LU MAN: 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.
LU MAN
Largest movements
- Tangible fixed assets +€32,079
new in 2025: €32,079
- Cash -€19,942
down €19,942 (-42.6%), from €46,793 to €26,851
mainly Investment in fixed assets (net) (-€32,797) and Debts after one year (-€32,236)
- Reserves +€44,500
up €44,500 (+34.7%), from €128,160 to €172,660
- Debts after one year -€32,236
down €32,236 (-13.1%), from €246,489 to €214,254
- Current portion of long-term debt +€7,264
up €7,264 (+16.8%), from €43,301 to €50,564
- Gross operating margin +€16,686
up €16,686 (+18.2%), from €91,491 to €108,176
- Taxes +€3,002
up €3,002 (+12.8%), from €23,538 to €26,540
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 | €557,552 | €577,593 | +€20,041 | +3.6% |
| Fixed assets | 21/28 | €510,502 | €542,581 | +€32,079 | +6.3% |
| Tangible fixed assets | 22/27 | - | €32,079 | +€32,079 | |
| Furniture and vehicles | 24 | - | €32,079 | +€32,079 | |
| Financial fixed assets | 28 | €510,502 | €510,502 | = | 0.0% |
| Current assets | 29/58 | €47,049 | €35,012 | -€12,038 | -25.6% |
| Amounts receivable within one year | 40/41 | - | €5,274 | +€5,274 | |
| Trade receivables | 40 | - | €5,274 | +€5,274 | |
| Cash at bank and in hand | 54/58 | €46,793 | €26,851 | -€19,942 | -42.6% |
| Deferred charges and accrued income | 490/1 | €257 | €2,887 | +€2,630 | +1024.7% |
| Total equity and liabilities | 10/49 | €557,552 | €577,593 | +€20,041 | +3.6% |
| Equity | 10/15 | €146,845 | €191,307 | +€44,462 | +30.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €128,160 | €172,660 | +€44,500 | +34.7% |
| Distributable reserves | 133 | €128,160 | €172,660 | +€44,500 | +34.7% |
| Profit (loss) carried forward | 14 | €85 | €47 | -€38 | -44.5% |
| Amounts payable | 17/49 | €410,707 | €386,286 | -€24,421 | -5.9% |
| Amounts payable after more than one year | 17 | €246,489 | €214,254 | -€32,236 | -13.1% |
| Financial debts | 170/4 | €246,489 | €214,254 | -€32,236 | -13.1% |
| Amounts payable within one year | 42/48 | €164,217 | €172,032 | +€7,815 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €43,301 | €50,564 | +€7,264 | +16.8% |
| Trade debts | 44 | €3,216 | €4,492 | +€1,276 | +39.7% |
| Suppliers | 440/4 | €3,216 | €4,492 | +€1,276 | +39.7% |
| Taxes, remuneration and social security | 45 | €8,898 | €11,417 | +€2,519 | +28.3% |
| Taxes | 450/3 | €8,898 | €11,417 | +€2,519 | +28.3% |
| Other amounts payable | 47/48 | €108,802 | €105,558 | -€3,244 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €718 | +€718 | |
| Other operating charges | 640/8 | €1,066 | €1,123 | +€57 | +5.4% |
| Gross operating margin | 9900 | €91,491 | €108,176 | +€16,686 | +18.2% |
| Operating profit (loss) | 9901 | €90,425 | €106,335 | +€15,910 | +17.6% |
| Financial charges | 65/66B | €6,201 | €5,333 | -€869 | -14.0% |
| Recurring financial charges | 65 | €6,201 | €5,333 | -€869 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €84,224 | €101,002 | +€16,779 | +19.9% |
| Income taxes | 67/77 | €23,538 | €26,540 | +€3,002 | +12.8% |
| Profit (loss) for the period | 9904 | €60,686 | €74,462 | +€13,776 | +22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €60,686 | €74,462 | +€13,776 | +22.7% |
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 1 October 2026 via checked.be.