LOVARO: 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.
LOVARO
Largest movements
- Tangible fixed assets -€15,580
down €15,580 (-8.9%), from €175,076 to €159,496
of which Leasing and similar rights: -€8,613
- Cash -€15,428
down €15,428 (-26.3%), from €58,749 to €43,321
mainly Debts after one year (-€56,478) and Investment in fixed assets (net) (-€18,305)
- Receivables within one year -€7,697
down €7,697 (-33.2%), from €23,164 to €15,468
of which Trade receivables: -€6,755
- Debts after one year -€56,478
down €56,478 (-33.1%), from €170,471 to €113,993
- Reserves +€21,307
up €21,307 (+32.3%), from €65,893 to €87,199
- Gross operating margin +€3,438
up €3,438 (+4.7%), from €72,400 to €75,838
- Taxes +€3,398
up €3,398 (+73.9%), from €4,596 to €7,994
- Depreciation +€2,896
up €2,896 (+9.4%), from €30,962 to €33,858
- Other operating charges +€1,382
up €1,382 (+28.7%), from €4,822 to €6,204
- Financial charges -€932
down €932 (-12.6%), from €7,417 to €6,485
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 | €271,812 | €235,797 | -€36,015 | -13.2% |
| Fixed assets | 21/28 | €176,989 | €161,435 | -€15,553 | -8.8% |
| Tangible fixed assets | 22/27 | €175,076 | €159,496 | -€15,580 | -8.9% |
| Plant, machinery and equipment | 23 | €100,304 | €96,249 | -€4,055 | -4.0% |
| Furniture and vehicles | 24 | €798 | €1,410 | +€612 | +76.7% |
| Leasing and similar rights | 25 | €30,535 | €21,922 | -€8,613 | -28.2% |
| Other tangible fixed assets | 26 | €43,439 | €39,915 | -€3,524 | -8.1% |
| Financial fixed assets | 28 | €1,913 | €1,940 | +€27 | +1.4% |
| Current assets | 29/58 | €94,823 | €74,362 | -€20,462 | -21.6% |
| Stocks and contracts in progress | 3 | €9,825 | €12,279 | +€2,455 | +25.0% |
| Stocks | 30/36 | €9,825 | €12,279 | +€2,455 | +25.0% |
| Amounts receivable within one year | 40/41 | €23,164 | €15,468 | -€7,697 | -33.2% |
| Trade receivables | 40 | €8,524 | €1,769 | -€6,755 | -79.2% |
| Other amounts receivable | 41 | €14,641 | €13,698 | -€942 | -6.4% |
| Cash at bank and in hand | 54/58 | €58,749 | €43,321 | -€15,428 | -26.3% |
| Deferred charges and accrued income | 490/1 | €3,085 | €3,294 | +€209 | +6.8% |
| Total equity and liabilities | 10/49 | €271,812 | €235,797 | -€36,015 | -13.2% |
| Equity | 10/15 | €67,393 | €88,699 | +€21,307 | +31.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €65,893 | €87,199 | +€21,307 | +32.3% |
| Distributable reserves | 133 | €65,893 | €87,199 | +€21,307 | +32.3% |
| Amounts payable | 17/49 | €204,419 | €147,098 | -€57,322 | -28.0% |
| Amounts payable after more than one year | 17 | €170,471 | €113,993 | -€56,478 | -33.1% |
| Financial debts | 170/4 | €170,471 | €113,993 | -€56,478 | -33.1% |
| Amounts payable within one year | 42/48 | €33,948 | €33,105 | -€843 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €25,417 | €26,478 | +€1,061 | +4.2% |
| Trade debts | 44 | €5,359 | €4,965 | -€394 | -7.4% |
| Suppliers | 440/4 | €5,359 | €4,965 | -€394 | -7.4% |
| Taxes, remuneration and social security | 45 | €2,027 | €343 | -€1,684 | -83.1% |
| Taxes | 450/3 | €507 | €343 | -€164 | -32.4% |
| Remuneration and social security | 454/9 | €1,520 | €0 | -€1,520 | -100.0% |
| Other amounts payable | 47/48 | €1,144 | €1,318 | +€174 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,962 | €33,858 | +€2,896 | +9.4% |
| Other operating charges | 640/8 | €4,822 | €6,204 | +€1,382 | +28.7% |
| Non-recurring operating charges | 66A | €9,804 | €0 | -€9,804 | -100.0% |
| Gross operating margin | 9900 | €72,400 | €75,838 | +€3,438 | +4.7% |
| Operating profit (loss) | 9901 | €26,811 | €35,776 | +€8,964 | +33.4% |
| Financial income | 75/76B | €346 | €10 | -€335 | -97.0% |
| Recurring financial income | 75 | €346 | €10 | -€335 | -97.0% |
| Financial charges | 65/66B | €7,417 | €6,485 | -€932 | -12.6% |
| Recurring financial charges | 65 | €7,417 | €6,485 | -€932 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €19,740 | €29,301 | +€9,561 | +48.4% |
| Income taxes | 67/77 | €4,596 | €7,994 | +€3,398 | +73.9% |
| Profit (loss) for the period | 9904 | €15,144 | €21,307 | +€6,163 | +40.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,144 | €21,307 | +€6,163 | +40.7% |
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 9 October 2026 via checked.be.