Licorice: 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
Licorice
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€137,337
2024 · €125,384+€11,953
Equity
€1.4m
2024 · €1.3m+€135,671
Cash
€37,080
2024 · €26,020+€11,060
Balance sheet total
€2.2m
2024 · €2.2m+€51,426
Largest movements
Assets
- Receivables within one year +€30,557
up €30,557 (+12.6%), from €241,946 to €272,503
of which Trade receivables: +€180,000
Equity and liabilities
- Current portion of long-term debt -€259,818
down €259,818 (-72.6%), from €357,928 to €98,110
- Debts after one year +€170,687
up €170,687 (+34.0%), from €502,608 to €673,295
- Reserves +€135,671
up €135,671 (+11.0%), from €1.2m to €1.4m
Income statement
- Financial charges -€21,041
down €21,041 (-53.5%), from €39,302 to €18,261
- Taxes +€18,529
up €18,529 (+45.4%), from €40,815 to €59,344
- Gross operating margin +€17,702
up €17,702 (+7.4%), from €240,093 to €257,795
- Depreciation +€5,097
up €5,097 (+14.2%), from €35,955 to €41,053
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
€125,384
Gross operating margin
+€17,702
Depreciation
-€5,097
Other operating charges
-€2,216
Other operating items
-€411
Financial income
-€537
Financial charges
+€21,041
Taxes
-€18,529
Result 2025
€137,337
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
+€151,912
Investment
-€50,054
Financing
-€90,797
Cash 2024
€26,020
From operations (derived)
+€151,912
Net result for the year
+€137,337
Depreciation
+€41,053
Receivables within one year
-€30,557
Deferred charges and accrued income
-€807
Trade debts
+€18,918
Tax, wage and social debts
+€4,212
Other debts
+€1,882
Accrued charges and deferred income
-€20,126
Investment (derived)
-€50,054
Investment in fixed assets (net)
-€50,054
Financing
-€90,797
Debts after one year
+€170,687
Current portion of long-term debt
-€259,818
Contributions, distributions and other
-€1,666
Cash 2025
€37,080
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,184,171 | €2,235,597 | +€51,426 | +2.4% |
| Fixed assets | 21/28 | €1,914,708 | €1,923,709 | +€9,002 | +0.5% |
| Tangible fixed assets | 22/27 | €770,536 | €779,538 | +€9,002 | +1.2% |
| Land and buildings | 22 | €746,286 | €727,625 | -€18,661 | -2.5% |
| Plant, machinery and equipment | 23 | €24,250 | €51,913 | +€27,662 | +114% |
| Financial fixed assets | 28 | €1,144,172 | €1,144,172 | = | 0.0% |
| Current assets | 29/58 | €269,463 | €311,887 | +€42,424 | +15.7% |
| Amounts receivable within one year | 40/41 | €241,946 | €272,503 | +€30,557 | +12.6% |
| Trade receivables | 40 | €0 | €180,000 | +€180,000 | |
| Other amounts receivable | 41 | €241,946 | €92,503 | -€149,443 | -61.8% |
| Cash at bank and in hand | 54/58 | €26,020 | €37,080 | +€11,060 | +42.5% |
| Deferred charges and accrued income | 490/1 | €1,497 | €2,304 | +€807 | +53.9% |
| Total equity and liabilities | 10/49 | €2,184,171 | €2,235,597 | +€51,426 | +2.4% |
| Equity | 10/15 | €1,250,692 | €1,386,363 | +€135,671 | +10.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,232,092 | €1,367,763 | +€135,671 | +11.0% |
| Distributable reserves | 133 | €1,232,092 | €1,367,763 | +€135,671 | +11.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €933,479 | €849,233 | -€84,245 | -9.0% |
| Amounts payable after more than one year | 17 | €502,608 | €673,295 | +€170,687 | +34.0% |
| Financial debts | 170/4 | €502,608 | €673,295 | +€170,687 | +34.0% |
| Amounts payable within one year | 42/48 | €409,156 | €174,349 | -€234,807 | -57.4% |
| Current portion of amounts payable after more than one year | 42 | €357,928 | €98,110 | -€259,818 | -72.6% |
| Trade debts | 44 | €8,562 | €27,480 | +€18,918 | +221% |
| Suppliers | 440/4 | €8,562 | €27,480 | +€18,918 | +221% |
| Taxes, remuneration and social security | 45 | €40,947 | €45,159 | +€4,212 | +10.3% |
| Taxes | 450/3 | €40,947 | €45,159 | +€4,212 | +10.3% |
| Other amounts payable | 47/48 | €1,718 | €3,600 | +€1,882 | +110% |
| Accrued charges and deferred income | 492/3 | €21,715 | €1,589 | -€20,126 | -92.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,955 | €41,053 | +€5,097 | +14.2% |
| Other operating charges | 640/8 | €1,606 | €3,823 | +€2,216 | +138% |
| Non-recurring operating charges | 66A | €376 | €787 | +€411 | +109% |
| Gross operating margin | 9900 | €240,093 | €257,795 | +€17,702 | +7.4% |
| Operating profit (loss) | 9901 | €202,155 | €212,132 | +€9,977 | +4.9% |
| Financial income | 75/76B | €3,346 | €2,810 | -€537 | -16.0% |
| Recurring financial income | 75 | €3,346 | €2,810 | -€537 | -16.0% |
| Financial charges | 65/66B | €39,302 | €18,261 | -€21,041 | -53.5% |
| Recurring financial charges | 65 | €39,302 | €18,261 | -€21,041 | -53.5% |
| Profit (loss) for the period before taxes | 9903 | €166,199 | €196,681 | +€30,482 | +18.3% |
| Income taxes | 67/77 | €40,815 | €59,344 | +€18,529 | +45.4% |
| Profit (loss) for the period | 9904 | €125,384 | €137,337 | +€11,953 | +9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €125,384 | €137,337 | +€11,953 | +9.5% |
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 1 November 2026 via checked.be.