LOWIE: 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.
LOWIE
Largest movements
- Tangible fixed assets -€34,198
down €34,198 (-7.7%), from €441,464 to €407,267
- Cash -€14,747
down €14,747 (-8.5%), from €174,414 to €159,666
mainly Investment in fixed assets (net) (-€48,195) and Debts after one year (-€46,787)
- Receivables within one year +€14,270
up €14,270 (+48.2%), from €29,623 to €43,893
of which Other amounts receivable: +€19,083
- Reserves +€56,236
up €56,236 (+37.8%), from €148,603 to €204,840
- Debts after one year -€46,787
down €46,787 (-14.4%), from €324,184 to €277,397
of which Financial debts: -€46,787
- Trade debts -€25,127
down €25,127 (-21.1%), from €119,320 to €94,193
- Other debts -€9,079
no longer reported in 2025 (was €9,079)
- Staff costs -€28,105
down €28,105 (-10.1%), from €278,543 to €250,438
- Gross operating margin -€13,223
down €13,223 (-3.0%), from €441,957 to €428,734
- Taxes +€11,152
up €11,152 (+105.0%), from €10,621 to €21,774
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 | €725,876 | €695,471 | -€30,405 | -4.2% |
| Fixed assets | 21/28 | €450,828 | €416,388 | -€34,440 | -7.6% |
| Intangible fixed assets | 21 | €1,448 | €1,206 | -€242 | -16.7% |
| Tangible fixed assets | 22/27 | €441,464 | €407,267 | -€34,198 | -7.7% |
| Land and buildings | 22 | €13,276 | €11,445 | -€1,831 | -13.8% |
| Plant, machinery and equipment | 23 | €356,243 | €340,771 | -€15,472 | -4.3% |
| Furniture and vehicles | 24 | €71,945 | €55,050 | -€16,895 | -23.5% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Financial fixed assets | 28 | €7,916 | €7,916 | = | 0.0% |
| Current assets | 29/58 | €275,048 | €279,083 | +€4,035 | +1.5% |
| Stocks and contracts in progress | 3 | €63,483 | €67,892 | +€4,409 | +6.9% |
| Stocks | 30/36 | €63,483 | €67,892 | +€4,409 | +6.9% |
| Amounts receivable within one year | 40/41 | €29,623 | €43,893 | +€14,270 | +48.2% |
| Trade receivables | 40 | €26,262 | €21,449 | -€4,813 | -18.3% |
| Other amounts receivable | 41 | €3,361 | €22,444 | +€19,083 | +567.8% |
| Cash at bank and in hand | 54/58 | €174,414 | €159,666 | -€14,747 | -8.5% |
| Deferred charges and accrued income | 490/1 | €7,528 | €7,631 | +€103 | +1.4% |
| Total equity and liabilities | 10/49 | €725,876 | €695,471 | -€30,405 | -4.2% |
| Equity | 10/15 | €155,603 | €211,840 | +€56,236 | +36.1% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €148,603 | €204,840 | +€56,236 | +37.8% |
| Distributable reserves | 133 | €148,603 | €204,840 | +€56,236 | +37.8% |
| Amounts payable | 17/49 | €570,272 | €483,631 | -€86,641 | -15.2% |
| Amounts payable after more than one year | 17 | €324,184 | €277,397 | -€46,787 | -14.4% |
| Financial debts | 170/4 | €244,184 | €197,397 | -€46,787 | -19.2% |
| Other amounts payable | 178/9 | €80,000 | €80,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €238,914 | €198,941 | -€39,973 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €51,198 | €46,787 | -€4,411 | -8.6% |
| Trade debts | 44 | €119,320 | €94,193 | -€25,127 | -21.1% |
| Suppliers | 440/4 | €119,320 | €94,193 | -€25,127 | -21.1% |
| Taxes, remuneration and social security | 45 | €59,317 | €57,960 | -€1,356 | -2.3% |
| Taxes | 450/3 | €19,842 | €15,860 | -€3,982 | -20.1% |
| Remuneration and social security | 454/9 | €39,475 | €42,100 | +€2,625 | +6.7% |
| Other amounts payable | 47/48 | €9,079 | - | -€9,079 | |
| Accrued charges and deferred income | 492/3 | €7,175 | €7,293 | +€119 | +1.7% |
| Remuneration, social security and pensions | 62 | €278,543 | €250,438 | -€28,105 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,478 | €82,635 | +€1,156 | +1.4% |
| Other operating charges | 640/8 | €4,298 | €3,480 | -€818 | -19.0% |
| Gross operating margin | 9900 | €441,957 | €428,734 | -€13,223 | -3.0% |
| Operating profit (loss) | 9901 | €77,638 | €92,181 | +€14,543 | +18.7% |
| Financial income | 75/76B | €308 | €367 | +€59 | +19.3% |
| Recurring financial income | 75 | €308 | €367 | +€59 | +19.3% |
| Financial charges | 65/66B | €17,205 | €14,538 | -€2,667 | -15.5% |
| Recurring financial charges | 65 | €17,205 | €14,538 | -€2,667 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €60,741 | €78,010 | +€17,269 | +28.4% |
| Income taxes | 67/77 | €10,621 | €21,774 | +€11,152 | +105.0% |
| Profit (loss) for the period | 9904 | €50,120 | €56,236 | +€6,117 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €50,120 | €56,236 | +€6,117 | +12.2% |
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 3 October 2026 via checked.be.