LOVACO: 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.
LOVACO
Largest movements
- Receivables within one year +€187,327
up €187,327 (+829%), from €22,594 to €209,922
of which Trade receivables: +€187,327
- Tangible fixed assets -€65,406
down €65,406 (-2.3%), from €2.8m to €2.7m
of which Land and buildings: -€128,099
- Cash +€34,667
up €34,667 (+91.3%), from €37,961 to €72,628
mainly Depreciation (+€156,229) and Net result for the year (+€113,889)
- Reserves +€113,889
up €113,889 (+18.8%), from €605,672 to €719,561
- Tax, wage and social debts +€72,526
up €72,526 (+192%), from €37,742 to €110,267
- Other debts -€39,986
down €39,986 (-9.5%), from €421,158 to €381,172
- Trade debts +€35,398
up €35,398 (+407%), from €8,694 to €44,092
- Gross operating margin +€108,574
up €108,574 (+36.8%), from €294,855 to €403,428
- Taxes +€31,922
up €31,922 (+121%), from €26,351 to €58,274
- Depreciation +€7,260
up €7,260 (+4.9%), from €148,969 to €156,229
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 | €2,853,041 | €3,008,917 | +€155,875 | +5.5% |
| Fixed assets | 21/28 | €2,790,168 | €2,724,761 | -€65,406 | -2.3% |
| Tangible fixed assets | 22/27 | €2,790,168 | €2,724,761 | -€65,406 | -2.3% |
| Land and buildings | 22 | €2,684,544 | €2,556,445 | -€128,099 | -4.8% |
| Plant, machinery and equipment | 23 | €91,910 | €140,786 | +€48,876 | +53.2% |
| Furniture and vehicles | 24 | €13,714 | €27,530 | +€13,817 | +101% |
| Current assets | 29/58 | €62,874 | €284,155 | +€221,282 | +352% |
| Amounts receivable within one year | 40/41 | €22,594 | €209,922 | +€187,327 | +829% |
| Trade receivables | 40 | €22,594 | €209,922 | +€187,327 | +829% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €37,961 | €72,628 | +€34,667 | +91.3% |
| Deferred charges and accrued income | 490/1 | €2,318 | €1,606 | -€712 | -30.7% |
| Total equity and liabilities | 10/49 | €2,853,041 | €3,008,917 | +€155,875 | +5.5% |
| Equity | 10/15 | €701,972 | €815,861 | +€113,889 | +16.2% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €605,672 | €719,561 | +€113,889 | +18.8% |
| Distributable reserves | 133 | €605,672 | €719,561 | +€113,889 | +18.8% |
| Profit (loss) carried forward | 14 | -€153,700 | -€153,700 | = | 0.0% |
| Amounts payable | 17/49 | €2,151,069 | €2,193,055 | +€41,986 | +2.0% |
| Amounts payable after more than one year | 17 | €1,536,149 | €1,515,034 | -€21,115 | -1.4% |
| Financial debts | 170/4 | €1,536,149 | €1,515,034 | -€21,115 | -1.4% |
| Amounts payable within one year | 42/48 | €571,171 | €631,646 | +€60,476 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €103,577 | €96,115 | -€7,462 | -7.2% |
| Trade debts | 44 | €8,694 | €44,092 | +€35,398 | +407% |
| Suppliers | 440/4 | €8,694 | €44,092 | +€35,398 | +407% |
| Taxes, remuneration and social security | 45 | €37,742 | €110,267 | +€72,526 | +192% |
| Taxes | 450/3 | €37,742 | €110,267 | +€72,526 | +192% |
| Other amounts payable | 47/48 | €421,158 | €381,172 | -€39,986 | -9.5% |
| Accrued charges and deferred income | 492/3 | €43,750 | €46,375 | +€2,625 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,969 | €156,229 | +€7,260 | +4.9% |
| Other operating charges | 640/8 | €9,508 | €9,668 | +€160 | +1.7% |
| Non-recurring operating charges | 66A | - | €4,041 | +€4,041 | |
| Gross operating margin | 9900 | €294,855 | €403,428 | +€108,574 | +36.8% |
| Operating profit (loss) | 9901 | €136,378 | €233,491 | +€97,112 | +71.2% |
| Financial income | 75/76B | €1,200 | €1,200 | -€0 | 0.0% |
| Recurring financial income | 75 | €1,200 | €1,200 | -€0 | 0.0% |
| Financial charges | 65/66B | €61,777 | €62,528 | +€751 | +1.2% |
| Recurring financial charges | 65 | €61,777 | €62,528 | +€751 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €75,802 | €172,163 | +€96,361 | +127% |
| Income taxes | 67/77 | €26,351 | €58,274 | +€31,922 | +121% |
| Profit (loss) for the period | 9904 | €49,450 | €113,889 | +€64,439 | +130% |
| Profit (loss) for the period to be appropriated | 9905 | €49,450 | €113,889 | +€64,439 | +130% |
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 31 October 2026 via checked.be.