LOYAL BUILD: 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.
LOYAL BUILD
Largest movements
- Tangible fixed assets +€423,214
up €423,214 (+111.3%), from €380,118 to €803,332
of which Land and buildings: +€448,366
- Receivables within one year -€137,975
down €137,975 (-18.1%), from €761,200 to €623,225
of which Trade receivables: -€119,756
- Cash -€30,897
down €30,897 (-96.4%), from €32,047 to €1,150
mainly Investment in fixed assets (net) (-€452,030) and Trade debts (-€92,839)
- Stocks and contracts +€24,510
up €24,510 (+13.7%), from €178,287 to €202,797
- Debts after one year +€292,467
up €292,467 (+44.9%), from €651,515 to €943,982
of which Financial debts: +€291,477
- Trade debts -€92,839
down €92,839 (-23.8%), from €390,305 to €297,466
- Profit (loss) carried forward +€62,979
up €62,979 (+70.3%), from €89,644 to €152,623
- Short-term financial debts +€28,084
up €28,084 (+24.4%), from €115,118 to €143,202
of which Other loans: +€33,202
- Gross operating margin +€113,113
up €113,113 (+46.4%), from €243,955 to €357,068
- Financial charges +€29,139
up €29,139 (+82.9%), from €35,169 to €64,308
- Other operating charges +€22,550
up €22,550 (+538.4%), from €4,188 to €26,738
- Taxes +€7,895
up €7,895 (+125.6%), from €6,285 to €14,180
- Depreciation +€5,352
up €5,352 (+22.6%), from €23,664 to €29,016
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 | €1,353,334 | €1,639,485 | +€286,151 | +21.1% |
| Fixed assets | 21/28 | €380,818 | €803,832 | +€423,014 | +111.1% |
| Tangible fixed assets | 22/27 | €380,118 | €803,332 | +€423,214 | +111.3% |
| Land and buildings | 22 | €349,086 | €797,452 | +€448,366 | +128.4% |
| Plant, machinery and equipment | 23 | €1,038 | €338 | -€700 | -67.4% |
| Furniture and vehicles | 24 | €19,130 | €5,542 | -€13,588 | -71.0% |
| Leasing and similar rights | 25 | €10,864 | - | -€10,864 | |
| Financial fixed assets | 28 | €700 | €500 | -€200 | -28.6% |
| Current assets | 29/58 | €972,516 | €835,653 | -€136,863 | -14.1% |
| Stocks and contracts in progress | 3 | €178,287 | €202,797 | +€24,510 | +13.7% |
| Stocks | 30/36 | €178,287 | €202,797 | +€24,510 | +13.7% |
| Amounts receivable within one year | 40/41 | €761,200 | €623,225 | -€137,975 | -18.1% |
| Trade receivables | 40 | €706,334 | €586,578 | -€119,756 | -17.0% |
| Other amounts receivable | 41 | €54,866 | €36,647 | -€18,219 | -33.2% |
| Cash at bank and in hand | 54/58 | €32,047 | €1,150 | -€30,897 | -96.4% |
| Deferred charges and accrued income | 490/1 | €982 | €8,481 | +€7,499 | +763.6% |
| Total equity and liabilities | 10/49 | €1,353,334 | €1,639,485 | +€286,151 | +21.1% |
| Equity | 10/15 | €93,644 | €156,623 | +€62,979 | +67.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,644 | €152,623 | +€62,979 | +70.3% |
| Amounts payable | 17/49 | €1,259,690 | €1,482,862 | +€223,172 | +17.7% |
| Amounts payable after more than one year | 17 | €651,515 | €943,982 | +€292,467 | +44.9% |
| Financial debts | 170/4 | €651,515 | €942,992 | +€291,477 | +44.7% |
| Other amounts payable | 178/9 | - | €990 | +€990 | |
| Amounts payable within one year | 42/48 | €608,175 | €538,880 | -€69,295 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €30,356 | €31,383 | +€1,027 | +3.4% |
| Financial debts | 43 | €115,118 | €143,202 | +€28,084 | +24.4% |
| Credit institutions | 430/8 | €105,118 | €100,000 | -€5,118 | -4.9% |
| Other loans | 439 | €10,000 | €43,202 | +€33,202 | +332.0% |
| Trade debts | 44 | €390,305 | €297,466 | -€92,839 | -23.8% |
| Suppliers | 440/4 | €390,305 | €297,466 | -€92,839 | -23.8% |
| Taxes, remuneration and social security | 45 | €72,394 | €66,829 | -€5,565 | -7.7% |
| Taxes | 450/3 | €17,657 | €26,121 | +€8,464 | +47.9% |
| Remuneration and social security | 454/9 | €54,737 | €40,708 | -€14,029 | -25.6% |
| Other amounts payable | 47/48 | €2 | - | -€2 | |
| Remuneration, social security and pensions | 62 | €165,163 | €161,484 | -€3,679 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,664 | €29,016 | +€5,352 | +22.6% |
| Other operating charges | 640/8 | €4,188 | €26,738 | +€22,550 | +538.4% |
| Gross operating margin | 9900 | €243,955 | €357,068 | +€113,113 | +46.4% |
| Operating profit (loss) | 9901 | €50,940 | €139,830 | +€88,890 | +174.5% |
| Financial income | 75/76B | €2,379 | €1,637 | -€742 | -31.2% |
| Recurring financial income | 75 | €2,379 | €1,637 | -€742 | -31.2% |
| Financial charges | 65/66B | €35,169 | €64,308 | +€29,139 | +82.9% |
| Recurring financial charges | 65 | €35,169 | €64,308 | +€29,139 | +82.9% |
| Profit (loss) for the period before taxes | 9903 | €18,150 | €77,159 | +€59,009 | +325.1% |
| Income taxes | 67/77 | €6,285 | €14,180 | +€7,895 | +125.6% |
| Profit (loss) for the period | 9904 | €11,865 | €62,979 | +€51,114 | +430.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,865 | €62,979 | +€51,114 | +430.8% |
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 7 October 2026 via checked.be.