LOVA: 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.
LOVA
Largest movements
- Tangible fixed assets +€2.3m
up €2.3m (+14.0%), from €16.1m to €18.4m
- Cash +€1.1m
up €1.1m (+573.8%), from €186,279 to €1.3m
mainly Trade debts (+€1.7m) and Debts after one year (+€729,891)
- Current investments -€600,000
no longer reported in 2025 (was €600,000)
- Trade debts +€1.7m
up €1.7m (+5519.0%), from €30,951 to €1.7m
- Debts after one year +€729,891
up €729,891 (+4.4%), from €16.5m to €17.2m
- Current portion of long-term debt +€258,282
up €258,282 (+42.2%), from €611,828 to €870,109
- Financial charges -€117,253
down €117,253 (-15.3%), from €766,281 to €649,028
- Depreciation +€99,105
up €99,105 (+17.3%), from €573,391 to €672,496
- Gross operating margin -€89,261
down €89,261 (-5.9%), from €1.5m to €1.4m
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 | €17,109,264 | €19,948,511 | +€2.8m | +16.6% |
| Fixed assets | 21/28 | €16,142,157 | €18,406,910 | +€2.3m | +14.0% |
| Tangible fixed assets | 22/27 | €16,142,157 | €18,406,910 | +€2.3m | +14.0% |
| Land and buildings | 22 | €16,142,157 | €18,406,910 | +€2.3m | +14.0% |
| Current assets | 29/58 | €967,107 | €1,541,601 | +€574,494 | +59.4% |
| Amounts receivable within one year | 40/41 | €156,897 | €263,453 | +€106,556 | +67.9% |
| Trade receivables | 40 | €152,726 | €257,466 | +€104,740 | +68.6% |
| Other amounts receivable | 41 | €4,171 | €5,987 | +€1,816 | +43.5% |
| Current investments | 50/53 | €600,000 | - | -€600,000 | |
| Cash at bank and in hand | 54/58 | €186,279 | €1,255,099 | +€1.1m | +573.8% |
| Deferred charges and accrued income | 490/1 | €23,931 | €23,049 | -€882 | -3.7% |
| Total equity and liabilities | 10/49 | €17,109,264 | €19,948,511 | +€2.8m | +16.6% |
| Equity | 10/15 | -€177,432 | -€155,795 | +€21,637 | +12.2% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,177,432 | -€2,155,795 | +€21,637 | +1.0% |
| Amounts payable | 17/49 | €17,286,696 | €20,104,305 | +€2.8m | +16.3% |
| Amounts payable after more than one year | 17 | €16,488,172 | €17,218,063 | +€729,891 | +4.4% |
| Financial debts | 170/4 | €16,488,172 | €17,218,063 | +€729,891 | +4.4% |
| Amounts payable within one year | 42/48 | €642,779 | €2,609,253 | +€2.0m | +305.9% |
| Current portion of amounts payable after more than one year | 42 | €611,828 | €870,109 | +€258,282 | +42.2% |
| Trade debts | 44 | €30,951 | €1,739,143 | +€1.7m | +5519.0% |
| Suppliers | 440/4 | €30,951 | €1,739,143 | +€1.7m | +5519.0% |
| Accrued charges and deferred income | 492/3 | €155,745 | €276,990 | +€121,245 | +77.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €573,391 | €672,496 | +€99,105 | +17.3% |
| Other operating charges | 640/8 | €96,763 | €100,395 | +€3,633 | +3.8% |
| Gross operating margin | 9900 | €1,525,126 | €1,435,866 | -€89,261 | -5.9% |
| Operating profit (loss) | 9901 | €854,973 | €662,975 | -€191,999 | -22.5% |
| Financial income | 75/76B | €12,731 | €7,691 | -€5,040 | -39.6% |
| Recurring financial income | 75 | €12,731 | €7,691 | -€5,040 | -39.6% |
| Financial charges | 65/66B | €766,281 | €649,028 | -€117,253 | -15.3% |
| Recurring financial charges | 65 | €766,281 | €649,028 | -€117,253 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €101,423 | €21,637 | -€79,786 | -78.7% |
| Profit (loss) for the period | 9904 | €101,423 | €21,637 | -€79,786 | -78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €101,423 | €21,637 | -€79,786 | -78.7% |
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 5 October 2026 via checked.be.