LODELU: 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.
LODELU
Largest movements
- Tangible fixed assets -€112,083
down €112,083 (-19.0%), from €590,512 to €478,429
- Cash +€22,396
up €22,396 (+58.3%), from €38,396 to €60,792
mainly Depreciation (+€120,147) and Other debts (+€44,961)
- Stocks and contracts +€19,327
up €19,327 (+56.3%), from €34,331 to €53,658
- Receivables within one year -€12,925
down €12,925 (-26.8%), from €48,305 to €35,380
of which Trade receivables: -€23,289
- Debts after one year -€76,707
down €76,707 (-42.1%), from €182,149 to €105,442
- Other debts +€44,961
up €44,961 (+922%), from €4,874 to €49,835
- Reserves -€27,321
down €27,321 (-8.2%), from €333,379 to €306,059
- Short-term financial debts -€25,025
down €25,025 (-83.2%), from €30,072 to €5,046
- Gross operating margin -€14,761
down €14,761 (-8.0%), from €184,689 to €169,928
- Depreciation +€12,806
up €12,806 (+11.9%), from €107,340 to €120,147
- Taxes -€8,547
down €8,547 (-40.5%), from €21,100 to €12,553
- Financial charges -€1,918
down €1,918 (-18.5%), from €10,389 to €8,472
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 | €761,775 | €680,694 | -€81,081 | -10.6% |
| Fixed assets | 21/28 | €590,512 | €478,429 | -€112,083 | -19.0% |
| Tangible fixed assets | 22/27 | €590,512 | €478,429 | -€112,083 | -19.0% |
| Land and buildings | 22 | €199,132 | €186,429 | -€12,703 | -6.4% |
| Plant, machinery and equipment | 23 | €109,658 | €67,597 | -€42,060 | -38.4% |
| Furniture and vehicles | 24 | €231,562 | €187,547 | -€44,014 | -19.0% |
| Leasing and similar rights | 25 | €50,161 | €36,855 | -€13,306 | -26.5% |
| Current assets | 29/58 | €171,262 | €202,265 | +€31,003 | +18.1% |
| Stocks and contracts in progress | 3 | €34,331 | €53,658 | +€19,327 | +56.3% |
| Stocks | 30/36 | €34,331 | €53,658 | +€19,327 | +56.3% |
| Amounts receivable within one year | 40/41 | €48,305 | €35,380 | -€12,925 | -26.8% |
| Trade receivables | 40 | €48,305 | €25,017 | -€23,289 | -48.2% |
| Other amounts receivable | 41 | - | €10,363 | +€10,363 | |
| Current investments | 50/53 | €50,027 | €50,027 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €38,396 | €60,792 | +€22,396 | +58.3% |
| Deferred charges and accrued income | 490/1 | €203 | €2,408 | +€2,205 | +1,085% |
| Total equity and liabilities | 10/49 | €761,775 | €680,694 | -€81,081 | -10.6% |
| Equity | 10/15 | €440,079 | €412,759 | -€27,321 | -6.2% |
| Contributions | 10/11 | €106,700 | €106,700 | = | 0.0% |
| Reserves | 13 | €333,379 | €306,059 | -€27,321 | -8.2% |
| Distributable reserves | 133 | €333,379 | €306,059 | -€27,321 | -8.2% |
| Amounts payable | 17/49 | €321,695 | €267,935 | -€53,760 | -16.7% |
| Amounts payable after more than one year | 17 | €182,149 | €105,442 | -€76,707 | -42.1% |
| Financial debts | 170/4 | €182,149 | €105,442 | -€76,707 | -42.1% |
| Amounts payable within one year | 42/48 | €139,546 | €162,493 | +€22,947 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €75,747 | €76,707 | +€959 | +1.3% |
| Financial debts | 43 | €30,072 | €5,046 | -€25,025 | -83.2% |
| Credit institutions | 430/8 | €30,072 | €5,046 | -€25,025 | -83.2% |
| Trade debts | 44 | €4,127 | €8,739 | +€4,612 | +112% |
| Suppliers | 440/4 | €4,127 | €8,739 | +€4,612 | +112% |
| Taxes, remuneration and social security | 45 | €24,726 | €22,166 | -€2,560 | -10.4% |
| Taxes | 450/3 | €24,726 | €20,321 | -€4,405 | -17.8% |
| Remuneration and social security | 454/9 | - | €1,845 | +€1,845 | |
| Other amounts payable | 47/48 | €4,874 | €49,835 | +€44,961 | +922% |
| Non-recurring operating income | 76A | €18,490 | €2,773 | -€15,717 | -85.0% |
| Remuneration, social security and pensions | 62 | - | €1,845 | +€1,845 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,340 | €120,147 | +€12,806 | +11.9% |
| Other operating charges | 640/8 | €4,323 | €5,597 | +€1,274 | +29.5% |
| Gross operating margin | 9900 | €184,689 | €169,928 | -€14,761 | -8.0% |
| Operating profit (loss) | 9901 | €73,026 | €42,340 | -€30,686 | -42.0% |
| Financial income | 75/76B | €1,082 | €1,199 | +€117 | +10.8% |
| Recurring financial income | 75 | €1,082 | €1,199 | +€117 | +10.8% |
| Financial charges | 65/66B | €10,389 | €8,472 | -€1,918 | -18.5% |
| Recurring financial charges | 65 | €10,389 | €8,472 | -€1,918 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €63,718 | €35,067 | -€28,652 | -45.0% |
| Income taxes | 67/77 | €21,100 | €12,553 | -€8,547 | -40.5% |
| Profit (loss) for the period | 9904 | €42,618 | €22,514 | -€20,105 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,618 | €22,514 | -€20,105 | -47.2% |
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 15 October 2026 via checked.be.