LE LUXEMBOURG: 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.
LE LUXEMBOURG
Largest movements
- Cash -€35,730
down €35,730 (-69.8%), from €51,175 to €15,446
mainly Net result for the year (-€42,319) and Tax, wage and social debts (-€19,692)
- Tangible fixed assets -€30,018
down €30,018 (-5.9%), from €510,226 to €480,208
of which Plant, machinery and equipment: -€17,348
- Profit (loss) carried forward -€22,427
down €22,427 (-38.8%), from €57,739 to €35,312
- Reserves -€19,892
down €19,892 (-5.8%), from €344,768 to €324,876
of which Tax-exempt reserves: -€19,892
- Tax, wage and social debts -€19,692
no longer reported in 2025 (was €19,692)
- Provisions -€6,316
down €6,316 (-6.3%), from €99,848 to €93,532
- Gross operating margin -€31,347
down €31,347, from €15,776 to -€15,571
- Taxes -€13,979
no longer reported in 2025 (was €13,979)
- Staff costs -€710
down €710, from €550 to -€159
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 | €569,159 | €502,111 | -€67,048 | -11.8% |
| Fixed assets | 21/28 | €510,226 | €480,208 | -€30,018 | -5.9% |
| Tangible fixed assets | 22/27 | €510,226 | €480,208 | -€30,018 | -5.9% |
| Land and buildings | 22 | €409,434 | €396,764 | -€12,670 | -3.1% |
| Plant, machinery and equipment | 23 | €100,791 | €83,444 | -€17,348 | -17.2% |
| Current assets | 29/58 | €58,933 | €21,903 | -€37,030 | -62.8% |
| Amounts receivable within one year | 40/41 | €6,962 | €6,006 | -€956 | -13.7% |
| Trade receivables | 40 | €6,063 | €4,429 | -€1,634 | -26.9% |
| Other amounts receivable | 41 | €899 | €1,577 | +€678 | +75.4% |
| Cash at bank and in hand | 54/58 | €51,175 | €15,446 | -€35,730 | -69.8% |
| Deferred charges and accrued income | 490/1 | €797 | €452 | -€345 | -43.3% |
| Total equity and liabilities | 10/49 | €569,159 | €502,111 | -€67,048 | -11.8% |
| Equity | 10/15 | €448,508 | €406,188 | -€42,319 | -9.4% |
| Contributions | 10/11 | €46,000 | €46,000 | = | 0.0% |
| Reserves | 13 | €344,768 | €324,876 | -€19,892 | -5.8% |
| Non-distributable reserves | 130/1 | €4,600 | €4,600 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,600 | €4,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €300,487 | €280,595 | -€19,892 | -6.6% |
| Distributable reserves | 133 | €39,681 | €39,681 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,739 | €35,312 | -€22,427 | -38.8% |
| Provisions and deferred taxes | 16 | €99,848 | €93,532 | -€6,316 | -6.3% |
| Deferred taxes | 168 | €99,848 | €93,532 | -€6,316 | -6.3% |
| Amounts payable | 17/49 | €20,804 | €2,391 | -€18,412 | -88.5% |
| Amounts payable within one year | 42/48 | €20,804 | €2,391 | -€18,412 | -88.5% |
| Trade debts | 44 | €952 | €989 | +€37 | +3.9% |
| Suppliers | 440/4 | €952 | €989 | +€37 | +3.9% |
| Taxes, remuneration and social security | 45 | €19,692 | - | -€19,692 | |
| Taxes | 450/3 | €19,692 | - | -€19,692 | |
| Other amounts payable | 47/48 | €159 | €1,402 | +€1,243 | +780% |
| Remuneration, social security and pensions | 62 | €550 | -€159 | -€710 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,927 | €30,018 | +€91 | +0.3% |
| Other operating charges | 640/8 | €3,003 | €2,989 | -€14 | -0.5% |
| Non-recurring operating charges | 66A | €20,709 | - | -€20,709 | |
| Gross operating margin | 9900 | €15,776 | -€15,571 | -€31,347 | |
| Operating profit (loss) | 9901 | -€38,414 | -€48,419 | -€10,005 | -26.0% |
| Financial income | 75/76B | €2 | €5 | +€3 | +231% |
| Recurring financial income | 75 | €2 | €5 | +€3 | +231% |
| Financial charges | 65/66B | €209 | €222 | +€13 | +6.1% |
| Recurring financial charges | 65 | €209 | €222 | +€13 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | -€38,621 | -€48,636 | -€10,014 | -25.9% |
| Transfer from deferred taxes | 780 | €18,070 | €6,316 | -€11,754 | -65.0% |
| Income taxes | 67/77 | €13,979 | - | -€13,979 | |
| Profit (loss) for the period | 9904 | -€34,530 | -€42,319 | -€7,789 | -22.6% |
| Transfer from tax-exempt reserves | 789 | €54,211 | €18,948 | -€35,263 | -65.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,681 | -€23,371 | -€43,052 |
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 26 October 2026 via checked.be.