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
- Stocks and contracts +€443,583
new in 2025: €443,583
- Receivables within one year +€97,657
up €97,657 (+701.9%), from €13,913 to €111,570
of which Trade receivables: +€94,962
- Deferred charges and accrued income +€25,759
up €25,759 (+1708.9%), from €1,507 to €27,266
- Tangible fixed assets -€19,303
down €19,303 (-54.9%), from €35,156 to €15,853
- Short-term financial debts +€287,000
new in 2025: €287,000
- Other debts +€211,318
up €211,318 (+10297.1%), from €2,052 to €213,371
- Tax, wage and social debts +€45,077
up €45,077 (+287.2%), from €15,695 to €60,772
- Profit (loss) carried forward +€21,131
up €21,131 (+8.7%), from -€243,498 to -€222,367
- Debts after one year -€14,742
down €14,742 (-100.0%), from €14,742 to €0
- Gross operating margin -€123,123
down €123,123 (-67.8%), from €181,721 to €58,599
- Taxes -€31,903
down €31,903 (-72.4%), from €44,059 to €12,156
- Financial charges +€1,865
up €1,865 (+84.5%), from €2,208 to €4,074
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 | €64,054 | €617,607 | +€553,553 | +864.2% |
| Fixed assets | 21/28 | €35,156 | €15,853 | -€19,303 | -54.9% |
| Tangible fixed assets | 22/27 | €35,156 | €15,853 | -€19,303 | -54.9% |
| Furniture and vehicles | 24 | €35,156 | €15,853 | -€19,303 | -54.9% |
| Current assets | 29/58 | €28,898 | €601,754 | +€572,856 | +1982.4% |
| Stocks and contracts in progress | 3 | - | €443,583 | +€443,583 | |
| Stocks | 30/36 | - | €443,583 | +€443,583 | |
| Amounts receivable within one year | 40/41 | €13,913 | €111,570 | +€97,657 | +701.9% |
| Trade receivables | 40 | €13,913 | €108,875 | +€94,962 | +682.5% |
| Other amounts receivable | 41 | - | €2,695 | +€2,695 | |
| Cash at bank and in hand | 54/58 | €13,477 | €19,335 | +€5,858 | +43.5% |
| Deferred charges and accrued income | 490/1 | €1,507 | €27,266 | +€25,759 | +1708.9% |
| Total equity and liabilities | 10/49 | €64,054 | €617,607 | +€553,553 | +864.2% |
| Equity | 10/15 | €11,671 | €32,802 | +€21,131 | +181.1% |
| Contributions | 10/11 | €243,923 | €243,923 | = | 0.0% |
| Reserves | 13 | €11,246 | €11,246 | = | 0.0% |
| Distributable reserves | 133 | €11,246 | €11,246 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€243,498 | -€222,367 | +€21,131 | +8.7% |
| Amounts payable | 17/49 | €52,383 | €584,805 | +€532,422 | +1016.4% |
| Amounts payable after more than one year | 17 | €14,742 | €0 | -€14,742 | -100.0% |
| Financial debts | 170/4 | €14,742 | €0 | -€14,742 | -100.0% |
| Amounts payable within one year | 42/48 | €37,641 | €584,805 | +€547,164 | +1453.7% |
| Current portion of amounts payable after more than one year | 42 | €16,882 | €14,742 | -€2,140 | -12.7% |
| Financial debts | 43 | - | €287,000 | +€287,000 | |
| Credit institutions | 430/8 | - | €287,000 | +€287,000 | |
| Trade debts | 44 | €3,012 | €8,920 | +€5,908 | +196.2% |
| Suppliers | 440/4 | €3,012 | €8,920 | +€5,908 | +196.2% |
| Taxes, remuneration and social security | 45 | €15,695 | €60,772 | +€45,077 | +287.2% |
| Taxes | 450/3 | €15,695 | €60,772 | +€45,077 | +287.2% |
| Other amounts payable | 47/48 | €2,052 | €213,371 | +€211,318 | +10297.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,303 | €19,303 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,453 | €1,941 | -€512 | -20.9% |
| Gross operating margin | 9900 | €181,721 | €58,599 | -€123,123 | -67.8% |
| Operating profit (loss) | 9901 | €159,966 | €37,355 | -€122,611 | -76.6% |
| Financial income | 75/76B | €15 | €6 | -€9 | -59.3% |
| Recurring financial income | 75 | €15 | €6 | -€9 | -59.3% |
| Financial charges | 65/66B | €2,208 | €4,074 | +€1,865 | +84.5% |
| Recurring financial charges | 65 | €2,208 | €4,074 | +€1,865 | +84.5% |
| Profit (loss) for the period before taxes | 9903 | €157,772 | €33,287 | -€124,485 | -78.9% |
| Income taxes | 67/77 | €44,059 | €12,156 | -€31,903 | -72.4% |
| Profit (loss) for the period | 9904 | €113,713 | €21,131 | -€92,581 | -81.4% |
| Profit (loss) for the period to be appropriated | 9905 | €113,713 | €21,131 | -€92,581 | -81.4% |
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 1 October 2026 via checked.be.