G. LOWAGIE: 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.
G. LOWAGIE
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts +€140,140
up €140,140 (+469%), from €29,860 to €170,000
- Reserves -€123,011
down €123,011 (-9.0%), from €1.4m to €1.2m
- Tax, wage and social debts -€19,739
down €19,739 (-71.8%), from €27,496 to €7,757
- Gross operating margin -€264,398
down €264,398 (-81.0%), from €326,499 to €62,101
- Taxes -€80,563
down €80,563 (-83.8%), from €96,107 to €15,544
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 | €1,469,850 | €1,466,751 | -€3,099 | -0.2% |
| Fixed assets | 21/28 | €2,842 | €1,719 | -€1,123 | -39.5% |
| Tangible fixed assets | 22/27 | €2,842 | €1,719 | -€1,123 | -39.5% |
| Furniture and vehicles | 24 | €57 | - | -€57 | |
| Other tangible fixed assets | 26 | €2,785 | €1,719 | -€1,066 | -38.3% |
| Current assets | 29/58 | €1,467,007 | €1,465,032 | -€1,975 | -0.1% |
| Cash at bank and in hand | 54/58 | €1,457,407 | €1,455,352 | -€2,055 | -0.1% |
| Deferred charges and accrued income | 490/1 | €9,600 | €9,680 | +€80 | +0.8% |
| Total equity and liabilities | 10/49 | €1,469,850 | €1,466,751 | -€3,099 | -0.2% |
| Equity | 10/15 | €1,405,098 | €1,282,087 | -€123,011 | -8.8% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Reserves | 13 | €1,372,098 | €1,249,087 | -€123,011 | -9.0% |
| Distributable reserves | 133 | €1,372,098 | €1,249,087 | -€123,011 | -9.0% |
| Amounts payable | 17/49 | €64,752 | €184,664 | +€119,912 | +185% |
| Amounts payable within one year | 42/48 | €64,292 | €184,664 | +€120,372 | +187% |
| Trade debts | 44 | €6,937 | €6,907 | -€29 | -0.4% |
| Suppliers | 440/4 | €6,937 | €6,907 | -€29 | -0.4% |
| Taxes, remuneration and social security | 45 | €27,496 | €7,757 | -€19,739 | -71.8% |
| Taxes | 450/3 | €27,496 | €7,757 | -€19,739 | -71.8% |
| Other amounts payable | 47/48 | €29,860 | €170,000 | +€140,140 | +469% |
| Accrued charges and deferred income | 492/3 | €460 | - | -€460 | |
| Non-recurring operating income | 76A | €23,967 | - | -€23,967 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,247 | €1,123 | -€123 | -9.9% |
| Other operating charges | 640/8 | €1,214 | €968 | -€246 | -20.3% |
| Gross operating margin | 9900 | €326,499 | €62,101 | -€264,398 | -81.0% |
| Operating profit (loss) | 9901 | €324,038 | €60,010 | -€264,029 | -81.5% |
| Financial income | 75/76B | €2,243 | €2,840 | +€596 | +26.6% |
| Recurring financial income | 75 | €2,243 | €2,840 | +€596 | +26.6% |
| Financial charges | 65/66B | €315 | €316 | +€1 | +0.3% |
| Recurring financial charges | 65 | €315 | €316 | +€1 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €325,967 | €62,533 | -€263,433 | -80.8% |
| Income taxes | 67/77 | €96,107 | €15,544 | -€80,563 | -83.8% |
| Profit (loss) for the period | 9904 | €229,860 | €46,989 | -€182,871 | -79.6% |
| Profit (loss) for the period to be appropriated | 9905 | €229,860 | €46,989 | -€182,871 | -79.6% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.