LOWART: 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.
LOWART
Largest movements
- Tangible fixed assets -€10,564
down €10,564 (-27.2%), from €38,861 to €28,298
of which Leasing and similar rights: -€8,128
- Cash -€5,799
down €5,799 (-54.1%), from €10,720 to €4,921
mainly Debts after one year (-€7,792) and Net result for the year (-€5,445)
- Receivables within one year +€4,923
up €4,923 (+149.3%), from €3,297 to €8,220
of which Trade receivables: +€5,742
- Debts after one year -€7,792
down €7,792 (-33.0%), from €23,628 to €15,836
- Reserves -€5,445
down €5,445 (-35.9%), from €15,159 to €9,714
- Trade debts +€1,738
up €1,738 (+179.1%), from €970 to €2,708
- Tax, wage and social debts -€880
down €880 (-31.8%), from €2,767 to €1,887
- Gross operating margin +€656
up €656 (+6.7%), from €9,802 to €10,458
- Staff costs +€645
up €645 (+27.6%), from €2,333 to €2,977
- Financial charges -€397
down €397 (-22.8%), from €1,742 to €1,345
- Other operating charges -€242
down €242 (-22.1%), from €1,094 to €853
- Depreciation +€157
up €157 (+1.5%), from €10,407 to €10,564
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 | €54,806 | €43,116 | -€11,690 | -21.3% |
| Fixed assets | 21/28 | €38,861 | €28,298 | -€10,564 | -27.2% |
| Tangible fixed assets | 22/27 | €38,861 | €28,298 | -€10,564 | -27.2% |
| Land and buildings | 22 | €2,408 | €1,193 | -€1,215 | -50.5% |
| Plant, machinery and equipment | 23 | €3,591 | €2,668 | -€923 | -25.7% |
| Furniture and vehicles | 24 | €783 | €485 | -€298 | -38.0% |
| Leasing and similar rights | 25 | €32,079 | €23,951 | -€8,128 | -25.3% |
| Current assets | 29/58 | €15,944 | €14,818 | -€1,126 | -7.1% |
| Amounts receivable within one year | 40/41 | €3,297 | €8,220 | +€4,923 | +149.3% |
| Trade receivables | 40 | €2,443 | €8,185 | +€5,742 | +235.1% |
| Other amounts receivable | 41 | €854 | €35 | -€819 | -95.9% |
| Cash at bank and in hand | 54/58 | €10,720 | €4,921 | -€5,799 | -54.1% |
| Deferred charges and accrued income | 490/1 | €1,928 | €1,677 | -€251 | -13.0% |
| Total equity and liabilities | 10/49 | €54,806 | €43,116 | -€11,690 | -21.3% |
| Equity | 10/15 | €19,159 | €13,714 | -€5,445 | -28.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €15,159 | €9,714 | -€5,445 | -35.9% |
| Distributable reserves | 133 | €15,159 | €9,714 | -€5,445 | -35.9% |
| Amounts payable | 17/49 | €35,647 | €29,402 | -€6,245 | -17.5% |
| Amounts payable after more than one year | 17 | €23,628 | €15,836 | -€7,792 | -33.0% |
| Financial debts | 170/4 | €23,628 | €15,836 | -€7,792 | -33.0% |
| Amounts payable within one year | 42/48 | €12,009 | €13,566 | +€1,557 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €7,486 | €7,792 | +€306 | +4.1% |
| Trade debts | 44 | €970 | €2,708 | +€1,738 | +179.1% |
| Suppliers | 440/4 | €970 | €2,708 | +€1,738 | +179.1% |
| Taxes, remuneration and social security | 45 | €2,767 | €1,887 | -€880 | -31.8% |
| Taxes | 450/3 | €2,767 | €1,887 | -€880 | -31.8% |
| Other amounts payable | 47/48 | €785 | €1,179 | +€393 | +50.1% |
| Accrued charges and deferred income | 492/3 | €10 | €0 | -€10 | -100.0% |
| Remuneration, social security and pensions | 62 | €2,333 | €2,977 | +€645 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,407 | €10,564 | +€157 | +1.5% |
| Other operating charges | 640/8 | €1,094 | €853 | -€242 | -22.1% |
| Non-recurring operating charges | 66A | €187 | €0 | -€187 | -100.0% |
| Gross operating margin | 9900 | €9,802 | €10,458 | +€656 | +6.7% |
| Operating profit (loss) | 9901 | -€4,219 | -€3,936 | +€283 | +6.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €1,742 | €1,345 | -€397 | -22.8% |
| Recurring financial charges | 65 | €1,742 | €1,345 | -€397 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,961 | -€5,280 | +€680 | +11.4% |
| Income taxes | 67/77 | €175 | €165 | -€10 | -5.6% |
| Profit (loss) for the period | 9904 | -€6,135 | -€5,445 | +€690 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,135 | -€5,445 | +€690 | +11.2% |
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 6 October 2026 via checked.be.