LOUISE 222: what changed
What changed
LOUISE 222
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
-€471,079
2024 · -€316,918-€154,161
Equity
-€2.2m
2024 · -€1.8m-€471,079
Cash
€560,717
2024 · €361,469+€199,248
Balance sheet total
€10.6m
2024 · €10.3m+€271,726
Largest movements
Assets
- Cash +€199,248
up €199,248 (+55.1%), from €361,469 to €560,717
mainly Other debts (+€2.1m) and Depreciation (+€647,736)
- Tangible fixed assets +€135,200
up €135,200 (+1.4%), from €9.6m to €9.7m
of which Plant, machinery and equipment: +€3.0m
Equity and liabilities
- Other debts +€2.1m
up €2.1m (+94.1%), from €2.2m to €4.4m
- Trade debts -€813,037
down €813,037 (-92.2%), from €882,002 to €68,964
- Profit (loss) carried forward -€471,079
down €471,079 (-15.9%), from -€3.0m to -€3.4m
- Debts after one year -€376,400
down €376,400 (-4.7%), from €8.0m to €7.6m
Income statement
- Depreciation +€231,635
up €231,635 (+55.7%), from €416,102 to €647,736
- Gross operating margin +€76,707
up €76,707 (+8.3%), from €923,289 to €999,996
- Financial charges -€62,071
down €62,071 (-12.8%), from €484,294 to €422,223
of which Financial charges: -€58,891
- Other operating charges +€47,151
up €47,151 (+13.1%), from €359,453 to €406,604
- Financial income -€14,153
down €14,153 (-72.1%), from €19,641 to €5,488
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
-€316,918
Gross operating margin
+€76,707
Depreciation
-€231,635
Other operating charges
-€47,151
Financial income
-€14,153
Financial charges
+€62,071
Result 2025
-€471,079
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
+€1.4m
Investment
-€782,936
Financing
-€406,374
Cash 2024
€361,469
From operations (derived)
+€1.4m
Net result for the year
-€471,079
Depreciation
+€647,736
Receivables within one year
+€16,840
Deferred charges and accrued income
+€45,881
Trade debts
-€813,037
Tax, wage and social debts
-€103,298
Other debts
+€2.1m
Accrued charges and deferred income
-€46,892
Investment (derived)
-€782,936
Investment in fixed assets (net)
-€782,936
Financing
-€406,374
Debts after one year
-€376,400
Short-term financial debts
-€29,974
Cash 2025
€560,717
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,331,063 | €10,602,790 | +€271,726 | +2.6% |
| Fixed assets | 21/28 | €9,604,564 | €9,739,764 | +€135,200 | +1.4% |
| Tangible fixed assets | 22/27 | €9,595,160 | €9,730,360 | +€135,200 | +1.4% |
| Land and buildings | 22 | €6,255,268 | €6,010,002 | -€245,266 | -3.9% |
| Plant, machinery and equipment | 23 | €733,918 | €3,685,479 | +€3.0m | +402% |
| Other tangible fixed assets | 26 | €1,735 | €1,425 | -€310 | -17.8% |
| Assets under construction and advance payments | 27 | €2,604,239 | €33,453 | -€2.6m | -98.7% |
| Financial fixed assets | 28 | €9,405 | €9,405 | = | 0.0% |
| Current assets | 29/58 | €726,499 | €863,026 | +€136,526 | +18.8% |
| Amounts receivable within one year | 40/41 | €258,592 | €241,752 | -€16,840 | -6.5% |
| Trade receivables | 40 | €258,592 | €241,752 | -€16,840 | -6.5% |
| Cash at bank and in hand | 54/58 | €361,469 | €560,717 | +€199,248 | +55.1% |
| Deferred charges and accrued income | 490/1 | €106,438 | €60,557 | -€45,881 | -43.1% |
| Total equity and liabilities | 10/49 | €10,331,063 | €10,602,790 | +€271,726 | +2.6% |
| Equity | 10/15 | -€1,753,396 | -€2,224,475 | -€471,079 | -26.9% |
| Contributions | 10/11 | €1,202,897 | €1,202,897 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,956,293 | -€3,427,372 | -€471,079 | -15.9% |
| Amounts payable | 17/49 | €12,084,459 | €12,827,265 | +€742,806 | +6.1% |
| Amounts payable after more than one year | 17 | €7,998,500 | €7,622,100 | -€376,400 | -4.7% |
| Financial debts | 170/4 | €7,998,500 | €7,622,100 | -€376,400 | -4.7% |
| Amounts payable within one year | 42/48 | €3,881,343 | €5,047,440 | +€1.2m | +30.0% |
| Current portion of amounts payable after more than one year | 42 | €376,400 | €376,400 | = | 0.0% |
| Financial debts | 43 | €164,853 | €134,879 | -€29,974 | -18.2% |
| Credit institutions | 430/8 | €164,853 | €134,879 | -€29,974 | -18.2% |
| Trade debts | 44 | €882,002 | €68,964 | -€813,037 | -92.2% |
| Suppliers | 440/4 | €882,002 | €68,964 | -€813,037 | -92.2% |
| Taxes, remuneration and social security | 45 | €213,342 | €110,044 | -€103,298 | -48.4% |
| Taxes | 450/3 | €213,342 | €110,044 | -€103,298 | -48.4% |
| Other amounts payable | 47/48 | €2,244,745 | €4,357,153 | +€2.1m | +94.1% |
| Accrued charges and deferred income | 492/3 | €204,616 | €157,724 | -€46,892 | -22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €416,102 | €647,736 | +€231,635 | +55.7% |
| Other operating charges | 640/8 | €359,453 | €406,604 | +€47,151 | +13.1% |
| Gross operating margin | 9900 | €923,289 | €999,996 | +€76,707 | +8.3% |
| Operating profit (loss) | 9901 | €147,735 | -€54,344 | -€202,079 | |
| Financial income | 75/76B | €19,641 | €5,488 | -€14,153 | -72.1% |
| Recurring financial income | 75 | €19,641 | €5,488 | -€14,153 | -72.1% |
| Financial charges | 65/66B | €484,294 | €422,223 | -€62,071 | -12.8% |
| Recurring financial charges | 65 | €481,114 | €422,223 | -€58,891 | -12.2% |
| Non-recurring financial charges | 66B | €3,180 | - | -€3,180 | |
| Profit (loss) for the period before taxes | 9903 | -€316,918 | -€471,079 | -€154,161 | -48.6% |
| Profit (loss) for the period | 9904 | -€316,918 | -€471,079 | -€154,161 | -48.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€316,918 | -€471,079 | -€154,161 | -48.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.