LOENA: 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.
LOENA
Largest movements
- Receivables within one year -€58,466
down €58,466 (-44.5%), from €131,441 to €72,976
of which Trade receivables: -€60,176
- Stocks and contracts +€44,083
up €44,083 (+136.0%), from €32,415 to €76,498
- Cash -€42,023
down €42,023 (-14.0%), from €300,660 to €258,637
mainly Stocks and contracts (-€44,083) and Net result for the year (-€39,789)
- Tangible fixed assets -€11,626
down €11,626 (-63.6%), from €18,278 to €6,651
of which Leasing and similar rights: -€10,034
- Profit (loss) carried forward -€39,789
down €39,789 (-19.6%), from €202,763 to €162,974
- Other debts -€11,428
down €11,428 (-21.0%), from €54,384 to €42,956
- Tax, wage and social debts -€7,929
down €7,929 (-33.8%), from €23,439 to €15,510
of which Remuneration and social security: -€4,802
- Financial income -€19,837
no longer reported in 2025 (was €19,837)
- Financial charges +€17,969
up €17,969 (+391.5%), from €4,590 to €22,559
- Gross operating margin -€17,908
down €17,908 (-27.2%), from €65,804 to €47,896
- Staff costs -€8,187
down €8,187 (-13.7%), from €59,812 to €51,625
- Taxes -€2,716
down €2,716 (-90.5%), from €3,001 to €285
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 | €482,794 | €414,762 | -€68,032 | -14.1% |
| Fixed assets | 21/28 | €18,278 | €6,651 | -€11,626 | -63.6% |
| Tangible fixed assets | 22/27 | €18,278 | €6,651 | -€11,626 | -63.6% |
| Furniture and vehicles | 24 | €1,955 | €665 | -€1,290 | -66.0% |
| Leasing and similar rights | 25 | €15,799 | €5,765 | -€10,034 | -63.5% |
| Other tangible fixed assets | 26 | €524 | €221 | -€302 | -57.8% |
| Current assets | 29/58 | €464,516 | €408,111 | -€56,406 | -12.1% |
| Stocks and contracts in progress | 3 | €32,415 | €76,498 | +€44,083 | +136.0% |
| Stocks | 30/36 | €32,415 | €76,498 | +€44,083 | +136.0% |
| Amounts receivable within one year | 40/41 | €131,441 | €72,976 | -€58,466 | -44.5% |
| Trade receivables | 40 | €130,588 | €70,412 | -€60,176 | -46.1% |
| Other amounts receivable | 41 | €853 | €2,563 | +€1,710 | +200.3% |
| Cash at bank and in hand | 54/58 | €300,660 | €258,637 | -€42,023 | -14.0% |
| Total equity and liabilities | 10/49 | €482,794 | €414,762 | -€68,032 | -14.1% |
| Equity | 10/15 | €223,223 | €183,434 | -€39,789 | -17.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €202,763 | €162,974 | -€39,789 | -19.6% |
| Amounts payable | 17/49 | €259,571 | €231,327 | -€28,243 | -10.9% |
| Amounts payable after more than one year | 17 | €34,325 | €30,000 | -€4,325 | -12.6% |
| Financial debts | 170/4 | €34,325 | €30,000 | -€4,325 | -12.6% |
| Amounts payable within one year | 42/48 | €224,042 | €201,327 | -€22,715 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €8,425 | €4,325 | -€4,101 | -48.7% |
| Trade debts | 44 | €137,794 | €138,537 | +€743 | +0.5% |
| Suppliers | 440/4 | €137,794 | €138,537 | +€743 | +0.5% |
| Taxes, remuneration and social security | 45 | €23,439 | €15,510 | -€7,929 | -33.8% |
| Taxes | 450/3 | €7,302 | €4,175 | -€3,127 | -42.8% |
| Remuneration and social security | 454/9 | €16,137 | €11,335 | -€4,802 | -29.8% |
| Other amounts payable | 47/48 | €54,384 | €42,956 | -€11,428 | -21.0% |
| Accrued charges and deferred income | 492/3 | €1,204 | - | -€1,204 | |
| Remuneration, social security and pensions | 62 | €59,812 | €51,625 | -€8,187 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,934 | €11,626 | -€1,308 | -10.1% |
| Other operating charges | 640/8 | €1,470 | €1,590 | +€119 | +8.1% |
| Gross operating margin | 9900 | €65,804 | €47,896 | -€17,908 | -27.2% |
| Operating profit (loss) | 9901 | -€8,413 | -€16,945 | -€8,532 | -101.4% |
| Financial income | 75/76B | €19,837 | - | -€19,837 | |
| Recurring financial income | 75 | €19,837 | - | -€19,837 | |
| Financial charges | 65/66B | €4,590 | €22,559 | +€17,969 | +391.5% |
| Recurring financial charges | 65 | €4,590 | €22,559 | +€17,969 | +391.5% |
| Profit (loss) for the period before taxes | 9903 | €6,834 | -€39,503 | -€46,337 | |
| Income taxes | 67/77 | €3,001 | €285 | -€2,716 | -90.5% |
| Profit (loss) for the period | 9904 | €3,832 | -€39,789 | -€43,621 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,832 | -€39,789 | -€43,621 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.