Luc Lutin: 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 Lutin
Largest movements
- Tangible fixed assets +€55,306
new in 2025: €55,306
- Cash +€30,381
up €30,381 (+50.9%), from €59,636 to €90,017
mainly Net result for the year (+€104,594) and Depreciation (+€7,975)
- Current investments +€23,301
up €23,301 (+28.7%), from €81,214 to €104,515
- Reserves +€104,594
up €104,594 (+87.0%), from €120,274 to €224,868
- Tax, wage and social debts +€5,062
up €5,062 (+69.2%), from €7,317 to €12,378
- Depreciation +€7,975
new in 2025: €7,975
- Gross operating margin +€7,332
up €7,332 (+5.6%), from €131,256 to €138,588
- Financial income +€2,653
up €2,653 (+425%), from €624 to €3,277
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 | €143,365 | €252,249 | +€108,885 | +75.9% |
| Fixed assets | 21/28 | - | €55,306 | +€55,306 | |
| Tangible fixed assets | 22/27 | - | €55,306 | +€55,306 | |
| Furniture and vehicles | 24 | - | €55,306 | +€55,306 | |
| Current assets | 29/58 | €143,365 | €196,944 | +€53,579 | +37.4% |
| Amounts receivable within one year | 40/41 | €1,483 | €1,529 | +€46 | +3.1% |
| Trade receivables | 40 | €1,370 | €0 | -€1,370 | -100% |
| Other amounts receivable | 41 | €113 | €1,529 | +€1,416 | +1,248% |
| Current investments | 50/53 | €81,214 | €104,515 | +€23,301 | +28.7% |
| Cash at bank and in hand | 54/58 | €59,636 | €90,017 | +€30,381 | +50.9% |
| Deferred charges and accrued income | 490/1 | €1,032 | €883 | -€149 | -14.5% |
| Total equity and liabilities | 10/49 | €143,365 | €252,249 | +€108,885 | +75.9% |
| Equity | 10/15 | €135,274 | €239,868 | +€104,594 | +77.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €120,274 | €224,868 | +€104,594 | +87.0% |
| Distributable reserves | 133 | €120,274 | €224,868 | +€104,594 | +87.0% |
| Amounts payable | 17/49 | €8,091 | €12,381 | +€4,291 | +53.0% |
| Amounts payable within one year | 42/48 | €8,091 | €12,381 | +€4,291 | +53.0% |
| Trade debts | 44 | €774 | €3 | -€771 | -99.6% |
| Suppliers | 440/4 | €774 | €3 | -€771 | -99.6% |
| Taxes, remuneration and social security | 45 | €7,317 | €12,378 | +€5,062 | +69.2% |
| Taxes | 450/3 | €7,317 | €12,378 | +€5,062 | +69.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,975 | +€7,975 | |
| Other operating charges | 640/8 | €118 | €219 | +€101 | +85.6% |
| Gross operating margin | 9900 | €131,256 | €138,588 | +€7,332 | +5.6% |
| Operating profit (loss) | 9901 | €131,138 | €130,394 | -€744 | -0.6% |
| Financial income | 75/76B | €624 | €3,277 | +€2,653 | +425% |
| Recurring financial income | 75 | €624 | €3,277 | +€2,653 | +425% |
| Financial charges | 65/66B | €1,164 | €810 | -€354 | -30.4% |
| Recurring financial charges | 65 | €1,164 | €810 | -€354 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €130,598 | €132,861 | +€2,262 | +1.7% |
| Income taxes | 67/77 | €28,074 | €28,267 | +€193 | +0.7% |
| Profit (loss) for the period | 9904 | €102,524 | €104,594 | +€2,070 | +2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €102,524 | €104,594 | +€2,070 | +2.0% |
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.