LOE: 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.
LOE
Largest movements
- Cash +€90,301
up €90,301 (+58.3%), from €154,803 to €245,104
mainly Net result for the year (+€116,967) and Depreciation (+€37,925)
- Tangible fixed assets -€32,237
down €32,237 (-4.7%), from €692,260 to €660,023
of which Land and buildings: -€31,491
- Receivables within one year -€30,750
down €30,750 (-38.1%), from €80,776 to €50,026
of which Other amounts receivable: -€17,760
- Reserves +€98,150
up €98,150 (+25.5%), from €384,958 to €483,109
- Debts after one year -€48,237
down €48,237 (-12.8%), from €376,804 to €328,567
- Tax, wage and social debts -€21,876
down €21,876 (-51.0%), from €42,917 to €21,042
- Other debts -€10,244
down €10,244 (-69.8%), from €14,684 to €4,440
- Gross operating margin +€41,700
up €41,700 (+23.5%), from €177,423 to €219,122
- Taxes +€14,212
up €14,212 (+38.2%), from €37,240 to €51,452
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 | €946,445 | €971,692 | +€25,247 | +2.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €692,260 | €660,023 | -€32,237 | -4.7% |
| Tangible fixed assets | 22/27 | €692,260 | €660,023 | -€32,237 | -4.7% |
| Land and buildings | 22 | €686,288 | €654,798 | -€31,491 | -4.6% |
| Plant, machinery and equipment | 23 | €787 | €493 | -€293 | -37.3% |
| Furniture and vehicles | 24 | €5,185 | €4,732 | -€453 | -8.7% |
| Current assets | 29/58 | €254,185 | €311,670 | +€57,485 | +22.6% |
| Amounts receivable within one year | 40/41 | €80,776 | €50,026 | -€30,750 | -38.1% |
| Trade receivables | 40 | €63,016 | €50,026 | -€12,990 | -20.6% |
| Other amounts receivable | 41 | €17,760 | - | -€17,760 | |
| Cash at bank and in hand | 54/58 | €154,803 | €245,104 | +€90,301 | +58.3% |
| Deferred charges and accrued income | 490/1 | €18,606 | €16,539 | -€2,067 | -11.1% |
| Total equity and liabilities | 10/49 | €946,445 | €971,692 | +€25,247 | +2.7% |
| Equity | 10/15 | €464,173 | €562,323 | +€98,150 | +21.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €384,958 | €483,109 | +€98,150 | +25.5% |
| Distributable reserves | 133 | €384,958 | €483,109 | +€98,150 | +25.5% |
| Profit (loss) carried forward | 14 | €73,014 | €73,014 | = | 0.0% |
| Amounts payable | 17/49 | €482,272 | €409,369 | -€72,903 | -15.1% |
| Amounts payable after more than one year | 17 | €376,804 | €328,567 | -€48,237 | -12.8% |
| Financial debts | 170/4 | €376,804 | €328,567 | -€48,237 | -12.8% |
| Amounts payable within one year | 42/48 | €105,468 | €80,245 | -€25,223 | -23.9% |
| Current portion of amounts payable after more than one year | 42 | €47,023 | €48,237 | +€1,214 | +2.6% |
| Trade debts | 44 | €843 | €6,527 | +€5,683 | +674% |
| Suppliers | 440/4 | €843 | €6,527 | +€5,683 | +674% |
| Taxes, remuneration and social security | 45 | €42,917 | €21,042 | -€21,876 | -51.0% |
| Taxes | 450/3 | €42,917 | €21,042 | -€21,876 | -51.0% |
| Other amounts payable | 47/48 | €14,684 | €4,440 | -€10,244 | -69.8% |
| Accrued charges and deferred income | 492/3 | €0 | €557 | +€557 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,701 | €37,925 | +€224 | +0.6% |
| Other operating charges | 640/8 | €3,175 | €3,283 | +€108 | +3.4% |
| Gross operating margin | 9900 | €177,423 | €219,122 | +€41,700 | +23.5% |
| Operating profit (loss) | 9901 | €136,547 | €177,914 | +€41,367 | +30.3% |
| Financial income | 75/76B | €368 | €821 | +€452 | +123% |
| Recurring financial income | 75 | €368 | €821 | +€452 | +123% |
| Financial charges | 65/66B | €10,120 | €10,316 | +€196 | +1.9% |
| Recurring financial charges | 65 | €10,120 | €10,316 | +€196 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €126,795 | €168,419 | +€41,624 | +32.8% |
| Income taxes | 67/77 | €37,240 | €51,452 | +€14,212 | +38.2% |
| Profit (loss) for the period | 9904 | €89,555 | €116,967 | +€27,412 | +30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €89,555 | €116,967 | +€27,412 | +30.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.