LOEWAK: 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.
LOEWAK
Largest movements
- Receivables within one year -€92,434
down €92,434 (-41.7%), from €221,706 to €129,272
of which Trade receivables: -€92,418
- Cash +€53,342
up €53,342 (+9148.8%), from €583 to €53,925
mainly Receivables within one year (+€92,434) and Tax, wage and social debts (+€19,754)
- Tangible fixed assets -€12,086
down €12,086 (-30.9%), from €39,134 to €27,048
of which Furniture and vehicles: -€11,594
- Trade debts -€62,770
down €62,770 (-42.4%), from €148,111 to €85,341
- Tax, wage and social debts +€19,754
up €19,754 (+123.5%), from €15,989 to €35,744
of which Taxes: +€17,458
- Debts after one year -€15,022
down €15,022 (-79.4%), from €18,908 to €3,886
- Reserves +€6,709
up €6,709 (+11.3%), from €59,558 to €66,267
- Gross operating margin -€27,805
down €27,805 (-40.3%), from €68,913 to €41,109
- Staff costs +€15,474
new in 2025: €15,474
- Taxes -€7,793
down €7,793 (-70.7%), from €11,019 to €3,227
- Other operating charges +€3,592
up €3,592 (+602.8%), from €596 to €4,188
- Financial income +€1,684
up €1,684 (+280.4%), from €600 to €2,284
of which Non-recurring financial income: +€1,015
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 | €261,422 | €210,481 | -€50,941 | -19.5% |
| Fixed assets | 21/28 | €39,134 | €27,048 | -€12,086 | -30.9% |
| Tangible fixed assets | 22/27 | €39,134 | €27,048 | -€12,086 | -30.9% |
| Plant, machinery and equipment | 23 | €1,875 | €1,383 | -€492 | -26.2% |
| Furniture and vehicles | 24 | €37,259 | €25,665 | -€11,594 | -31.1% |
| Current assets | 29/58 | €222,289 | €183,433 | -€38,856 | -17.5% |
| Amounts receivable within one year | 40/41 | €221,706 | €129,272 | -€92,434 | -41.7% |
| Trade receivables | 40 | €221,690 | €129,272 | -€92,418 | -41.7% |
| Other amounts receivable | 41 | €16 | - | -€16 | |
| Cash at bank and in hand | 54/58 | €583 | €53,925 | +€53,342 | +9148.8% |
| Deferred charges and accrued income | 490/1 | - | €237 | +€237 | |
| Total equity and liabilities | 10/49 | €261,422 | €210,481 | -€50,941 | -19.5% |
| Equity | 10/15 | €62,058 | €68,767 | +€6,709 | +10.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €59,558 | €66,267 | +€6,709 | +11.3% |
| Distributable reserves | 133 | €59,558 | €66,267 | +€6,709 | +11.3% |
| Amounts payable | 17/49 | €199,364 | €141,714 | -€57,650 | -28.9% |
| Amounts payable after more than one year | 17 | €18,908 | €3,886 | -€15,022 | -79.4% |
| Financial debts | 170/4 | €18,908 | €3,886 | -€15,022 | -79.4% |
| Amounts payable within one year | 42/48 | €180,456 | €137,828 | -€42,628 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €14,217 | €15,022 | +€804 | +5.7% |
| Trade debts | 44 | €148,111 | €85,341 | -€62,770 | -42.4% |
| Suppliers | 440/4 | €148,111 | €85,341 | -€62,770 | -42.4% |
| Taxes, remuneration and social security | 45 | €15,989 | €35,744 | +€19,754 | +123.5% |
| Taxes | 450/3 | €15,989 | €33,447 | +€17,458 | +109.2% |
| Remuneration and social security | 454/9 | - | €2,297 | +€2,297 | |
| Other amounts payable | 47/48 | €2,139 | €1,722 | -€417 | -19.5% |
| Remuneration, social security and pensions | 62 | - | €15,474 | +€15,474 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,086 | €12,086 | = | 0.0% |
| Other operating charges | 640/8 | €596 | €4,188 | +€3,592 | +602.8% |
| Non-recurring operating charges | 66A | €1,134 | - | -€1,134 | |
| Gross operating margin | 9900 | €68,913 | €41,109 | -€27,805 | -40.3% |
| Operating profit (loss) | 9901 | €55,098 | €9,361 | -€45,737 | -83.0% |
| Financial income | 75/76B | €600 | €2,284 | +€1,684 | +280.4% |
| Recurring financial income | 75 | €600 | €668 | +€68 | +11.3% |
| Non-recurring financial income | 76B | €600 | €1,616 | +€1,015 | +169.1% |
| Financial charges | 65/66B | €2,590 | €1,710 | -€880 | -34.0% |
| Recurring financial charges | 65 | €2,590 | €1,710 | -€880 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €53,109 | €9,936 | -€43,173 | -81.3% |
| Income taxes | 67/77 | €11,019 | €3,227 | -€7,793 | -70.7% |
| Profit (loss) for the period | 9904 | €42,089 | €6,709 | -€35,380 | -84.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,089 | €6,709 | -€35,380 | -84.1% |
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 7 October 2026 via checked.be.