LOARTO: 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.
LOARTO
Largest movements
- Cash -€707,834
down €707,834 (-66.5%), from €1.1m to €357,011
mainly Current investments (-€500,000) and Contributions, distributions and other (-€229,291)
- Current investments +€500,000
up €500,000, from €0 to €500,000
- Receivables after one year -€40,000
down €40,000 (-33.3%), from €120,000 to €80,000
- Tax, wage and social debts -€213,808
down €213,808 (-90.9%), from €235,172 to €21,364
of which Taxes: -€213,808
- Reserves -€86,159
down €86,159 (-3.0%), from €2.8m to €2.7m
of which Distributable reserves: -€86,159
- Other debts +€69,294
up €69,294 (+43.3%), from €159,997 to €229,291
- Gross operating margin +€62,655
up €62,655 (+48.7%), from €128,528 to €191,183
- Taxes +€18,427
up €18,427 (+39.4%), from €46,818 to €65,245
- Financial income -€2,197
down €2,197 (-6.3%), from €34,964 to €32,767
of which Financial income: -€2,197
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 | €3,281,777 | €3,029,061 | -€252,717 | -7.7% |
| Fixed assets | 21/28 | €2,037,370 | €2,025,142 | -€12,228 | -0.6% |
| Tangible fixed assets | 22/27 | €27,370 | €15,142 | -€12,228 | -44.7% |
| Furniture and vehicles | 24 | €27,370 | €15,142 | -€12,228 | -44.7% |
| Financial fixed assets | 28 | €2,010,000 | €2,010,000 | = | 0.0% |
| Current assets | 29/58 | €1,244,408 | €1,003,919 | -€240,489 | -19.3% |
| Amounts receivable after more than one year | 29 | €120,000 | €80,000 | -€40,000 | -33.3% |
| Other amounts receivable | 291 | €120,000 | €80,000 | -€40,000 | -33.3% |
| Amounts receivable within one year | 40/41 | €51,042 | €56,689 | +€5,646 | +11.1% |
| Other amounts receivable | 41 | €51,042 | €56,689 | +€5,646 | +11.1% |
| Current investments | 50/53 | €0 | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €1,064,845 | €357,011 | -€707,834 | -66.5% |
| Deferred charges and accrued income | 490/1 | €8,521 | €10,220 | +€1,699 | +19.9% |
| Total equity and liabilities | 10/49 | €3,281,777 | €3,029,061 | -€252,717 | -7.7% |
| Equity | 10/15 | €2,844,523 | €2,758,365 | -€86,159 | -3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,825,923 | €2,739,765 | -€86,159 | -3.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,824,063 | €2,737,905 | -€86,159 | -3.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €437,254 | €270,696 | -€166,558 | -38.1% |
| Amounts payable after more than one year | 17 | €14,886 | €2,991 | -€11,895 | -79.9% |
| Financial debts | 170/4 | €14,886 | €2,991 | -€11,895 | -79.9% |
| Amounts payable within one year | 42/48 | €422,368 | €267,105 | -€155,263 | -36.8% |
| Current portion of amounts payable after more than one year | 42 | €11,783 | €11,895 | +€112 | +1.0% |
| Financial debts | 43 | €442 | €181 | -€261 | -59.1% |
| Credit institutions | 430/8 | €442 | €181 | -€261 | -59.1% |
| Trade debts | 44 | €14,874 | €4,273 | -€10,600 | -71.3% |
| Suppliers | 440/4 | €14,874 | €4,273 | -€10,600 | -71.3% |
| Advances received on contracts in progress | 46 | €101 | €101 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €235,172 | €21,364 | -€213,808 | -90.9% |
| Taxes | 450/3 | €235,172 | €21,364 | -€213,808 | -90.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €159,997 | €229,291 | +€69,294 | +43.3% |
| Accrued charges and deferred income | 492/3 | €0 | €600 | +€600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,228 | €12,228 | = | 0.0% |
| Other operating charges | 640/8 | €2,842 | €2,937 | +€96 | +3.4% |
| Gross operating margin | 9900 | €128,528 | €191,183 | +€62,655 | +48.7% |
| Operating profit (loss) | 9901 | €113,459 | €176,018 | +€62,560 | +55.1% |
| Financial income | 75/76B | €34,964 | €32,767 | -€2,197 | -6.3% |
| Recurring financial income | 75 | €34,964 | €32,767 | -€2,197 | -6.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €440 | €408 | -€32 | -7.2% |
| Recurring financial charges | 65 | €440 | €408 | -€32 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €147,983 | €208,377 | +€60,394 | +40.8% |
| Income taxes | 67/77 | €46,818 | €65,245 | +€18,427 | +39.4% |
| Profit (loss) for the period | 9904 | €101,165 | €143,132 | +€41,967 | +41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €101,165 | €143,132 | +€41,967 | +41.5% |
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 26 October 2026 via checked.be.