LOTES: what changed
What changed
LOTES
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€464,148
2024 · €320,640+€143,508
Equity
€7.0m
2024 · €6.5m+€464,148
Cash
€768,136
2024 · €269,557+€498,578
Balance sheet total
€7.4m
2024 · €7.1m+€298,854
Largest movements
Assets
- Cash +€498,578
up €498,578 (+185%), from €269,557 to €768,136
mainly Net result for the year (+€464,148) and Current investments (+€145,398)
- Current investments -€145,398
down €145,398 (-5.7%), from €2.5m to €2.4m
Equity and liabilities
- Reserves +€464,148
up €464,148 (+9.7%), from €4.8m to €5.3m
of which Distributable reserves: +€565,155
- Other debts -€165,336
down €165,336 (-35.9%), from €460,607 to €295,271
Income statement
- Gross operating margin +€51,795
up €51,795 (+8.0%), from €646,721 to €698,516
- Staff costs -€42,092
down €42,092 (-55.1%), from €76,330 to €34,238
- Financial income +€39,517
up €39,517 (+64.5%), from €61,237 to €100,754
- Financial charges -€32,815
down €32,815 (-66.1%), from €49,643 to €16,828
of which Non-recurring financial charges: -€81,000
- Other operating charges +€12,601
up €12,601 (+163%), from €7,751 to €20,352
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€320,640
Gross operating margin
+€51,795
Staff costs
+€42,092
Depreciation
-€7,615
Write-downs
-€1,856
Other operating charges
-€12,601
Financial income
+€39,517
Financial charges
+€32,815
Taxes
-€639
Result 2025
€464,148
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€384,402
Investment
+€114,176
Financing
€0
Cash 2024
€269,557
From operations (derived)
+€384,402
Net result for the year
+€464,148
Depreciation
+€49,479
Stocks and contracts
-€37,647
Receivables within one year
+€64,758
Deferred charges and accrued income
+€8,958
Trade debts
+€5,323
Tax, wage and social debts
-€1,563
Other debts
-€165,336
Accrued charges and deferred income
-€3,719
Investment (derived)
+€114,176
Investment in fixed assets (net)
-€31,222
Current investments
+€145,398
Cash 2025
€768,136
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,070,008 | €7,368,861 | +€298,854 | +4.2% |
| Fixed assets | 21/28 | €2,454,521 | €2,436,264 | -€18,257 | -0.7% |
| Tangible fixed assets | 22/27 | €2,439,146 | €2,420,889 | -€18,257 | -0.7% |
| Land and buildings | 22 | €2,391,223 | €2,395,047 | +€3,824 | +0.2% |
| Plant, machinery and equipment | 23 | €392 | €142 | -€250 | -63.8% |
| Furniture and vehicles | 24 | €2,899 | €2,506 | -€393 | -13.6% |
| Other tangible fixed assets | 26 | €44,632 | €23,195 | -€21,437 | -48.0% |
| Financial fixed assets | 28 | €15,375 | €15,375 | = | 0.0% |
| Current assets | 29/58 | €4,615,486 | €4,932,597 | +€317,111 | +6.9% |
| Stocks and contracts in progress | 3 | €1,157,884 | €1,195,531 | +€37,647 | +3.3% |
| Stocks | 30/36 | €1,157,884 | €1,195,531 | +€37,647 | +3.3% |
| Amounts receivable within one year | 40/41 | €626,088 | €561,330 | -€64,758 | -10.3% |
| Trade receivables | 40 | €302,611 | €233,853 | -€68,758 | -22.7% |
| Other amounts receivable | 41 | €323,477 | €327,477 | +€4,000 | +1.2% |
| Current investments | 50/53 | €2,537,723 | €2,392,325 | -€145,398 | -5.7% |
| Cash at bank and in hand | 54/58 | €269,557 | €768,136 | +€498,578 | +185% |
| Deferred charges and accrued income | 490/1 | €24,234 | €15,276 | -€8,958 | -37.0% |
| Total equity and liabilities | 10/49 | €7,070,008 | €7,368,861 | +€298,854 | +4.2% |
| Equity | 10/15 | €6,509,359 | €6,973,507 | +€464,148 | +7.1% |
| Contributions | 10/11 | €1,715,579 | €1,715,579 | = | 0.0% |
| Reserves | 13 | €4,793,779 | €5,257,927 | +€464,148 | +9.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €788,206 | €687,199 | -€101,007 | -12.8% |
| Distributable reserves | 133 | €4,005,574 | €4,570,728 | +€565,155 | +14.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €560,649 | €395,354 | -€165,295 | -29.5% |
| Amounts payable within one year | 42/48 | €547,226 | €385,650 | -€161,576 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €13,829 | €19,153 | +€5,323 | +38.5% |
| Suppliers | 440/4 | €13,829 | €19,153 | +€5,323 | +38.5% |
| Taxes, remuneration and social security | 45 | €72,790 | €71,227 | -€1,563 | -2.1% |
| Taxes | 450/3 | €56,856 | €68,793 | +€11,938 | +21.0% |
| Remuneration and social security | 454/9 | €15,934 | €2,433 | -€13,501 | -84.7% |
| Other amounts payable | 47/48 | €460,607 | €295,271 | -€165,336 | -35.9% |
| Accrued charges and deferred income | 492/3 | €13,423 | €9,704 | -€3,719 | -27.7% |
| Remuneration, social security and pensions | 62 | €76,330 | €34,238 | -€42,092 | -55.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,864 | €49,479 | +€7,615 | +18.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,856 | +€1,856 | |
| Other operating charges | 640/8 | €7,751 | €20,352 | +€12,601 | +163% |
| Gross operating margin | 9900 | €646,721 | €698,516 | +€51,795 | +8.0% |
| Operating profit (loss) | 9901 | €520,777 | €592,592 | +€71,815 | +13.8% |
| Financial income | 75/76B | €61,237 | €100,754 | +€39,517 | +64.5% |
| Recurring financial income | 75 | €61,237 | €100,754 | +€39,517 | +64.5% |
| Financial charges | 65/66B | €49,643 | €16,828 | -€32,815 | -66.1% |
| Recurring financial charges | 65 | -€31,357 | €16,828 | +€48,185 | |
| Non-recurring financial charges | 66B | €81,000 | €0 | -€81,000 | -100% |
| Profit (loss) for the period before taxes | 9903 | €532,370 | €676,518 | +€144,147 | +27.1% |
| Income taxes | 67/77 | €211,730 | €212,370 | +€639 | +0.3% |
| Profit (loss) for the period | 9904 | €320,640 | €464,148 | +€143,508 | +44.8% |
| Transfer from tax-exempt reserves | 789 | €554,777 | €101,007 | -€453,770 | -81.8% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €0 | -€126,300 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €749,117 | €565,155 | -€183,962 | -24.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.