LHO: 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
LHO
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€55,275
2024 · €68,040-€12,766
Equity
€177,714
2024 · €122,439+€55,275
Cash
€85,483
2024 · €16,774+€68,708
Balance sheet total
€16.8m
2024 · €6.7m+€10.1m
Largest movements
Assets
- Tangible fixed assets +€10.0m
up €10.0m (+166%), from €6.0m to €16.0m
Equity and liabilities
- Current portion of long-term debt +€5.2m
new in 2025: €5.2m
- Debts after one year +€4.1m
up €4.1m (+70.4%), from €5.8m to €9.9m
- Trade debts +€709,936
up €709,936 (+96.5%), from €735,727 to €1.4m
Income statement
- Goods and materials +€5.4m
up €5.4m (+130%), from €4.1m to €9.5m
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
€68,040
Other operating charges
-€638
Other operating items
-€3,235
Financial income
-€14,724
Financial charges
+€3,127
Taxes
+€2,705
Result 2025
€55,275
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
+€726,215
Investment
-€10.0m
Financing
+€9.3m
Cash 2024
€16,774
From operations (derived)
+€726,215
Net result for the year
+€55,275
Receivables within one year
+€42,451
Deferred charges and accrued income
-€92,030
Trade debts
+€709,936
Smaller working-capital items
+€10,584
Investment (derived)
-€10.0m
Investment in fixed assets (net)
-€10.0m
Financing
+€9.3m
Debts after one year
+€4.1m
Current portion of long-term debt
+€5.2m
Cash 2025
€85,483
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,733,335 | €16,833,224 | +€10.1m | +150% |
| Fixed assets | 21/28 | €6,008,557 | €15,990,159 | +€10.0m | +166% |
| Tangible fixed assets | 22/27 | €6,008,557 | €15,990,159 | +€10.0m | +166% |
| Assets under construction and advance payments | 27 | €6,008,557 | €15,990,159 | +€10.0m | +166% |
| Financial fixed assets | 28 | €0 | - | = | |
| Affiliated companies | 280/1 | €0 | - | = | |
| Amounts receivable | 281 | €0 | - | = | |
| Current assets | 29/58 | €724,778 | €843,065 | +€118,287 | +16.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €468,951 | €426,500 | -€42,451 | -9.1% |
| Trade receivables | 40 | €40,951 | €0 | -€40,951 | -100% |
| Other amounts receivable | 41 | €428,000 | €426,500 | -€1,500 | -0.4% |
| Cash at bank and in hand | 54/58 | €16,774 | €85,483 | +€68,708 | +410% |
| Deferred charges and accrued income | 490/1 | €239,052 | €331,082 | +€92,030 | +38.5% |
| Total equity and liabilities | 10/49 | €6,733,335 | €16,833,224 | +€10.1m | +150% |
| Equity | 10/15 | €122,439 | €177,714 | +€55,275 | +45.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €3,047 | €5,811 | +€2,764 | +90.7% |
| Non-distributable reserves | 130/1 | €3,047 | €5,811 | +€2,764 | +90.7% |
| Legal reserve | 130 | €3,047 | €5,811 | +€2,764 | +90.7% |
| Profit (loss) carried forward | 14 | €57,892 | €110,403 | +€52,511 | +90.7% |
| Amounts payable | 17/49 | €6,610,896 | €16,655,510 | +€10.0m | +152% |
| Amounts payable after more than one year | 17 | €5,822,838 | €9,921,513 | +€4.1m | +70.4% |
| Financial debts | 170/4 | €5,822,838 | €9,921,513 | +€4.1m | +70.4% |
| Credit institutions | 173 | €864,824 | €9,921,513 | +€9.1m | +1,047% |
| Other loans | 174 | €4,958,014 | €0 | -€5.0m | -100% |
| Amounts payable within one year | 42/48 | €758,553 | €6,691,203 | +€5.9m | +782% |
| Current portion of amounts payable after more than one year | 42 | - | €5,225,419 | +€5.2m | |
| Trade debts | 44 | €735,727 | €1,445,663 | +€709,936 | +96.5% |
| Suppliers | 440/4 | €735,727 | €1,445,663 | +€709,936 | +96.5% |
| Taxes, remuneration and social security | 45 | €22,826 | €20,121 | -€2,705 | -11.8% |
| Taxes | 450/3 | €22,826 | €20,121 | -€2,705 | -11.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €29,505 | €42,794 | +€13,289 | +45.0% |
| Operating income | 70/76A | €4,144,134 | €9,508,632 | +€5.4m | +129% |
| Own construction capitalised | 72 | €4,144,134 | €9,508,632 | +€5.4m | +129% |
| Operating charges | 60/66A | €4,145,503 | €9,513,875 | +€5.4m | +129% |
| Goods for resale, raw materials and consumables | 60 | €4,140,959 | €9,508,632 | +€5.4m | +130% |
| Purchases | 600/8 | €4,140,959 | €9,508,632 | +€5.4m | +130% |
| Services and other goods | 61 | €3,297 | €3,357 | +€60 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,247 | €1,885 | +€638 | +51.2% |
| Operating profit (loss) | 9901 | -€1,369 | -€5,242 | -€3,873 | -283% |
| Financial income | 75/76B | €96,587 | €81,863 | -€14,724 | -15.2% |
| Recurring financial income | 75 | €96,587 | €81,863 | -€14,724 | -15.2% |
| Income from current assets | 751 | €96,587 | €81,863 | -€14,724 | -15.2% |
| Financial charges | 65/66B | €4,352 | €1,224 | -€3,127 | -71.9% |
| Recurring financial charges | 65 | €4,352 | €1,224 | -€3,127 | -71.9% |
| Debt charges | 650 | €3,175 | €0 | -€3,175 | -100% |
| Other financial charges | 652/9 | €1,177 | €1,224 | +€48 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €90,866 | €75,396 | -€15,471 | -17.0% |
| Income taxes | 67/77 | €22,826 | €20,121 | -€2,705 | -11.8% |
| Taxes | 670/3 | €22,826 | €20,121 | -€2,705 | -11.8% |
| Profit (loss) for the period | 9904 | €68,040 | €55,275 | -€12,766 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €68,040 | €55,275 | -€12,766 | -18.8% |
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 15 October 2026 via checked.be.