LOTHIAN DEVELOPMENTS IV: 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.
What changed
LOTHIAN DEVELOPMENTS IV
NACE 68.310, Real estate agency activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€102,484
2024 · -€6.4m+€6.5m
Equity
-€4.3m
2024 · -€4.4m+€102,484
Cash
€1.0m
2024 · €1.4m-€319,396
Balance sheet total
€37.1m
2024 · €38.4m-€1.3m
Largest movements
Assets
- Tangible fixed assets -€1.1m
down €1.1m (-3.0%), from €36.2m to €35.1m
Equity and liabilities
- Debts after one year -€1.0m
down €1.0m (-2.4%), from €42.1m to €41.1m
- Trade debts -€489,488
down €489,488 (-79.6%), from €614,626 to €125,138
Income statement
- Gross operating margin +€2.6m
up €2.6m (+218.8%), from €1.2m to €3.8m
- Financial charges -€474,417
down €474,417 (-20.0%), from €2.4m to €1.9m
- Purchases and services -€465,500
down €465,500 (-85.7%), from €543,007 to €77,507
- Depreciation -€276,231
down €276,231 (-20.1%), from €1.4m to €1.1m
- Other operating charges -€228,588
down €228,588 (-23.3%), from €980,707 to €752,119
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.
Result 2024
-€6.4m
Gross operating margin
+€2.6m
Depreciation
+€276,231
Other operating charges
+€228,588
Other operating items
+€2.9m
Financial income
-€38,870
Financial charges
+€474,417
Taxes
+€12,295
Result 2025
€102,484
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.
From operations
+€680,604
Investment
€0
Financing
-€1.0m
Cash 2024
€1.4m
From operations (derived)
+€680,604
Net result for the year
+€102,484
Depreciation
+€1.1m
Receivables within one year
-€216,268
Deferred charges and accrued income
+€51,637
Trade debts
-€489,488
Tax, wage and social debts
+€136,083
Financing
-€1.0m
Debts after one year
-€1.0m
Cash 2025
€1.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,354,474 | €37,103,553 | -€1.3m | -3.3% |
| Fixed assets | 21/28 | €36,230,236 | €35,134,080 | -€1.1m | -3.0% |
| Tangible fixed assets | 22/27 | €36,230,236 | €35,134,080 | -€1.1m | -3.0% |
| Land and buildings | 22 | €36,230,236 | €35,134,080 | -€1.1m | -3.0% |
| Current assets | 29/58 | €2,124,238 | €1,969,473 | -€154,765 | -7.3% |
| Amounts receivable within one year | 40/41 | €28,186 | €244,454 | +€216,268 | +767.3% |
| Trade receivables | 40 | €6,343 | €212,427 | +€206,084 | +3249.0% |
| Other amounts receivable | 41 | €21,843 | €32,027 | +€10,184 | +46.6% |
| Cash at bank and in hand | 54/58 | €1,367,144 | €1,047,748 | -€319,396 | -23.4% |
| Deferred charges and accrued income | 490/1 | €728,908 | €677,271 | -€51,637 | -7.1% |
| Total equity and liabilities | 10/49 | €38,354,474 | €37,103,553 | -€1.3m | -3.3% |
| Equity | 10/15 | -€4,354,941 | -€4,252,457 | +€102,484 | +2.4% |
| Contributions | 10/11 | €1,600,000 | €1,600,000 | = | 0.0% |
| Capital | 10 | €1,600,000 | €1,600,000 | = | 0.0% |
| Issued capital | 100 | €1,600,000 | €1,600,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €109,346 | €109,346 | = | 0.0% |
| Non-distributable reserves | 130/1 | €109,346 | €109,346 | = | 0.0% |
| Legal reserve | 130 | €109,346 | €109,346 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,064,287 | -€5,961,803 | +€102,484 | +1.7% |
| Amounts payable | 17/49 | €42,709,415 | €41,356,010 | -€1.4m | -3.2% |
| Amounts payable after more than one year | 17 | €42,064,290 | €41,064,290 | -€1.0m | -2.4% |
| Financial debts | 170/4 | €42,064,290 | €41,064,290 | -€1.0m | -2.4% |
| Amounts payable within one year | 42/48 | €645,125 | €291,720 | -€353,405 | -54.8% |
| Trade debts | 44 | €614,626 | €125,138 | -€489,488 | -79.6% |
| Suppliers | 440/4 | €614,626 | €125,138 | -€489,488 | -79.6% |
| Taxes, remuneration and social security | 45 | €30,499 | €166,582 | +€136,083 | +446.2% |
| Taxes | 450/3 | €30,499 | €166,582 | +€136,083 | +446.2% |
| Turnover | 70 | €1,582,653 | €1,551,623 | -€31,030 | -2.0% |
| Non-recurring operating income | 76A | - | €1,587,500 | +€1.6m | |
| Goods, raw materials, services and sundry goods | 60/61 | €543,007 | €77,507 | -€465,500 | -85.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,372,387 | €1,096,156 | -€276,231 | -20.1% |
| Other operating charges | 640/8 | €980,707 | €752,119 | -€228,588 | -23.3% |
| Non-recurring operating charges | 66A | €2,897,318 | - | -€2.9m | |
| Gross operating margin | 9900 | €1,197,624 | €3,817,986 | +€2.6m | +218.8% |
| Operating profit (loss) | 9901 | -€4,052,788 | €1,969,711 | +€6.0m | |
| Financial income | 75/76B | €72,813 | €33,943 | -€38,870 | -53.4% |
| Recurring financial income | 75 | €72,813 | €33,943 | -€38,870 | -53.4% |
| Financial charges | 65/66B | €2,375,587 | €1,901,170 | -€474,417 | -20.0% |
| Recurring financial charges | 65 | €2,375,587 | €1,901,170 | -€474,417 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,355,562 | €102,484 | +€6.5m | |
| Income taxes | 67/77 | €12,295 | - | -€12,295 | |
| Profit (loss) for the period | 9904 | -€6,367,857 | €102,484 | +€6.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,367,857 | €102,484 | +€6.5m |
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 29 September 2026 via checked.be.