LØAD: 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.
LØAD
Largest movements
- Cash -€41,514
down €41,514 (-43.2%), from €96,199 to €54,685
mainly Other debts (-€29,412) and Investment in fixed assets (net) (-€11,653)
- Tangible fixed assets -€10,889
down €10,889 (-8.1%), from €134,047 to €123,159
of which Other tangible fixed assets: -€12,586
- Deferred charges and accrued income +€4,384
up €4,384 (+185.0%), from €2,370 to €6,754
- Other debts -€29,412
down €29,412 (-100.0%), from €29,412 to €0
- Current portion of long-term debt -€11,025
down €11,025 (-39.6%), from €27,832 to €16,807
- Trade debts -€10,852
down €10,852 (-82.1%), from €13,216 to €2,364
- Accrued charges and deferred income +€5,394
up €5,394 (+100.7%), from €5,358 to €10,752
- Profit (loss) carried forward -€2,938
down €2,938 (-29.2%), from €10,049 to €7,111
- Gross operating margin -€37,078
down €37,078 (-56.1%), from €66,100 to €29,021
- Taxes -€4,741
down €4,741 (-92.2%), from €5,140 to €399
- Other operating charges -€2,987
down €2,987 (-38.9%), from €7,676 to €4,689
- Depreciation +€2,718
up €2,718 (+13.6%), from €20,031 to €22,750
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €234,706 | €187,321 | -€47,385 | -20.2% |
| Formation expenses | 20 | €259 | €51 | -€208 | -80.2% |
| Fixed assets | 21/28 | €134,047 | €123,159 | -€10,889 | -8.1% |
| Tangible fixed assets | 22/27 | €134,047 | €123,159 | -€10,889 | -8.1% |
| Plant, machinery and equipment | 23 | €45,730 | €42,719 | -€3,012 | -6.6% |
| Furniture and vehicles | 24 | €562 | €5,271 | +€4,709 | +837.6% |
| Other tangible fixed assets | 26 | €87,755 | €75,169 | -€12,586 | -14.3% |
| Current assets | 29/58 | €100,400 | €64,111 | -€36,289 | -36.1% |
| Stocks and contracts in progress | 3 | €1,831 | €2,046 | +€215 | +11.7% |
| Stocks | 30/36 | €1,831 | €2,046 | +€215 | +11.7% |
| Amounts receivable within one year | 40/41 | €0 | €626 | +€626 | |
| Other amounts receivable | 41 | €0 | €626 | +€626 | |
| Cash at bank and in hand | 54/58 | €96,199 | €54,685 | -€41,514 | -43.2% |
| Deferred charges and accrued income | 490/1 | €2,370 | €6,754 | +€4,384 | +185.0% |
| Total equity and liabilities | 10/49 | €234,706 | €187,321 | -€47,385 | -20.2% |
| Equity | 10/15 | €30,049 | €27,111 | -€2,938 | -9.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,049 | €7,111 | -€2,938 | -29.2% |
| Amounts payable | 17/49 | €204,657 | €160,210 | -€44,447 | -21.7% |
| Amounts payable after more than one year | 17 | €126,135 | €125,711 | -€424 | -0.3% |
| Financial debts | 170/4 | €126,135 | €125,711 | -€424 | -0.3% |
| Amounts payable within one year | 42/48 | €73,164 | €23,747 | -€49,417 | -67.5% |
| Current portion of amounts payable after more than one year | 42 | €27,832 | €16,807 | -€11,025 | -39.6% |
| Trade debts | 44 | €13,216 | €2,364 | -€10,852 | -82.1% |
| Suppliers | 440/4 | €13,216 | €2,364 | -€10,852 | -82.1% |
| Taxes, remuneration and social security | 45 | €2,705 | €4,576 | +€1,871 | +69.2% |
| Taxes | 450/3 | €2,705 | €4,576 | +€1,871 | +69.2% |
| Other amounts payable | 47/48 | €29,412 | €0 | -€29,412 | -100.0% |
| Accrued charges and deferred income | 492/3 | €5,358 | €10,752 | +€5,394 | +100.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,031 | €22,750 | +€2,718 | +13.6% |
| Other operating charges | 640/8 | €7,676 | €4,689 | -€2,987 | -38.9% |
| Gross operating margin | 9900 | €66,100 | €29,021 | -€37,078 | -56.1% |
| Operating profit (loss) | 9901 | €38,392 | €1,583 | -€36,810 | -95.9% |
| Financial income | 75/76B | €0 | €32 | +€32 | |
| Recurring financial income | 75 | €0 | €32 | +€32 | |
| Financial charges | 65/66B | €3,828 | €4,153 | +€326 | +8.5% |
| Recurring financial charges | 65 | €3,828 | €4,153 | +€326 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €34,565 | -€2,539 | -€37,103 | |
| Income taxes | 67/77 | €5,140 | €399 | -€4,741 | -92.2% |
| Profit (loss) for the period | 9904 | €29,424 | -€2,938 | -€32,362 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,424 | -€2,938 | -€32,362 |
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 6 October 2026 via checked.be.