LO-AL: what changed
Two fiscal 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.
LO-AL
Largest movements
- Stocks and contracts -€127,049
down €127,049 (-55.5%), from €229,049 to €102,000
- Receivables within one year +€119,330
up €119,330 (+337.8%), from €35,322 to €154,652
of which Trade receivables: +€81,551
- Financial fixed assets -€32,121
down €32,121 (-21.4%), from €150,000 to €117,879
- Tangible fixed assets +€26,101
up €26,101 (+21.3%), from €122,319 to €148,420
of which Furniture and vehicles: +€21,400
- Profit (loss) carried forward +€63,488
up €63,488 (+18.8%), from €337,547 to €401,034
- Other debts -€45,856
down €45,856 (-55.2%), from €83,010 to €37,154
- Debts after one year -€24,433
down €24,433 (-34.9%), from €69,911 to €45,477
- Tax, wage and social debts -€17,853
down €17,853 (-27.2%), from €65,631 to €47,778
- Trade debts +€7,442
up €7,442 (+399.6%), from €1,863 to €9,304
- Gross operating margin -€85,968
down €85,968 (-31.6%), from €272,480 to €186,512
- Taxes -€32,661
down €32,661 (-63.5%), from €51,463 to €18,802
- Depreciation -€12,795
down €12,795 (-24.2%), from €52,777 to €39,982
- Staff costs -€8,434
down €8,434 (-67.6%), from €12,470 to €4,036
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.
Cash bridge derived
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 | €582,326 | €566,181 | -€16,145 | -2.8% |
| Fixed assets | 21/28 | €272,319 | €266,299 | -€6,020 | -2.2% |
| Tangible fixed assets | 22/27 | €122,319 | €148,420 | +€26,101 | +21.3% |
| Plant, machinery and equipment | 23 | - | €4,701 | +€4,701 | |
| Furniture and vehicles | 24 | €122,319 | €143,718 | +€21,400 | +17.5% |
| Financial fixed assets | 28 | €150,000 | €117,879 | -€32,121 | -21.4% |
| Current assets | 29/58 | €310,007 | €299,883 | -€10,124 | -3.3% |
| Stocks and contracts in progress | 3 | €229,049 | €102,000 | -€127,049 | -55.5% |
| Stocks | 30/36 | €229,049 | €102,000 | -€127,049 | -55.5% |
| Amounts receivable within one year | 40/41 | €35,322 | €154,652 | +€119,330 | +337.8% |
| Trade receivables | 40 | €30,322 | €111,873 | +€81,551 | +268.9% |
| Other amounts receivable | 41 | €5,000 | €42,778 | +€37,778 | +755.6% |
| Cash at bank and in hand | 54/58 | €43,147 | €41,002 | -€2,144 | -5.0% |
| Deferred charges and accrued income | 490/1 | €2,489 | €2,229 | -€261 | -10.5% |
| Total equity and liabilities | 10/49 | €582,326 | €566,181 | -€16,145 | -2.8% |
| Equity | 10/15 | €338,547 | €402,034 | +€63,488 | +18.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €337,547 | €401,034 | +€63,488 | +18.8% |
| Amounts payable | 17/49 | €243,779 | €164,147 | -€79,632 | -32.7% |
| Amounts payable after more than one year | 17 | €69,911 | €45,477 | -€24,433 | -34.9% |
| Financial debts | 170/4 | €69,911 | €45,477 | -€24,433 | -34.9% |
| Amounts payable within one year | 42/48 | €173,869 | €118,669 | -€55,199 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | €23,365 | €24,433 | +€1,068 | +4.6% |
| Trade debts | 44 | €1,863 | €9,304 | +€7,442 | +399.6% |
| Suppliers | 440/4 | €1,863 | €9,304 | +€7,442 | +399.6% |
| Taxes, remuneration and social security | 45 | €65,631 | €47,778 | -€17,853 | -27.2% |
| Taxes | 450/3 | €65,631 | €47,778 | -€17,853 | -27.2% |
| Other amounts payable | 47/48 | €83,010 | €37,154 | -€45,856 | -55.2% |
| Remuneration, social security and pensions | 62 | €12,470 | €4,036 | -€8,434 | -67.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,777 | €39,982 | -€12,795 | -24.2% |
| Other operating charges | 640/8 | €2,464 | €2,150 | -€314 | -12.7% |
| Non-recurring operating charges | 66A | - | €51,503 | +€51,503 | |
| Gross operating margin | 9900 | €272,480 | €186,512 | -€85,968 | -31.6% |
| Operating profit (loss) | 9901 | €204,768 | €88,840 | -€115,929 | -56.6% |
| Financial charges | 65/66B | €7,451 | €6,550 | -€901 | -12.1% |
| Recurring financial charges | 65 | €7,451 | €6,550 | -€901 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €197,318 | €82,290 | -€115,028 | -58.3% |
| Income taxes | 67/77 | €51,463 | €18,802 | -€32,661 | -63.5% |
| Profit (loss) for the period | 9904 | €145,855 | €63,488 | -€82,367 | -56.5% |
| Profit (loss) for the period to be appropriated | 9905 | €145,855 | €63,488 | -€82,367 | -56.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.