LOCUS: 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.
What changed
LOCUS
NACE 10.712, Artisanal bread and fresh pastry making
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€145,666
2024 · €51,578+€94,088
Equity
€2.7m
2024 · €2.5m+€172,416
Cash
€154,803
2024 · €251,469-€96,666
Balance sheet total
€6.2m
2024 · €6.3m-€154,024
Largest movements
Assets
- Receivables after one year -€214,105
down €214,105 (-18.0%), from €1.2m to €974,716
- Receivables within one year +€199,677
up €199,677 (+11.8%), from €1.7m to €1.9m
of which Other amounts receivable: +€157,846
- Tangible fixed assets -€105,441
down €105,441 (-5.6%), from €1.9m to €1.8m
of which Plant, machinery and equipment: -€57,078
- Cash -€96,666
down €96,666 (-38.4%), from €251,469 to €154,803
mainly Investment in fixed assets (net) (-€225,695) and Debts after one year (-€220,993)
Equity and liabilities
- Debts after one year -€220,993
down €220,993 (-17.6%), from €1.3m to €1.0m
- Profit (loss) carried forward +€146,701
up €146,701 (+8.9%), from €1.6m to €1.8m
- Tax, wage and social debts -€119,670
down €119,670 (-23.3%), from €513,725 to €394,056
of which Remuneration and social security: -€108,510
Income statement
- Turnover +€817,784
up €817,784 (+9.3%), from €8.8m to €9.6m
- Services and other goods +€482,958
up €482,958 (+17.0%), from €2.8m to €3.3m
- Goods and materials +€232,139
up €232,139 (+8.9%), from €2.6m to €2.8m
of which Purchases: +€244,122
- Depreciation -€135,218
down €135,218 (-29.0%), from €466,353 to €331,135
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
€51,578
Turnover
+€817,784
Other operating income
-€30,693
Goods and materials
-€232,139
Services and other goods
-€482,958
Staff costs
-€54,804
Depreciation
+€135,218
Write-downs
-€2,942
Other operating charges
-€946
Financial income
-€18,168
Financial charges
-€7,397
Taxes
-€28,866
Result 2025
€145,666
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.
From operations
+€328,755
Investment
-€225,695
Financing
-€199,727
Cash 2024
€251,469
From operations (derived)
+€328,755
Net result for the year
+€145,666
Depreciation
+€331,135
Receivables after one year
+€214,105
Stocks and contracts
-€11,983
Receivables within one year
-€199,677
Deferred charges and accrued income
-€50,528
Provisions
-€345
Trade debts
+€20,051
Tax, wage and social debts
-€119,670
Investment (derived)
-€225,695
Investment in fixed assets (net)
-€225,695
Financing
-€199,727
Debts after one year
-€220,993
Current portion of long-term debt
-€5,484
Contributions, distributions and other
+€26,750
Cash 2025
€154,803
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,314,099 | €6,160,075 | -€154,024 | -2.4% |
| Fixed assets | 21/28 | €3,076,583 | €2,971,142 | -€105,441 | -3.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €1,870,722 | €1,765,281 | -€105,441 | -5.6% |
| Land and buildings | 22 | €1,010,161 | €953,086 | -€57,075 | -5.7% |
| Plant, machinery and equipment | 23 | €528,525 | €471,447 | -€57,078 | -10.8% |
| Furniture and vehicles | 24 | €329,938 | €339,276 | +€9,338 | +2.8% |
| Other tangible fixed assets | 26 | €2,097 | €1,473 | -€624 | -29.8% |
| Financial fixed assets | 28 | €1,205,861 | €1,205,861 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €1,188,000 | €1,188,000 | = | 0.0% |
| Participating interests | 282 | €1,188,000 | €1,188,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €17,861 | €17,861 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €17,861 | €17,861 | = | 0.0% |
| Current assets | 29/58 | €3,237,516 | €3,188,933 | -€48,583 | -1.5% |
| Amounts receivable after more than one year | 29 | €1,188,821 | €974,716 | -€214,105 | -18.0% |
| Other amounts receivable | 291 | €1,188,821 | €974,716 | -€214,105 | -18.0% |
| Stocks and contracts in progress | 3 | €36,747 | €48,730 | +€11,983 | +32.6% |
| Stocks | 30/36 | €36,747 | €48,730 | +€11,983 | +32.6% |
| Raw materials and consumables | 30/31 | €36,747 | €48,730 | +€11,983 | +32.6% |
| Amounts receivable within one year | 40/41 | €1,687,520 | €1,887,197 | +€199,677 | +11.8% |
| Trade receivables | 40 | €1,193,010 | €1,234,841 | +€41,831 | +3.5% |
| Other amounts receivable | 41 | €494,510 | €652,356 | +€157,846 | +31.9% |
| Cash at bank and in hand | 54/58 | €251,469 | €154,803 | -€96,666 | -38.4% |
| Deferred charges and accrued income | 490/1 | €72,960 | €123,487 | +€50,528 | +69.3% |
| Total equity and liabilities | 10/49 | €6,314,099 | €6,160,075 | -€154,024 | -2.4% |
| Equity | 10/15 | €2,481,031 | €2,653,447 | +€172,416 | +6.9% |
| Contributions | 10/11 | €705,000 | €705,000 | = | 0.0% |
| Capital | 10 | €705,000 | €705,000 | = | 0.0% |
| Issued capital | 100 | €705,000 | €705,000 | = | 0.0% |
| Reserves | 13 | €132,478 | €158,193 | +€25,715 | +19.4% |
| Non-distributable reserves | 130/1 | €78,794 | €78,794 | = | 0.0% |
| Legal reserve | 130 | €70,862 | €70,862 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,933 | €7,933 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,407 | €44,122 | +€25,715 | +139.7% |
| Distributable reserves | 133 | €35,277 | €35,277 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,643,553 | €1,790,254 | +€146,701 | +8.9% |
| Provisions and deferred taxes | 16 | €3,871 | €3,526 | -€345 | -8.9% |
| Deferred taxes | 168 | €3,871 | €3,526 | -€345 | -8.9% |
| Amounts payable | 17/49 | €3,829,196 | €3,503,102 | -€326,095 | -8.5% |
| Amounts payable after more than one year | 17 | €1,253,010 | €1,032,017 | -€220,993 | -17.6% |
| Financial debts | 170/4 | €1,253,010 | €1,032,017 | -€220,993 | -17.6% |
| Credit institutions | 173 | €1,253,010 | €1,032,017 | -€220,993 | -17.6% |
| Amounts payable within one year | 42/48 | €2,575,339 | €2,470,237 | -€105,102 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €844,614 | €839,130 | -€5,484 | -0.6% |
| Trade debts | 44 | €1,217,000 | €1,237,052 | +€20,051 | +1.6% |
| Suppliers | 440/4 | €1,217,000 | €1,237,052 | +€20,051 | +1.6% |
| Taxes, remuneration and social security | 45 | €513,725 | €394,056 | -€119,670 | -23.3% |
| Taxes | 450/3 | €62,261 | €51,102 | -€11,159 | -17.9% |
| Remuneration and social security | 454/9 | €451,464 | €342,954 | -€108,510 | -24.0% |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Accrued charges and deferred income | 492/3 | €847 | €847 | = | 0.0% |
| Operating income | 70/76A | €8,991,198 | €9,778,288 | +€787,090 | +8.8% |
| Turnover | 70 | €8,791,325 | €9,609,108 | +€817,784 | +9.3% |
| Other operating income | 74 | €199,873 | €169,180 | -€30,693 | -15.4% |
| Operating charges | 60/66A | €8,924,036 | €9,562,607 | +€638,571 | +7.2% |
| Goods for resale, raw materials and consumables | 60 | €2,604,685 | €2,836,824 | +€232,139 | +8.9% |
| Purchases | 600/8 | €2,604,685 | €2,848,807 | +€244,122 | +9.4% |
| Change in stocks: decrease (increase) | 609 | - | -€11,983 | -€11,983 | |
| Services and other goods | 61 | €2,843,868 | €3,326,826 | +€482,958 | +17.0% |
| Remuneration, social security and pensions | 62 | €2,949,816 | €3,004,620 | +€54,804 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €466,353 | €331,135 | -€135,218 | -29.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,879 | €4,820 | +€2,942 | +156.6% |
| Other operating charges | 640/8 | €57,434 | €58,380 | +€946 | +1.6% |
| Operating profit (loss) | 9901 | €67,162 | €215,681 | +€148,519 | +221.1% |
| Financial income | 75/76B | €97,749 | €79,580 | -€18,168 | -18.6% |
| Recurring financial income | 75 | €97,749 | €79,580 | -€18,168 | -18.6% |
| Income from financial fixed assets | 750 | - | €0 | = | |
| Income from current assets | 751 | €96,594 | €79,432 | -€17,162 | -17.8% |
| Other financial income | 752/9 | €1,155 | €148 | -€1,007 | -87.2% |
| Financial charges | 65/66B | €74,820 | €82,217 | +€7,397 | +9.9% |
| Recurring financial charges | 65 | €74,820 | €82,217 | +€7,397 | +9.9% |
| Debt charges | 650 | €52,220 | €49,198 | -€3,021 | -5.8% |
| Other financial charges | 652/9 | €22,600 | €33,019 | +€10,419 | +46.1% |
| Profit (loss) for the period before taxes | 9903 | €90,091 | €213,045 | +€122,954 | +136.5% |
| Transfer from deferred taxes | 780 | €345 | €345 | = | 0.0% |
| Income taxes | 67/77 | €38,858 | €67,724 | +€28,866 | +74.3% |
| Taxes | 670/3 | €38,858 | €67,724 | +€28,866 | +74.3% |
| Profit (loss) for the period | 9904 | €51,578 | €145,666 | +€94,088 | +182.4% |
| Transfer from tax-exempt reserves | 789 | €1,035 | €1,035 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,613 | €146,701 | +€94,088 | +178.8% |
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 4 October 2026 via checked.be.