LOUISE MA: what changed
LOUISE MA
Largest movements
- Receivables within one year +€53,033
up €53,033, from €0 to €53,033
of which Other amounts receivable: +€53,033
- Tangible fixed assets -€19,802
down €19,802 (-14.0%), from €141,317 to €121,515
of which Plant, machinery and equipment: -€17,016
- Trade debts +€44,522
up €44,522 (+227%), from €19,598 to €64,120
- Debts after one year -€16,553
down €16,553 (-55.7%), from €29,712 to €13,159
- Advances received -€5,051
down €5,051 (-54.3%), from €9,300 to €4,249
- Short-term financial debts +€4,696
up €4,696 (+102%), from €4,602 to €9,297
- Tax, wage and social debts +€3,748
up €3,748 (+13.7%), from €27,333 to €31,081
of which Taxes: +€8,785
- Other operating charges +€9,249
up €9,249 (+296%), from €3,123 to €12,372
- Gross operating margin -€7,903
down €7,903 (-7.8%), from €101,515 to €93,612
- Taxes -€3,234
no longer reported in 2025 (was €3,234)
- Staff costs +€1,472
up €1,472 (+2.9%), from €50,371 to €51,842
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €141,317 | €174,548 | +€33,232 | +23.5% |
| Fixed assets | 21/28 | €141,317 | €121,515 | -€19,802 | -14.0% |
| Tangible fixed assets | 22/27 | €141,317 | €121,515 | -€19,802 | -14.0% |
| Plant, machinery and equipment | 23 | €138,531 | €121,515 | -€17,016 | -12.3% |
| Furniture and vehicles | 24 | €2,785 | - | -€2,785 | |
| Current assets | 29/58 | €0 | €53,033 | +€53,033 | |
| Amounts receivable within one year | 40/41 | €0 | €53,033 | +€53,033 | |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | - | €53,033 | +€53,033 | |
| Cash at bank and in hand | 54/58 | €0 | €0 | = | |
| Total equity and liabilities | 10/49 | €141,317 | €174,548 | +€33,232 | +23.5% |
| Equity | 10/15 | €34,276 | €36,090 | +€1,814 | +5.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €500 | €500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,226 | €17,040 | +€1,814 | +11.9% |
| Amounts payable | 17/49 | €107,040 | €138,458 | +€31,418 | +29.4% |
| Amounts payable after more than one year | 17 | €29,712 | €13,159 | -€16,553 | -55.7% |
| Financial debts | 170/4 | €29,712 | €13,159 | -€16,553 | -55.7% |
| Amounts payable within one year | 42/48 | €77,328 | €125,299 | +€47,971 | +62.0% |
| Current portion of amounts payable after more than one year | 42 | €16,014 | €16,553 | +€539 | +3.4% |
| Financial debts | 43 | €4,602 | €9,297 | +€4,696 | +102% |
| Credit institutions | 430/8 | €4,602 | €9,297 | +€4,696 | +102% |
| Trade debts | 44 | €19,598 | €64,120 | +€44,522 | +227% |
| Suppliers | 440/4 | €19,598 | €64,120 | +€44,522 | +227% |
| Advances received on contracts in progress | 46 | €9,300 | €4,249 | -€5,051 | -54.3% |
| Taxes, remuneration and social security | 45 | €27,333 | €31,081 | +€3,748 | +13.7% |
| Taxes | 450/3 | €7,672 | €16,456 | +€8,785 | +115% |
| Remuneration and social security | 454/9 | €19,661 | €14,624 | -€5,037 | -25.6% |
| Other amounts payable | 47/48 | €482 | - | -€482 | |
| Remuneration, social security and pensions | 62 | €50,371 | €51,842 | +€1,472 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,759 | €24,767 | +€8 | 0.0% |
| Other operating charges | 640/8 | €3,123 | €12,372 | +€9,249 | +296% |
| Gross operating margin | 9900 | €101,515 | €93,612 | -€7,903 | -7.8% |
| Operating profit (loss) | 9901 | €23,262 | €4,631 | -€18,631 | -80.1% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,590 | €2,818 | +€228 | +8.8% |
| Recurring financial charges | 65 | €2,590 | €2,818 | +€228 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €20,673 | €1,814 | -€18,859 | -91.2% |
| Income taxes | 67/77 | €3,234 | - | -€3,234 | |
| Profit (loss) for the period | 9904 | €17,439 | €1,814 | -€15,625 | -89.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,439 | €1,814 | -€15,625 | -89.6% |
Next steps
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.