LUCINE: what changed
LUCINE
Largest movements
- Receivables within one year +€18,404
up €18,404 (+41.1%), from €44,740 to €63,143
of which Trade receivables: +€16,913
- Intangible fixed assets -€9,950
down €9,950 (-71.0%), from €14,017 to €4,067
- Cash -€9,164
down €9,164 (-89.5%), from €10,234 to €1,070
mainly Receivables within one year (-€18,404) and Current portion of long-term debt (-€8,125)
- Stocks and contracts +€5,362
up €5,362 (+52.0%), from €10,316 to €15,678
- Tangible fixed assets -€2,158
down €2,158 (-21.4%), from €10,082 to €7,924
of which Furniture and vehicles: -€1,509
- Tax, wage and social debts +€8,299
up €8,299 (+189%), from €4,391 to €12,689
of which Taxes: +€5,903
- Current portion of long-term debt -€8,125
no longer reported in 2025 (was €8,125)
- Reserves +€2,240
up €2,240 (+12.3%), from €18,228 to €20,468
- Gross operating margin -€8,584
down €8,584 (-25.0%), from €34,331 to €25,747
- Financial charges -€1,287
down €1,287 (-17.1%), from €7,542 to €6,255
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €90,100 | €93,252 | +€3,152 | +3.5% |
| Fixed assets | 21/28 | €24,099 | €11,990 | -€12,109 | -50.2% |
| Intangible fixed assets | 21 | €14,017 | €4,067 | -€9,950 | -71.0% |
| Tangible fixed assets | 22/27 | €10,082 | €7,924 | -€2,158 | -21.4% |
| Plant, machinery and equipment | 23 | €699 | €50 | -€649 | -92.8% |
| Furniture and vehicles | 24 | €9,383 | €7,873 | -€1,509 | -16.1% |
| Current assets | 29/58 | €66,001 | €81,261 | +€15,261 | +23.1% |
| Stocks and contracts in progress | 3 | €10,316 | €15,678 | +€5,362 | +52.0% |
| Stocks | 30/36 | €10,316 | €15,678 | +€5,362 | +52.0% |
| Amounts receivable within one year | 40/41 | €44,740 | €63,143 | +€18,404 | +41.1% |
| Trade receivables | 40 | €44,740 | €61,652 | +€16,913 | +37.8% |
| Other amounts receivable | 41 | - | €1,491 | +€1,491 | |
| Cash at bank and in hand | 54/58 | €10,234 | €1,070 | -€9,164 | -89.5% |
| Deferred charges and accrued income | 490/1 | €711 | €1,371 | +€660 | +92.9% |
| Total equity and liabilities | 10/49 | €90,100 | €93,252 | +€3,152 | +3.5% |
| Equity | 10/15 | €30,928 | €33,168 | +€2,240 | +7.2% |
| Contributions | 10/11 | €12,700 | €12,700 | = | 0.0% |
| Reserves | 13 | €18,228 | €20,468 | +€2,240 | +12.3% |
| Distributable reserves | 133 | €18,228 | €20,468 | +€2,240 | +12.3% |
| Amounts payable | 17/49 | €59,171 | €60,083 | +€912 | +1.5% |
| Amounts payable within one year | 42/48 | €58,337 | €58,850 | +€512 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €8,125 | - | -€8,125 | |
| Financial debts | 43 | €7,850 | €8,462 | +€612 | +7.8% |
| Credit institutions | 430/8 | €7,850 | €8,462 | +€612 | +7.8% |
| Trade debts | 44 | €17,408 | €16,749 | -€659 | -3.8% |
| Suppliers | 440/4 | €17,408 | €16,749 | -€659 | -3.8% |
| Taxes, remuneration and social security | 45 | €4,391 | €12,689 | +€8,299 | +189% |
| Taxes | 450/3 | €4,391 | €10,294 | +€5,903 | +134% |
| Remuneration and social security | 454/9 | - | €2,395 | +€2,395 | |
| Other amounts payable | 47/48 | €20,564 | €20,950 | +€386 | +1.9% |
| Accrued charges and deferred income | 492/3 | €834 | €1,234 | +€400 | +47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,195 | €14,447 | +€252 | +1.8% |
| Other operating charges | 640/8 | €1,010 | €1,092 | +€82 | +8.1% |
| Gross operating margin | 9900 | €34,331 | €25,747 | -€8,584 | -25.0% |
| Operating profit (loss) | 9901 | €19,127 | €10,209 | -€8,918 | -46.6% |
| Financial income | 75/76B | €106 | €125 | +€20 | +18.4% |
| Recurring financial income | 75 | €106 | €125 | +€20 | +18.4% |
| Financial charges | 65/66B | €7,542 | €6,255 | -€1,287 | -17.1% |
| Recurring financial charges | 65 | €7,542 | €6,255 | -€1,287 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €11,690 | €4,079 | -€7,611 | -65.1% |
| Income taxes | 67/77 | €1,799 | €1,839 | +€40 | +2.2% |
| Profit (loss) for the period | 9904 | €9,892 | €2,240 | -€7,651 | -77.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,892 | €2,240 | -€7,651 | -77.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.