LOREC: 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.
LOREC
Largest movements
- Receivables within one year +€14,001
up €14,001 (+21.8%), from €64,347 to €78,348
of which Trade receivables: +€14,188
- Reserves +€43,350
up €43,350 (+25.1%), from €172,957 to €216,307
of which Distributable reserves: +€43,350
- Tax, wage and social debts +€23,383
up €23,383 (+94.0%), from €24,885 to €48,268
of which Taxes: +€17,383
- Debts after one year -€19,969
down €19,969 (-28.2%), from €70,809 to €50,840
- Trade debts -€16,778
down €16,778 (-67.8%), from €24,760 to €7,981
- Current portion of long-term debt -€8,307
down €8,307 (-29.4%), from €28,276 to €19,969
- Taxes +€17,131
up €17,131 (+95.6%), from €17,924 to €35,055
- Depreciation -€12,831
no longer reported in 2025 (was €12,831)
- Gross operating margin +€5,301
up €5,301 (+6.4%), from €82,678 to €87,979
- Financial charges +€1,502
up €1,502 (+33.2%), from €4,531 to €6,033
of which Non-recurring financial charges: +€2,281
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €633,731 | €649,709 | +€15,978 | +2.5% |
| Fixed assets | 21/28 | €569,384 | €571,288 | +€1,903 | +0.3% |
| Tangible fixed assets | 22/27 | €569,384 | €571,288 | +€1,903 | +0.3% |
| Land and buildings | 22 | €554,159 | €554,159 | = | 0.0% |
| Plant, machinery and equipment | 23 | €614 | €2,517 | +€1,903 | +310% |
| Furniture and vehicles | 24 | €14,612 | €14,612 | = | 0.0% |
| Current assets | 29/58 | €64,347 | €78,422 | +€14,075 | +21.9% |
| Amounts receivable within one year | 40/41 | €64,347 | €78,348 | +€14,001 | +21.8% |
| Trade receivables | 40 | €64,160 | €78,348 | +€14,188 | +22.1% |
| Other amounts receivable | 41 | €187 | - | -€187 | |
| Deferred charges and accrued income | 490/1 | - | €74 | +€74 | |
| Total equity and liabilities | 10/49 | €633,731 | €649,709 | +€15,978 | +2.5% |
| Equity | 10/15 | €466,747 | €510,108 | +€43,362 | +9.3% |
| Contributions | 10/11 | €28,000 | €28,000 | = | 0.0% |
| Revaluation surpluses | 12 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €172,957 | €216,307 | +€43,350 | +25.1% |
| Non-distributable reserves | 130/1 | €2,800 | €2,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,800 | €2,800 | = | 0.0% |
| Distributable reserves | 133 | €170,157 | €213,507 | +€43,350 | +25.5% |
| Profit (loss) carried forward | 14 | €166,632 | €166,644 | +€12 | 0.0% |
| Provisions and deferred taxes | 16 | €4,500 | €4,500 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €4,500 | €4,500 | = | 0.0% |
| Major repairs and maintenance | 162 | €4,500 | €4,500 | = | 0.0% |
| Amounts payable | 17/49 | €162,484 | €135,101 | -€27,383 | -16.9% |
| Amounts payable after more than one year | 17 | €70,809 | €50,840 | -€19,969 | -28.2% |
| Financial debts | 170/4 | €70,809 | €50,840 | -€19,969 | -28.2% |
| Amounts payable within one year | 42/48 | €91,675 | €84,261 | -€7,415 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €28,276 | €19,969 | -€8,307 | -29.4% |
| Financial debts | 43 | €6,197 | €4,208 | -€1,989 | -32.1% |
| Credit institutions | 430/8 | €6,197 | €4,208 | -€1,989 | -32.1% |
| Trade debts | 44 | €24,760 | €7,981 | -€16,778 | -67.8% |
| Suppliers | 440/4 | €24,760 | €7,981 | -€16,778 | -67.8% |
| Taxes, remuneration and social security | 45 | €24,885 | €48,268 | +€23,383 | +94.0% |
| Taxes | 450/3 | €24,885 | €42,268 | +€17,383 | +69.9% |
| Remuneration and social security | 454/9 | - | €6,000 | +€6,000 | |
| Other amounts payable | 47/48 | €7,558 | €3,834 | -€3,723 | -49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,831 | - | -€12,831 | |
| Other operating charges | 640/8 | €4,038 | €3,529 | -€509 | -12.6% |
| Gross operating margin | 9900 | €82,678 | €87,979 | +€5,301 | +6.4% |
| Operating profit (loss) | 9901 | €65,809 | €84,450 | +€18,641 | +28.3% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €4,531 | €6,033 | +€1,502 | +33.2% |
| Recurring financial charges | 65 | €4,531 | €3,752 | -€779 | -17.2% |
| Non-recurring financial charges | 66B | - | €2,281 | +€2,281 | |
| Profit (loss) for the period before taxes | 9903 | €61,281 | €78,417 | +€17,136 | +28.0% |
| Income taxes | 67/77 | €17,924 | €35,055 | +€17,131 | +95.6% |
| Profit (loss) for the period | 9904 | €43,357 | €43,362 | +€4 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,357 | €43,362 | +€4 | 0.0% |
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.