DR. LUCAS - RABAEY: what changed
DR. LUCAS - RABAEY
Largest movements
- Current investments +€352,138
up €352,138 (+140,855%), from €250 to €352,388
- Cash -€325,772
down €325,772 (-73.9%), from €440,703 to €114,931
mainly Current investments (-€352,138) and Contributions, distributions and other (-€85,840)
- Tangible fixed assets -€5,961
down €5,961 (-22.0%), from €27,103 to €21,142
of which Land and buildings: -€4,749
- Other debts +€26,047
up €26,047 (+127%), from €20,587 to €46,635
- Tax, wage and social debts -€12,727
down €12,727 (-53.7%), from €23,708 to €10,981
of which Taxes: -€12,909
- Reserves +€12,123
up €12,123 (+3.0%), from €404,251 to €416,374
of which Distributable reserves: +€12,123
- Gross operating margin -€15,396
down €15,396 (-7.9%), from €194,955 to €179,559
- Taxes -€6,171
down €6,171 (-11.7%), from €52,719 to €46,547
- Financial income -€3,822
down €3,822 (-53.3%), from €7,166 to €3,344
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €471,270 | €496,667 | +€25,397 | +5.4% |
| Fixed assets | 21/28 | €27,176 | €21,215 | -€5,961 | -21.9% |
| Tangible fixed assets | 22/27 | €27,103 | €21,142 | -€5,961 | -22.0% |
| Land and buildings | 22 | €20,139 | €15,390 | -€4,749 | -23.6% |
| Plant, machinery and equipment | 23 | €6,965 | €5,752 | -€1,213 | -17.4% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €73 | €73 | = | 0.0% |
| Current assets | 29/58 | €444,094 | €475,453 | +€31,359 | +7.1% |
| Amounts receivable within one year | 40/41 | - | €4,139 | +€4,139 | |
| Trade receivables | 40 | - | €324 | +€324 | |
| Other amounts receivable | 41 | - | €3,815 | +€3,815 | |
| Current investments | 50/53 | €250 | €352,388 | +€352,138 | +140,855% |
| Cash at bank and in hand | 54/58 | €440,703 | €114,931 | -€325,772 | -73.9% |
| Deferred charges and accrued income | 490/1 | €3,141 | €3,994 | +€854 | +27.2% |
| Total equity and liabilities | 10/49 | €471,270 | €496,667 | +€25,397 | +5.4% |
| Equity | 10/15 | €424,702 | €434,966 | +€10,264 | +2.4% |
| Contributions | 10/11 | €20,451 | €18,592 | -€1,859 | -9.1% |
| Reserves | 13 | €404,251 | €416,374 | +€12,123 | +3.0% |
| Tax-exempt reserves | 132 | €11,285 | €11,285 | = | 0.0% |
| Distributable reserves | 133 | €392,966 | €405,089 | +€12,123 | +3.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | 0.0% |
| Amounts payable | 17/49 | €46,568 | €61,701 | +€15,133 | +32.5% |
| Amounts payable within one year | 42/48 | €46,568 | €61,701 | +€15,133 | +32.5% |
| Trade debts | 44 | €2,272 | €4,085 | +€1,813 | +79.8% |
| Suppliers | 440/4 | €2,272 | €4,085 | +€1,813 | +79.8% |
| Taxes, remuneration and social security | 45 | €23,708 | €10,981 | -€12,727 | -53.7% |
| Taxes | 450/3 | €20,270 | €7,361 | -€12,909 | -63.7% |
| Remuneration and social security | 454/9 | €3,438 | €3,621 | +€182 | +5.3% |
| Other amounts payable | 47/48 | €20,587 | €46,635 | +€26,047 | +127% |
| Non-recurring operating income | 76A | €11,669 | €0 | -€11,669 | -100% |
| Remuneration, social security and pensions | 62 | €28,807 | €30,147 | +€1,341 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,945 | €7,214 | -€732 | -9.2% |
| Other operating charges | 640/8 | €2,696 | €2,697 | +€1 | 0.0% |
| Gross operating margin | 9900 | €194,955 | €179,559 | -€15,396 | -7.9% |
| Operating profit (loss) | 9901 | €155,508 | €139,501 | -€16,006 | -10.3% |
| Financial income | 75/76B | €7,166 | €3,344 | -€3,822 | -53.3% |
| Recurring financial income | 75 | €7,166 | €3,344 | -€3,822 | -53.3% |
| Financial charges | 65/66B | €490 | €194 | -€296 | -60.5% |
| Recurring financial charges | 65 | €490 | €194 | -€296 | -60.5% |
| Profit (loss) for the period before taxes | 9903 | €162,184 | €142,651 | -€19,533 | -12.0% |
| Income taxes | 67/77 | €52,719 | €46,547 | -€6,171 | -11.7% |
| Profit (loss) for the period | 9904 | €109,465 | €96,104 | -€13,361 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €109,465 | €96,104 | -€13,361 | -12.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.