LORTO: 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.
LORTO
Largest movements
- Tangible fixed assets -€72,042
down €72,042 (-2.8%), from €2.6m to €2.5m
of which Land and buildings: -€94,775
- Cash -€70,717
down €70,717 (-44.3%), from €159,680 to €88,963
mainly Debts after one year (-€532,891) and Contributions, distributions and other (-€316,371)
- Reserves +€554,850
up €554,850 (+24.5%), from €2.3m to €2.8m
of which Distributable reserves: +€554,850
- Debts after one year -€532,891
down €532,891 (-17.9%), from €3.0m to €2.4m
of which Financial debts: -€533,669
- Other debts +€70,776
up €70,776 (+40.9%), from €173,096 to €243,872
- Revaluation surpluses -€67,361
no longer reported in 2025 (was €67,361)
- Financial income +€80,574
up €80,574 (+20.5%), from €392,350 to €472,924
- Gross operating margin +€34,659
up €34,659 (+4.7%), from €739,808 to €774,468
- Taxes +€20,961
up €20,961 (+10.8%), from €194,365 to €215,326
- Financial charges -€12,522
down €12,522 (-18.5%), from €67,569 to €55,047
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 | €6,007,577 | €6,036,095 | +€28,518 | +0.5% |
| Fixed assets | 21/28 | €4,487,081 | €4,474,334 | -€12,747 | -0.3% |
| Tangible fixed assets | 22/27 | €2,579,835 | €2,507,793 | -€72,042 | -2.8% |
| Land and buildings | 22 | €1,913,412 | €1,818,637 | -€94,775 | -5.0% |
| Plant, machinery and equipment | 23 | €1,537 | €2,235 | +€698 | +45.4% |
| Furniture and vehicles | 24 | €25,937 | €21,304 | -€4,633 | -17.9% |
| Other tangible fixed assets | 26 | €638,949 | €665,617 | +€26,668 | +4.2% |
| Financial fixed assets | 28 | €1,907,246 | €1,966,541 | +€59,296 | +3.1% |
| Current assets | 29/58 | €1,520,496 | €1,561,761 | +€41,265 | +2.7% |
| Amounts receivable after more than one year | 29 | €800,183 | €800,183 | = | 0.0% |
| Other amounts receivable | 291 | €800,183 | €800,183 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €45,922 | €103,905 | +€57,983 | +126.3% |
| Trade receivables | 40 | €1,500 | €1,500 | = | 0.0% |
| Other amounts receivable | 41 | €44,422 | €102,405 | +€57,983 | +130.5% |
| Current investments | 50/53 | €504,453 | €558,510 | +€54,056 | +10.7% |
| Cash at bank and in hand | 54/58 | €159,680 | €88,963 | -€70,717 | -44.3% |
| Deferred charges and accrued income | 490/1 | €10,259 | €10,201 | -€58 | -0.6% |
| Total equity and liabilities | 10/49 | €6,007,577 | €6,036,095 | +€28,518 | +0.5% |
| Equity | 10/15 | €2,490,789 | €2,978,278 | +€487,489 | +19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €67,361 | - | -€67,361 | |
| Reserves | 13 | €2,261,180 | €2,816,030 | +€554,850 | +24.5% |
| Non-distributable reserves | 130/1 | €38,981 | €38,981 | = | 0.0% |
| Reserves not available under the articles | 1311 | €38,981 | €38,981 | = | 0.0% |
| Tax-exempt reserves | 132 | €48,485 | €48,485 | = | 0.0% |
| Distributable reserves | 133 | €2,173,715 | €2,728,565 | +€554,850 | +25.5% |
| Profit (loss) carried forward | 14 | €143,648 | €143,648 | = | 0.0% |
| Amounts payable | 17/49 | €3,516,788 | €3,057,817 | -€458,971 | -13.1% |
| Amounts payable after more than one year | 17 | €2,981,877 | €2,448,987 | -€532,891 | -17.9% |
| Financial debts | 170/4 | €2,881,877 | €2,348,209 | -€533,669 | -18.5% |
| Other amounts payable | 178/9 | €100,000 | €100,778 | +€778 | +0.8% |
| Amounts payable within one year | 42/48 | €534,910 | €608,830 | +€73,920 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €229,094 | €238,077 | +€8,982 | +3.9% |
| Financial debts | 43 | €37,936 | €47,977 | +€10,041 | +26.5% |
| Credit institutions | 430/8 | €37,936 | €47,977 | +€10,041 | +26.5% |
| Trade debts | 44 | €2,903 | - | -€2,903 | |
| Suppliers | 440/4 | €2,903 | - | -€2,903 | |
| Taxes, remuneration and social security | 45 | €91,881 | €78,904 | -€12,977 | -14.1% |
| Taxes | 450/3 | €88,790 | €78,904 | -€9,886 | -11.1% |
| Remuneration and social security | 454/9 | €3,091 | - | -€3,091 | |
| Other amounts payable | 47/48 | €173,096 | €243,872 | +€70,776 | +40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,052 | €157,945 | +€5,893 | +3.9% |
| Other operating charges | 640/8 | €14,712 | €15,213 | +€501 | +3.4% |
| Gross operating margin | 9900 | €739,808 | €774,468 | +€34,659 | +4.7% |
| Operating profit (loss) | 9901 | €573,045 | €601,310 | +€28,265 | +4.9% |
| Financial income | 75/76B | €392,350 | €472,924 | +€80,574 | +20.5% |
| Recurring financial income | 75 | €392,350 | €472,924 | +€80,574 | +20.5% |
| Financial charges | 65/66B | €67,569 | €55,047 | -€12,522 | -18.5% |
| Recurring financial charges | 65 | €67,569 | €55,047 | -€12,522 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €897,825 | €1,019,186 | +€121,361 | +13.5% |
| Income taxes | 67/77 | €194,365 | €215,326 | +€20,961 | +10.8% |
| Profit (loss) for the period | 9904 | €703,461 | €803,860 | +€100,400 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €703,461 | €803,860 | +€100,400 | +14.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.