€522 | +1.7% |
| Financial debts | 43 | - | €26,388 | +€26,388 | |
| Other loans | 439 | - | €26,388 | +€26,388 | |
| Trade debts | 44 | €9,718 | €1,967 | -€7,752 | -79.8% |
| Suppliers | 440/4 | €9,718 | €1,967 | -€7,752 | -79.8% |
| Taxes, remuneration and social security | 45 | €37,214 | €42,572 | +€5,358 | +14.4% |
| Taxes | 450/3 | €37,214 | €42,572 | +€5,358 | +14.4% |
| Other amounts payable | 47/48 | €2,172 | €97,077 | +€94,905 | +4369.8% |
| Non-recurring operating income | 76A | €3,691 | €0 | -€3,691 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,287 | €29,606 | +€319 | +1.1% |
| Other operating charges | 640/8 | €3,561 | €1,455 | -€2,105 | -59.1% |
| Gross operating margin | 9900 | €176,149 | €217,712 | +€41,562 | +23.6% |
| Operating profit (loss) | 9901 | €143,302 | €186,651 | +€43,349 | +30.3% |
| Financial income | 75/76B | €877 | €2,835 | +€1,957 | +223.1% |
| Recurring financial income | 75 | €877 | €2,835 | +€1,957 | +223.1% |
| Financial charges | 65/66B | €10,715 | €10,282 | -€434 | -4.0% |
| Recurring financial charges | 65 | €10,715 | €10,282 | -€434 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €133,464 | €179,204 | +€45,740 | +34.3% |
| Transfer from deferred taxes | 780 | €5,262 | €1,779 | -€3,483 | -66.2% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €57,872 | €59,825 | +€1,954 | +3.4% |
| Profit (loss) for the period | 9904 | €80,854 | €121,157 | +€40,303 | +49.8% |
| Transfer from tax-exempt reserves | 789 | €15,785 | €5,336 | -€10,449 | -66.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €96,639 | €126,493 | +€29,854 | +30.9% |
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 29 September 2026 via checked.be.