LOC-FIVE: 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.
LOC-FIVE
Largest movements
- Financial fixed assets +€14.5m
up €14.5m (+115%), from €12.6m to €27.1m
of which Affiliated companies: +€14.6m
- Tangible fixed assets +€1.2m
up €1.2m (+32.3%), from €3.8m to €5.1m
of which Plant, machinery and equipment: +€765,176
- Receivables within one year +€815,667
up €815,667 (+104%), from €785,408 to €1.6m
of which Trade receivables: +€525,792
- Cash -€440,406
down €440,406 (-70.6%), from €623,985 to €183,579
mainly Investment in fixed assets (net) (-€17.5m) and Receivables within one year (-€815,667)
- Debts after one year +€12.3m
new in 2025: €12.3m
of which Financial debts: +€10.4m
- Other debts +€2.8m
up €2.8m (+435%), from €655,021 to €3.5m
- Current portion of long-term debt +€500,000
new in 2025: €500,000
- Reserves +€422,835
up €422,835 (+3.8%), from €11.0m to €11.4m
- Financial income -€4.4m
down €4.4m (-97.1%), from €4.6m to €132,527
of which Non-recurring financial income: -€4.0m
- Turnover +€2.4m
up €2.4m (+156%), from €1.5m to €3.9m
- Depreciation +€1.0m
up €1.0m (+141%), from €723,892 to €1.7m
- Services and other goods +€458,792
up €458,792 (+94.4%), from €485,934 to €944,726
- Staff costs +€169,591
up €169,591 (+54.9%), from €308,677 to €478,268
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 | €17,879,128 | €33,983,471 | +€16.1m | +90.1% |
| Fixed assets | 21/28 | €16,467,020 | €32,176,624 | +€15.7m | +95.4% |
| Tangible fixed assets | 22/27 | €3,844,520 | €5,084,890 | +€1.2m | +32.3% |
| Plant, machinery and equipment | 23 | €2,956,644 | €3,721,820 | +€765,176 | +25.9% |
| Furniture and vehicles | 24 | €807,876 | €1,363,070 | +€555,194 | +68.7% |
| Assets under construction and advance payments | 27 | €80,000 | €0 | -€80,000 | -100% |
| Financial fixed assets | 28 | €12,622,500 | €27,091,734 | +€14.5m | +115% |
| Affiliated companies | 280/1 | €12,472,500 | €27,091,734 | +€14.6m | +117% |
| Participating interests | 280 | €12,472,500 | €27,091,734 | +€14.6m | +117% |
| Other financial fixed assets | 284/8 | €150,000 | €0 | -€150,000 | -100% |
| Shares | 284 | €150,000 | €0 | -€150,000 | -100% |
| Current assets | 29/58 | €1,412,108 | €1,806,847 | +€394,739 | +28.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €785,408 | €1,601,075 | +€815,667 | +104% |
| Trade receivables | 40 | €358,733 | €884,525 | +€525,792 | +147% |
| Other amounts receivable | 41 | €426,675 | €716,551 | +€289,876 | +67.9% |
| Cash at bank and in hand | 54/58 | €623,985 | €183,579 | -€440,406 | -70.6% |
| Deferred charges and accrued income | 490/1 | €2,715 | €22,193 | +€19,478 | +717% |
| Total equity and liabilities | 10/49 | €17,879,128 | €33,983,471 | +€16.1m | +90.1% |
| Equity | 10/15 | €16,864,854 | €17,287,689 | +€422,835 | +2.5% |
| Contributions | 10/11 | €5,870,000 | €5,870,000 | = | 0.0% |
| Reserves | 13 | €10,994,854 | €11,417,689 | +€422,835 | +3.8% |
| Distributable reserves | 133 | €10,994,854 | €11,417,689 | +€422,835 | +3.8% |
| Amounts payable | 17/49 | €1,014,274 | €16,695,782 | +€15.7m | +1,546% |
| Amounts payable after more than one year | 17 | - | €12,292,110 | +€12.3m | |
| Financial debts | 170/4 | - | €10,364,000 | +€10.4m | |
| Credit institutions | 173 | - | €10,364,000 | +€10.4m | |
| Other amounts payable | 178/9 | - | €1,928,110 | +€1.9m | |
| Amounts payable within one year | 42/48 | €1,014,274 | €4,403,352 | +€3.4m | +334% |
| Current portion of amounts payable after more than one year | 42 | - | €500,000 | +€500,000 | |
| Trade debts | 44 | €287,356 | €245,202 | -€42,154 | -14.7% |
| Suppliers | 440/4 | €287,356 | €245,202 | -€42,154 | -14.7% |
| Taxes, remuneration and social security | 45 | €71,897 | €155,069 | +€83,172 | +116% |
| Taxes | 450/3 | €13,029 | €74,608 | +€61,578 | +473% |
| Remuneration and social security | 454/9 | €58,868 | €80,461 | +€21,594 | +36.7% |
| Other amounts payable | 47/48 | €655,021 | €3,503,080 | +€2.8m | +435% |
| Accrued charges and deferred income | 492/3 | - | €320 | +€320 | |
| Operating income | 70/76A | €1,629,957 | €4,004,744 | +€2.4m | +146% |
| Turnover | 70 | €1,529,924 | €3,911,779 | +€2.4m | +156% |
| Other operating income | 74 | €98,532 | €52,797 | -€45,736 | -46.4% |
| Non-recurring operating income | 76A | €1,500 | €40,168 | +€38,668 | +2,578% |
| Operating charges | 60/66A | €1,527,754 | €3,175,534 | +€1.6m | +108% |
| Services and other goods | 61 | €485,934 | €944,726 | +€458,792 | +94.4% |
| Remuneration, social security and pensions | 62 | €308,677 | €478,268 | +€169,591 | +54.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €723,892 | €1,742,287 | +€1.0m | +141% |
| Other operating charges | 640/8 | €9,251 | €10,253 | +€1,002 | +10.8% |
| Operating profit (loss) | 9901 | €102,203 | €829,211 | +€727,008 | +711% |
| Financial income | 75/76B | €4,560,279 | €132,527 | -€4.4m | -97.1% |
| Recurring financial income | 75 | €464,457 | €12,527 | -€451,930 | -97.3% |
| Income from financial fixed assets | 750 | €344,000 | €0 | -€344,000 | -100% |
| Income from current assets | 751 | €120,457 | €12,523 | -€107,933 | -89.6% |
| Other financial income | 752/9 | €1 | €4 | +€3 | +380% |
| Non-recurring financial income | 76B | €4,095,822 | €120,000 | -€4.0m | -97.1% |
| Financial charges | 65/66B | €152,667 | €233,996 | +€81,329 | +53.3% |
| Recurring financial charges | 65 | €75,443 | €233,996 | +€158,553 | +210% |
| Debt charges | 650 | €49,286 | €207,008 | +€157,721 | +320% |
| Other financial charges | 652/9 | €26,157 | €26,988 | +€831 | +3.2% |
| Non-recurring financial charges | 66B | €77,224 | €0 | -€77,224 | -100% |
| Profit (loss) for the period before taxes | 9903 | €4,509,815 | €727,742 | -€3.8m | -83.9% |
| Income taxes | 67/77 | €39,333 | €149,004 | +€109,671 | +279% |
| Taxes | 670/3 | €39,333 | €149,004 | +€109,671 | +279% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €4,470,481 | €578,738 | -€3.9m | -87.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,470,481 | €578,738 | -€3.9m | -87.1% |
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.