LOR INVEST: 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.
LOR INVEST
Largest movements
- Tangible fixed assets -€140,561
down €140,561 (-48.0%), from €292,904 to €152,343
of which Plant, machinery and equipment: -€135,100
- Intangible fixed assets +€28,458
up €28,458 (+10.2%), from €278,364 to €306,821
- Receivables within one year -€19,993
down €19,993 (-15.3%), from €130,549 to €110,556
of which Other amounts receivable: -€56,203
- Cash +€11,696
up €11,696 (+57.3%), from €20,424 to €32,120
mainly Depreciation (+€67,632) and Investment in fixed assets (net) (+€44,109)
- Reserves -€79,244
down €79,244 (-19.1%), from €414,115 to €334,872
- Other debts -€25,281
down €25,281 (-56.6%), from €44,663 to €19,382
- Trade debts +€22,086
up €22,086 (+34.6%), from €63,907 to €85,993
- Debts after one year -€20,988
down €20,988 (-22.5%), from €93,227 to €72,239
- Tax, wage and social debts -€16,561
down €16,561 (-23.9%), from €69,329 to €52,768
of which Taxes: -€35,739
- Staff costs +€97,470
new in 2025: €97,470
- Gross operating margin +€62,238
up €62,238 (+23.7%), from €262,063 to €324,302
- Taxes -€29,786
no longer reported in 2025 (was €29,786)
- Depreciation -€25,552
down €25,552 (-27.4%), from €93,183 to €67,632
- Write-downs +€14,146
up €14,146, from -€7,316 to €6,830
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 | €740,241 | €620,254 | -€119,987 | -16.2% |
| Fixed assets | 21/28 | €589,268 | €477,527 | -€111,741 | -19.0% |
| Intangible fixed assets | 21 | €278,364 | €306,821 | +€28,458 | +10.2% |
| Tangible fixed assets | 22/27 | €292,904 | €152,343 | -€140,561 | -48.0% |
| Plant, machinery and equipment | 23 | €287,443 | €152,343 | -€135,100 | -47.0% |
| Furniture and vehicles | 24 | €5,461 | - | -€5,461 | |
| Financial fixed assets | 28 | €18,000 | €18,363 | +€363 | +2.0% |
| Current assets | 29/58 | €150,973 | €142,727 | -€8,246 | -5.5% |
| Amounts receivable within one year | 40/41 | €130,549 | €110,556 | -€19,993 | -15.3% |
| Trade receivables | 40 | €64,102 | €100,311 | +€36,210 | +56.5% |
| Other amounts receivable | 41 | €66,448 | €10,245 | -€56,203 | -84.6% |
| Cash at bank and in hand | 54/58 | €20,424 | €32,120 | +€11,696 | +57.3% |
| Deferred charges and accrued income | 490/1 | - | €51 | +€51 | |
| Total equity and liabilities | 10/49 | €740,241 | €620,254 | -€119,987 | -16.2% |
| Equity | 10/15 | €469,115 | €389,872 | -€79,244 | -16.9% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €414,115 | €334,872 | -€79,244 | -19.1% |
| Distributable reserves | 133 | €414,115 | €334,872 | -€79,244 | -19.1% |
| Amounts payable | 17/49 | €271,126 | €230,383 | -€40,743 | -15.0% |
| Amounts payable after more than one year | 17 | €93,227 | €72,239 | -€20,988 | -22.5% |
| Other amounts payable | 178/9 | €93,227 | €72,239 | -€20,988 | -22.5% |
| Amounts payable within one year | 42/48 | €177,899 | €158,144 | -€19,756 | -11.1% |
| Trade debts | 44 | €63,907 | €85,993 | +€22,086 | +34.6% |
| Suppliers | 440/4 | €63,907 | €85,993 | +€22,086 | +34.6% |
| Taxes, remuneration and social security | 45 | €69,329 | €52,768 | -€16,561 | -23.9% |
| Taxes | 450/3 | €69,329 | €33,590 | -€35,739 | -51.6% |
| Remuneration and social security | 454/9 | - | €19,179 | +€19,179 | |
| Other amounts payable | 47/48 | €44,663 | €19,382 | -€25,281 | -56.6% |
| Remuneration, social security and pensions | 62 | - | €97,470 | +€97,470 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,183 | €67,632 | -€25,552 | -27.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,316 | €6,830 | +€14,146 | |
| Other operating charges | 640/8 | €62,931 | €66,261 | +€3,330 | +5.3% |
| Non-recurring operating charges | 66A | - | €161,920 | +€161,920 | |
| Gross operating margin | 9900 | €262,063 | €324,302 | +€62,238 | +23.7% |
| Operating profit (loss) | 9901 | €113,265 | -€75,810 | -€189,075 | |
| Financial income | 75/76B | €5,253 | €0 | -€5,253 | -100.0% |
| Recurring financial income | 75 | €5,253 | €0 | -€5,253 | -100.0% |
| Financial charges | 65/66B | €2,477 | €3,433 | +€956 | +38.6% |
| Recurring financial charges | 65 | €2,396 | €3,433 | +€1,037 | +43.3% |
| Non-recurring financial charges | 66B | €81 | - | -€81 | |
| Profit (loss) for the period before taxes | 9903 | €116,041 | -€79,244 | -€195,284 | |
| Income taxes | 67/77 | €29,786 | - | -€29,786 | |
| Profit (loss) for the period | 9904 | €86,255 | -€79,244 | -€165,499 | |
| Profit (loss) for the period to be appropriated | 9905 | €86,255 | -€79,244 | -€165,499 |
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 18 October 2026 via checked.be.