L.O.V.C.: 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.
L.O.V.C.
Largest movements
- Receivables within one year -€35,253
down €35,253 (-52.1%), from €67,684 to €32,431
of which Trade receivables: -€28,876
- Tangible fixed assets +€25,805
up €25,805 (+33.4%), from €77,202 to €103,007
of which Plant, machinery and equipment: +€27,193
- Deferred charges and accrued income +€5,000
new in 2025: €5,000
- Debts after one year +€17,099
up €17,099 (+178%), from €9,593 to €26,693
- Trade debts -€16,420
down €16,420 (-15.7%), from €104,743 to €88,323
- Other debts -€7,979
down €7,979 (-98.1%), from €8,134 to €155
- Tax, wage and social debts +€6,314
up €6,314 (+773%), from €817 to €7,131
- Current portion of long-term debt -€3,979
down €3,979 (-20.9%), from €19,075 to €15,096
- Gross operating margin -€16,489
down €16,489 (-52.3%), from €31,524 to €15,035
- Depreciation -€4,081
down €4,081 (-24.1%), from €16,950 to €12,868
- Taxes -€817
no longer reported in 2025 (was €817)
- Financial charges -€551
down €551 (-33.0%), from €1,671 to €1,120
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 | €179,793 | €174,964 | -€4,829 | -2.7% |
| Fixed assets | 21/28 | €79,587 | €105,392 | +€25,805 | +32.4% |
| Tangible fixed assets | 22/27 | €77,202 | €103,007 | +€25,805 | +33.4% |
| Plant, machinery and equipment | 23 | €69,201 | €96,394 | +€27,193 | +39.3% |
| Other tangible fixed assets | 26 | €8,000 | €6,612 | -€1,388 | -17.4% |
| Financial fixed assets | 28 | €2,385 | €2,385 | = | 0.0% |
| Current assets | 29/58 | €100,206 | €69,572 | -€30,634 | -30.6% |
| Stocks and contracts in progress | 3 | €15,000 | €15,250 | +€250 | +1.7% |
| Stocks | 30/36 | €15,000 | €15,250 | +€250 | +1.7% |
| Amounts receivable within one year | 40/41 | €67,684 | €32,431 | -€35,253 | -52.1% |
| Trade receivables | 40 | €61,159 | €32,283 | -€28,876 | -47.2% |
| Other amounts receivable | 41 | €6,525 | €148 | -€6,378 | -97.7% |
| Cash at bank and in hand | 54/58 | €17,522 | €16,891 | -€631 | -3.6% |
| Deferred charges and accrued income | 490/1 | - | €5,000 | +€5,000 | |
| Total equity and liabilities | 10/49 | €179,793 | €174,964 | -€4,829 | -2.7% |
| Equity | 10/15 | €37,431 | €37,566 | +€135 | +0.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,796 | €11,932 | +€135 | +1.1% |
| Distributable reserves | 133 | €11,796 | €11,932 | +€135 | +1.1% |
| Profit (loss) carried forward | 14 | €19,435 | €19,435 | = | 0.0% |
| Amounts payable | 17/49 | €142,362 | €137,397 | -€4,964 | -3.5% |
| Amounts payable after more than one year | 17 | €9,593 | €26,693 | +€17,099 | +178% |
| Financial debts | 170/4 | €9,593 | €26,693 | +€17,099 | +178% |
| Amounts payable within one year | 42/48 | €132,768 | €110,705 | -€22,064 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €19,075 | €15,096 | -€3,979 | -20.9% |
| Trade debts | 44 | €104,743 | €88,323 | -€16,420 | -15.7% |
| Suppliers | 440/4 | €104,743 | €88,323 | -€16,420 | -15.7% |
| Taxes, remuneration and social security | 45 | €817 | €7,131 | +€6,314 | +773% |
| Taxes | 450/3 | €817 | €7,131 | +€6,314 | +773% |
| Other amounts payable | 47/48 | €8,134 | €155 | -€7,979 | -98.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,950 | €12,868 | -€4,081 | -24.1% |
| Other operating charges | 640/8 | €1,062 | €1,124 | +€62 | +5.8% |
| Gross operating margin | 9900 | €31,524 | €15,035 | -€16,489 | -52.3% |
| Operating profit (loss) | 9901 | €13,512 | €1,042 | -€12,470 | -92.3% |
| Financial income | 75/76B | €397 | €213 | -€184 | -46.3% |
| Recurring financial income | 75 | €397 | €213 | -€184 | -46.3% |
| Financial charges | 65/66B | €1,671 | €1,120 | -€551 | -33.0% |
| Recurring financial charges | 65 | €1,671 | €1,120 | -€551 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €12,238 | €135 | -€12,103 | -98.9% |
| Income taxes | 67/77 | €817 | - | -€817 | |
| Profit (loss) for the period | 9904 | €11,421 | €135 | -€11,285 | -98.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,421 | €135 | -€11,285 | -98.8% |
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 31 October 2026 via checked.be.