ALAIN LOOSEN: 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.
ALAIN LOOSEN
Largest movements
- Receivables within one year -€366,567
down €366,567 (-36.7%), from €997,787 to €631,220
- Cash -€216,787
down €216,787 (-54.1%), from €400,548 to €183,760
mainly Investment in fixed assets (net) (-€414,923) and Trade debts (-€411,958)
- Tangible fixed assets +€128,661
up €128,661 (+11.8%), from €1.1m to €1.2m
of which Leasing and similar rights: +€113,431
- Stocks and contracts +€66,288
up €66,288 (+18.1%), from €365,798 to €432,087
- Trade debts -€411,958
down €411,958 (-72.7%), from €566,414 to €154,456
- Tax, wage and social debts -€102,543
down €102,543 (-34.7%), from €295,488 to €192,945
of which Taxes: -€92,025
- Reserves +€77,213
up €77,213 (+8.8%), from €876,990 to €954,203
- Debts after one year +€45,101
up €45,101 (+6.6%), from €681,902 to €727,003
- Current portion of long-term debt +€34,970
up €34,970 (+18.8%), from €186,198 to €221,167
- Write-downs +€66,847
up €66,847 (+542%), from €12,336 to €79,183
- Gross operating margin +€56,148
up €56,148 (+7.4%), from €761,456 to €817,604
- Taxes -€41,444
down €41,444 (-70.3%), from €58,979 to €17,536
- Financial charges +€29,357
up €29,357 (+112%), from €26,165 to €55,521
- Other operating charges +€28,140
up €28,140 (+1,397%), from €2,014 to €30,154
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 | €2,866,270 | €2,479,015 | -€387,255 | -13.5% |
| Fixed assets | 21/28 | €1,094,541 | €1,223,202 | +€128,661 | +11.8% |
| Tangible fixed assets | 22/27 | €1,093,991 | €1,222,652 | +€128,661 | +11.8% |
| Plant, machinery and equipment | 23 | €22,058 | €33,188 | +€11,130 | +50.5% |
| Furniture and vehicles | 24 | €362,439 | €256,539 | -€105,900 | -29.2% |
| Leasing and similar rights | 25 | €709,494 | €822,926 | +€113,431 | +16.0% |
| Assets under construction and advance payments | 27 | - | €110,000 | +€110,000 | |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €1,771,729 | €1,255,813 | -€515,916 | -29.1% |
| Stocks and contracts in progress | 3 | €365,798 | €432,087 | +€66,288 | +18.1% |
| Stocks | 30/36 | €365,798 | €432,087 | +€66,288 | +18.1% |
| Amounts receivable within one year | 40/41 | €997,787 | €631,220 | -€366,567 | -36.7% |
| Trade receivables | 40 | €997,787 | €631,220 | -€366,567 | -36.7% |
| Cash at bank and in hand | 54/58 | €400,548 | €183,760 | -€216,787 | -54.1% |
| Deferred charges and accrued income | 490/1 | €7,596 | €8,746 | +€1,150 | +15.1% |
| Total equity and liabilities | 10/49 | €2,866,270 | €2,479,015 | -€387,255 | -13.5% |
| Equity | 10/15 | €919,654 | €996,867 | +€77,213 | +8.4% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €876,990 | €954,203 | +€77,213 | +8.8% |
| Distributable reserves | 133 | €876,990 | €954,203 | +€77,213 | +8.8% |
| Profit (loss) carried forward | 14 | €28,404 | €28,404 | +€0 | 0.0% |
| Amounts payable | 17/49 | €1,946,616 | €1,482,148 | -€464,468 | -23.9% |
| Amounts payable after more than one year | 17 | €681,902 | €727,003 | +€45,101 | +6.6% |
| Financial debts | 170/4 | €681,902 | €727,003 | +€45,101 | +6.6% |
| Amounts payable within one year | 42/48 | €1,264,715 | €752,045 | -€512,670 | -40.5% |
| Current portion of amounts payable after more than one year | 42 | €186,198 | €221,167 | +€34,970 | +18.8% |
| Trade debts | 44 | €566,414 | €154,456 | -€411,958 | -72.7% |
| Suppliers | 440/4 | €566,414 | €154,456 | -€411,958 | -72.7% |
| Taxes, remuneration and social security | 45 | €295,488 | €192,945 | -€102,543 | -34.7% |
| Taxes | 450/3 | €246,347 | €154,322 | -€92,025 | -37.4% |
| Remuneration and social security | 454/9 | €49,141 | €38,623 | -€10,518 | -21.4% |
| Other amounts payable | 47/48 | €216,616 | €183,478 | -€33,138 | -15.3% |
| Accrued charges and deferred income | 492/3 | - | €3,101 | +€3,101 | |
| Remuneration, social security and pensions | 62 | €253,954 | €277,368 | +€23,414 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €272,369 | €286,262 | +€13,893 | +5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,336 | €79,183 | +€66,847 | +542% |
| Other operating charges | 640/8 | €2,014 | €30,154 | +€28,140 | +1,397% |
| Gross operating margin | 9900 | €761,456 | €817,604 | +€56,148 | +7.4% |
| Operating profit (loss) | 9901 | €220,782 | €144,638 | -€76,145 | -34.5% |
| Financial income | 75/76B | €2,585 | €5,632 | +€3,048 | +118% |
| Recurring financial income | 75 | €2,585 | €5,632 | +€3,048 | +118% |
| Financial charges | 65/66B | €26,165 | €55,521 | +€29,357 | +112% |
| Recurring financial charges | 65 | €26,165 | €55,521 | +€29,357 | +112% |
| Profit (loss) for the period before taxes | 9903 | €197,203 | €94,749 | -€102,454 | -52.0% |
| Income taxes | 67/77 | €58,979 | €17,536 | -€41,444 | -70.3% |
| Profit (loss) for the period | 9904 | €138,223 | €77,213 | -€61,010 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €138,223 | €77,213 | -€61,010 | -44.1% |
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 25 October 2026 via checked.be.