LUCEDA: 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.
LUCEDA
Largest movements
- Receivables within one year -€479,984
down €479,984 (-30.2%), from €1.6m to €1.1m
of which Trade receivables: -€842,641
- Receivables after one year -€256,850
down €256,850 (-31.0%), from €828,604 to €571,754
- Cash +€241,932
up €241,932 (+23.3%), from €1.0m to €1.3m
mainly Receivables within one year (+€479,984) and Receivables after one year (+€256,850)
- Stocks and contracts -€77,086
down €77,086 (-77.7%), from €99,217 to €22,131
- Reserves -€544,659
down €544,659 (-92.9%), from €586,378 to €41,720
of which Distributable reserves: -€544,659
- Contributions +€239,747
up €239,747 (+46.7%), from €513,580 to €753,327
of which Outside capital: +€205,185
- Profit (loss) carried forward -€211,525
new in 2025: -€211,525
- Trade debts -€97,677
down €97,677 (-32.3%), from €302,449 to €204,772
- Advances received +€82,000
new in 2025: €82,000
- Gross operating margin -€975,579
down €975,579 (-53.4%), from €1.8m to €850,616
- Staff costs -€701,299
down €701,299 (-38.5%), from €1.8m to €1.1m
- Other operating charges -€68,214
down €68,214 (-99.7%), from €68,414 to €200
- Financial charges -€67,409
down €67,409 (-47.3%), from €142,491 to €75,083
- Depreciation -€28,504
down €28,504 (-44.2%), from €64,452 to €35,948
From the 30-06-2025 result to the 31-12-2025 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 30-06-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 30-06-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,870,366 | €3,323,563 | -€546,803 | -14.1% |
| Fixed assets | 21/28 | €272,316 | €269,051 | -€3,266 | -1.2% |
| Intangible fixed assets | 21 | €37,141 | €18,544 | -€18,597 | -50.1% |
| Tangible fixed assets | 22/27 | €80,446 | €98,479 | +€18,032 | +22.4% |
| Furniture and vehicles | 24 | €48,511 | €70,061 | +€21,550 | +44.4% |
| Other tangible fixed assets | 26 | €31,935 | €28,418 | -€3,518 | -11.0% |
| Financial fixed assets | 28 | €154,729 | €152,028 | -€2,701 | -1.7% |
| Current assets | 29/58 | €3,598,050 | €3,054,513 | -€543,537 | -15.1% |
| Amounts receivable after more than one year | 29 | €828,604 | €571,754 | -€256,850 | -31.0% |
| Other amounts receivable | 291 | €828,604 | €571,754 | -€256,850 | -31.0% |
| Stocks and contracts in progress | 3 | €99,217 | €22,131 | -€77,086 | -77.7% |
| Contracts in progress | 37 | €99,217 | €22,131 | -€77,086 | -77.7% |
| Amounts receivable within one year | 40/41 | €1,587,925 | €1,107,941 | -€479,984 | -30.2% |
| Trade receivables | 40 | €1,492,741 | €650,100 | -€842,641 | -56.4% |
| Other amounts receivable | 41 | €95,183 | €457,840 | +€362,657 | +381.0% |
| Cash at bank and in hand | 54/58 | €1,037,202 | €1,279,134 | +€241,932 | +23.3% |
| Deferred charges and accrued income | 490/1 | €45,103 | €73,554 | +€28,450 | +63.1% |
| Total equity and liabilities | 10/49 | €3,870,366 | €3,323,563 | -€546,803 | -14.1% |
| Equity | 10/15 | €1,099,958 | €583,521 | -€516,437 | -47.0% |
| Contributions | 10/11 | €513,580 | €753,327 | +€239,747 | +46.7% |
| Capital | 10 | €444,335 | €478,897 | +€34,562 | +7.8% |
| Issued capital | 100 | €444,335 | €478,897 | +€34,562 | +7.8% |
| Outside capital | 11 | €69,245 | €274,429 | +€205,185 | +296.3% |
| Share premium | 1100/10 | €69,245 | €274,429 | +€205,185 | +296.3% |
| Reserves | 13 | €586,378 | €41,720 | -€544,659 | -92.9% |
| Non-distributable reserves | 130/1 | €41,720 | €41,720 | = | 0.0% |
| Legal reserve | 130 | €41,720 | €41,720 | = | 0.0% |
| Distributable reserves | 133 | €544,659 | €0 | -€544,659 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€211,525 | -€211,525 | |
| Amounts payable | 17/49 | €2,770,408 | €2,740,042 | -€30,366 | -1.1% |
| Amounts payable within one year | 42/48 | €468,973 | €498,250 | +€29,277 | +6.2% |
| Trade debts | 44 | €302,449 | €204,772 | -€97,677 | -32.3% |
| Suppliers | 440/4 | €302,449 | €204,772 | -€97,677 | -32.3% |
| Advances received on contracts in progress | 46 | - | €82,000 | +€82,000 | |
| Taxes, remuneration and social security | 45 | €163,682 | €205,598 | +€41,916 | +25.6% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €163,682 | €205,598 | +€41,916 | +25.6% |
| Other amounts payable | 47/48 | €2,842 | €5,880 | +€3,038 | +106.9% |
| Accrued charges and deferred income | 492/3 | €2,301,435 | €2,241,792 | -€59,643 | -2.6% |
| Remuneration, social security and pensions | 62 | €1,821,059 | €1,119,760 | -€701,299 | -38.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,452 | €35,948 | -€28,504 | -44.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €19,960 | +€19,960 | |
| Other operating charges | 640/8 | €68,414 | €200 | -€68,214 | -99.7% |
| Gross operating margin | 9900 | €1,826,195 | €850,616 | -€975,579 | -53.4% |
| Operating profit (loss) | 9901 | -€127,730 | -€325,252 | -€197,522 | -154.6% |
| Financial income | 75/76B | €22,209 | €35,176 | +€12,967 | +58.4% |
| Recurring financial income | 75 | €22,209 | €35,176 | +€12,967 | +58.4% |
| Financial charges | 65/66B | €142,491 | €75,083 | -€67,409 | -47.3% |
| Recurring financial charges | 65 | €142,491 | €75,083 | -€67,409 | -47.3% |
| Profit (loss) for the period before taxes | 9903 | -€248,012 | -€365,159 | -€117,147 | -47.2% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€248,012 | -€365,159 | -€117,147 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€248,012 | -€365,159 | -€117,147 | -47.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2025 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.