Lu Sfiziu: 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.
Lu Sfiziu
Largest movements
- Cash +€9,510
up €9,510 (+43.6%), from €21,806 to €31,316
mainly Other debts (+€6,493) and Receivables within one year (+€5,489)
- Receivables within one year -€5,489
down €5,489 (-92.9%), from €5,912 to €422
- Tangible fixed assets -€4,808
down €4,808 (-24.6%), from €19,571 to €14,763
of which Other tangible fixed assets: -€3,064
- Trade debts -€9,272
down €9,272 (-77.9%), from €11,899 to €2,627
- Other debts +€6,493
up €6,493 (+48.6%), from €13,362 to €19,855
- Profit (loss) carried forward +€4,368
up €4,368 (+50.3%), from -€8,678 to -€4,310
- Tax, wage and social debts -€1,150
down €1,150 (-12.2%), from €9,441 to €8,291
of which Remuneration and social security: -€845
- Staff costs +€18,055
up €18,055 (+28.7%), from €62,896 to €80,950
- Gross operating margin +€8,167
up €8,167 (+9.1%), from €90,194 to €98,361
- Depreciation -€1,139
down €1,139 (-19.1%), from €5,947 to €4,808
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 | €57,807 | €57,776 | -€31 | -0.1% |
| Fixed assets | 21/28 | €20,314 | €15,506 | -€4,808 | -23.7% |
| Tangible fixed assets | 22/27 | €19,571 | €14,763 | -€4,808 | -24.6% |
| Plant, machinery and equipment | 23 | €1,084 | €743 | -€342 | -31.5% |
| Furniture and vehicles | 24 | €2,959 | €1,556 | -€1,402 | -47.4% |
| Other tangible fixed assets | 26 | €15,528 | €12,464 | -€3,064 | -19.7% |
| Financial fixed assets | 28 | €743 | €743 | = | 0.0% |
| Current assets | 29/58 | €37,492 | €42,270 | +€4,777 | +12.7% |
| Stocks and contracts in progress | 3 | €9,258 | €9,820 | +€562 | +6.1% |
| Stocks | 30/36 | €9,258 | €9,820 | +€562 | +6.1% |
| Amounts receivable within one year | 40/41 | €5,912 | €422 | -€5,489 | -92.9% |
| Trade receivables | 40 | €5,912 | €422 | -€5,489 | -92.9% |
| Cash at bank and in hand | 54/58 | €21,806 | €31,316 | +€9,510 | +43.6% |
| Deferred charges and accrued income | 490/1 | €517 | €712 | +€195 | +37.7% |
| Total equity and liabilities | 10/49 | €57,807 | €57,776 | -€31 | -0.1% |
| Equity | 10/15 | €23,106 | €27,004 | +€3,898 | +16.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,678 | -€4,310 | +€4,368 | +50.3% |
| Investment grants | 15 | €1,784 | €1,314 | -€470 | -26.4% |
| Amounts payable | 17/49 | €34,701 | €30,772 | -€3,929 | -11.3% |
| Amounts payable within one year | 42/48 | €34,701 | €30,772 | -€3,929 | -11.3% |
| Trade debts | 44 | €11,899 | €2,627 | -€9,272 | -77.9% |
| Suppliers | 440/4 | €11,899 | €2,627 | -€9,272 | -77.9% |
| Taxes, remuneration and social security | 45 | €9,441 | €8,291 | -€1,150 | -12.2% |
| Taxes | 450/3 | €3,791 | €3,487 | -€304 | -8.0% |
| Remuneration and social security | 454/9 | €5,650 | €4,805 | -€845 | -15.0% |
| Other amounts payable | 47/48 | €13,362 | €19,855 | +€6,493 | +48.6% |
| Remuneration, social security and pensions | 62 | €62,896 | €80,950 | +€18,055 | +28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,947 | €4,808 | -€1,139 | -19.1% |
| Other operating charges | 640/8 | €1,437 | €1,403 | -€34 | -2.4% |
| Gross operating margin | 9900 | €90,194 | €98,361 | +€8,167 | +9.1% |
| Operating profit (loss) | 9901 | €19,914 | €11,199 | -€8,716 | -43.8% |
| Financial income | 75/76B | €507 | €487 | -€21 | -4.1% |
| Recurring financial income | 75 | €507 | €487 | -€21 | -4.1% |
| Financial charges | 65/66B | €7,233 | €7,289 | +€56 | +0.8% |
| Recurring financial charges | 65 | €7,233 | €7,289 | +€56 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €13,189 | €4,396 | -€8,792 | -66.7% |
| Profit (loss) for the period | 9904 | €13,189 | €4,396 | -€8,792 | -66.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,189 | €4,396 | -€8,792 | -66.7% |
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 26 October 2026 via checked.be.