LUC INDEKEU: 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.
LUC INDEKEU
Largest movements
- Cash +€1.4m
up €1.4m (+382%), from €359,036 to €1.7m
mainly Current investments (+€600,000) and Investment in fixed assets (net) (+€514,262)
- Current investments -€600,000
no longer reported in 2025 (was €600,000)
- Financial fixed assets -€514,262
no longer reported in 2025 (was €514,262)
- Receivables within one year -€121,363
down €121,363 (-69.2%), from €175,278 to €53,915
of which Other amounts receivable: -€127,003
- Reserves +€124,358
up €124,358 (+6.5%), from €1.9m to €2.0m
of which Distributable reserves: +€124,358
- Write-downs -€501,460
down €501,460, from €260,798 to -€240,662
- Other operating charges +€332,267
up €332,267 (+7,530%), from €4,413 to €336,679
- Gross operating margin -€143,227
down €143,227 (-53.5%), from €267,895 to €124,668
- Financial income +€123,626
up €123,626 (+1,090%), from €11,342 to €134,969
- Taxes +€22,413
up €22,413 (+670%), from €3,344 to €25,757
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 | €1,967,441 | €2,099,137 | +€131,696 | +6.7% |
| Fixed assets | 21/28 | €574,843 | €47,704 | -€527,139 | -91.7% |
| Tangible fixed assets | 22/27 | €60,581 | €47,704 | -€12,877 | -21.3% |
| Plant, machinery and equipment | 23 | €2,837 | €2,545 | -€292 | -10.3% |
| Furniture and vehicles | 24 | €57,744 | €45,159 | -€12,585 | -21.8% |
| Financial fixed assets | 28 | €514,262 | - | -€514,262 | |
| Current assets | 29/58 | €1,392,598 | €2,051,433 | +€658,835 | +47.3% |
| Amounts receivable after more than one year | 29 | €250,000 | €250,000 | = | 0.0% |
| Other amounts receivable | 291 | €250,000 | €250,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €175,278 | €53,915 | -€121,363 | -69.2% |
| Trade receivables | 40 | €15,429 | €21,068 | +€5,640 | +36.6% |
| Other amounts receivable | 41 | €159,849 | €32,846 | -€127,003 | -79.5% |
| Current investments | 50/53 | €600,000 | - | -€600,000 | |
| Cash at bank and in hand | 54/58 | €359,036 | €1,732,248 | +€1.4m | +382% |
| Deferred charges and accrued income | 490/1 | €8,284 | €15,270 | +€6,986 | +84.3% |
| Total equity and liabilities | 10/49 | €1,967,441 | €2,099,137 | +€131,696 | +6.7% |
| Equity | 10/15 | €1,938,784 | €2,063,142 | +€124,358 | +6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,920,184 | €2,044,542 | +€124,358 | +6.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,918,324 | €2,042,682 | +€124,358 | +6.5% |
| Amounts payable | 17/49 | €28,656 | €35,994 | +€7,338 | +25.6% |
| Amounts payable within one year | 42/48 | €28,656 | €35,861 | +€7,204 | +25.1% |
| Current portion of amounts payable after more than one year | 42 | €15,215 | - | -€15,215 | |
| Trade debts | 44 | €1 | €16,359 | +€16,357 | +1,128,072% |
| Suppliers | 440/4 | €1 | €16,359 | +€16,357 | +1,128,072% |
| Taxes, remuneration and social security | 45 | €13,440 | €19,502 | +€6,062 | +45.1% |
| Taxes | 450/3 | €13,440 | €19,502 | +€6,062 | +45.1% |
| Accrued charges and deferred income | 492/3 | - | €134 | +€134 | |
| Non-recurring operating income | 76A | €12,500 | €5,000 | -€7,500 | -60.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,350 | €12,877 | +€7,527 | +141% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €260,798 | -€240,662 | -€501,460 | |
| Other operating charges | 640/8 | €4,413 | €336,679 | +€332,267 | +7,530% |
| Gross operating margin | 9900 | €267,895 | €124,668 | -€143,227 | -53.5% |
| Operating profit (loss) | 9901 | -€2,666 | €15,774 | +€18,440 | |
| Financial income | 75/76B | €11,342 | €134,969 | +€123,626 | +1,090% |
| Recurring financial income | 75 | €11,342 | €134,969 | +€123,626 | +1,090% |
| Financial charges | 65/66B | €3,512 | €627 | -€2,885 | -82.1% |
| Recurring financial charges | 65 | €3,512 | €627 | -€2,885 | -82.1% |
| Profit (loss) for the period before taxes | 9903 | €5,164 | €150,115 | +€144,951 | +2,807% |
| Income taxes | 67/77 | €3,344 | €25,757 | +€22,413 | +670% |
| Profit (loss) for the period | 9904 | €1,820 | €124,358 | +€122,538 | +6,732% |
| Profit (loss) for the period to be appropriated | 9905 | €1,820 | €124,358 | +€122,538 | +6,732% |
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 24 October 2026 via checked.be.