Lowtide: 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.
Lowtide
Largest movements
- Cash +€352,215
up €352,215 (+95.4%), from €369,274 to €721,489
mainly Receivables within one year (+€334,811) and Depreciation (+€304,940)
- Receivables within one year -€334,811
down €334,811 (-84.1%), from €397,922 to €63,112
of which Other amounts receivable: -€345,673
- Tangible fixed assets -€304,940
down €304,940 (-37.8%), from €805,733 to €500,792
- Financial fixed assets +€108,728
up €108,728 (+2.6%), from €4.2m to €4.3m
- Reserves +€203,923
up €203,923 (+83.4%), from €244,640 to €448,563
of which Distributable reserves: +€203,923
- Accrued charges and deferred income -€176,314
down €176,314 (-41.6%), from €424,135 to €247,821
- Other debts -€164,390
down €164,390 (-28.6%), from €574,651 to €410,261
- Investment grants -€59,547
down €59,547 (-40.0%), from €148,867 to €89,321
- Turnover +€106,071
up €106,071 (+18.0%), from €589,482 to €695,553
- Financial income -€89,002
down €89,002 (-18.6%), from €479,245 to €390,243
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 | €5,751,228 | €5,575,396 | -€175,832 | -3.1% |
| Fixed assets | 21/28 | €4,962,291 | €4,766,078 | -€196,213 | -4.0% |
| Tangible fixed assets | 22/27 | €805,733 | €500,792 | -€304,940 | -37.8% |
| Plant, machinery and equipment | 23 | €805,733 | €500,792 | -€304,940 | -37.8% |
| Financial fixed assets | 28 | €4,156,558 | €4,265,286 | +€108,728 | +2.6% |
| Affiliated companies | 280/1 | €4,156,558 | €4,265,286 | +€108,728 | +2.6% |
| Participating interests | 280 | €2,040,775 | €2,040,775 | = | 0.0% |
| Amounts receivable | 281 | €2,115,783 | €2,224,511 | +€108,728 | +5.1% |
| Current assets | 29/58 | €788,937 | €809,318 | +€20,381 | +2.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €397,922 | €63,112 | -€334,811 | -84.1% |
| Trade receivables | 40 | €32,249 | €43,112 | +€10,863 | +33.7% |
| Other amounts receivable | 41 | €365,673 | €20,000 | -€345,673 | -94.5% |
| Cash at bank and in hand | 54/58 | €369,274 | €721,489 | +€352,215 | +95.4% |
| Deferred charges and accrued income | 490/1 | €21,740 | €24,717 | +€2,976 | +13.7% |
| Total equity and liabilities | 10/49 | €5,751,228 | €5,575,396 | -€175,832 | -3.1% |
| Equity | 10/15 | €993,507 | €1,137,883 | +€144,376 | +14.5% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €244,640 | €448,563 | +€203,923 | +83.4% |
| Non-distributable reserves | 130/1 | €60,000 | €60,000 | = | 0.0% |
| Legal reserve | 130 | €60,000 | €60,000 | = | 0.0% |
| Distributable reserves | 133 | €184,640 | €388,563 | +€203,923 | +110.4% |
| Investment grants | 15 | €148,867 | €89,321 | -€59,547 | -40.0% |
| Amounts payable | 17/49 | €4,757,720 | €4,437,512 | -€320,208 | -6.7% |
| Amounts payable after more than one year | 17 | €3,752,562 | €3,752,562 | = | 0.0% |
| Financial debts | 170/4 | €3,752,562 | €3,752,562 | = | 0.0% |
| Subordinated loans | 170 | €3,752,562 | €3,752,562 | = | 0.0% |
| Amounts payable within one year | 42/48 | €581,023 | €437,129 | -€143,894 | -24.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,357 | €22,670 | +€19,313 | +575.3% |
| Suppliers | 440/4 | €3,357 | €22,670 | +€19,313 | +575.3% |
| Taxes, remuneration and social security | 45 | €3,015 | €4,198 | +€1,183 | +39.2% |
| Taxes | 450/3 | €3,015 | €4,198 | +€1,183 | +39.2% |
| Other amounts payable | 47/48 | €574,651 | €410,261 | -€164,390 | -28.6% |
| Accrued charges and deferred income | 492/3 | €424,135 | €247,821 | -€176,314 | -41.6% |
| Operating income | 70/76A | €589,482 | €695,553 | +€106,071 | +18.0% |
| Turnover | 70 | €589,482 | €695,553 | +€106,071 | +18.0% |
| Operating charges | 60/66A | €502,935 | €500,735 | -€2,200 | -0.4% |
| Services and other goods | 61 | €196,285 | €193,829 | -€2,456 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €304,940 | €304,940 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,709 | €1,965 | +€256 | +15.0% |
| Operating profit (loss) | 9901 | €86,547 | €194,818 | +€108,272 | +125.1% |
| Financial income | 75/76B | €479,245 | €390,243 | -€89,002 | -18.6% |
| Recurring financial income | 75 | €479,245 | €390,243 | -€89,002 | -18.6% |
| Income from financial fixed assets | 750 | €419,698 | €330,697 | -€89,002 | -21.2% |
| Other financial income | 752/9 | €59,547 | €59,547 | = | 0.0% |
| Financial charges | 65/66B | €381,152 | €381,139 | -€13 | 0.0% |
| Recurring financial charges | 65 | €381,152 | €381,139 | -€13 | 0.0% |
| Debt charges | 650 | €376,284 | €375,256 | -€1,028 | -0.3% |
| Other financial charges | 652/9 | €4,867 | €5,883 | +€1,015 | +20.9% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €184,640 | €203,923 | +€19,283 | +10.4% |
| Income taxes | 67/77 | €0 | - | = | |
| Taxes | 670/3 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €184,640 | €203,923 | +€19,283 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €184,640 | €203,923 | +€19,283 | +10.4% |
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 4 October 2026 via checked.be.