Dr. Albert LOUIS: 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.
Dr. Albert LOUIS
Largest movements
- Cash +€7,796
up €7,796 (+1.4%), from €550,409 to €558,205
mainly Net result for the year (+€73,501) and Other debts (+€61,665)
- Tax, wage and social debts -€66,228
down €66,228 (-89.4%), from €74,083 to €7,855
- Other debts +€61,665
new in 2025: €61,665
- Reserves +€11,836
up €11,836 (+2.6%), from €447,310 to €459,146
- Advances received +€10,918
up €10,918 (+24.6%), from €44,463 to €55,381
- Gross operating margin -€36,015
down €36,015 (-24.7%), from €145,742 to €109,727
- Taxes -€11,965
down €11,965 (-25.2%), from €47,518 to €35,553
- Financial income +€1,711
up €1,711 (+389%), from €439 to €2,151
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 | €587,276 | €600,571 | +€13,295 | +2.3% |
| Fixed assets | 21/28 | €19,855 | €20,891 | +€1,036 | +5.2% |
| Tangible fixed assets | 22/27 | €19,705 | €20,741 | +€1,036 | +5.3% |
| Land and buildings | 22 | €18,525 | €17,457 | -€1,068 | -5.8% |
| Plant, machinery and equipment | 23 | €1,181 | €296 | -€885 | -75.0% |
| Assets under construction and advance payments | 27 | - | €2,988 | +€2,988 | |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €567,421 | €579,680 | +€12,259 | +2.2% |
| Amounts receivable within one year | 40/41 | €16,292 | €20,613 | +€4,321 | +26.5% |
| Trade receivables | 40 | €7,600 | €20,521 | +€12,921 | +170% |
| Other amounts receivable | 41 | €8,692 | €92 | -€8,600 | -98.9% |
| Cash at bank and in hand | 54/58 | €550,409 | €558,205 | +€7,796 | +1.4% |
| Deferred charges and accrued income | 490/1 | €720 | €862 | +€142 | +19.8% |
| Total equity and liabilities | 10/49 | €587,276 | €600,571 | +€13,295 | +2.3% |
| Equity | 10/15 | €460,936 | €472,772 | +€11,836 | +2.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €447,310 | €459,146 | +€11,836 | +2.6% |
| Distributable reserves | 133 | €447,310 | €459,146 | +€11,836 | +2.6% |
| Profit (loss) carried forward | 14 | €1,226 | €1,226 | = | 0.0% |
| Amounts payable | 17/49 | €126,340 | €127,799 | +€1,459 | +1.2% |
| Amounts payable within one year | 42/48 | €126,090 | €127,733 | +€1,644 | +1.3% |
| Trade debts | 44 | €7,544 | €2,832 | -€4,712 | -62.5% |
| Suppliers | 440/4 | €7,544 | €2,832 | -€4,712 | -62.5% |
| Advances received on contracts in progress | 46 | €44,463 | €55,381 | +€10,918 | +24.6% |
| Taxes, remuneration and social security | 45 | €74,083 | €7,855 | -€66,228 | -89.4% |
| Taxes | 450/3 | €74,083 | €7,855 | -€66,228 | -89.4% |
| Other amounts payable | 47/48 | - | €61,665 | +€61,665 | |
| Accrued charges and deferred income | 492/3 | €250 | €65 | -€185 | -73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,953 | €1,953 | = | 0.0% |
| Other operating charges | 640/8 | €674 | €696 | +€21 | +3.2% |
| Gross operating margin | 9900 | €145,742 | €109,727 | -€36,015 | -24.7% |
| Operating profit (loss) | 9901 | €143,115 | €107,078 | -€36,037 | -25.2% |
| Financial income | 75/76B | €439 | €2,151 | +€1,711 | +389% |
| Recurring financial income | 75 | €439 | €2,151 | +€1,711 | +389% |
| Financial charges | 65/66B | €136 | €176 | +€40 | +29.4% |
| Recurring financial charges | 65 | €136 | €176 | +€40 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | €143,419 | €109,054 | -€34,365 | -24.0% |
| Income taxes | 67/77 | €47,518 | €35,553 | -€11,965 | -25.2% |
| Profit (loss) for the period | 9904 | €95,900 | €73,501 | -€22,400 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €95,900 | €73,501 | -€22,400 | -23.4% |
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.