LFO INVEST: 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.
LFO INVEST
Largest movements
- Stocks and contracts -€864,620
down €864,620 (-52.7%), from €1.6m to €777,455
- Receivables within one year +€171,515
up €171,515 (+58.4%), from €293,620 to €465,136
of which Trade receivables: +€164,461
- Cash -€162,429
down €162,429 (-88.0%), from €184,520 to €22,091
mainly Short-term financial debts (-€739,268) and Debts after one year (-€208,800)
- Short-term financial debts -€739,268
down €739,268 (-79.9%), from €925,803 to €186,536
- Debts after one year -€208,800
down €208,800 (-53.2%), from €392,402 to €183,602
of which Financial debts: -€250,000
- Trade debts +€190,785
up €190,785 (+46.4%), from €411,085 to €601,870
- Tax, wage and social debts -€107,650
down €107,650 (-93.3%), from €115,388 to €7,737
- Financial charges +€55,379
up €55,379 (+565%), from €9,802 to €65,181
- Gross operating margin +€45,810
up €45,810 (+141%), from €32,487 to €78,297
- Taxes -€1,022
down €1,022 (-23.3%), from €4,380 to €3,358
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 | €2,121,332 | €1,265,169 | -€856,163 | -40.4% |
| Formation expenses | 20 | €892 | €262 | -€630 | -70.6% |
| Fixed assets | 21/28 | €225 | €225 | = | 0.0% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €2,120,215 | €1,264,682 | -€855,533 | -40.4% |
| Stocks and contracts in progress | 3 | €1,642,075 | €777,455 | -€864,620 | -52.7% |
| Stocks | 30/36 | €1,642,075 | €777,455 | -€864,620 | -52.7% |
| Amounts receivable within one year | 40/41 | €293,620 | €465,136 | +€171,515 | +58.4% |
| Trade receivables | 40 | €293,620 | €458,081 | +€164,461 | +56.0% |
| Other amounts receivable | 41 | - | €7,054 | +€7,054 | |
| Cash at bank and in hand | 54/58 | €184,520 | €22,091 | -€162,429 | -88.0% |
| Total equity and liabilities | 10/49 | €2,121,332 | €1,265,169 | -€856,163 | -40.4% |
| Equity | 10/15 | €276,654 | €285,424 | +€8,770 | +3.2% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Capital | 10 | €270,000 | €270,000 | = | 0.0% |
| Issued capital | 100 | €270,000 | €270,000 | = | 0.0% |
| Reserves | 13 | €333 | €1,281 | +€948 | +285% |
| Non-distributable reserves | 130/1 | €333 | €1,281 | +€948 | +285% |
| Legal reserve | 130 | €333 | €1,281 | +€948 | +285% |
| Profit (loss) carried forward | 14 | €6,322 | €14,143 | +€7,821 | +124% |
| Amounts payable | 17/49 | €1,844,678 | €979,745 | -€864,933 | -46.9% |
| Amounts payable after more than one year | 17 | €392,402 | €183,602 | -€208,800 | -53.2% |
| Financial debts | 170/4 | €250,000 | - | -€250,000 | |
| Other amounts payable | 178/9 | €142,402 | €183,602 | +€41,200 | +28.9% |
| Amounts payable within one year | 42/48 | €1,452,276 | €796,143 | -€656,133 | -45.2% |
| Financial debts | 43 | €925,803 | €186,536 | -€739,268 | -79.9% |
| Credit institutions | 430/8 | €925,803 | €186,536 | -€739,268 | -79.9% |
| Trade debts | 44 | €411,085 | €601,870 | +€190,785 | +46.4% |
| Suppliers | 440/4 | €411,085 | €601,870 | +€190,785 | +46.4% |
| Taxes, remuneration and social security | 45 | €115,388 | €7,737 | -€107,650 | -93.3% |
| Taxes | 450/3 | €115,388 | €7,737 | -€107,650 | -93.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €630 | €630 | = | 0.0% |
| Other operating charges | 640/8 | €820 | €359 | -€461 | -56.2% |
| Gross operating margin | 9900 | €32,487 | €78,297 | +€45,810 | +141% |
| Operating profit (loss) | 9901 | €31,036 | €77,308 | +€46,271 | +149% |
| Financial income | 75/76B | €0 | €0 | +€0 | +62.5% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +62.5% |
| Financial charges | 65/66B | €9,802 | €65,181 | +€55,379 | +565% |
| Recurring financial charges | 65 | €9,802 | €65,181 | +€55,379 | +565% |
| Profit (loss) for the period before taxes | 9903 | €21,234 | €12,127 | -€9,107 | -42.9% |
| Income taxes | 67/77 | €4,380 | €3,358 | -€1,022 | -23.3% |
| Profit (loss) for the period | 9904 | €16,854 | €8,770 | -€8,085 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,854 | €8,770 | -€8,085 | -48.0% |
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 30 October 2026 via checked.be.