LUAN-A: 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.
LUAN-A
Largest movements
- Tangible fixed assets +€730,605
up €730,605 (+1,068%), from €68,416 to €799,021
of which Land and buildings: +€736,558
- Receivables within one year -€97,388
down €97,388 (-18.3%), from €533,448 to €436,060
of which Trade receivables: -€104,750
- Cash -€54,172
down €54,172 (-78.2%), from €69,261 to €15,089
mainly Investment in fixed assets (net) (-€769,426) and Tax, wage and social debts (-€85,009)
- Debts after one year +€585,945
new in 2025: €585,945
- Trade debts +€96,757
up €96,757 (+71.3%), from €135,726 to €232,484
- Tax, wage and social debts -€85,009
down €85,009 (-64.4%), from €132,051 to €47,042
of which Taxes: -€97,561
- Profit (loss) carried forward -€52,858
down €52,858 (-13.0%), from €406,194 to €353,336
- Current portion of long-term debt +€36,720
new in 2025: €36,720
- Staff costs +€126,055
up €126,055 (+333%), from €37,895 to €163,950
- Gross operating margin +€50,358
up €50,358 (+36.4%), from €138,373 to €188,731
- Taxes -€28,046
down €28,046 (-89.7%), from €31,273 to €3,227
- Financial charges +€22,158
up €22,158 (+1,033%), from €2,145 to €24,303
- Depreciation +€18,019
up €18,019 (+86.6%), from €20,802 to €38,821
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 | €676,472 | €1,258,027 | +€581,555 | +86.0% |
| Fixed assets | 21/28 | €68,416 | €799,021 | +€730,605 | +1,068% |
| Tangible fixed assets | 22/27 | €68,416 | €799,021 | +€730,605 | +1,068% |
| Land and buildings | 22 | - | €736,558 | +€736,558 | |
| Plant, machinery and equipment | 23 | €8,339 | €5,930 | -€2,409 | -28.9% |
| Furniture and vehicles | 24 | €60,077 | €56,533 | -€3,544 | -5.9% |
| Current assets | 29/58 | €608,056 | €459,006 | -€149,050 | -24.5% |
| Amounts receivable within one year | 40/41 | €533,448 | €436,060 | -€97,388 | -18.3% |
| Trade receivables | 40 | €429,138 | €324,388 | -€104,750 | -24.4% |
| Other amounts receivable | 41 | €104,309 | €111,671 | +€7,362 | +7.1% |
| Cash at bank and in hand | 54/58 | €69,261 | €15,089 | -€54,172 | -78.2% |
| Deferred charges and accrued income | 490/1 | €5,347 | €7,858 | +€2,510 | +46.9% |
| Total equity and liabilities | 10/49 | €676,472 | €1,258,027 | +€581,555 | +86.0% |
| Equity | 10/15 | €408,694 | €355,836 | -€52,858 | -12.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €406,194 | €353,336 | -€52,858 | -13.0% |
| Amounts payable | 17/49 | €267,778 | €902,191 | +€634,413 | +237% |
| Amounts payable after more than one year | 17 | - | €585,945 | +€585,945 | |
| Financial debts | 170/4 | - | €585,945 | +€585,945 | |
| Amounts payable within one year | 42/48 | €267,778 | €316,246 | +€48,468 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | - | €36,720 | +€36,720 | |
| Trade debts | 44 | €135,726 | €232,484 | +€96,757 | +71.3% |
| Suppliers | 440/4 | €135,726 | €232,484 | +€96,757 | +71.3% |
| Taxes, remuneration and social security | 45 | €132,051 | €47,042 | -€85,009 | -64.4% |
| Taxes | 450/3 | €128,063 | €30,502 | -€97,561 | -76.2% |
| Remuneration and social security | 454/9 | €3,989 | €16,540 | +€12,552 | +315% |
| Remuneration, social security and pensions | 62 | €37,895 | €163,950 | +€126,055 | +333% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,802 | €38,821 | +€18,019 | +86.6% |
| Other operating charges | 640/8 | €4,763 | €15,994 | +€11,231 | +236% |
| Gross operating margin | 9900 | €138,373 | €188,731 | +€50,358 | +36.4% |
| Operating profit (loss) | 9901 | €74,914 | -€30,034 | -€104,948 | |
| Financial income | 75/76B | €1,457 | €4,706 | +€3,249 | +223% |
| Recurring financial income | 75 | €1,457 | €4,706 | +€3,249 | +223% |
| Financial charges | 65/66B | €2,145 | €24,303 | +€22,158 | +1,033% |
| Recurring financial charges | 65 | €2,145 | €24,303 | +€22,158 | +1,033% |
| Profit (loss) for the period before taxes | 9903 | €74,225 | -€49,632 | -€123,856 | |
| Income taxes | 67/77 | €31,273 | €3,227 | -€28,046 | -89.7% |
| Profit (loss) for the period | 9904 | €42,952 | -€52,858 | -€95,810 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,952 | -€52,858 | -€95,810 |
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 18 October 2026 via checked.be.