LUC LOISEAU: 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.
LUC LOISEAU
Largest movements
- Receivables after one year -€70,900
no longer reported in 2025 (was €70,900)
- Receivables within one year -€27,969
down €27,969 (-40.5%), from €69,093 to €41,123
of which Trade receivables: -€26,325
- Tangible fixed assets -€8,338
down €8,338 (-79.0%), from €10,552 to €2,214
of which Plant, machinery and equipment: -€6,652
- Cash -€4,657
down €4,657 (-27.2%), from €17,111 to €12,453
mainly Other debts (-€70,000) and Tax, wage and social debts (-€35,404)
- Other debts -€70,000
no longer reported in 2025 (was €70,000)
- Tax, wage and social debts -€35,404
no longer reported in 2025 (was €35,404)
- Reserves -€5,833
down €5,833 (-13.8%), from €42,234 to €36,401
- Gross operating margin +€13,007
up €13,007, from -€12,018 to €988
- Other operating charges -€6,704
no longer reported in 2025 (was €6,704)
- Financial income -€1,478
down €1,478 (-46.8%), from €3,162 to €1,684
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.
Derived cash bridge
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 | €167,655 | €55,790 | -€111,864 | -66.7% |
| Fixed assets | 21/28 | €10,552 | €2,214 | -€8,338 | -79.0% |
| Tangible fixed assets | 22/27 | €10,552 | €2,214 | -€8,338 | -79.0% |
| Land and buildings | 22 | €3,371 | €1,686 | -€1,686 | -50.0% |
| Plant, machinery and equipment | 23 | €7,181 | €529 | -€6,652 | -92.6% |
| Current assets | 29/58 | €157,103 | €53,576 | -€103,527 | -65.9% |
| Amounts receivable after more than one year | 29 | €70,900 | - | -€70,900 | |
| Other amounts receivable | 291 | €70,900 | - | -€70,900 | |
| Amounts receivable within one year | 40/41 | €69,093 | €41,123 | -€27,969 | -40.5% |
| Trade receivables | 40 | €54,396 | €28,071 | -€26,325 | -48.4% |
| Other amounts receivable | 41 | €14,697 | €13,052 | -€1,645 | -11.2% |
| Cash at bank and in hand | 54/58 | €17,111 | €12,453 | -€4,657 | -27.2% |
| Total equity and liabilities | 10/49 | €167,655 | €55,790 | -€111,864 | -66.7% |
| Equity | 10/15 | €60,826 | €54,993 | -€5,833 | -9.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €42,234 | €36,401 | -€5,833 | -13.8% |
| Distributable reserves | 133 | €42,234 | €36,401 | -€5,833 | -13.8% |
| Amounts payable | 17/49 | €106,829 | €797 | -€106,031 | -99.3% |
| Amounts payable within one year | 42/48 | €106,829 | €797 | -€106,031 | -99.3% |
| Trade debts | 44 | €1,425 | €797 | -€628 | -44.0% |
| Suppliers | 440/4 | €1,425 | €797 | -€628 | -44.0% |
| Taxes, remuneration and social security | 45 | €35,404 | - | -€35,404 | |
| Taxes | 450/3 | €35,404 | - | -€35,404 | |
| Other amounts payable | 47/48 | €70,000 | - | -€70,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,338 | €8,338 | = | 0.0% |
| Other operating charges | 640/8 | €6,704 | - | -€6,704 | |
| Gross operating margin | 9900 | -€12,018 | €988 | +€13,007 | |
| Operating profit (loss) | 9901 | -€27,060 | -€7,349 | +€19,711 | +72.8% |
| Financial income | 75/76B | €3,162 | €1,684 | -€1,478 | -46.8% |
| Recurring financial income | 75 | €3,162 | €1,684 | -€1,478 | -46.8% |
| Financial charges | 65/66B | €204 | €167 | -€36 | -17.9% |
| Recurring financial charges | 65 | €204 | €167 | -€36 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | -€24,102 | -€5,833 | +€18,269 | +75.8% |
| Profit (loss) for the period | 9904 | -€24,102 | -€5,833 | +€18,269 | +75.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,102 | -€5,833 | +€18,269 | +75.8% |
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 25 October 2026 via checked.be.