LOPACO: 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.
LOPACO
Largest movements
- Tangible fixed assets -€127,969
down €127,969 (-7.9%), from €1.6m to €1.5m
of which Leasing and similar rights: -€97,000
- Receivables within one year +€91,561
up €91,561 (+18.2%), from €504,374 to €595,935
of which Other amounts receivable: +€91,395
- Deferred charges and accrued income -€53,962
down €53,962 (-81.3%), from €66,345 to €12,383
- Intangible fixed assets -€43,007
down €43,007 (-14.8%), from €289,814 to €246,807
- Debts after one year -€110,014
down €110,014 (-7.4%), from €1.5m to €1.4m
- Accrued charges and deferred income -€55,328
down €55,328 (-6.1%), from €904,178 to €848,850
- Gross operating margin +€31,650
up €31,650 (+13.8%), from €229,120 to €260,770
- Taxes +€27,607
up €27,607 (+997.1%), from €2,769 to €30,375
- Financial income +€16,179
up €16,179 (+102.0%), from €15,854 to €32,033
- Depreciation +€15,766
up €15,766 (+10.2%), from €155,210 to €170,976
- Financial charges +€5,341
up €5,341 (+8.4%), from €63,341 to €68,681
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 | €3,524,808 | €3,392,700 | -€132,108 | -3.7% |
| Fixed assets | 21/28 | €2,904,255 | €2,733,279 | -€170,976 | -5.9% |
| Intangible fixed assets | 21 | €289,814 | €246,807 | -€43,007 | -14.8% |
| Tangible fixed assets | 22/27 | €1,612,265 | €1,484,295 | -€127,969 | -7.9% |
| Land and buildings | 22 | €51,860 | €51,860 | = | 0.0% |
| Plant, machinery and equipment | 23 | €71,028 | €63,860 | -€7,167 | -10.1% |
| Leasing and similar rights | 25 | €1,266,493 | €1,169,493 | -€97,000 | -7.7% |
| Other tangible fixed assets | 26 | €222,884 | €199,082 | -€23,802 | -10.7% |
| Financial fixed assets | 28 | €1,002,177 | €1,002,177 | = | 0.0% |
| Current assets | 29/58 | €620,552 | €659,421 | +€38,868 | +6.3% |
| Amounts receivable within one year | 40/41 | €504,374 | €595,935 | +€91,561 | +18.2% |
| Trade receivables | 40 | €187,000 | €187,166 | +€166 | +0.1% |
| Other amounts receivable | 41 | €317,374 | €408,769 | +€91,395 | +28.8% |
| Cash at bank and in hand | 54/58 | €49,834 | €51,103 | +€1,269 | +2.5% |
| Deferred charges and accrued income | 490/1 | €66,345 | €12,383 | -€53,962 | -81.3% |
| Total equity and liabilities | 10/49 | €3,524,808 | €3,392,700 | -€132,108 | -3.7% |
| Equity | 10/15 | €1,024,610 | €1,034,268 | +€9,657 | +0.9% |
| Contributions | 10/11 | €486,000 | €486,000 | = | 0.0% |
| Capital | 10 | €486,000 | €486,000 | = | 0.0% |
| Issued capital | 100 | €486,000 | €486,000 | = | 0.0% |
| Reserves | 13 | €538,610 | €548,268 | +€9,657 | +1.8% |
| Non-distributable reserves | 130/1 | €48,600 | €48,600 | = | 0.0% |
| Legal reserve | 130 | €48,600 | €48,600 | = | 0.0% |
| Distributable reserves | 133 | €490,010 | €499,668 | +€9,657 | +2.0% |
| Amounts payable | 17/49 | €2,500,197 | €2,358,432 | -€141,765 | -5.7% |
| Amounts payable after more than one year | 17 | €1,486,483 | €1,376,469 | -€110,014 | -7.4% |
| Financial debts | 170/4 | €1,486,483 | €1,376,469 | -€110,014 | -7.4% |
| Amounts payable within one year | 42/48 | €109,537 | €133,113 | +€23,576 | +21.5% |
| Current portion of amounts payable after more than one year | 42 | €107,795 | €110,014 | +€2,219 | +2.1% |
| Trade debts | 44 | €1,742 | €914 | -€828 | -47.5% |
| Suppliers | 440/4 | €1,742 | €914 | -€828 | -47.5% |
| Taxes, remuneration and social security | 45 | - | €22,185 | +€22,185 | |
| Taxes | 450/3 | - | €22,185 | +€22,185 | |
| Accrued charges and deferred income | 492/3 | €904,178 | €848,850 | -€55,328 | -6.1% |
| Non-recurring operating income | 76A | €52,964 | €55,328 | +€2,364 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,210 | €170,976 | +€15,766 | +10.2% |
| Other operating charges | 640/8 | €13,717 | €13,113 | -€604 | -4.4% |
| Gross operating margin | 9900 | €229,120 | €260,770 | +€31,650 | +13.8% |
| Operating profit (loss) | 9901 | €60,192 | €76,681 | +€16,488 | +27.4% |
| Financial income | 75/76B | €15,854 | €32,033 | +€16,179 | +102.0% |
| Recurring financial income | 75 | €15,854 | €32,033 | +€16,179 | +102.0% |
| Financial charges | 65/66B | €63,341 | €68,681 | +€5,341 | +8.4% |
| Recurring financial charges | 65 | €63,341 | €68,681 | +€5,341 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €12,706 | €40,033 | +€27,327 | +215.1% |
| Income taxes | 67/77 | €2,769 | €30,375 | +€27,607 | +997.1% |
| Profit (loss) for the period | 9904 | €9,937 | €9,657 | -€280 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,937 | €9,657 | -€280 | -2.8% |
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 3 October 2026 via checked.be.