LYCURGUS: 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.
What changed
LYCURGUS
NACE 66.199, Other activities auxiliary to financial services, excluding insurance and pension funding
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€43,829
2024 · €36,479+€7,350
Equity
€2.2m
2024 · €2.2m+€43,829
Cash
€32,879
2024 · €35,430-€2,551
Balance sheet total
€4.7m
2024 · €4.4m+€287,840
Largest movements
Assets
- Financial fixed assets +€297,433
up €297,433 (+6.9%), from €4.3m to €4.6m
Equity and liabilities
- Other debts +€598,845
up €598,845 (+108.4%), from €552,327 to €1.2m
- Debts after one year -€285,714
down €285,714 (-22.2%), from €1.3m to €1.0m
- Accrued charges and deferred income -€73,051
down €73,051 (-100.0%), from €73,051 to €0
Income statement
- Gross operating margin -€99,731
down €99,731 (-54.9%), from €181,744 to €82,013
- Financial charges -€84,398
down €84,398 (-58.4%), from €144,542 to €60,144
- Financial income +€34,259
up €34,259 (+213.7%), from €16,028 to €50,287
- Taxes +€8,166
up €8,166 (+56.1%), from €14,567 to €22,733
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
€36,479
Gross operating margin
-€99,731
Depreciation
-€131
Other operating charges
-€925
Other operating items
-€2,354
Financial income
+€34,259
Financial charges
+€84,398
Taxes
-€8,166
Result 2025
€43,829
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.
From operations
+€580,542
Investment
-€297,433
Financing
-€285,659
Cash 2024
€35,430
From operations (derived)
+€580,542
Net result for the year
+€43,829
Depreciation
+€1,737
Receivables within one year
+€5,949
Smaller working-capital items
-€1,031
Tax, wage and social debts
+€4,263
Other debts
+€598,845
Accrued charges and deferred income
-€73,051
Investment (derived)
-€297,433
Investment in fixed assets (net)
-€297,433
Financing
-€285,659
Debts after one year
-€285,714
Short-term financial debts
+€55
Cash 2025
€32,879
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,404,059 | €4,691,900 | +€287,840 | +6.5% |
| Fixed assets | 21/28 | €4,322,958 | €4,618,654 | +€295,696 | +6.8% |
| Tangible fixed assets | 22/27 | €3,293 | €1,555 | -€1,737 | -52.8% |
| Plant, machinery and equipment | 23 | €2,839 | €1,555 | -€1,284 | -45.2% |
| Furniture and vehicles | 24 | €454 | €0 | -€454 | -100.0% |
| Financial fixed assets | 28 | €4,319,665 | €4,617,098 | +€297,433 | +6.9% |
| Current assets | 29/58 | €81,102 | €73,246 | -€7,855 | -9.7% |
| Amounts receivable within one year | 40/41 | €43,472 | €37,523 | -€5,949 | -13.7% |
| Trade receivables | 40 | €3,025 | €22,990 | +€19,965 | +660.0% |
| Other amounts receivable | 41 | €40,447 | €14,533 | -€25,914 | -64.1% |
| Cash at bank and in hand | 54/58 | €35,430 | €32,879 | -€2,551 | -7.2% |
| Deferred charges and accrued income | 490/1 | €2,200 | €2,844 | +€644 | +29.3% |
| Total equity and liabilities | 10/49 | €4,404,059 | €4,691,900 | +€287,840 | +6.5% |
| Equity | 10/15 | €2,199,202 | €2,243,032 | +€43,829 | +2.0% |
| Contributions | 10/11 | €2,107,878 | €2,107,878 | = | 0.0% |
| Reserves | 13 | €91,325 | €135,154 | +€43,829 | +48.0% |
| Distributable reserves | 133 | €91,325 | €135,154 | +€43,829 | +48.0% |
| Amounts payable | 17/49 | €2,204,857 | €2,448,868 | +€244,011 | +11.1% |
| Amounts payable after more than one year | 17 | €1,285,714 | €1,000,000 | -€285,714 | -22.2% |
| Financial debts | 170/4 | €1,285,714 | €1,000,000 | -€285,714 | -22.2% |
| Amounts payable within one year | 42/48 | €846,092 | €1,448,868 | +€602,776 | +71.2% |
| Current portion of amounts payable after more than one year | 42 | €285,714 | €285,714 | = | 0.0% |
| Financial debts | 43 | €21 | €76 | +€55 | +267.0% |
| Credit institutions | 430/8 | €21 | €76 | +€55 | +267.0% |
| Trade debts | 44 | €406 | €19 | -€387 | -95.2% |
| Suppliers | 440/4 | €406 | €19 | -€387 | -95.2% |
| Taxes, remuneration and social security | 45 | €7,624 | €11,887 | +€4,263 | +55.9% |
| Taxes | 450/3 | €7,624 | €11,887 | +€4,263 | +55.9% |
| Other amounts payable | 47/48 | €552,327 | €1,151,172 | +€598,845 | +108.4% |
| Accrued charges and deferred income | 492/3 | €73,051 | €0 | -€73,051 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,606 | €1,737 | +€131 | +8.2% |
| Other operating charges | 640/8 | €576 | €1,502 | +€925 | +160.5% |
| Non-recurring operating charges | 66A | - | €2,354 | +€2,354 | |
| Gross operating margin | 9900 | €181,744 | €82,013 | -€99,731 | -54.9% |
| Operating profit (loss) | 9901 | €179,561 | €76,419 | -€103,142 | -57.4% |
| Financial income | 75/76B | €16,028 | €50,287 | +€34,259 | +213.7% |
| Recurring financial income | 75 | €16,028 | €50,287 | +€34,259 | +213.7% |
| Financial charges | 65/66B | €144,542 | €60,144 | -€84,398 | -58.4% |
| Recurring financial charges | 65 | €144,542 | €60,144 | -€84,398 | -58.4% |
| Profit (loss) for the period before taxes | 9903 | €51,046 | €66,562 | +€15,516 | +30.4% |
| Income taxes | 67/77 | €14,567 | €22,733 | +€8,166 | +56.1% |
| Profit (loss) for the period | 9904 | €36,479 | €43,829 | +€7,350 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €36,479 | €43,829 | +€7,350 | +20.1% |
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 6 October 2026 via checked.be.