L.O.J'M: 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.
What changed
L.O.J'M
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€254,703
2024 · €41,785+€212,918
Equity
€428,836
2024 · €174,133+€254,703
Cash
€214,736
2024 · €25,521+€189,215
Balance sheet total
€1.6m
2024 · €1.4m+€228,841
Largest movements
Assets
- Cash +€189,215
up €189,215 (+741%), from €25,521 to €214,736
mainly Net result for the year (+€254,703) and Provisions (+€65,367)
- Deferred charges and accrued income +€33,146
up €33,146 (+122%), from €27,125 to €60,271
- Tangible fixed assets +€17,764
up €17,764 (+1.4%), from €1.3m to €1.3m
Equity and liabilities
- Reserves +€196,100
new in 2025: €196,100
- Debts after one year -€95,120
down €95,120 (-9.0%), from €1.1m to €962,733
of which Financial debts: -€59,120
- Provisions +€65,367
new in 2025: €65,367
- Profit (loss) carried forward +€58,603
up €58,603 (+12.3%), from -€477,827 to -€419,224
Income statement
- Gross operating margin +€291,118
up €291,118 (+218%), from €133,694 to €424,811
- Write-downs +€11,196
new in 2025: €11,196
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
€41,785
Gross operating margin
+€291,118
Depreciation
-€2,069
Write-downs
-€11,196
Other operating charges
+€629
Financial income
-€22
Financial charges
-€182
Taxes
+€8
Deferred taxes and other
-€65,367
Result 2025
€254,703
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€352,100
Investment
-€67,981
Financing
-€94,904
Cash 2024
€25,521
From operations (derived)
+€352,100
Net result for the year
+€254,703
Depreciation
+€50,217
Receivables within one year
+€11,284
Deferred charges and accrued income
-€33,146
Provisions
+€65,367
Trade debts
+€2,865
Other debts
+€4,800
Accrued charges and deferred income
-€3,989
Investment (derived)
-€67,981
Investment in fixed assets (net)
-€67,981
Financing
-€94,904
Debts after one year
-€95,120
Current portion of long-term debt
+€216
Cash 2025
€214,736
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,380,406 | €1,609,247 | +€228,841 | +16.6% |
| Fixed assets | 21/28 | €1,299,914 | €1,317,678 | +€17,764 | +1.4% |
| Tangible fixed assets | 22/27 | €1,299,418 | €1,317,182 | +€17,764 | +1.4% |
| Land and buildings | 22 | €1,299,418 | €1,317,182 | +€17,764 | +1.4% |
| Financial fixed assets | 28 | €496 | €496 | = | 0.0% |
| Current assets | 29/58 | €80,492 | €291,569 | +€211,077 | +262% |
| Amounts receivable within one year | 40/41 | €27,846 | €16,562 | -€11,284 | -40.5% |
| Trade receivables | 40 | €11,327 | €0 | -€11,327 | -100% |
| Other amounts receivable | 41 | €16,519 | €16,562 | +€44 | +0.3% |
| Cash at bank and in hand | 54/58 | €25,521 | €214,736 | +€189,215 | +741% |
| Deferred charges and accrued income | 490/1 | €27,125 | €60,271 | +€33,146 | +122% |
| Total equity and liabilities | 10/49 | €1,380,406 | €1,609,247 | +€228,841 | +16.6% |
| Equity | 10/15 | €174,133 | €428,836 | +€254,703 | +146% |
| Contributions | 10/11 | €651,960 | €651,960 | = | 0.0% |
| Capital | 10 | €651,960 | €651,960 | = | 0.0% |
| Issued capital | 100 | €651,960 | €651,960 | = | 0.0% |
| Reserves | 13 | - | €196,100 | +€196,100 | |
| Tax-exempt reserves | 132 | - | €196,100 | +€196,100 | |
| Profit (loss) carried forward | 14 | -€477,827 | -€419,224 | +€58,603 | +12.3% |
| Provisions and deferred taxes | 16 | - | €65,367 | +€65,367 | |
| Deferred taxes | 168 | - | €65,367 | +€65,367 | |
| Amounts payable | 17/49 | €1,206,273 | €1,115,044 | -€91,228 | -7.6% |
| Amounts payable after more than one year | 17 | €1,057,853 | €962,733 | -€95,120 | -9.0% |
| Financial debts | 170/4 | €626,853 | €567,733 | -€59,120 | -9.4% |
| Other amounts payable | 178/9 | €431,000 | €395,000 | -€36,000 | -8.4% |
| Amounts payable within one year | 42/48 | €142,573 | €150,453 | +€7,881 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €58,904 | €59,120 | +€216 | +0.4% |
| Trade debts | 44 | €3,594 | €6,459 | +€2,865 | +79.7% |
| Suppliers | 440/4 | €3,594 | €6,459 | +€2,865 | +79.7% |
| Other amounts payable | 47/48 | €80,075 | €84,874 | +€4,800 | +6.0% |
| Accrued charges and deferred income | 492/3 | €5,847 | €1,857 | -€3,989 | -68.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,147 | €50,217 | +€2,069 | +4.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,196 | +€11,196 | |
| Other operating charges | 640/8 | €32,829 | €32,200 | -€629 | -1.9% |
| Gross operating margin | 9900 | €133,694 | €424,811 | +€291,118 | +218% |
| Operating profit (loss) | 9901 | €52,718 | €331,199 | +€278,481 | +528% |
| Financial income | 75/76B | €74 | €52 | -€22 | -30.0% |
| Recurring financial income | 75 | €74 | €52 | -€22 | -30.0% |
| Financial charges | 65/66B | €11,008 | €11,190 | +€182 | +1.7% |
| Recurring financial charges | 65 | €11,008 | €11,190 | +€182 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €41,785 | €320,061 | +€278,277 | +666% |
| Transfer from deferred taxes | 780 | - | €604 | +€604 | |
| Transfer to deferred taxes | 680 | - | €65,971 | +€65,971 | |
| Income taxes | 67/77 | €0 | -€8 | -€8 | |
| Profit (loss) for the period | 9904 | €41,785 | €254,703 | +€212,918 | +510% |
| Transfer from tax-exempt reserves | 789 | - | €1,812 | +€1,812 | |
| Transfer to tax-exempt reserves | 689 | - | €197,912 | +€197,912 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,785 | €58,603 | +€16,819 | +40.3% |
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 28 October 2026 via checked.be.