Luco: 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.
What changed
Luco
NACE 43.211, General electrical installation work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€34,692
2024 · €49,833-€15,141
Equity
€761,268
2024 · €876,576-€115,308
Cash
€138,805
2024 · €200,140-€61,335
Balance sheet total
€2.1m
2024 · €2.2m-€72,176
Largest movements
Assets
- Receivables within one year -€154,410
down €154,410 (-15.1%), from €1.0m to €865,933
of which Other amounts receivable: -€162,907
- Stocks and contracts +€129,874
up €129,874 (+24.2%), from €537,263 to €667,136
of which Stocks: +€130,305
- Cash -€61,335
down €61,335 (-30.6%), from €200,140 to €138,805
mainly Contributions, distributions and other (-€150,000) and Stocks and contracts (-€129,874)
Equity and liabilities
- Reserves -€300,366
down €300,366 (-53.2%), from €564,176 to €263,810
of which Distributable reserves: -€300,366
- Profit (loss) carried forward +€185,058
no longer reported in 2025 (was -€185,058)
- Trade debts +€77,702
up €77,702 (+21.2%), from €366,819 to €444,520
- Short-term financial debts -€75,000
down €75,000 (-13.2%), from €567,083 to €492,083
- Advances received +€66,637
up €66,637 (+175.8%), from €37,909 to €104,546
Income statement
- Gross operating margin -€24,639
down €24,639 (-1.3%), from €1.8m to €1.8m
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.
Result 2024
€49,833
Gross operating margin
-€24,639
Staff costs
+€5,899
Depreciation
+€5,349
Other operating charges
+€1,357
Other operating items
+€4,343
Financial income
-€3,262
Financial charges
+€12,715
Taxes
-€16,904
Result 2025
€34,692
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.
From operations
+€253,143
Investment
-€41,285
Financing
-€273,193
Cash 2024
€200,140
From operations (derived)
+€253,143
Net result for the year
+€34,692
Depreciation
+€21,907
Stocks and contracts
-€129,874
Receivables within one year
+€154,410
Deferred charges and accrued income
+€5,683
Trade debts
+€77,702
Tax, wage and social debts
+€21,987
Advances received
+€66,637
Investment (derived)
-€41,285
Investment in fixed assets (net)
-€41,285
Financing
-€273,193
Debts after one year
-€26,712
Current portion of long-term debt
-€21,481
Short-term financial debts
-€75,000
Contributions, distributions and other
-€150,000
Cash 2025
€138,805
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,206,848 | €2,134,672 | -€72,176 | -3.3% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €443,420 | €462,798 | +€19,379 | +4.4% |
| Tangible fixed assets | 22/27 | €439,930 | €459,308 | +€19,379 | +4.4% |
| Land and buildings | 22 | €411,623 | €402,774 | -€8,850 | -2.1% |
| Plant, machinery and equipment | 23 | €13,106 | €8,858 | -€4,248 | -32.4% |
| Furniture and vehicles | 24 | €15,200 | €47,676 | +€32,476 | +213.7% |
| Financial fixed assets | 28 | €3,490 | €3,490 | = | 0.0% |
| Current assets | 29/58 | €1,763,429 | €1,671,874 | -€91,554 | -5.2% |
| Stocks and contracts in progress | 3 | €537,263 | €667,136 | +€129,874 | +24.2% |
| Stocks | 30/36 | €262,126 | €392,432 | +€130,305 | +49.7% |
| Contracts in progress | 37 | €275,136 | €274,705 | -€431 | -0.2% |
| Amounts receivable within one year | 40/41 | €1,020,343 | €865,933 | -€154,410 | -15.1% |
| Trade receivables | 40 | €275,079 | €283,576 | +€8,497 | +3.1% |
| Other amounts receivable | 41 | €745,265 | €582,357 | -€162,907 | -21.9% |
| Cash at bank and in hand | 54/58 | €200,140 | €138,805 | -€61,335 | -30.6% |
| Deferred charges and accrued income | 490/1 | €5,683 | €0 | -€5,683 | -100.0% |
| Total equity and liabilities | 10/49 | €2,206,848 | €2,134,672 | -€72,176 | -3.3% |
| Equity | 10/15 | €876,576 | €761,268 | -€115,308 | -13.2% |
| Contributions | 10/11 | €161,500 | €161,500 | = | 0.0% |
| Capital | 10 | €161,500 | €161,500 | = | 0.0% |
| Issued capital | 100 | €161,500 | €161,500 | = | 0.0% |
| Revaluation surpluses | 12 | €335,958 | €335,958 | = | 0.0% |
| Reserves | 13 | €564,176 | €263,810 | -€300,366 | -53.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €558,026 | €257,660 | -€300,366 | -53.8% |
| Profit (loss) carried forward | 14 | -€185,058 | - | +€185,058 | |
| Amounts payable | 17/49 | €1,330,272 | €1,373,405 | +€43,132 | +3.2% |
| Amounts payable after more than one year | 17 | €120,878 | €94,166 | -€26,712 | -22.1% |
| Financial debts | 170/4 | €120,878 | €94,166 | -€26,712 | -22.1% |
| Amounts payable within one year | 42/48 | €1,209,394 | €1,279,239 | +€69,845 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €84,807 | €63,326 | -€21,481 | -25.3% |
| Financial debts | 43 | €567,083 | €492,083 | -€75,000 | -13.2% |
| Credit institutions | 430/8 | €567,083 | €492,083 | -€75,000 | -13.2% |
| Trade debts | 44 | €366,819 | €444,520 | +€77,702 | +21.2% |
| Suppliers | 440/4 | €366,819 | €444,520 | +€77,702 | +21.2% |
| Advances received on contracts in progress | 46 | €37,909 | €104,546 | +€66,637 | +175.8% |
| Taxes, remuneration and social security | 45 | €152,777 | €174,763 | +€21,987 | +14.4% |
| Taxes | 450/3 | €16,415 | €47,307 | +€30,892 | +188.2% |
| Remuneration and social security | 454/9 | €136,362 | €127,456 | -€8,906 | -6.5% |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Non-recurring operating income | 76A | €13,329 | €4,994 | -€8,334 | -62.5% |
| Remuneration, social security and pensions | 62 | €1,683,798 | €1,677,899 | -€5,899 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,255 | €21,907 | -€5,349 | -19.6% |
| Other operating charges | 640/8 | €17,580 | €16,223 | -€1,357 | -7.7% |
| Non-recurring operating charges | 66A | €7,343 | €3,000 | -€4,343 | -59.1% |
| Gross operating margin | 9900 | €1,836,674 | €1,812,035 | -€24,639 | -1.3% |
| Operating profit (loss) | 9901 | €100,698 | €93,007 | -€7,691 | -7.6% |
| Financial income | 75/76B | €3,570 | €308 | -€3,262 | -91.4% |
| Recurring financial income | 75 | €3,570 | €308 | -€3,262 | -91.4% |
| Financial charges | 65/66B | €38,971 | €26,255 | -€12,715 | -32.6% |
| Recurring financial charges | 65 | €38,971 | €26,255 | -€12,715 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €65,297 | €67,059 | +€1,762 | +2.7% |
| Income taxes | 67/77 | €15,464 | €32,368 | +€16,904 | +109.3% |
| Profit (loss) for the period | 9904 | €49,833 | €34,692 | -€15,141 | -30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,833 | €34,692 | -€15,141 | -30.4% |
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 6 October 2026 via checked.be.