LEFI: 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.
LEFI
Largest movements
- Cash +€211,773
up €211,773 (+138%), from €153,579 to €365,352
mainly Other debts (+€1.1m) and Net result for the year (+€288,012)
- Receivables within one year +€178,129
up €178,129 (+763%), from €23,360 to €201,489
of which Other amounts receivable: +€178,790
- Tangible fixed assets -€43,360
down €43,360 (-7.7%), from €566,466 to €523,106
of which Land and buildings: -€44,240
- Other debts +€1.1m
new in 2025: €1.1m
- Reserves -€711,988
down €711,988 (-37.5%), from €1.9m to €1.2m
- Financial income +€37,908
up €37,908 (+17.7%), from €214,607 to €252,515
- Taxes -€3,487
down €3,487 (-25.3%), from €13,792 to €10,305
- Gross operating margin -€3,024
down €3,024 (-3.1%), from €98,504 to €95,480
- Financial charges +€2,491
up €2,491 (+1,448%), from €172 to €2,663
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 | €1,937,757 | €2,285,952 | +€348,195 | +18.0% |
| Fixed assets | 21/28 | €1,760,466 | €1,717,106 | -€43,360 | -2.5% |
| Tangible fixed assets | 22/27 | €566,466 | €523,106 | -€43,360 | -7.7% |
| Land and buildings | 22 | €564,284 | €520,044 | -€44,240 | -7.8% |
| Furniture and vehicles | 24 | €2,183 | €3,062 | +€880 | +40.3% |
| Financial fixed assets | 28 | €1,194,000 | €1,194,000 | = | 0.0% |
| Current assets | 29/58 | €177,290 | €568,846 | +€391,556 | +221% |
| Amounts receivable within one year | 40/41 | €23,360 | €201,489 | +€178,129 | +763% |
| Trade receivables | 40 | €22,435 | €21,774 | -€661 | -2.9% |
| Other amounts receivable | 41 | €925 | €179,715 | +€178,790 | +19,334% |
| Cash at bank and in hand | 54/58 | €153,579 | €365,352 | +€211,773 | +138% |
| Deferred charges and accrued income | 490/1 | €351 | €2,004 | +€1,653 | +471% |
| Total equity and liabilities | 10/49 | €1,937,757 | €2,285,952 | +€348,195 | +18.0% |
| Equity | 10/15 | €1,908,677 | €1,202,889 | -€705,788 | -37.0% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €1,896,277 | €1,184,289 | -€711,988 | -37.5% |
| Distributable reserves | 133 | €1,896,277 | €1,184,289 | -€711,988 | -37.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €29,080 | €1,083,063 | +€1.1m | +3,624% |
| Amounts payable after more than one year | 17 | €14,250 | €14,250 | = | 0.0% |
| Other amounts payable | 178/9 | €14,250 | €14,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €13,829 | €1,067,183 | +€1.1m | +7,617% |
| Trade debts | 44 | €2,561 | €0 | -€2,561 | -100% |
| Suppliers | 440/4 | €2,561 | €0 | -€2,561 | -100% |
| Taxes, remuneration and social security | 45 | €11,268 | €10,482 | -€786 | -7.0% |
| Taxes | 450/3 | €11,268 | €10,482 | -€786 | -7.0% |
| Other amounts payable | 47/48 | - | €1,056,701 | +€1.1m | |
| Accrued charges and deferred income | 492/3 | €1,001 | €1,630 | +€629 | +62.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,701 | €45,240 | +€539 | +1.2% |
| Other operating charges | 640/8 | €2,187 | €1,777 | -€411 | -18.8% |
| Gross operating margin | 9900 | €98,504 | €95,480 | -€3,024 | -3.1% |
| Operating profit (loss) | 9901 | €51,616 | €48,464 | -€3,152 | -6.1% |
| Financial income | 75/76B | €214,607 | €252,515 | +€37,908 | +17.7% |
| Recurring financial income | 75 | €214,607 | €252,515 | +€37,908 | +17.7% |
| Financial charges | 65/66B | €172 | €2,663 | +€2,491 | +1,448% |
| Recurring financial charges | 65 | €172 | €2,663 | +€2,491 | +1,448% |
| Profit (loss) for the period before taxes | 9903 | €266,051 | €298,317 | +€32,266 | +12.1% |
| Income taxes | 67/77 | €13,792 | €10,305 | -€3,487 | -25.3% |
| Profit (loss) for the period | 9904 | €252,259 | €288,012 | +€35,753 | +14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €252,259 | €288,012 | +€35,753 | +14.2% |
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 30 October 2026 via checked.be.