D. LOUWETTE: 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.
D. LOUWETTE
Largest movements
- Tangible fixed assets +€106,081
up €106,081 (+70.0%), from €151,457 to €257,538
of which Furniture and vehicles: +€91,886
- Receivables within one year -€70,100
down €70,100 (-96.4%), from €72,753 to €2,653
- Receivables after one year +€53,772
new in 2025: €53,772
- Cash +€25,760
new in 2025: €25,760
mainly Receivables within one year (+€70,100) and Net result for the year (+€60,924)
- Reserves +€60,924
up €60,924 (+236%), from €25,780 to €86,704
- Tax, wage and social debts +€18,531
up €18,531 (+667%), from €2,778 to €21,308
of which Taxes: +€15,811
- Debts after one year +€12,416
up €12,416 (+6.6%), from €186,957 to €199,374
of which Financial debts: +€57,157
- Other debts +€11,438
up €11,438 (+89.6%), from €12,769 to €24,207
- Current portion of long-term debt +€8,222
up €8,222 (+20.4%), from €40,344 to €48,566
- Gross operating margin +€89,442
up €89,442 (+137%), from €65,276 to €154,718
- Taxes +€29,058
up €29,058 (+611%), from €4,752 to €33,811
- Depreciation -€5,926
down €5,926 (-11.1%), from €53,202 to €47,276
- Financial charges +€3,217
up €3,217 (+33.5%), from €9,609 to €12,826
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 | €279,235 | €394,647 | +€115,412 | +41.3% |
| Fixed assets | 21/28 | €201,332 | €307,413 | +€106,081 | +52.7% |
| Tangible fixed assets | 22/27 | €151,457 | €257,538 | +€106,081 | +70.0% |
| Plant, machinery and equipment | 23 | €3,996 | €18,192 | +€14,196 | +355% |
| Furniture and vehicles | 24 | €147,460 | €239,346 | +€91,886 | +62.3% |
| Financial fixed assets | 28 | €49,875 | €49,875 | = | 0.0% |
| Current assets | 29/58 | €77,903 | €87,234 | +€9,331 | +12.0% |
| Amounts receivable after more than one year | 29 | - | €53,772 | +€53,772 | |
| Other amounts receivable | 291 | - | €53,772 | +€53,772 | |
| Amounts receivable within one year | 40/41 | €72,753 | €2,653 | -€70,100 | -96.4% |
| Other amounts receivable | 41 | €72,753 | €2,653 | -€70,100 | -96.4% |
| Cash at bank and in hand | 54/58 | - | €25,760 | +€25,760 | |
| Deferred charges and accrued income | 490/1 | €5,151 | €5,050 | -€101 | -2.0% |
| Total equity and liabilities | 10/49 | €279,235 | €394,647 | +€115,412 | +41.3% |
| Equity | 10/15 | €30,780 | €91,704 | +€60,924 | +198% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €25,780 | €86,704 | +€60,924 | +236% |
| Distributable reserves | 133 | €25,780 | €86,704 | +€60,924 | +236% |
| Amounts payable | 17/49 | €248,456 | €302,944 | +€54,488 | +21.9% |
| Amounts payable after more than one year | 17 | €186,957 | €199,374 | +€12,416 | +6.6% |
| Financial debts | 170/4 | €142,216 | €199,374 | +€57,157 | +40.2% |
| Other amounts payable | 178/9 | €44,741 | - | -€44,741 | |
| Amounts payable within one year | 42/48 | €61,498 | €103,570 | +€42,072 | +68.4% |
| Current portion of amounts payable after more than one year | 42 | €40,344 | €48,566 | +€8,222 | +20.4% |
| Trade debts | 44 | €5,608 | €9,488 | +€3,881 | +69.2% |
| Suppliers | 440/4 | €5,608 | €9,488 | +€3,881 | +69.2% |
| Taxes, remuneration and social security | 45 | €2,778 | €21,308 | +€18,531 | +667% |
| Taxes | 450/3 | - | €15,811 | +€15,811 | |
| Remuneration and social security | 454/9 | €2,778 | €5,498 | +€2,720 | +97.9% |
| Other amounts payable | 47/48 | €12,769 | €24,207 | +€11,438 | +89.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,202 | €47,276 | -€5,926 | -11.1% |
| Other operating charges | 640/8 | €2,231 | €1,739 | -€491 | -22.0% |
| Gross operating margin | 9900 | €65,276 | €154,718 | +€89,442 | +137% |
| Operating profit (loss) | 9901 | €9,843 | €105,703 | +€95,860 | +974% |
| Financial income | 75/76B | €2,816 | €1,858 | -€957 | -34.0% |
| Recurring financial income | 75 | €2,816 | €1,858 | -€957 | -34.0% |
| Financial charges | 65/66B | €9,609 | €12,826 | +€3,217 | +33.5% |
| Recurring financial charges | 65 | €9,609 | €12,826 | +€3,217 | +33.5% |
| Profit (loss) for the period before taxes | 9903 | €3,050 | €94,735 | +€91,685 | +3,006% |
| Income taxes | 67/77 | €4,752 | €33,811 | +€29,058 | +611% |
| Profit (loss) for the period | 9904 | -€1,702 | €60,924 | +€62,626 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,702 | €60,924 | +€62,626 |
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 27 October 2026 via checked.be.