LUCEO: 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.
LUCEO
Largest movements
- Current investments -€900,000
down €900,000 (-54.5%), from €1.7m to €750,000
- Cash +€385,745
up €385,745 (+291%), from €132,782 to €518,528
mainly Current investments (+€900,000) and Net result for the year (+€623,402)
- Receivables within one year -€54,931
down €54,931 (-17.2%), from €318,945 to €264,014
of which Trade receivables: -€94,501
- Tangible fixed assets +€48,979
new in 2025: €48,979
- Other debts -€1.1m
down €1.1m (-99.6%), from €1.1m to €4,012
- Reserves +€623,402
up €623,402 (+68.2%), from €913,570 to €1.5m
of which Distributable reserves: +€939,152
- Gross operating margin -€331,358
down €331,358 (-29.5%), from €1.1m to €791,803
- Taxes -€85,147
down €85,147 (-29.7%), from €286,542 to €201,396
- Financial income -€27,230
down €27,230 (-40.8%), from €66,780 to €39,550
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 | €2,107,612 | €1,589,302 | -€518,310 | -24.6% |
| Fixed assets | 21/28 | - | €48,979 | +€48,979 | |
| Tangible fixed assets | 22/27 | - | €48,979 | +€48,979 | |
| Furniture and vehicles | 24 | - | €48,979 | +€48,979 | |
| Current assets | 29/58 | €2,107,612 | €1,540,323 | -€567,290 | -26.9% |
| Amounts receivable within one year | 40/41 | €318,945 | €264,014 | -€54,931 | -17.2% |
| Trade receivables | 40 | €318,515 | €224,014 | -€94,501 | -29.7% |
| Other amounts receivable | 41 | €430 | €40,000 | +€39,570 | +9,199% |
| Current investments | 50/53 | €1,650,000 | €750,000 | -€900,000 | -54.5% |
| Cash at bank and in hand | 54/58 | €132,782 | €518,528 | +€385,745 | +291% |
| Deferred charges and accrued income | 490/1 | €5,885 | €7,780 | +€1,896 | +32.2% |
| Total equity and liabilities | 10/49 | €2,107,612 | €1,589,302 | -€518,310 | -24.6% |
| Equity | 10/15 | €932,170 | €1,555,572 | +€623,402 | +66.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €913,570 | €1,536,972 | +€623,402 | +68.2% |
| Tax-exempt reserves | 132 | €913,570 | €597,820 | -€315,750 | -34.6% |
| Distributable reserves | 133 | €0 | €939,152 | +€939,152 | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,175,442 | €33,730 | -€1.1m | -97.1% |
| Amounts payable within one year | 42/48 | €1,173,966 | €33,200 | -€1.1m | -97.2% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €0 | €1,651 | +€1,651 | |
| Suppliers | 440/4 | €0 | €1,651 | +€1,651 | |
| Taxes, remuneration and social security | 45 | €18,551 | €2,538 | -€16,013 | -86.3% |
| Taxes | 450/3 | €18,551 | €2,538 | -€16,013 | -86.3% |
| Other amounts payable | 47/48 | €1,130,415 | €4,012 | -€1.1m | -99.6% |
| Accrued charges and deferred income | 492/3 | €1,477 | €530 | -€947 | -64.1% |
| Non-recurring operating income | 76A | - | €28,500 | +€28,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €2,558 | +€2,558 | |
| Other operating charges | 640/8 | €1,964 | €2,155 | +€192 | +9.8% |
| Gross operating margin | 9900 | €1,123,161 | €791,803 | -€331,358 | -29.5% |
| Operating profit (loss) | 9901 | €1,121,197 | €787,089 | -€334,108 | -29.8% |
| Financial income | 75/76B | €66,780 | €39,550 | -€27,230 | -40.8% |
| Recurring financial income | 75 | €66,780 | €39,550 | -€27,230 | -40.8% |
| Financial charges | 65/66B | -€1,521 | €1,842 | +€3,363 | |
| Recurring financial charges | 65 | -€1,521 | €1,842 | +€3,363 | |
| Profit (loss) for the period before taxes | 9903 | €1,189,498 | €824,797 | -€364,701 | -30.7% |
| Income taxes | 67/77 | €286,542 | €201,396 | -€85,147 | -29.7% |
| Profit (loss) for the period | 9904 | €902,956 | €623,402 | -€279,554 | -31.0% |
| Transfer from tax-exempt reserves | 789 | €223,130 | €610,450 | +€387,320 | +174% |
| Transfer to tax-exempt reserves | 689 | €0 | €294,700 | +€294,700 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,126,086 | €939,152 | -€186,934 | -16.6% |
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 17 October 2026 via checked.be.