Louwet: what changed
Two financial 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.
Louwet
Largest movements
- Tangible fixed assets +€2.1m
up €2.1m (+17.9%), from €12.0m to €14.1m
of which Land and buildings: +€2.2m
- Cash +€201,554
up €201,554 (+113%), from €177,998 to €379,552
mainly Contributions, distributions and other (+€2.1m) and Net result for the year (+€274,695)
- Contributions +€2.1m
up €2.1m (+1,934%), from €109,073 to €2.2m
of which Contributions outside capital: +€2.1m
- Other debts -€288,053
down €288,053 (-91.9%), from €313,338 to €25,285
- Reserves +€274,695
up €274,695 (+3.6%), from €7.6m to €7.9m
of which Distributable reserves: +€292,381
- Trade debts -€159,227
down €159,227 (-86.5%), from €184,117 to €24,890
- Gross operating margin -€170,377
down €170,377 (-24.3%), from €702,475 to €532,098
- Financial income -€167,035
down €167,035 (-80.5%), from €207,504 to €40,469
of which Non-recurring financial income: -€154,696
- Taxes -€69,142
down €69,142 (-41.3%), from €167,615 to €98,473
- Depreciation -€15,273
down €15,273 (-8.3%), from €183,871 to €168,598
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.
Derived cash bridge
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 | €13,632,386 | €15,580,346 | +€1.9m | +14.3% |
| Fixed assets | 21/28 | €11,987,083 | €14,134,889 | +€2.1m | +17.9% |
| Tangible fixed assets | 22/27 | €11,985,862 | €14,133,668 | +€2.1m | +17.9% |
| Land and buildings | 22 | €11,937,934 | €14,108,848 | +€2.2m | +18.2% |
| Plant, machinery and equipment | 23 | €32,637 | €15,263 | -€17,374 | -53.2% |
| Furniture and vehicles | 24 | €15,291 | €9,557 | -€5,734 | -37.5% |
| Financial fixed assets | 28 | €1,221 | €1,221 | = | 0.0% |
| Current assets | 29/58 | €1,645,303 | €1,445,457 | -€199,846 | -12.1% |
| Stocks and contracts in progress | 3 | €124,806 | - | -€124,806 | |
| Stocks | 30/36 | €124,806 | - | -€124,806 | |
| Amounts receivable within one year | 40/41 | €351,839 | €225,245 | -€126,594 | -36.0% |
| Trade receivables | 40 | €344,484 | €217,891 | -€126,593 | -36.7% |
| Other amounts receivable | 41 | €7,355 | €7,354 | -€1 | 0.0% |
| Current investments | 50/53 | €990,660 | €840,660 | -€150,000 | -15.1% |
| Cash at bank and in hand | 54/58 | €177,998 | €379,552 | +€201,554 | +113% |
| Total equity and liabilities | 10/49 | €13,632,386 | €15,580,346 | +€1.9m | +14.3% |
| Equity | 10/15 | €7,693,234 | €10,077,937 | +€2.4m | +31.0% |
| Contributions | 10/11 | €109,073 | €2,219,081 | +€2.1m | +1,934% |
| Capital | 10 | €109,073 | €139,068 | +€29,995 | +27.5% |
| Issued capital | 100 | €109,073 | €139,068 | +€29,995 | +27.5% |
| Contributions outside capital | 11 | - | €2,080,013 | +€2.1m | |
| Share premium | 1100/10 | - | €2,080,013 | +€2.1m | |
| Reserves | 13 | €7,584,161 | €7,858,856 | +€274,695 | +3.6% |
| Non-distributable reserves | 130/1 | €10,907 | €10,907 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,907 | €10,907 | = | 0.0% |
| Tax-exempt reserves | 132 | €503,596 | €485,910 | -€17,686 | -3.5% |
| Distributable reserves | 133 | €7,069,658 | €7,362,039 | +€292,381 | +4.1% |
| Provisions and deferred taxes | 16 | €56,511 | €50,616 | -€5,895 | -10.4% |
| Deferred taxes | 168 | €56,511 | €50,616 | -€5,895 | -10.4% |
| Amounts payable | 17/49 | €5,882,641 | €5,451,793 | -€430,848 | -7.3% |
| Amounts payable after more than one year | 17 | €5,356,413 | €5,356,413 | = | 0.0% |
| Financial debts | 170/4 | €5,355,000 | €5,355,000 | = | 0.0% |
| Other amounts payable | 178/9 | €1,413 | €1,413 | = | 0.0% |
| Amounts payable within one year | 42/48 | €526,228 | €95,380 | -€430,848 | -81.9% |
| Trade debts | 44 | €184,117 | €24,890 | -€159,227 | -86.5% |
| Suppliers | 440/4 | €184,117 | €24,890 | -€159,227 | -86.5% |
| Taxes, remuneration and social security | 45 | €28,773 | €45,205 | +€16,432 | +57.1% |
| Taxes | 450/3 | €28,773 | €45,205 | +€16,432 | +57.1% |
| Other amounts payable | 47/48 | €313,338 | €25,285 | -€288,053 | -91.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €183,871 | €168,598 | -€15,273 | -8.3% |
| Other operating charges | 640/8 | €30,772 | €32,845 | +€2,073 | +6.7% |
| Gross operating margin | 9900 | €702,475 | €532,098 | -€170,377 | -24.3% |
| Operating profit (loss) | 9901 | €487,832 | €330,655 | -€157,177 | -32.2% |
| Financial income | 75/76B | €207,504 | €40,469 | -€167,035 | -80.5% |
| Recurring financial income | 75 | €39,408 | €27,069 | -€12,339 | -31.3% |
| Non-recurring financial income | 76B | €168,096 | €13,400 | -€154,696 | -92.0% |
| Financial charges | 65/66B | €56 | €3,851 | +€3,795 | +6,777% |
| Recurring financial charges | 65 | €56 | €601 | +€545 | +973% |
| Non-recurring financial charges | 66B | - | €3,250 | +€3,250 | |
| Profit (loss) for the period before taxes | 9903 | €695,280 | €367,273 | -€328,007 | -47.2% |
| Transfer from deferred taxes | 780 | €30,179 | €5,895 | -€24,284 | -80.5% |
| Transfer to deferred taxes | 680 | €41,250 | - | -€41,250 | |
| Income taxes | 67/77 | €167,615 | €98,473 | -€69,142 | -41.3% |
| Profit (loss) for the period | 9904 | €516,594 | €274,695 | -€241,899 | -46.8% |
| Transfer from tax-exempt reserves | 789 | €90,539 | €17,685 | -€72,854 | -80.5% |
| Transfer to tax-exempt reserves | 689 | €123,750 | - | -€123,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €483,383 | €292,380 | -€191,003 | -39.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.