LOUISED: 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.
LOUISED
Largest movements
- Tangible fixed assets -€503,480
down €503,480 (-4.6%), from €10.9m to €10.4m
of which Land and buildings: -€500,620
- Cash +€351,943
up €351,943 (+49.1%), from €717,304 to €1.1m
mainly Depreciation (+€601,953) and Net result for the year (+€222,263)
- Debts after one year -€267,412
down €267,412 (-8.8%), from €3.1m to €2.8m
- Profit (loss) carried forward +€222,263
up €222,263 (+9.1%), from €2.4m to €2.7m
- Trade debts -€133,794
down €133,794 (-53.5%), from €250,303 to €116,509
- Gross operating margin -€102,219
down €102,219 (-8.4%), from €1.2m to €1.1m
- Depreciation +€70,104
up €70,104 (+13.2%), from €531,849 to €601,953
- Staff costs -€62,548
no longer reported in 2025 (was €62,548)
- Taxes +€40,716
up €40,716 (+156.1%), from €26,087 to €66,802
- Write-downs -€31,805
down €31,805 (-82.5%), from €38,534 to €6,728
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 | €11,774,360 | €11,672,272 | -€102,088 | -0.9% |
| Fixed assets | 21/28 | €10,896,635 | €10,393,154 | -€503,480 | -4.6% |
| Tangible fixed assets | 22/27 | €10,896,235 | €10,392,754 | -€503,480 | -4.6% |
| Land and buildings | 22 | €10,890,646 | €10,390,026 | -€500,620 | -4.6% |
| Plant, machinery and equipment | 23 | €2,412 | €1,095 | -€1,317 | -54.6% |
| Furniture and vehicles | 24 | €3,177 | €1,633 | -€1,543 | -48.6% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €877,726 | €1,279,117 | +€401,392 | +45.7% |
| Amounts receivable within one year | 40/41 | €139,572 | €187,634 | +€48,062 | +34.4% |
| Trade receivables | 40 | €139,572 | €187,634 | +€48,062 | +34.4% |
| Cash at bank and in hand | 54/58 | €717,304 | €1,069,247 | +€351,943 | +49.1% |
| Deferred charges and accrued income | 490/1 | €20,849 | €22,236 | +€1,386 | +6.6% |
| Total equity and liabilities | 10/49 | €11,774,360 | €11,672,272 | -€102,088 | -0.9% |
| Equity | 10/15 | €5,488,713 | €5,710,977 | +€222,263 | +4.0% |
| Contributions | 10/11 | €2,768,266 | €2,768,266 | = | 0.0% |
| Capital | 10 | €2,768,266 | €2,768,266 | = | 0.0% |
| Issued capital | 100 | €2,768,266 | €2,768,266 | = | 0.0% |
| Reserves | 13 | €276,827 | €276,827 | = | 0.0% |
| Non-distributable reserves | 130/1 | €276,827 | €276,827 | = | 0.0% |
| Legal reserve | 130 | €276,827 | €276,827 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,443,621 | €2,665,884 | +€222,263 | +9.1% |
| Amounts payable | 17/49 | €6,285,647 | €5,961,295 | -€324,352 | -5.2% |
| Amounts payable after more than one year | 17 | €3,052,230 | €2,784,818 | -€267,412 | -8.8% |
| Financial debts | 170/4 | €3,052,230 | €2,784,818 | -€267,412 | -8.8% |
| Amounts payable within one year | 42/48 | €3,110,420 | €3,048,798 | -€61,622 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €262,830 | €267,412 | +€4,582 | +1.7% |
| Trade debts | 44 | €250,303 | €116,509 | -€133,794 | -53.5% |
| Suppliers | 440/4 | €250,303 | €116,509 | -€133,794 | -53.5% |
| Taxes, remuneration and social security | 45 | €68,833 | €136,262 | +€67,429 | +98.0% |
| Taxes | 450/3 | €61,669 | €135,460 | +€73,791 | +119.7% |
| Remuneration and social security | 454/9 | €7,164 | €802 | -€6,362 | -88.8% |
| Other amounts payable | 47/48 | €2,528,454 | €2,528,615 | +€162 | 0.0% |
| Accrued charges and deferred income | 492/3 | €122,997 | €127,679 | +€4,682 | +3.8% |
| Remuneration, social security and pensions | 62 | €62,548 | - | -€62,548 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €531,849 | €601,953 | +€70,104 | +13.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €38,534 | €6,728 | -€31,805 | -82.5% |
| Other operating charges | 640/8 | €57,263 | €61,561 | +€4,298 | +7.5% |
| Non-recurring operating charges | 66A | - | €1,092 | +€1,092 | |
| Gross operating margin | 9900 | €1,217,501 | €1,115,282 | -€102,219 | -8.4% |
| Operating profit (loss) | 9901 | €527,308 | €443,948 | -€83,361 | -15.8% |
| Financial income | 75/76B | €3,030 | €19,959 | +€16,929 | +558.6% |
| Recurring financial income | 75 | €3,030 | €19,959 | +€16,929 | +558.6% |
| Financial charges | 65/66B | €175,451 | €174,841 | -€610 | -0.3% |
| Recurring financial charges | 65 | €175,451 | €174,841 | -€610 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €354,887 | €289,065 | -€65,822 | -18.5% |
| Income taxes | 67/77 | €26,087 | €66,802 | +€40,716 | +156.1% |
| Profit (loss) for the period | 9904 | €328,801 | €222,263 | -€106,537 | -32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €328,801 | €222,263 | -€106,537 | -32.4% |
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 4 October 2026 via checked.be.