LOFF: 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.
LOFF
Largest movements
- Stocks and contracts +€492,297
new in 2025: €492,297
- Tangible fixed assets -€75,673
down €75,673 (-5.0%), from €1.5m to €1.4m
of which Land and buildings: -€49,754
- Receivables within one year -€41,903
down €41,903 (-72.5%), from €57,759 to €15,856
of which Other amounts receivable: -€33,388
- Cash -€35,525
down €35,525 (-20.7%), from €171,370 to €135,845
mainly Stocks and contracts (-€492,297) and Current portion of long-term debt (-€40,560)
- Debts after one year +€290,200
new in 2025: €290,200
- Reserves +€90,147
up €90,147 (+10.7%), from €838,619 to €928,766
- Current portion of long-term debt -€40,560
down €40,560 (-94.5%), from €42,903 to €2,343
- Gross operating margin +€46,169
up €46,169 (+21.3%), from €216,553 to €262,722
- Depreciation +€11,858
up €11,858 (+18.4%), from €64,528 to €76,386
- Taxes +€9,592
up €9,592 (+42.6%), from €22,534 to €32,126
- Financial charges -€9,187
down €9,187 (-13.2%), from €69,372 to €60,185
of which Non-recurring financial charges: -€10,018
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 | €1,741,712 | €2,081,515 | +€339,803 | +19.5% |
| Fixed assets | 21/28 | €1,509,453 | €1,433,780 | -€75,673 | -5.0% |
| Tangible fixed assets | 22/27 | €1,509,453 | €1,433,780 | -€75,673 | -5.0% |
| Land and buildings | 22 | €1,377,473 | €1,327,719 | -€49,754 | -3.6% |
| Plant, machinery and equipment | 23 | €35,564 | €30,906 | -€4,658 | -13.1% |
| Furniture and vehicles | 24 | €96,416 | €75,155 | -€21,261 | -22.1% |
| Current assets | 29/58 | €232,259 | €647,735 | +€415,476 | +179% |
| Stocks and contracts in progress | 3 | - | €492,297 | +€492,297 | |
| Stocks | 30/36 | - | €492,297 | +€492,297 | |
| Amounts receivable within one year | 40/41 | €57,759 | €15,856 | -€41,903 | -72.5% |
| Trade receivables | 40 | €8,515 | - | -€8,515 | |
| Other amounts receivable | 41 | €49,244 | €15,856 | -€33,388 | -67.8% |
| Current investments | 50/53 | €16 | €16 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €171,370 | €135,845 | -€35,525 | -20.7% |
| Deferred charges and accrued income | 490/1 | €3,114 | €3,721 | +€607 | +19.5% |
| Total equity and liabilities | 10/49 | €1,741,712 | €2,081,515 | +€339,803 | +19.5% |
| Equity | 10/15 | €857,219 | €947,366 | +€90,147 | +10.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €838,619 | €928,766 | +€90,147 | +10.7% |
| Distributable reserves | 133 | €838,619 | €928,766 | +€90,147 | +10.7% |
| Amounts payable | 17/49 | €884,493 | €1,134,149 | +€249,656 | +28.2% |
| Amounts payable after more than one year | 17 | - | €290,200 | +€290,200 | |
| Other amounts payable | 178/9 | - | €290,200 | +€290,200 | |
| Amounts payable within one year | 42/48 | €827,469 | €784,534 | -€42,935 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €42,903 | €2,343 | -€40,560 | -94.5% |
| Trade debts | 44 | €891 | €8,355 | +€7,464 | +838% |
| Suppliers | 440/4 | €891 | €8,355 | +€7,464 | +838% |
| Taxes, remuneration and social security | 45 | €10,073 | €1,555 | -€8,518 | -84.6% |
| Taxes | 450/3 | €10,073 | €1,555 | -€8,518 | -84.6% |
| Other amounts payable | 47/48 | €773,602 | €772,281 | -€1,321 | -0.2% |
| Accrued charges and deferred income | 492/3 | €57,024 | €59,415 | +€2,391 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,528 | €76,386 | +€11,858 | +18.4% |
| Other operating charges | 640/8 | €4,004 | €5,412 | +€1,408 | +35.2% |
| Gross operating margin | 9900 | €216,553 | €262,722 | +€46,169 | +21.3% |
| Operating profit (loss) | 9901 | €148,021 | €180,924 | +€32,903 | +22.2% |
| Financial income | 75/76B | €3,255 | €2,333 | -€922 | -28.3% |
| Recurring financial income | 75 | €3,255 | €2,333 | -€922 | -28.3% |
| Financial charges | 65/66B | €69,372 | €60,185 | -€9,187 | -13.2% |
| Recurring financial charges | 65 | €59,354 | €60,185 | +€831 | +1.4% |
| Non-recurring financial charges | 66B | €10,018 | - | -€10,018 | |
| Profit (loss) for the period before taxes | 9903 | €81,904 | €123,072 | +€41,168 | +50.3% |
| Income taxes | 67/77 | €22,534 | €32,126 | +€9,592 | +42.6% |
| Profit (loss) for the period | 9904 | €59,370 | €90,946 | +€31,576 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €59,370 | €90,946 | +€31,576 | +53.2% |
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.