L.O. RACING: 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. RACING
NACE 95.311, General maintenance and repair of cars and light vans (up to 3.5 tonnes)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3.4m
2024 · -€2.6m-€787,370
Equity
€1.2m
2024 · €1.6m-€423,624
Cash
€2.4m
2024 · €781,443+€1.6m
Balance sheet total
€4.4m
2024 · €2.8m+€1.5m
Largest movements
Assets
- Cash +€1.6m
up €1.6m (+206%), from €781,443 to €2.4m
mainly Contributions, distributions and other (+€3.0m) and Other debts (+€2.4m)
- Financial fixed assets -€76,800
down €76,800 (-94.4%), from €81,315 to €4,515
- Stocks and contracts +€44,499
new in 2025: €44,499
Equity and liabilities
- Profit (loss) carried forward -€3.4m
down €3.4m (-83.9%), from -€4.1m to -€7.5m
- Contributions +€3.0m
up €3.0m (+52.5%), from €5.7m to €8.7m
- Other debts +€2.4m
up €2.4m (+700%), from €343,013 to €2.7m
- Debts after one year -€469,179
down €469,179 (-78.6%), from €597,053 to €127,874
of which Other amounts payable: -€445,400
Income statement
- Gross operating margin -€544,469
down €544,469 (-33.9%), from -€1.6m to -€2.2m
- Staff costs +€198,832
up €198,832 (+65.8%), from €302,004 to €500,836
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
-€2.6m
Gross operating margin
-€544,469
Staff costs
-€198,832
Depreciation
+€6,742
Other operating charges
-€17,146
Other operating items
-€37,287
Financial income
+€5,008
Financial charges
-€3,218
Taxes
+€2,020
Deferred taxes and other
-€188
Result 2025
-€3.4m
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
-€378,304
Investment
-€545,292
Financing
+€2.5m
Cash 2024
€781,443
From operations (derived)
-€378,304
Net result for the year
-€3.4m
Depreciation
+€665,692
Smaller working-capital items
-€4,942
Stocks and contracts
-€44,499
Receivables within one year
+€15,921
Deferred charges and accrued income
-€11,302
Trade debts
-€12,819
Tax, wage and social debts
+€37,269
Other debts
+€2.4m
Investment (derived)
-€545,292
Investment in fixed assets (net)
-€545,292
Financing
+€2.5m
Debts after one year
-€469,179
Current portion of long-term debt
+€851
Short-term financial debts
-€344
Contributions, distributions and other
+€3.0m
Cash 2025
€2.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,824,536 | €4,356,699 | +€1.5m | +54.2% |
| Fixed assets | 21/28 | €1,608,841 | €1,488,441 | -€120,400 | -7.5% |
| Intangible fixed assets | 21 | €525 | - | -€525 | |
| Tangible fixed assets | 22/27 | €1,527,000 | €1,483,926 | -€43,075 | -2.8% |
| Plant, machinery and equipment | 23 | €173,560 | €182,631 | +€9,071 | +5.2% |
| Furniture and vehicles | 24 | €1,201,628 | €1,171,203 | -€30,425 | -2.5% |
| Leasing and similar rights | 25 | €132,568 | €92,479 | -€40,089 | -30.2% |
| Other tangible fixed assets | 26 | €19,244 | €37,612 | +€18,368 | +95.5% |
| Financial fixed assets | 28 | €81,315 | €4,515 | -€76,800 | -94.4% |
| Current assets | 29/58 | €1,215,696 | €2,868,259 | +€1.7m | +136% |
| Amounts receivable after more than one year | 29 | €232,294 | €237,246 | +€4,952 | +2.1% |
| Other amounts receivable | 291 | €232,294 | €237,246 | +€4,952 | +2.1% |
| Stocks and contracts in progress | 3 | - | €44,499 | +€44,499 | |
| Stocks | 30/36 | - | €44,499 | +€44,499 | |
| Amounts receivable within one year | 40/41 | €196,804 | €180,883 | -€15,921 | -8.1% |
| Trade receivables | 40 | €84,737 | €28,775 | -€55,962 | -66.0% |
| Other amounts receivable | 41 | €112,067 | €152,108 | +€40,041 | +35.7% |
| Cash at bank and in hand | 54/58 | €781,443 | €2,389,173 | +€1.6m | +206% |
| Deferred charges and accrued income | 490/1 | €5,156 | €16,457 | +€11,302 | +219% |
| Total equity and liabilities | 10/49 | €2,824,536 | €4,356,699 | +€1.5m | +54.2% |
| Equity | 10/15 | €1,648,802 | €1,225,178 | -€423,624 | -25.7% |
| Contributions | 10/11 | €5,718,592 | €8,718,592 | +€3.0m | +52.5% |
| Reserves | 13 | €11,860 | €11,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,081,650 | -€7,505,274 | -€3.4m | -83.9% |
| Amounts payable | 17/49 | €1,175,734 | €3,131,521 | +€2.0m | +166% |
| Amounts payable after more than one year | 17 | €597,053 | €127,874 | -€469,179 | -78.6% |
| Financial debts | 170/4 | €65,387 | €41,608 | -€23,779 | -36.4% |
| Other amounts payable | 178/9 | €531,666 | €86,266 | -€445,400 | -83.8% |
| Amounts payable within one year | 42/48 | €578,681 | €3,003,637 | +€2.4m | +419% |
| Current portion of amounts payable after more than one year | 42 | €22,928 | €23,779 | +€851 | +3.7% |
| Financial debts | 43 | €2,697 | €2,352 | -€344 | -12.8% |
| Credit institutions | 430/8 | €2,697 | €2,352 | -€344 | -12.8% |
| Trade debts | 44 | €169,106 | €156,287 | -€12,819 | -7.6% |
| Suppliers | 440/4 | €169,106 | €156,287 | -€12,819 | -7.6% |
| Taxes, remuneration and social security | 45 | €40,937 | €78,205 | +€37,269 | +91.0% |
| Taxes | 450/3 | €5,488 | €9,571 | +€4,083 | +74.4% |
| Remuneration and social security | 454/9 | €35,449 | €68,635 | +€33,186 | +93.6% |
| Other amounts payable | 47/48 | €343,013 | €2,743,013 | +€2.4m | +700% |
| Accrued charges and deferred income | 492/3 | - | €10 | +€10 | |
| Non-recurring operating income | 76A | €192,310 | €39,375 | -€152,935 | -79.5% |
| Remuneration, social security and pensions | 62 | €302,004 | €500,836 | +€198,832 | +65.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €672,434 | €665,692 | -€6,742 | -1.0% |
| Other operating charges | 640/8 | €4,221 | €21,367 | +€17,146 | +406% |
| Non-recurring operating charges | 66A | €51,638 | €88,925 | +€37,287 | +72.2% |
| Gross operating margin | 9900 | -€1,607,094 | -€2,151,563 | -€544,469 | -33.9% |
| Operating profit (loss) | 9901 | -€2,637,391 | -€3,428,383 | -€790,992 | -30.0% |
| Financial income | 75/76B | €7,596 | €12,604 | +€5,008 | +65.9% |
| Recurring financial income | 75 | €7,596 | €12,604 | +€5,008 | +65.9% |
| Financial charges | 65/66B | €4,482 | €7,699 | +€3,218 | +71.8% |
| Recurring financial charges | 65 | €4,482 | €7,699 | +€3,218 | +71.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,634,278 | -€3,423,478 | -€789,201 | -30.0% |
| Transfer from deferred taxes | 780 | €188 | - | -€188 | |
| Income taxes | 67/77 | €2,165 | €146 | -€2,020 | -93.3% |
| Profit (loss) for the period | 9904 | -€2,636,254 | -€3,423,624 | -€787,370 | -29.9% |
| Transfer from tax-exempt reserves | 789 | €565 | - | -€565 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,635,689 | -€3,423,624 | -€787,935 | -29.9% |
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 27 October 2026 via checked.be.