LOAX: 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.
LOAX
Largest movements
- Tangible fixed assets -€122,024
down €122,024 (-7.4%), from €1.7m to €1.5m
of which Land and buildings: -€109,131
- Debts after one year -€160,000
down €160,000 (-11.9%), from €1.3m to €1.2m
- Other debts +€70,957
new in 2025: €70,957
- Financial charges -€30,489
down €30,489 (-48.4%), from €62,982 to €32,493
- Taxes +€11,600
up €11,600 (+82.1%), from €14,130 to €25,730
- Gross operating margin +€11,523
up €11,523 (+4.8%), from €238,780 to €250,303
- Financial income -€5,285
down €5,285 (-91.3%), from €5,788 to €503
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 | €1,865,877 | €1,754,543 | -€111,333 | -6.0% |
| Fixed assets | 21/28 | €1,656,715 | €1,534,691 | -€122,024 | -7.4% |
| Tangible fixed assets | 22/27 | €1,656,715 | €1,534,691 | -€122,024 | -7.4% |
| Land and buildings | 22 | €1,630,930 | €1,521,799 | -€109,131 | -6.7% |
| Leasing and similar rights | 25 | €25,785 | €12,893 | -€12,893 | -50.0% |
| Current assets | 29/58 | €209,162 | €219,852 | +€10,690 | +5.1% |
| Amounts receivable within one year | 40/41 | €12,481 | €16,437 | +€3,956 | +31.7% |
| Trade receivables | 40 | - | €15,303 | +€15,303 | |
| Other amounts receivable | 41 | €12,481 | €1,134 | -€11,347 | -90.9% |
| Cash at bank and in hand | 54/58 | €196,681 | €203,415 | +€6,734 | +3.4% |
| Total equity and liabilities | 10/49 | €1,865,877 | €1,754,543 | -€111,333 | -6.0% |
| Equity | 10/15 | €341,359 | €325,539 | -€15,820 | -4.6% |
| Contributions | 10/11 | €38,424 | €38,424 | = | 0.0% |
| Reserves | 13 | €302,936 | €287,115 | -€15,820 | -5.2% |
| Distributable reserves | 133 | €302,936 | €287,115 | -€15,820 | -5.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,524,517 | €1,429,004 | -€95,513 | -6.3% |
| Amounts payable after more than one year | 17 | €1,346,667 | €1,186,667 | -€160,000 | -11.9% |
| Financial debts | 170/4 | €1,346,667 | €1,186,667 | -€160,000 | -11.9% |
| Amounts payable within one year | 42/48 | €177,851 | €242,338 | +€64,487 | +36.3% |
| Current portion of amounts payable after more than one year | 42 | €176,217 | €162,578 | -€13,638 | -7.7% |
| Trade debts | 44 | €1,634 | €3,209 | +€1,575 | +96.4% |
| Suppliers | 440/4 | €1,634 | €3,209 | +€1,575 | +96.4% |
| Taxes, remuneration and social security | 45 | - | €5,593 | +€5,593 | |
| Taxes | 450/3 | - | €5,593 | +€5,593 | |
| Other amounts payable | 47/48 | - | €70,957 | +€70,957 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,024 | €122,024 | = | 0.0% |
| Other operating charges | 640/8 | €15,200 | €15,423 | +€223 | +1.5% |
| Gross operating margin | 9900 | €238,780 | €250,303 | +€11,523 | +4.8% |
| Operating profit (loss) | 9901 | €101,556 | €112,856 | +€11,300 | +11.1% |
| Financial income | 75/76B | €5,788 | €503 | -€5,285 | -91.3% |
| Recurring financial income | 75 | €5,788 | €503 | -€5,285 | -91.3% |
| Financial charges | 65/66B | €62,982 | €32,493 | -€30,489 | -48.4% |
| Recurring financial charges | 65 | €62,982 | €32,493 | -€30,489 | -48.4% |
| Profit (loss) for the period before taxes | 9903 | €44,362 | €80,866 | +€36,504 | +82.3% |
| Income taxes | 67/77 | €14,130 | €25,730 | +€11,600 | +82.1% |
| Profit (loss) for the period | 9904 | €30,232 | €55,136 | +€24,904 | +82.4% |
| Profit (loss) for the period to be appropriated | 9905 | €30,232 | €55,136 | +€24,904 | +82.4% |
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 3 October 2026 via checked.be.