LOHO: 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.
LOHO
Largest movements
- Stocks and contracts +€11,482
up €11,482 (+5.0%), from €228,551 to €240,032
- Cash -€7,516
down €7,516 (-8.3%), from €90,063 to €82,548
mainly Investment in fixed assets (net) (-€37,131) and Trade debts (-€35,165)
- Tangible fixed assets -€6,957
down €6,957 (-2.0%), from €346,107 to €339,150
of which Plant, machinery and equipment: -€25,830
- Reserves +€39,360
up €39,360 (+10.5%), from €376,339 to €415,699
of which Distributable reserves: +€39,360
- Trade debts -€35,165
down €35,165 (-49.8%), from €70,612 to €35,447
- Debts after one year -€29,786
down €29,786 (-21.3%), from €139,990 to €110,204
- Other debts +€25,573
up €25,573 (+280%), from €9,138 to €34,711
- Gross operating margin +€17,697
up €17,697 (+6.3%), from €281,543 to €299,239
- Taxes +€4,604
up €4,604 (+23.0%), from €20,056 to €24,659
- Depreciation +€4,001
up €4,001 (+10.0%), from €40,087 to €44,088
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 | €673,790 | €673,671 | -€119 | 0.0% |
| Fixed assets | 21/28 | €346,107 | €339,150 | -€6,957 | -2.0% |
| Tangible fixed assets | 22/27 | €346,107 | €339,150 | -€6,957 | -2.0% |
| Plant, machinery and equipment | 23 | €136,509 | €110,679 | -€25,830 | -18.9% |
| Furniture and vehicles | 24 | €4,558 | €33,700 | +€29,142 | +639% |
| Leasing and similar rights | 25 | €205,040 | €194,771 | -€10,269 | -5.0% |
| Current assets | 29/58 | €327,683 | €334,521 | +€6,838 | +2.1% |
| Stocks and contracts in progress | 3 | €228,551 | €240,032 | +€11,482 | +5.0% |
| Stocks | 30/36 | €228,551 | €240,032 | +€11,482 | +5.0% |
| Amounts receivable within one year | 40/41 | €3,180 | €8,595 | +€5,415 | +170% |
| Trade receivables | 40 | €2,951 | €2,806 | -€145 | -4.9% |
| Other amounts receivable | 41 | €229 | €5,789 | +€5,560 | +2,429% |
| Current investments | 50/53 | €650 | €0 | -€650 | -100% |
| Cash at bank and in hand | 54/58 | €90,063 | €82,548 | -€7,516 | -8.3% |
| Deferred charges and accrued income | 490/1 | €5,239 | €3,346 | -€1,893 | -36.1% |
| Total equity and liabilities | 10/49 | €673,790 | €673,671 | -€119 | 0.0% |
| Equity | 10/15 | €394,939 | €434,299 | +€39,360 | +10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €376,339 | €415,699 | +€39,360 | +10.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €374,479 | €413,839 | +€39,360 | +10.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €278,851 | €239,372 | -€39,480 | -14.2% |
| Amounts payable after more than one year | 17 | €139,990 | €110,204 | -€29,786 | -21.3% |
| Financial debts | 170/4 | €139,990 | €110,204 | -€29,786 | -21.3% |
| Amounts payable within one year | 42/48 | €138,852 | €129,159 | -€9,694 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €31,804 | €29,786 | -€2,018 | -6.3% |
| Trade debts | 44 | €70,612 | €35,447 | -€35,165 | -49.8% |
| Suppliers | 440/4 | €70,612 | €35,447 | -€35,165 | -49.8% |
| Taxes, remuneration and social security | 45 | €27,299 | €29,214 | +€1,916 | +7.0% |
| Taxes | 450/3 | €3,905 | €4,689 | +€784 | +20.1% |
| Remuneration and social security | 454/9 | €23,394 | €24,525 | +€1,132 | +4.8% |
| Other amounts payable | 47/48 | €9,138 | €34,711 | +€25,573 | +280% |
| Accrued charges and deferred income | 492/3 | €9 | €9 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €140,478 | €141,650 | +€1,172 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,087 | €44,088 | +€4,001 | +10.0% |
| Other operating charges | 640/8 | €3,542 | €3,274 | -€268 | -7.6% |
| Gross operating margin | 9900 | €281,543 | €299,239 | +€17,697 | +6.3% |
| Operating profit (loss) | 9901 | €97,435 | €110,227 | +€12,792 | +13.1% |
| Financial income | 75/76B | €3,900 | €3,638 | -€262 | -6.7% |
| Recurring financial income | 75 | €3,900 | €3,638 | -€262 | -6.7% |
| Financial charges | 65/66B | €16,458 | €16,959 | +€501 | +3.0% |
| Recurring financial charges | 65 | €16,458 | €16,959 | +€501 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €84,877 | €96,906 | +€12,029 | +14.2% |
| Income taxes | 67/77 | €20,056 | €24,659 | +€4,604 | +23.0% |
| Profit (loss) for the period | 9904 | €64,821 | €72,246 | +€7,425 | +11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €64,821 | €72,246 | +€7,425 | +11.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.