LOFMA: 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.
LOFMA
Largest movements
- Tangible fixed assets -€921,863
down €921,863 (-10.5%), from €8.7m to €7.8m
of which Land and buildings: -€869,978
- Receivables after one year +€831,907
up €831,907 (+44.2%), from €1.9m to €2.7m
- Receivables within one year +€163,209
up €163,209 (+6175.5%), from €2,643 to €165,852
of which Trade receivables: +€109,950
- Cash +€136,534
up €136,534 (+138.8%), from €98,377 to €234,911
mainly Depreciation (+€726,140) and Net result for the year (+€577,339)
- Debts after one year -€630,930
down €630,930 (-7.9%), from €8.0m to €7.4m
- Profit (loss) carried forward +€605,290
up €605,290 (+53.5%), from -€1.1m to -€526,428
- Reserves +€207,206
up €207,206 (+17.7%), from €1.2m to €1.4m
of which Distributable reserves: +€202,367
- Revaluation surpluses -€199,136
down €199,136 (-14.2%), from €1.4m to €1.2m
- Trade debts +€121,600
up €121,600 (+1121.6%), from €10,842 to €132,442
- Gross operating margin +€607,366
up €607,366 (+50.2%), from €1.2m to €1.8m
- Other operating charges +€70,307
up €70,307 (+72.0%), from €97,641 to €167,948
- Taxes +€37,472
up €37,472 (+23.2%), from €161,662 to €199,134
- Depreciation -€30,654
down €30,654 (-4.1%), from €756,794 to €726,140
- Financial charges -€23,245
down €23,245 (-9.7%), from €239,692 to €216,447
of which Financial charges: -€23,245
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 | €10,743,777 | €10,946,292 | +€202,515 | +1.9% |
| Fixed assets | 21/28 | €8,759,619 | €7,830,558 | -€929,061 | -10.6% |
| Tangible fixed assets | 22/27 | €8,748,426 | €7,826,563 | -€921,863 | -10.5% |
| Land and buildings | 22 | €8,601,930 | €7,731,952 | -€869,978 | -10.1% |
| Plant, machinery and equipment | 23 | €146,496 | €94,611 | -€51,885 | -35.4% |
| Financial fixed assets | 28 | €11,193 | €3,995 | -€7,198 | -64.3% |
| Current assets | 29/58 | €1,984,158 | €3,115,734 | +€1.1m | +57.0% |
| Amounts receivable after more than one year | 29 | €1,883,064 | €2,714,971 | +€831,907 | +44.2% |
| Other amounts receivable | 291 | €1,883,064 | €2,714,971 | +€831,907 | +44.2% |
| Amounts receivable within one year | 40/41 | €2,643 | €165,852 | +€163,209 | +6175.5% |
| Trade receivables | 40 | €2,643 | €112,593 | +€109,950 | +4160.3% |
| Other amounts receivable | 41 | €0 | €53,259 | +€53,259 | |
| Cash at bank and in hand | 54/58 | €98,377 | €234,911 | +€136,534 | +138.8% |
| Deferred charges and accrued income | 490/1 | €75 | - | -€75 | |
| Total equity and liabilities | 10/49 | €10,743,777 | €10,946,292 | +€202,515 | +1.9% |
| Equity | 10/15 | €1,519,971 | €2,212,018 | +€692,047 | +45.5% |
| Contributions | 10/11 | €73,247 | €151,935 | +€78,688 | +107.4% |
| Capital | 10 | €73,247 | €151,935 | +€78,688 | +107.4% |
| Issued capital | 100 | €73,247 | €151,935 | +€78,688 | +107.4% |
| Revaluation surpluses | 12 | €1,405,654 | €1,206,518 | -€199,136 | -14.2% |
| Reserves | 13 | €1,172,787 | €1,379,993 | +€207,206 | +17.7% |
| Non-distributable reserves | 130/1 | €757,324 | €759,162 | +€1,838 | +0.2% |
| Legal reserve | 130 | €7,324 | €7,324 | = | 0.0% |
| Reserves not available under the articles | 1311 | €750,000 | €751,838 | +€1,838 | +0.2% |
| Tax-exempt reserves | 132 | €0 | €3,001 | +€3,001 | |
| Distributable reserves | 133 | €415,463 | €617,830 | +€202,367 | +48.7% |
| Profit (loss) carried forward | 14 | -€1,131,718 | -€526,428 | +€605,290 | +53.5% |
| Amounts payable | 17/49 | €9,223,806 | €8,734,274 | -€489,532 | -5.3% |
| Amounts payable after more than one year | 17 | €8,022,296 | €7,391,366 | -€630,930 | -7.9% |
| Financial debts | 170/4 | €8,022,296 | €7,391,366 | -€630,930 | -7.9% |
| Amounts payable within one year | 42/48 | €1,201,510 | €1,342,908 | +€141,398 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €988,445 | €982,876 | -€5,569 | -0.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €10,842 | €132,442 | +€121,600 | +1121.6% |
| Suppliers | 440/4 | €10,842 | €132,442 | +€121,600 | +1121.6% |
| Taxes, remuneration and social security | 45 | €201,476 | €227,589 | +€26,114 | +13.0% |
| Taxes | 450/3 | €201,476 | €227,589 | +€26,114 | +13.0% |
| Other amounts payable | 47/48 | €747 | - | -€747 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €598,194 | +€598,194 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €756,794 | €726,140 | -€30,654 | -4.1% |
| Other operating charges | 640/8 | €97,641 | €167,948 | +€70,307 | +72.0% |
| Non-recurring operating charges | 66A | €1,150 | €7,198 | +€6,048 | +525.9% |
| Gross operating margin | 9900 | €1,209,235 | €1,816,601 | +€607,366 | +50.2% |
| Operating profit (loss) | 9901 | €353,650 | €915,316 | +€561,666 | +158.8% |
| Financial income | 75/76B | €97,948 | €77,604 | -€20,344 | -20.8% |
| Recurring financial income | 75 | €97,948 | €77,604 | -€20,344 | -20.8% |
| Financial charges | 65/66B | €239,692 | €216,447 | -€23,245 | -9.7% |
| Recurring financial charges | 65 | €239,692 | €216,447 | -€23,245 | -9.7% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €211,906 | €776,473 | +€564,566 | +266.4% |
| Income taxes | 67/77 | €161,662 | €199,134 | +€37,472 | +23.2% |
| Profit (loss) for the period | 9904 | €50,244 | €577,339 | +€527,094 | +1049.1% |
| Transfer from tax-exempt reserves | 789 | €92,387 | - | -€92,387 | |
| Profit (loss) for the period to be appropriated | 9905 | €142,631 | €577,339 | +€434,707 | +304.8% |
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 30 September 2026 via checked.be.