LODE: 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.
LODE
Largest movements
- Tangible fixed assets -€16,754
down €16,754 (-13.1%), from €128,173 to €111,419
of which Land and buildings: -€13,616
- Financial fixed assets -€15,000
down €15,000 (-16.5%), from €90,898 to €75,898
- Reserves -€23,284
down €23,284 (-26.9%), from €86,607 to €63,323
of which Distributable reserves: -€23,284
- Debts after one year -€14,070
no longer reported in 2025 (was €14,070)
- Other debts +€3,689
up €3,689 (+3.5%), from €103,976 to €107,665
- Current portion of long-term debt -€2,568
down €2,568 (-15.4%), from €16,638 to €14,070
- Gross operating margin +€14,006
up €14,006, from -€116 to €13,890
- Depreciation -€585
down €585 (-3.4%), from €17,339 to €16,754
- Financial charges -€251
down €251 (-1.6%), from €15,799 to €15,548
of which Financial charges: -€251
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 | €240,529 | €208,604 | -€31,925 | -13.3% |
| Fixed assets | 21/28 | €219,071 | €187,316 | -€31,754 | -14.5% |
| Tangible fixed assets | 22/27 | €128,173 | €111,419 | -€16,754 | -13.1% |
| Land and buildings | 22 | €124,892 | €111,276 | -€13,616 | -10.9% |
| Furniture and vehicles | 24 | €3,281 | €142 | -€3,138 | -95.7% |
| Financial fixed assets | 28 | €90,898 | €75,898 | -€15,000 | -16.5% |
| Current assets | 29/58 | €21,458 | €21,288 | -€171 | -0.8% |
| Amounts receivable within one year | 40/41 | €19,588 | €19,839 | +€251 | +1.3% |
| Trade receivables | 40 | €19,036 | €19,698 | +€663 | +3.5% |
| Other amounts receivable | 41 | €552 | €141 | -€412 | -74.5% |
| Cash at bank and in hand | 54/58 | €361 | - | -€361 | |
| Deferred charges and accrued income | 490/1 | €1,509 | €1,449 | -€60 | -4.0% |
| Total equity and liabilities | 10/49 | €240,529 | €208,604 | -€31,925 | -13.3% |
| Equity | 10/15 | €105,357 | €82,073 | -€23,284 | -22.1% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €86,607 | €63,323 | -€23,284 | -26.9% |
| Tax-exempt reserves | 132 | €28,799 | €28,799 | = | 0.0% |
| Distributable reserves | 133 | €57,809 | €34,524 | -€23,284 | -40.3% |
| Amounts payable | 17/49 | €135,171 | €126,531 | -€8,641 | -6.4% |
| Amounts payable after more than one year | 17 | €14,070 | - | -€14,070 | |
| Financial debts | 170/4 | €14,070 | - | -€14,070 | |
| Amounts payable within one year | 42/48 | €121,101 | €126,531 | +€5,429 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €16,638 | €14,070 | -€2,568 | -15.4% |
| Financial debts | 43 | - | €1,082 | +€1,082 | |
| Credit institutions | 430/8 | - | €1,082 | +€1,082 | |
| Trade debts | 44 | €488 | €1,811 | +€1,324 | +271.5% |
| Suppliers | 440/4 | €488 | €1,811 | +€1,324 | +271.5% |
| Taxes, remuneration and social security | 45 | - | €1,903 | +€1,903 | |
| Taxes | 450/3 | - | €1,903 | +€1,903 | |
| Other amounts payable | 47/48 | €103,976 | €107,665 | +€3,689 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,339 | €16,754 | -€585 | -3.4% |
| Other operating charges | 640/8 | €4,525 | €4,613 | +€88 | +2.0% |
| Gross operating margin | 9900 | -€116 | €13,890 | +€14,006 | |
| Operating profit (loss) | 9901 | -€21,980 | -€7,477 | +€14,503 | +66.0% |
| Financial charges | 65/66B | €15,799 | €15,548 | -€251 | -1.6% |
| Recurring financial charges | 65 | €799 | €548 | -€251 | -31.5% |
| Non-recurring financial charges | 66B | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€37,779 | -€23,025 | +€14,754 | +39.1% |
| Income taxes | 67/77 | €266 | €259 | -€7 | -2.5% |
| Profit (loss) for the period | 9904 | -€38,045 | -€23,284 | +€14,761 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,045 | -€23,284 | +€14,761 | +38.8% |
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 12 October 2026 via checked.be.