LOVAN: 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.
LOVAN
Largest movements
- Tangible fixed assets +€196,403
up €196,403 (+8.2%), from €2.4m to €2.6m
of which Land and buildings: +€197,097
- Cash -€182,037
down €182,037 (-52.3%), from €348,001 to €165,964
mainly Investment in fixed assets (net) (-€210,455) and Receivables within one year (-€17,682)
- Current investments -€50,000
down €50,000 (-100.0%), from €50,000 to €0
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€19,272
down €19,272 (-45.9%), from €41,943 to €22,671
- Gross operating margin +€11,172
up €11,172 (+41.5%), from -€26,933 to -€15,761
- Depreciation +€2,589
up €2,589 (+22.6%), from €11,462 to €14,052
- Other operating charges +€748
up €748 (+26.6%), from €2,810 to €3,559
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 | €3,546,764 | €3,537,857 | -€8,908 | -0.3% |
| Fixed assets | 21/28 | €2,386,709 | €2,583,112 | +€196,403 | +8.2% |
| Tangible fixed assets | 22/27 | €2,386,709 | €2,583,112 | +€196,403 | +8.2% |
| Land and buildings | 22 | €2,327,175 | €2,524,272 | +€197,097 | +8.5% |
| Furniture and vehicles | 24 | €59,534 | €58,840 | -€694 | -1.2% |
| Current assets | 29/58 | €1,160,055 | €954,744 | -€205,310 | -17.7% |
| Amounts receivable within one year | 40/41 | €733,782 | €751,464 | +€17,682 | +2.4% |
| Other amounts receivable | 41 | €733,782 | €751,464 | +€17,682 | +2.4% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €348,001 | €165,964 | -€182,037 | -52.3% |
| Deferred charges and accrued income | 490/1 | €28,272 | €37,316 | +€9,044 | +32.0% |
| Total equity and liabilities | 10/49 | €3,546,764 | €3,537,857 | -€8,908 | -0.3% |
| Equity | 10/15 | €3,247,631 | €3,239,245 | -€8,387 | -0.3% |
| Contributions | 10/11 | €162,000 | €162,000 | = | 0.0% |
| Capital | 10 | €162,000 | €162,000 | = | 0.0% |
| Issued capital | 100 | €162,000 | €162,000 | = | 0.0% |
| Reserves | 13 | €3,085,631 | €3,077,245 | -€8,387 | -0.3% |
| Non-distributable reserves | 130/1 | €41,770 | €41,770 | = | 0.0% |
| Legal reserve | 130 | €41,770 | €41,770 | = | 0.0% |
| Tax-exempt reserves | 132 | €882,566 | €874,904 | -€7,662 | -0.9% |
| Distributable reserves | 133 | €2,161,296 | €2,160,571 | -€725 | 0.0% |
| Provisions and deferred taxes | 16 | €294,189 | €291,635 | -€2,554 | -0.9% |
| Deferred taxes | 168 | €294,189 | €291,635 | -€2,554 | -0.9% |
| Amounts payable | 17/49 | €4,944 | €6,977 | +€2,033 | +41.1% |
| Amounts payable within one year | 42/48 | €4,944 | €6,977 | +€2,033 | +41.1% |
| Trade debts | 44 | €4,944 | €6,977 | +€2,033 | +41.1% |
| Suppliers | 440/4 | €4,944 | €6,977 | +€2,033 | +41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,462 | €14,052 | +€2,589 | +22.6% |
| Other operating charges | 640/8 | €2,810 | €3,559 | +€748 | +26.6% |
| Gross operating margin | 9900 | -€26,933 | -€15,761 | +€11,172 | +41.5% |
| Operating profit (loss) | 9901 | -€41,205 | -€33,371 | +€7,834 | +19.0% |
| Financial income | 75/76B | €41,943 | €22,671 | -€19,272 | -45.9% |
| Recurring financial income | 75 | €41,943 | €22,671 | -€19,272 | -45.9% |
| Financial charges | 65/66B | €245 | €240 | -€5 | -2.0% |
| Recurring financial charges | 65 | €245 | €240 | -€5 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €493 | -€10,940 | -€11,433 | |
| Transfer from deferred taxes | 780 | €2,554 | €2,554 | = | 0.0% |
| Profit (loss) for the period | 9904 | €3,047 | -€8,387 | -€11,433 | |
| Transfer from tax-exempt reserves | 789 | €7,662 | €7,662 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,708 | -€725 | -€11,433 |
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.