LUCARO: 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.
LUCARO
Largest movements
- Cash +€101,624
up €101,624 (+22.3%), from €455,518 to €557,142
mainly Net result for the year (+€111,613) and Depreciation (+€38,458)
- Tangible fixed assets -€20,216
down €20,216 (-16.1%), from €125,363 to €105,147
of which Other tangible fixed assets: -€25,134
- Reserves +€109,947
up €109,947 (+24.5%), from €448,123 to €558,070
- Debts after one year -€20,000
down €20,000 (-36.4%), from €55,000 to €34,999
- Trade debts -€7,739
down €7,739 (-39.5%), from €19,582 to €11,843
- Gross operating margin +€14,181
up €14,181 (+7.0%), from €201,532 to €215,713
- Depreciation -€7,988
down €7,988 (-17.2%), from €46,446 to €38,458
- Taxes +€7,083
up €7,083 (+15.8%), from €44,830 to €51,913
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 | €586,146 | €667,293 | +€81,146 | +13.8% |
| Fixed assets | 21/28 | €127,024 | €106,808 | -€20,216 | -15.9% |
| Tangible fixed assets | 22/27 | €125,363 | €105,147 | -€20,216 | -16.1% |
| Plant, machinery and equipment | 23 | €32,623 | €27,580 | -€5,043 | -15.5% |
| Furniture and vehicles | 24 | €29,389 | €21,108 | -€8,281 | -28.2% |
| Other tangible fixed assets | 26 | €63,351 | €38,217 | -€25,134 | -39.7% |
| Assets under construction and advance payments | 27 | - | €18,242 | +€18,242 | |
| Financial fixed assets | 28 | €1,661 | €1,661 | = | 0.0% |
| Current assets | 29/58 | €459,122 | €560,485 | +€101,362 | +22.1% |
| Amounts receivable within one year | 40/41 | €1,954 | €2,403 | +€450 | +23.0% |
| Trade receivables | 40 | €1,954 | €1,672 | -€281 | -14.4% |
| Other amounts receivable | 41 | - | €731 | +€731 | |
| Cash at bank and in hand | 54/58 | €455,518 | €557,142 | +€101,624 | +22.3% |
| Deferred charges and accrued income | 490/1 | €1,650 | €939 | -€711 | -43.1% |
| Total equity and liabilities | 10/49 | €586,146 | €667,293 | +€81,146 | +13.8% |
| Equity | 10/15 | €466,715 | €576,662 | +€109,947 | +23.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €448,123 | €558,070 | +€109,947 | +24.5% |
| Distributable reserves | 133 | €448,123 | €558,070 | +€109,947 | +24.5% |
| Amounts payable | 17/49 | €119,431 | €90,631 | -€28,800 | -24.1% |
| Amounts payable after more than one year | 17 | €55,000 | €34,999 | -€20,000 | -36.4% |
| Financial debts | 170/4 | €55,000 | €34,999 | -€20,000 | -36.4% |
| Amounts payable within one year | 42/48 | €63,763 | €55,632 | -€8,131 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | €19,582 | €11,843 | -€7,739 | -39.5% |
| Suppliers | 440/4 | €19,582 | €11,843 | -€7,739 | -39.5% |
| Taxes, remuneration and social security | 45 | €17,936 | €16,803 | -€1,133 | -6.3% |
| Taxes | 450/3 | €17,936 | €16,803 | -€1,133 | -6.3% |
| Other amounts payable | 47/48 | €6,245 | €6,986 | +€741 | +11.9% |
| Accrued charges and deferred income | 492/3 | €669 | - | -€669 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,446 | €38,458 | -€7,988 | -17.2% |
| Other operating charges | 640/8 | €12,705 | €14,049 | +€1,344 | +10.6% |
| Gross operating margin | 9900 | €201,532 | €215,713 | +€14,181 | +7.0% |
| Operating profit (loss) | 9901 | €142,381 | €163,206 | +€20,825 | +14.6% |
| Financial income | 75/76B | €1,729 | €2,492 | +€763 | +44.1% |
| Recurring financial income | 75 | €1,729 | €2,492 | +€763 | +44.1% |
| Financial charges | 65/66B | €2,767 | €2,173 | -€595 | -21.5% |
| Recurring financial charges | 65 | €2,767 | €2,173 | -€595 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €141,343 | €163,526 | +€22,183 | +15.7% |
| Income taxes | 67/77 | €44,830 | €51,913 | +€7,083 | +15.8% |
| Profit (loss) for the period | 9904 | €96,513 | €111,613 | +€15,099 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €96,513 | €111,613 | +€15,099 | +15.6% |
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 4 October 2026 via checked.be.