LUCA: 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.
LUCA
Largest movements
- Tangible fixed assets +€364,608
up €364,608 (+58.5%), from €623,498 to €988,106
of which Land and buildings: +€386,589
- Current investments -€75,000
down €75,000 (-100.0%), from €75,000 to €0
- Cash -€54,044
down €54,044 (-70.5%), from €76,689 to €22,645
mainly Investment in fixed assets (net) (-€475,523) and Accrued charges and deferred income (-€9,774)
- Receivables within one year -€29,715
down €29,715 (-71.2%), from €41,743 to €12,028
of which Trade receivables: -€28,398
- Debts after one year +€129,645
up €129,645 (+113.2%), from €114,494 to €244,140
- Reserves +€79,681
up €79,681 (+34.8%), from €229,059 to €308,740
- Other debts +€16,214
up €16,214 (+7.1%), from €228,840 to €245,054
- Depreciation +€69,410
up €69,410 (+167.2%), from €41,505 to €110,915
- Gross operating margin +€66,447
up €66,447 (+34.3%), from €193,598 to €260,045
- Staff costs -€35,443
down €35,443 (-77.1%), from €45,942 to €10,498
- Taxes +€11,886
up €11,886 (+43.8%), from €27,146 to €39,032
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 | €819,825 | €1,024,840 | +€205,015 | +25.0% |
| Fixed assets | 21/28 | €623,498 | €988,106 | +€364,608 | +58.5% |
| Tangible fixed assets | 22/27 | €623,498 | €988,106 | +€364,608 | +58.5% |
| Land and buildings | 22 | €564,949 | €951,537 | +€386,589 | +68.4% |
| Plant, machinery and equipment | 23 | €2,270 | €3,252 | +€982 | +43.3% |
| Furniture and vehicles | 24 | €45,666 | €33,316 | -€12,350 | -27.0% |
| Other tangible fixed assets | 26 | €10,613 | €0 | -€10,613 | -100.0% |
| Current assets | 29/58 | €196,328 | €36,734 | -€159,594 | -81.3% |
| Amounts receivable within one year | 40/41 | €41,743 | €12,028 | -€29,715 | -71.2% |
| Trade receivables | 40 | €39,906 | €11,508 | -€28,398 | -71.2% |
| Other amounts receivable | 41 | €1,837 | €519 | -€1,318 | -71.7% |
| Current investments | 50/53 | €75,000 | €0 | -€75,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €76,689 | €22,645 | -€54,044 | -70.5% |
| Deferred charges and accrued income | 490/1 | €2,895 | €2,061 | -€835 | -28.8% |
| Total equity and liabilities | 10/49 | €819,825 | €1,024,840 | +€205,015 | +25.0% |
| Equity | 10/15 | €389,059 | €468,740 | +€79,681 | +20.5% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €229,059 | €308,740 | +€79,681 | +34.8% |
| Distributable reserves | 133 | €229,059 | €308,740 | +€79,681 | +34.8% |
| Amounts payable | 17/49 | €430,767 | €556,100 | +€125,333 | +29.1% |
| Amounts payable after more than one year | 17 | €114,494 | €244,140 | +€129,645 | +113.2% |
| Financial debts | 170/4 | €114,494 | €244,140 | +€129,645 | +113.2% |
| Amounts payable within one year | 42/48 | €284,366 | €289,829 | +€5,462 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €27,460 | €20,355 | -€7,105 | -25.9% |
| Trade debts | 44 | €15,844 | €9,626 | -€6,218 | -39.2% |
| Suppliers | 440/4 | €15,844 | €9,626 | -€6,218 | -39.2% |
| Taxes, remuneration and social security | 45 | €12,223 | €14,794 | +€2,572 | +21.0% |
| Taxes | 450/3 | €5,483 | €10,966 | +€5,484 | +100.0% |
| Remuneration and social security | 454/9 | €6,740 | €3,828 | -€2,912 | -43.2% |
| Other amounts payable | 47/48 | €228,840 | €245,054 | +€16,214 | +7.1% |
| Accrued charges and deferred income | 492/3 | €31,906 | €22,132 | -€9,774 | -30.6% |
| Non-recurring operating income | 76A | €315 | €144,269 | +€143,954 | +45682.3% |
| Remuneration, social security and pensions | 62 | €45,942 | €10,498 | -€35,443 | -77.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,505 | €110,915 | +€69,410 | +167.2% |
| Other operating charges | 640/8 | €3,761 | €3,755 | -€6 | -0.2% |
| Non-recurring operating charges | 66A | €395 | €0 | -€395 | -100.0% |
| Gross operating margin | 9900 | €193,598 | €260,045 | +€66,447 | +34.3% |
| Operating profit (loss) | 9901 | €101,995 | €134,877 | +€32,882 | +32.2% |
| Financial income | 75/76B | €1,756 | €4,003 | +€2,247 | +127.9% |
| Recurring financial income | 75 | €1,756 | €4,003 | +€2,247 | +127.9% |
| Financial charges | 65/66B | €21,778 | €20,166 | -€1,612 | -7.4% |
| Recurring financial charges | 65 | €21,778 | €20,166 | -€1,612 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €81,973 | €118,714 | +€36,741 | +44.8% |
| Income taxes | 67/77 | €27,146 | €39,032 | +€11,886 | +43.8% |
| Profit (loss) for the period | 9904 | €54,827 | €79,681 | +€24,855 | +45.3% |
| Profit (loss) for the period to be appropriated | 9905 | €54,827 | €79,681 | +€24,855 | +45.3% |
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 30 September 2026 via checked.be.