LUAP: 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.
LUAP
Largest movements
- Current investments +€419,888
up €419,888 (+188.6%), from €222,683 to €642,571
- Cash -€418,692
down €418,692 (-78.1%), from €536,297 to €117,604
mainly Current investments (-€419,888) and Contributions, distributions and other (-€262,111)
- Receivables after one year -€200,000
no longer reported in 2025 (was €200,000)
- Receivables within one year +€83,580
up €83,580 (+61.2%), from €136,651 to €220,231
of which Trade receivables: +€102,317
- Tangible fixed assets -€29,247
down €29,247 (-5.0%), from €583,721 to €554,474
of which Land and buildings: -€18,858
- Accrued charges and deferred income -€165,000
no longer reported in 2025 (was €165,000)
- Reserves +€149,683
up €149,683 (+12.2%), from €1.2m to €1.4m
- Other debts -€131,024
down €131,024 (-86.4%), from €151,655 to €20,631
- Debts after one year -€53,424
no longer reported in 2025 (was €53,424)
- Tax, wage and social debts +€34,045
up €34,045 (+94.6%), from €35,976 to €70,021
of which Taxes: +€34,017
- Gross operating margin +€77,114
up €77,114 (+13.9%), from €555,241 to €632,355
- Write-downs -€49,551
no longer reported in 2025 (was €49,551)
- Taxes +€40,355
up €40,355 (+27.6%), from €146,259 to €186,615
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 | €1,686,909 | €1,537,833 | -€149,076 | -8.8% |
| Fixed assets | 21/28 | €583,721 | €554,474 | -€29,247 | -5.0% |
| Tangible fixed assets | 22/27 | €583,721 | €554,474 | -€29,247 | -5.0% |
| Land and buildings | 22 | €536,942 | €518,084 | -€18,858 | -3.5% |
| Furniture and vehicles | 24 | €46,779 | €36,390 | -€10,389 | -22.2% |
| Current assets | 29/58 | €1,103,188 | €983,359 | -€119,829 | -10.9% |
| Amounts receivable after more than one year | 29 | €200,000 | - | -€200,000 | |
| Other amounts receivable | 291 | €200,000 | - | -€200,000 | |
| Amounts receivable within one year | 40/41 | €136,651 | €220,231 | +€83,580 | +61.2% |
| Trade receivables | 40 | €117,915 | €220,231 | +€102,317 | +86.8% |
| Other amounts receivable | 41 | €18,737 | - | -€18,737 | |
| Current investments | 50/53 | €222,683 | €642,571 | +€419,888 | +188.6% |
| Cash at bank and in hand | 54/58 | €536,297 | €117,604 | -€418,692 | -78.1% |
| Deferred charges and accrued income | 490/1 | €7,558 | €2,953 | -€4,605 | -60.9% |
| Total equity and liabilities | 10/49 | €1,686,909 | €1,537,833 | -€149,076 | -8.8% |
| Equity | 10/15 | €1,237,299 | €1,386,982 | +€149,683 | +12.1% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €1,229,239 | €1,378,922 | +€149,683 | +12.2% |
| Distributable reserves | 133 | €1,229,239 | €1,378,922 | +€149,683 | +12.2% |
| Amounts payable | 17/49 | €449,610 | €150,851 | -€298,760 | -66.4% |
| Amounts payable after more than one year | 17 | €53,424 | - | -€53,424 | |
| Financial debts | 170/4 | €53,424 | - | -€53,424 | |
| Amounts payable within one year | 42/48 | €231,186 | €150,851 | -€80,335 | -34.7% |
| Current portion of amounts payable after more than one year | 42 | €37,201 | €37,201 | = | 0.0% |
| Trade debts | 44 | €6,354 | €22,998 | +€16,644 | +261.9% |
| Suppliers | 440/4 | €6,354 | €22,998 | +€16,644 | +261.9% |
| Taxes, remuneration and social security | 45 | €35,976 | €70,021 | +€34,045 | +94.6% |
| Taxes | 450/3 | €33,645 | €67,662 | +€34,017 | +101.1% |
| Remuneration and social security | 454/9 | €2,331 | €2,358 | +€28 | +1.2% |
| Other amounts payable | 47/48 | €151,655 | €20,631 | -€131,024 | -86.4% |
| Accrued charges and deferred income | 492/3 | €165,000 | - | -€165,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,134 | €41,437 | +€5,303 | +14.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €49,551 | - | -€49,551 | |
| Other operating charges | 640/8 | €2,126 | €2,042 | -€84 | -4.0% |
| Gross operating margin | 9900 | €555,241 | €632,355 | +€77,114 | +13.9% |
| Operating profit (loss) | 9901 | €467,430 | €588,876 | +€121,446 | +26.0% |
| Financial income | 75/76B | €9,762 | €14,426 | +€4,664 | +47.8% |
| Recurring financial income | 75 | €9,762 | €14,426 | +€4,664 | +47.8% |
| Financial charges | 65/66B | €7,433 | €4,893 | -€2,540 | -34.2% |
| Recurring financial charges | 65 | €7,433 | €4,893 | -€2,540 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | €469,758 | €598,409 | +€128,650 | +27.4% |
| Income taxes | 67/77 | €146,259 | €186,615 | +€40,355 | +27.6% |
| Profit (loss) for the period | 9904 | €323,499 | €411,794 | +€88,295 | +27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €323,499 | €411,794 | +€88,295 | +27.3% |
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 29 September 2026 via checked.be.