HOLDING LORELLI: what changed
Two fiscal 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.
What changed
HOLDING LORELLI
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€110,170
2024 · €92,534+€17,636
Equity
€1.8m
2024 · €1.7m+€63,070
Cash
€37,849
2024 · €21,423+€16,426
Balance sheet total
€2.3m
2024 · €2.3m-€24,495
Largest movements
Assets
- Receivables within one year -€40,802
down €40,802 (-89.6%), from €45,544 to €4,741
Equity and liabilities
- Debts after one year -€109,768
down €109,768 (-26.3%), from €418,040 to €308,272
of which Financial debts: -€109,768
- Profit (loss) carried forward +€63,070
up €63,070 (+3.7%), from €1.7m to €1.7m
Income statement
- Financial income +€25,002
new in 2025: €25,002
- Gross operating margin -€17,509
down €17,509 (-13.0%), from €134,715 to €117,207
- Depreciation -€5,872
down €5,872 (-95.3%), from €6,164 to €292
- Taxes -€4,654
down €4,654 (-18.3%), from €25,456 to €20,802
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.
Result 2024
€92,534
Gross operating margin
-€17,509
Depreciation
+€5,872
Other operating charges
+€147
Financial income
+€25,002
Financial charges
-€530
Taxes
+€4,654
Result 2025
€110,170
Cash bridge derived
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.
From operations
+€173,079
Investment
+€849
Financing
-€157,502
Cash 2024
€21,423
From operations (derived)
+€173,079
Net result for the year
+€110,170
Depreciation
+€292
Receivables within one year
+€40,802
Deferred charges and accrued income
-€1,022
Trade debts
+€720
Tax, wage and social debts
+€3,419
Other debts
+€14,600
Accrued charges and deferred income
+€4,098
Investment (derived)
+€849
Investment in fixed assets (net)
+€849
Financing
-€157,502
Debts after one year
-€109,768
Current portion of long-term debt
-€634
Contributions, distributions and other
-€47,100
Cash 2025
€37,849
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,320,320 | €2,295,825 | -€24,495 | -1.1% |
| Fixed assets | 21/28 | €2,252,696 | €2,251,556 | -€1,140 | -0.1% |
| Tangible fixed assets | 22/27 | €2,696 | €1,556 | -€1,140 | -42.3% |
| Plant, machinery and equipment | 23 | - | €1,556 | +€1,556 | |
| Furniture and vehicles | 24 | €2,696 | - | -€2,696 | |
| Financial fixed assets | 28 | €2,250,000 | €2,250,000 | = | 0.0% |
| Current assets | 29/58 | €67,624 | €44,269 | -€23,355 | -34.5% |
| Amounts receivable within one year | 40/41 | €45,544 | €4,741 | -€40,802 | -89.6% |
| Other amounts receivable | 41 | €45,544 | €4,741 | -€40,802 | -89.6% |
| Cash at bank and in hand | 54/58 | €21,423 | €37,849 | +€16,426 | +76.7% |
| Deferred charges and accrued income | 490/1 | €657 | €1,679 | +€1,022 | +155.5% |
| Total equity and liabilities | 10/49 | €2,320,320 | €2,295,825 | -€24,495 | -1.1% |
| Equity | 10/15 | €1,734,646 | €1,797,716 | +€63,070 | +3.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,684,646 | €1,747,716 | +€63,070 | +3.7% |
| Amounts payable | 17/49 | €585,673 | €498,109 | -€87,565 | -15.0% |
| Amounts payable after more than one year | 17 | €418,040 | €308,272 | -€109,768 | -26.3% |
| Financial debts | 170/4 | €268,040 | €158,272 | -€109,768 | -41.0% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €153,697 | €171,802 | +€18,105 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €110,402 | €109,768 | -€634 | -0.6% |
| Trade debts | 44 | €1,153 | €1,873 | +€720 | +62.4% |
| Suppliers | 440/4 | €1,153 | €1,873 | +€720 | +62.4% |
| Taxes, remuneration and social security | 45 | €3,618 | €7,037 | +€3,419 | +94.5% |
| Taxes | 450/3 | €3,618 | €4,542 | +€924 | +25.5% |
| Remuneration and social security | 454/9 | - | €2,495 | +€2,495 | |
| Other amounts payable | 47/48 | €38,524 | €53,124 | +€14,600 | +37.9% |
| Accrued charges and deferred income | 492/3 | €13,936 | €18,035 | +€4,098 | +29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,164 | €292 | -€5,872 | -95.3% |
| Other operating charges | 640/8 | €285 | €139 | -€147 | -51.4% |
| Gross operating margin | 9900 | €134,715 | €117,207 | -€17,509 | -13.0% |
| Operating profit (loss) | 9901 | €128,266 | €116,776 | -€11,490 | -9.0% |
| Financial income | 75/76B | - | €25,002 | +€25,002 | |
| Recurring financial income | 75 | - | €25,002 | +€25,002 | |
| Financial charges | 65/66B | €10,276 | €10,806 | +€530 | +5.2% |
| Recurring financial charges | 65 | €10,276 | €10,806 | +€530 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €117,990 | €130,972 | +€12,982 | +11.0% |
| Income taxes | 67/77 | €25,456 | €20,802 | -€4,654 | -18.3% |
| Profit (loss) for the period | 9904 | €92,534 | €110,170 | +€17,636 | +19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €92,534 | €110,170 | +€17,636 | +19.1% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.