LOWANIN: 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.
LOWANIN
Largest movements
- Cash -€65,732
down €65,732 (-26.9%), from €244,766 to €179,034
mainly Debts after one year (-€126,096) and Investment in fixed assets (net) (-€56,879)
- Receivables within one year +€31,162
up €31,162 (+126.0%), from €24,722 to €55,884
of which Trade receivables: +€54,920
- Tangible fixed assets -€21,941
down €21,941 (-1.2%), from €1.8m to €1.7m
- Debts after one year -€126,096
down €126,096 (-9.1%), from €1.4m to €1.3m
- Reserves +€90,323
up €90,323 (+19.2%), from €469,357 to €559,680
of which Distributable reserves: +€90,323
- Trade debts -€31,543
down €31,543 (-62.3%), from €50,644 to €19,100
- Gross operating margin +€52,306
up €52,306 (+20.3%), from €257,738 to €310,044
- Taxes +€8,417
up €8,417 (+38.8%), from €21,691 to €30,108
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 | €2,040,210 | €1,983,013 | -€57,197 | -2.8% |
| Fixed assets | 21/28 | €1,770,036 | €1,748,095 | -€21,941 | -1.2% |
| Tangible fixed assets | 22/27 | €1,770,036 | €1,748,095 | -€21,941 | -1.2% |
| Land and buildings | 22 | €1,770,036 | €1,748,095 | -€21,941 | -1.2% |
| Current assets | 29/58 | €270,174 | €234,918 | -€35,256 | -13.0% |
| Amounts receivable within one year | 40/41 | €24,722 | €55,884 | +€31,162 | +126.0% |
| Trade receivables | 40 | - | €54,920 | +€54,920 | |
| Other amounts receivable | 41 | €24,722 | €964 | -€23,758 | -96.1% |
| Cash at bank and in hand | 54/58 | €244,766 | €179,034 | -€65,732 | -26.9% |
| Deferred charges and accrued income | 490/1 | €685 | €0 | -€685 | -100.0% |
| Total equity and liabilities | 10/49 | €2,040,210 | €1,983,013 | -€57,197 | -2.8% |
| Equity | 10/15 | €487,915 | €578,238 | +€90,323 | +18.5% |
| Contributions | 10/11 | €18,558 | €18,558 | = | 0.0% |
| Reserves | 13 | €469,357 | €559,680 | +€90,323 | +19.2% |
| Tax-exempt reserves | 132 | €2,301 | €2,301 | = | 0.0% |
| Distributable reserves | 133 | €467,056 | €557,379 | +€90,323 | +19.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,552,295 | €1,404,775 | -€147,520 | -9.5% |
| Amounts payable after more than one year | 17 | €1,378,567 | €1,252,471 | -€126,096 | -9.1% |
| Financial debts | 170/4 | €1,378,567 | €1,252,471 | -€126,096 | -9.1% |
| Amounts payable within one year | 42/48 | €173,729 | €152,304 | -€21,425 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €123,085 | €126,096 | +€3,011 | +2.4% |
| Trade debts | 44 | €50,644 | €19,100 | -€31,543 | -62.3% |
| Suppliers | 440/4 | €50,644 | €19,100 | -€31,543 | -62.3% |
| Taxes, remuneration and social security | 45 | €0 | €7,108 | +€7,108 | |
| Taxes | 450/3 | €0 | €7,108 | +€7,108 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,946 | €78,821 | -€126 | -0.2% |
| Other operating charges | 640/8 | €57,844 | €59,514 | +€1,670 | +2.9% |
| Non-recurring operating charges | 66A | - | €14,275 | +€14,275 | |
| Gross operating margin | 9900 | €257,738 | €310,044 | +€52,306 | +20.3% |
| Operating profit (loss) | 9901 | €120,947 | €157,435 | +€36,488 | +30.2% |
| Financial charges | 65/66B | €34,184 | €37,004 | +€2,820 | +8.2% |
| Recurring financial charges | 65 | €34,184 | €37,004 | +€2,820 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €86,763 | €120,431 | +€33,668 | +38.8% |
| Income taxes | 67/77 | €21,691 | €30,108 | +€8,417 | +38.8% |
| Profit (loss) for the period | 9904 | €65,072 | €90,323 | +€25,251 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,072 | €90,323 | +€25,251 | +38.8% |
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 12 October 2026 via checked.be.