Luard: 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.
Luard
Largest movements
- Receivables within one year +€37,066
up €37,066 (+66.2%), from €56,023 to €93,088
of which Trade receivables: +€36,834
- Tangible fixed assets -€7,642
down €7,642 (-44.4%), from €17,226 to €9,585
- Reserves +€32,060
new in 2025: €32,060
- Tax, wage and social debts +€8,036
up €8,036 (+72.6%), from €11,077 to €19,113
of which Taxes: +€10,893
- Other debts -€4,508
no longer reported in 2025 (was €4,508)
- Debts after one year -€4,474
no longer reported in 2025 (was €4,474)
- Trade debts -€2,326
down €2,326 (-9.3%), from €25,106 to €22,781
- Gross operating margin +€49,933
up €49,933 (+208.5%), from €23,952 to €73,885
- Taxes +€12,545
up €12,545 (+589.0%), from €2,130 to €14,674
- Staff costs +€8,404
new in 2025: €8,404
- Other operating charges -€7,916
down €7,916 (-86.3%), from €9,175 to €1,259
- Financial charges +€3,835
up €3,835 (+372.8%), from €1,029 to €4,864
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 | €121,283 | €149,802 | +€28,519 | +23.5% |
| Fixed assets | 21/28 | €17,226 | €9,585 | -€7,642 | -44.4% |
| Tangible fixed assets | 22/27 | €17,226 | €9,585 | -€7,642 | -44.4% |
| Furniture and vehicles | 24 | €17,226 | €9,585 | -€7,642 | -44.4% |
| Current assets | 29/58 | €104,057 | €140,217 | +€36,160 | +34.8% |
| Amounts receivable within one year | 40/41 | €56,023 | €93,088 | +€37,066 | +66.2% |
| Trade receivables | 40 | €54,937 | €91,771 | +€36,834 | +67.0% |
| Other amounts receivable | 41 | €1,086 | €1,317 | +€232 | +21.3% |
| Cash at bank and in hand | 54/58 | €45,490 | €44,462 | -€1,028 | -2.3% |
| Deferred charges and accrued income | 490/1 | €2,545 | €2,668 | +€123 | +4.8% |
| Total equity and liabilities | 10/49 | €121,283 | €149,802 | +€28,519 | +23.5% |
| Equity | 10/15 | €71,358 | €103,417 | +€32,060 | +44.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | - | €32,060 | +€32,060 | |
| Distributable reserves | 133 | - | €32,060 | +€32,060 | |
| Profit (loss) carried forward | 14 | €65,158 | €65,158 | = | 0.0% |
| Amounts payable | 17/49 | €49,926 | €46,385 | -€3,541 | -7.1% |
| Amounts payable after more than one year | 17 | €4,474 | - | -€4,474 | |
| Financial debts | 170/4 | €4,474 | - | -€4,474 | |
| Amounts payable within one year | 42/48 | €45,436 | €46,368 | +€932 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €4,745 | €4,474 | -€271 | -5.7% |
| Trade debts | 44 | €25,106 | €22,781 | -€2,326 | -9.3% |
| Suppliers | 440/4 | €25,106 | €22,781 | -€2,326 | -9.3% |
| Taxes, remuneration and social security | 45 | €11,077 | €19,113 | +€8,036 | +72.6% |
| Taxes | 450/3 | €7,177 | €18,069 | +€10,893 | +151.8% |
| Remuneration and social security | 454/9 | €3,900 | €1,044 | -€2,856 | -73.2% |
| Other amounts payable | 47/48 | €4,508 | - | -€4,508 | |
| Accrued charges and deferred income | 492/3 | €16 | €17 | +€1 | +8.1% |
| Remuneration, social security and pensions | 62 | - | €8,404 | +€8,404 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,195 | €12,625 | +€430 | +3.5% |
| Other operating charges | 640/8 | €9,175 | €1,259 | -€7,916 | -86.3% |
| Gross operating margin | 9900 | €23,952 | €73,885 | +€49,933 | +208.5% |
| Operating profit (loss) | 9901 | €2,581 | €51,596 | +€49,015 | +1898.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €1,029 | €4,864 | +€3,835 | +372.8% |
| Recurring financial charges | 65 | €1,029 | €4,864 | +€3,835 | +372.8% |
| Profit (loss) for the period before taxes | 9903 | €1,553 | €46,734 | +€45,181 | +2909.9% |
| Income taxes | 67/77 | €2,130 | €14,674 | +€12,545 | +589.0% |
| Profit (loss) for the period | 9904 | -€577 | €32,060 | +€32,637 | |
| Profit (loss) for the period to be appropriated | 9905 | -€577 | €32,060 | +€32,637 |
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 6 October 2026 via checked.be.