Dr. Rajkumar Lucas: 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.
Dr. Rajkumar Lucas
Largest movements
- Tangible fixed assets +€130,778
up €130,778 (+25.7%), from €509,764 to €640,542
of which Plant, machinery and equipment: +€105,037
- Current investments +€59,113
up €59,113 (+400%), from €14,778 to €73,892
- Cash -€51,717
down €51,717 (-19.7%), from €261,879 to €210,161
mainly Contributions, distributions and other (-€427,461) and Investment in fixed assets (net) (-€204,785)
- Intangible fixed assets -€45,000
down €45,000 (-50.0%), from €90,000 to €45,000
- Receivables within one year +€34,260
up €34,260 (+15,817%), from €217 to €34,477
of which Trade receivables: +€33,000
- Other debts +€238,334
up €238,334 (+96.5%), from €246,943 to €485,277
- Reserves -€108,138
down €108,138 (-25.2%), from €428,623 to €320,484
of which Distributable reserves: -€108,138
- Trade debts +€55,000
up €55,000 (+902%), from €6,096 to €61,096
- Current portion of long-term debt -€50,000
down €50,000 (-32.9%), from €152,020 to €102,020
- Debts after one year -€14,520
down €14,520 (-37.9%), from €38,357 to €23,837
- Gross operating margin +€14,249
up €14,249 (+2.7%), from €522,231 to €536,481
- Depreciation +€8,849
up €8,849 (+8.0%), from €110,158 to €119,007
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 | €898,672 | €1,016,315 | +€117,642 | +13.1% |
| Fixed assets | 21/28 | €599,764 | €685,542 | +€85,778 | +14.3% |
| Intangible fixed assets | 21 | €90,000 | €45,000 | -€45,000 | -50.0% |
| Tangible fixed assets | 22/27 | €509,764 | €640,542 | +€130,778 | +25.7% |
| Land and buildings | 22 | €332,015 | €370,132 | +€38,117 | +11.5% |
| Plant, machinery and equipment | 23 | €116,535 | €221,572 | +€105,037 | +90.1% |
| Furniture and vehicles | 24 | €5,687 | €3,886 | -€1,800 | -31.7% |
| Leasing and similar rights | 25 | €52,877 | €42,302 | -€10,575 | -20.0% |
| Other tangible fixed assets | 26 | €2,650 | €2,650 | = | 0.0% |
| Current assets | 29/58 | €298,909 | €330,773 | +€31,864 | +10.7% |
| Amounts receivable within one year | 40/41 | €217 | €34,477 | +€34,260 | +15,817% |
| Trade receivables | 40 | - | €33,000 | +€33,000 | |
| Other amounts receivable | 41 | €217 | €1,477 | +€1,260 | +582% |
| Current investments | 50/53 | €14,778 | €73,892 | +€59,113 | +400% |
| Cash at bank and in hand | 54/58 | €261,879 | €210,161 | -€51,717 | -19.7% |
| Deferred charges and accrued income | 490/1 | €22,035 | €12,243 | -€9,792 | -44.4% |
| Total equity and liabilities | 10/49 | €898,672 | €1,016,315 | +€117,642 | +13.1% |
| Equity | 10/15 | €447,223 | €339,084 | -€108,138 | -24.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €428,623 | €320,484 | -€108,138 | -25.2% |
| Tax-exempt reserves | 132 | €1,162 | €1,162 | = | 0.0% |
| Distributable reserves | 133 | €427,461 | €319,323 | -€108,138 | -25.3% |
| Amounts payable | 17/49 | €451,449 | €677,230 | +€225,781 | +50.0% |
| Amounts payable after more than one year | 17 | €38,357 | €23,837 | -€14,520 | -37.9% |
| Financial debts | 170/4 | €38,357 | €23,837 | -€14,520 | -37.9% |
| Amounts payable within one year | 42/48 | €406,559 | €649,893 | +€243,334 | +59.9% |
| Current portion of amounts payable after more than one year | 42 | €152,020 | €102,020 | -€50,000 | -32.9% |
| Trade debts | 44 | €6,096 | €61,096 | +€55,000 | +902% |
| Suppliers | 440/4 | €6,096 | €61,096 | +€55,000 | +902% |
| Taxes, remuneration and social security | 45 | €1,500 | €1,500 | = | 0.0% |
| Taxes | 450/3 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €246,943 | €485,277 | +€238,334 | +96.5% |
| Accrued charges and deferred income | 492/3 | €6,534 | €3,500 | -€3,034 | -46.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,158 | €119,007 | +€8,849 | +8.0% |
| Other operating charges | 640/8 | €546 | €962 | +€416 | +76.2% |
| Gross operating margin | 9900 | €522,231 | €536,481 | +€14,249 | +2.7% |
| Operating profit (loss) | 9901 | €411,527 | €416,511 | +€4,984 | +1.2% |
| Financial income | 75/76B | €0 | €3,965 | +€3,965 | +9,911,675% |
| Recurring financial income | 75 | €0 | €3,965 | +€3,965 | +9,911,675% |
| Financial charges | 65/66B | €8,839 | €6,440 | -€2,399 | -27.1% |
| Recurring financial charges | 65 | €8,839 | €6,440 | -€2,399 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €402,688 | €414,035 | +€11,348 | +2.8% |
| Income taxes | 67/77 | €94,783 | €94,712 | -€71 | -0.1% |
| Profit (loss) for the period | 9904 | €307,904 | €319,323 | +€11,418 | +3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €307,904 | €319,323 | +€11,418 | +3.7% |
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 31 October 2026 via checked.be.