LUCAPHIL: 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.
LUCAPHIL
Largest movements
- Deferred charges and accrued income -€332,434
down €332,434 (-25.6%), from €1.3m to €967,626
- Cash -€286,491
down €286,491 (-53.5%), from €535,332 to €248,841
mainly Other debts (-€958,244) and Current investments (-€282,402)
- Current investments +€282,402
up €282,402 (+141.2%), from €200,000 to €482,402
- Tangible fixed assets -€248,359
down €248,359 (-8.0%), from €3.1m to €2.9m
- Other debts -€958,244
down €958,244 (-95.6%), from €1.0m to €44,285
- Reserves +€589,771
up €589,771 (+23.8%), from €2.5m to €3.1m
- Tax, wage and social debts -€127,899
no longer reported in 2026 (was €127,899)
- Gross operating margin +€234,527
up €234,527 (+29.0%), from €807,662 to €1.0m
- Taxes +€71,517
up €71,517 (+55.0%), from €129,972 to €201,488
- Other operating charges -€33,068
down €33,068 (-41.2%), from €80,177 to €47,109
- Depreciation -€28,156
down €28,156 (-13.1%), from €214,963 to €186,807
- Financial charges -€11,148
down €11,148 (-30.9%), from €36,033 to €24,885
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,968,522 | €7,428,960 | -€539,562 | -6.8% |
| Fixed assets | 21/28 | €3,125,447 | €2,877,088 | -€248,359 | -7.9% |
| Tangible fixed assets | 22/27 | €3,120,697 | €2,872,338 | -€248,359 | -8.0% |
| Land and buildings | 22 | €3,120,697 | €2,872,338 | -€248,359 | -8.0% |
| Financial fixed assets | 28 | €4,750 | €4,750 | = | 0.0% |
| Current assets | 29/58 | €4,843,076 | €4,551,873 | -€291,203 | -6.0% |
| Amounts receivable within one year | 40/41 | €2,807,683 | €2,853,004 | +€45,321 | +1.6% |
| Trade receivables | 40 | - | €9,119 | +€9,119 | |
| Other amounts receivable | 41 | €2,807,683 | €2,843,885 | +€36,201 | +1.3% |
| Current investments | 50/53 | €200,000 | €482,402 | +€282,402 | +141.2% |
| Cash at bank and in hand | 54/58 | €535,332 | €248,841 | -€286,491 | -53.5% |
| Deferred charges and accrued income | 490/1 | €1,300,060 | €967,626 | -€332,434 | -25.6% |
| Total equity and liabilities | 10/49 | €7,968,522 | €7,428,960 | -€539,562 | -6.8% |
| Equity | 10/15 | €6,780,746 | €7,370,517 | +€589,771 | +8.7% |
| Contributions | 10/11 | €4,307,250 | €4,307,250 | = | 0.0% |
| Reserves | 13 | €2,473,496 | €3,063,267 | +€589,771 | +23.8% |
| Distributable reserves | 133 | €2,473,496 | €3,063,267 | +€589,771 | +23.8% |
| Amounts payable | 17/49 | €1,187,776 | €58,443 | -€1.1m | -95.1% |
| Amounts payable within one year | 42/48 | €1,151,887 | €48,848 | -€1.1m | -95.8% |
| Trade debts | 44 | €21,459 | €4,563 | -€16,896 | -78.7% |
| Suppliers | 440/4 | €21,459 | €4,563 | -€16,896 | -78.7% |
| Taxes, remuneration and social security | 45 | €127,899 | - | -€127,899 | |
| Taxes | 450/3 | €127,899 | - | -€127,899 | |
| Other amounts payable | 47/48 | €1,002,529 | €44,285 | -€958,244 | -95.6% |
| Accrued charges and deferred income | 492/3 | €35,889 | €9,596 | -€26,293 | -73.3% |
| Non-recurring operating income | 76A | €548,643 | €793,448 | +€244,805 | +44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,963 | €186,807 | -€28,156 | -13.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,755 | - | -€5,755 | |
| Other operating charges | 640/8 | €80,177 | €47,109 | -€33,068 | -41.2% |
| Gross operating margin | 9900 | €807,662 | €1,042,189 | +€234,527 | +29.0% |
| Operating profit (loss) | 9901 | €506,768 | €808,273 | +€301,506 | +59.5% |
| Financial income | 75/76B | €6,910 | €7,871 | +€961 | +13.9% |
| Recurring financial income | 75 | €6,910 | €7,871 | +€961 | +13.9% |
| Financial charges | 65/66B | €36,033 | €24,885 | -€11,148 | -30.9% |
| Recurring financial charges | 65 | €36,033 | €24,885 | -€11,148 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €477,645 | €791,259 | +€313,614 | +65.7% |
| Income taxes | 67/77 | €129,972 | €201,488 | +€71,517 | +55.0% |
| Profit (loss) for the period | 9904 | €347,673 | €589,771 | +€242,098 | +69.6% |
| Profit (loss) for the period to be appropriated | 9905 | €347,673 | €589,771 | +€242,098 | +69.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.