LHOIST: 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
LHOIST
NACE 23.520, Manufacture of other non-metallic mineral products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€776.9m
2024 · €985.9m-€209.0m
Equity
€1.33bn
2024 · -+€1.33bn
Cash
€77,039
2024 · €82,471-€5,432
Balance sheet total
€2.13bn
2024 · €2.84bn-€707.6m
Largest movements
Assets
- Financial fixed assets -€435.1m
down €435.1m (-18.0%), from €2.42bn to €1.98bn
of which Affiliated companies: -€435.1m
- Stocks and contracts -€289.6m
down €289.6m (-83.2%), from €348.0m to €58.4m
Equity and liabilities
- Total equity and liabilities -€707.6m
down €707.6m (-24.9%), from €2.84bn to €2.13bn
of which Debts: -€1.07bn
Income statement
- Financial income +€737.7m
new in 2025: €737.7m
- Turnover +€550.5m
up €550.5m (+443%), from €124.1m to €674.6m
- Goods and materials +€343.1m
up €343.1m (+557%), from €61.6m to €404.7m
of which Change in stocks: decrease (increase): +€293.5m
- Services and other goods +€38.1m
up €38.1m (+73.2%), from €52.1m to €90.2m
- Financial charges +€16.7m
up €16.7m (+19.8%), from €84.1m to €100.7m
of which Non-recurring financial charges: +€30.0m
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
€985.9m
Turnover
+€550.5m
Other operating income
+€121,725
Goods and materials
-€343.1m
Services and other goods
-€38.1m
Staff costs
-€8.4m
Depreciation
+€165,904
Write-downs
+€2.3m
Provisions
+€16.6m
Other operating charges
-€9.9m
Other operating items
-€1.5m
Financial income
+€737.7m
Financial charges
-€16.7m
Other financial items
-€1.09bn
Taxes
-€6.7m
Result 2025
€776.9m
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
+€354.4m
Investment
+€422.5m
Financing
-€776.9m
Cash 2024
€82,471
From operations (derived)
+€354.4m
Net result for the year
+€776.9m
Depreciation
+€115,557
Stocks and contracts
+€289.6m
Receivables within one year
-€4.8m
Deferred charges and accrued income
+€204,232
Total equity and liabilities
-€707.6m
Investment (derived)
+€422.5m
Investment in fixed assets (net)
+€435.1m
Current investments
-€12.6m
Financing
-€776.9m
Contributions, distributions and other
-€776.9m
Not broken down
-€2
Cash 2025
€77,039
brings cash intakes cash outdifference the filed balance sheets leave
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,841,445,667 | €2,133,810,682 | -€707.6m | -24.9% |
| Fixed assets | 21/28 | €2,420,964,713 | €1,985,785,868 | -€435.2m | -18.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €4,238,588 | €4,172,810 | -€65,778 | -1.6% |
| Land and buildings | 22 | €3,946,720 | €3,901,931 | -€44,789 | -1.1% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €270,655 | €249,665 | -€20,990 | -7.8% |
| Other tangible fixed assets | 26 | €21,213 | €21,213 | +€0 | 0.0% |
| Financial fixed assets | 28 | €2,416,726,125 | €1,981,613,059 | -€435.1m | -18.0% |
| Affiliated companies | 280/1 | €2,416,022,537 | €1,980,909,471 | -€435.1m | -18.0% |
| Participating interests | 280 | €2,416,022,537 | €1,980,909,471 | -€435.1m | -18.0% |
| Other financial fixed assets | 284/8 | €703,588 | €703,588 | -€0 | 0.0% |
| Shares | 284 | €449,388 | €449,388 | -€0 | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €254,200 | €254,200 | +€0 | 0.0% |
| Current assets | 29/58 | €420,480,954 | €148,024,814 | -€272.5m | -64.8% |
| Stocks and contracts in progress | 3 | €348,014,983 | €58,421,705 | -€289.6m | -83.2% |
| Stocks | 30/36 | €348,014,983 | €58,421,705 | -€289.6m | -83.2% |
| Finished goods | 33 | €4,157,192 | €2,112,081 | -€2.0m | -49.2% |
| Goods purchased for resale | 34 | €343,857,790 | €56,309,623 | -€287.5m | -83.6% |
| Amounts receivable within one year | 40/41 | €21,608,167 | €26,389,938 | +€4.8m | +22.1% |
| Trade receivables | 40 | €19,578,770 | €18,011,954 | -€1.6m | -8.0% |
| Other amounts receivable | 41 | €2,029,396 | €8,377,984 | +€6.3m | +313% |
| Current investments | 50/53 | €50,234,034 | €62,799,064 | +€12.6m | +25.0% |
| Other investments | 51/53 | €50,234,034 | €62,799,064 | +€12.6m | +25.0% |
| Cash at bank and in hand | 54/58 | €82,471 | €77,039 | -€5,432 | -6.6% |
| Deferred charges and accrued income | 490/1 | €541,301 | €337,069 | -€204,232 | -37.7% |
| Total equity and liabilities | 10/49 | €2,841,445,667 | €2,133,810,682 | -€707.6m | -24.9% |
| Equity | 10/15 | - | €1,326,149,825 | +€1.33bn | |
| Contributions | 10/11 | €5,099,289 | €5,099,289 | -€0 | 0.0% |
| Capital | 10 | €5,099,289 | €5,099,289 | -€0 | 0.0% |
| Issued capital | 100 | €5,099,289 | €5,099,289 | -€0 | 0.0% |
| Reserves | 13 | €7,098,187 | €7,098,187 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €1,235,792 | €1,235,792 | -€0 | 0.0% |
| Legal reserve | 130 | €509,929 | €509,929 | -€0 | 0.0% |
| Reserves not available under the articles | 1311 | €725,863 | €725,863 | -€0 | 0.0% |
| Tax-exempt reserves | 132 | €5,807,012 | €5,807,012 | -€0 | 0.0% |
| Distributable reserves | 133 | €55,383 | €55,383 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €947,082,451 | €1,313,952,349 | +€366.9m | +38.7% |
| Provisions and deferred taxes | 16 | - | €21,882,952 | +€21.9m | |
| Provisions for liabilities and charges | 160/5 | €28,094,182 | €21,882,952 | -€6.2m | -22.1% |
| Pensions and similar obligations | 160 | €24,431,580 | €7,278,644 | -€17.2m | -70.2% |
| Environmental obligations | 163 | €2,050,603 | €4,066,998 | +€2.0m | +98.3% |
| Other liabilities and charges | 164/5 | €1,612,000 | €10,537,311 | +€8.9m | +554% |
| Amounts payable | 17/49 | €1,854,071,558 | €785,777,905 | -€1.07bn | -57.6% |
| Amounts payable after more than one year | 17 | €1,485,000,000 | €500,000,000 | -€985.0m | -66.3% |
| Financial debts | 170/4 | €1,485,000,000 | €500,000,000 | -€985.0m | -66.3% |
| Other loans | 174 | €1,485,000,000 | €500,000,000 | -€985.0m | -66.3% |
| Amounts payable within one year | 42/48 | €369,062,558 | €285,777,905 | -€83.3m | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €15,000,000 | - | -€15.0m | |
| Financial debts | 43 | €58,878,376 | - | -€58.9m | |
| Other loans | 439 | €58,878,376 | - | -€58.9m | |
| Trade debts | 44 | €30,581,072 | €24,882,066 | -€5.7m | -18.6% |
| Suppliers | 440/4 | €30,581,072 | €24,882,066 | -€5.7m | -18.6% |
| Taxes, remuneration and social security | 45 | €11,879,953 | €8,231,231 | -€3.6m | -30.7% |
| Taxes | 450/3 | €3,001,146 | €1,830,901 | -€1.2m | -39.0% |
| Remuneration and social security | 454/9 | €8,878,807 | €6,400,330 | -€2.5m | -27.9% |
| Other amounts payable | 47/48 | €252,723,156 | €252,664,609 | -€58,547 | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,000 | - | -€9,000 | |
| Operating income | 70/76A | €129,258,560 | €678,343,416 | +€549.1m | +425% |
| Turnover | 70 | €124,133,537 | €674,626,725 | +€550.5m | +443% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€848,930 | -€2,045,111 | -€1.2m | -141% |
| Other operating income | 74 | €4,860,050 | €4,981,775 | +€121,725 | +2.5% |
| Non-recurring operating income | 76A | €1,113,903 | €780,027 | -€333,876 | -30.0% |
| Operating charges | 60/66A | €150,812,970 | €531,323,761 | +€380.5m | +252% |
| Goods for resale, raw materials and consumables | 60 | €61,588,522 | €404,737,149 | +€343.1m | +557% |
| Purchases | 600/8 | - | €115,313,853 | +€115.3m | |
| Change in stocks: decrease (increase) | 609 | -€4,070,392 | €289,423,296 | +€293.5m | |
| Services and other goods | 61 | €52,072,806 | €90,172,155 | +€38.1m | +73.2% |
| Remuneration, social security and pensions | 62 | €25,982,123 | €34,413,302 | +€8.4m | +32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €281,461 | €115,557 | -€165,904 | -58.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €380,729 | -€1,875,230 | -€2.3m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €10,403,210 | -€6,211,230 | -€16.6m | |
| Other operating charges | 640/8 | €104,119 | €9,972,059 | +€9.9m | +9,478% |
| Operating profit (loss) | 9901 | -€21,554,410 | €147,019,655 | +€168.6m | |
| Financial income | 75/76B | - | €737,732,924 | +€737.7m | |
| Recurring financial income | 75 | €1,091,956,895 | €737,732,924 | -€354.2m | -32.4% |
| Income from financial fixed assets | 750 | €1,081,422,110 | €735,210,439 | -€346.2m | -32.0% |
| Income from current assets | 751 | €6,188,903 | €693,926 | -€5.5m | -88.8% |
| Other financial income | 752/9 | €4,345,882 | €1,828,560 | -€2.5m | -57.9% |
| Non-recurring financial income | 76B | €4,945 | - | -€4,945 | |
| Financial charges | 65/66B | €84,064,990 | €100,740,829 | +€16.7m | +19.8% |
| Recurring financial charges | 65 | €84,064,990 | €70,740,829 | -€13.3m | -15.8% |
| Debt charges | 650 | €83,002,017 | €69,660,352 | -€13.3m | -16.1% |
| Other financial charges | 652/9 | €1,062,973 | €1,080,477 | +€17,504 | +1.6% |
| Non-recurring financial charges | 66B | - | €30,000,000 | +€30.0m | |
| Profit (loss) for the period before taxes | 9903 | €986,342,440 | €784,011,750 | -€202.3m | -20.5% |
| Income taxes | 67/77 | €486,446 | €7,141,852 | +€6.7m | +1,368% |
| Taxes | 670/3 | €486,446 | €7,211,918 | +€6.7m | +1,383% |
| Tax adjustments and reversals of tax provisions | 77 | - | €70,066 | +€70,066 | |
| Profit (loss) for the period | 9904 | €985,855,994 | €776,869,898 | -€209.0m | -21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €985,855,994 | €776,869,898 | -€209.0m | -21.2% |
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 14 October 2026 via checked.be.