Lucoled: 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.
Lucoled
Largest movements
- Receivables within one year +€251,363
up €251,363 (+84.1%), from €299,010 to €550,373
of which Trade receivables: +€253,968
- Cash +€67,965
up €67,965 (+87.5%), from €77,663 to €145,628
mainly Net result for the year (+€228,556) and Accrued charges and deferred income (+€124,397)
- Intangible fixed assets -€33,423
down €33,423 (-35.1%), from €95,247 to €61,825
- Deferred charges and accrued income -€21,522
no longer reported in 2025 (was €21,522)
- Reserves +€128,556
up €128,556 (+87.2%), from €147,376 to €275,931
of which Distributable reserves: +€128,556
- Accrued charges and deferred income +€124,397
up €124,397 (+3,656%), from €3,403 to €127,800
- Current portion of long-term debt -€36,064
down €36,064 (-34.4%), from €104,784 to €68,720
- Debts after one year +€31,280
up €31,280 (+12.2%), from €257,144 to €288,424
- Trade debts -€27,282
down €27,282 (-3.5%), from €787,709 to €760,427
- Gross operating margin +€133,235
up €133,235 (+31.6%), from €421,700 to €554,935
- Taxes +€37,632
up €37,632 (+96.5%), from €39,010 to €76,642
- Financial charges -€32,276
down €32,276 (-24.2%), from €133,599 to €101,324
- Write-downs -€13,453
down €13,453 (-15.2%), from €88,284 to €74,831
- Financial income +€12,088
up €12,088 (+12.2%), from €99,028 to €111,116
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 | €1,810,844 | €2,052,716 | +€241,872 | +13.4% |
| Fixed assets | 21/28 | €111,571 | €71,796 | -€39,775 | -35.7% |
| Intangible fixed assets | 21 | €95,247 | €61,825 | -€33,423 | -35.1% |
| Tangible fixed assets | 22/27 | €8,678 | €2,326 | -€6,353 | -73.2% |
| Plant, machinery and equipment | 23 | €1,063 | €652 | -€411 | -38.7% |
| Furniture and vehicles | 24 | €7,615 | €1,673 | -€5,942 | -78.0% |
| Financial fixed assets | 28 | €7,646 | €7,646 | = | 0.0% |
| Current assets | 29/58 | €1,699,273 | €1,980,920 | +€281,647 | +16.6% |
| Stocks and contracts in progress | 3 | €1,301,078 | €1,284,919 | -€16,159 | -1.2% |
| Stocks | 30/36 | €1,301,078 | €1,284,919 | -€16,159 | -1.2% |
| Amounts receivable within one year | 40/41 | €299,010 | €550,373 | +€251,363 | +84.1% |
| Trade receivables | 40 | €288,342 | €542,310 | +€253,968 | +88.1% |
| Other amounts receivable | 41 | €10,668 | €8,063 | -€2,605 | -24.4% |
| Cash at bank and in hand | 54/58 | €77,663 | €145,628 | +€67,965 | +87.5% |
| Deferred charges and accrued income | 490/1 | €21,522 | - | -€21,522 | |
| Total equity and liabilities | 10/49 | €1,810,844 | €2,052,716 | +€241,872 | +13.4% |
| Equity | 10/15 | €208,876 | €337,431 | +€128,556 | +61.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €147,376 | €275,931 | +€128,556 | +87.2% |
| 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 | €141,226 | €269,781 | +€128,556 | +91.0% |
| Provisions and deferred taxes | 16 | €51,704 | €62,753 | +€11,049 | +21.4% |
| Provisions for liabilities and charges | 160/5 | €51,704 | €62,753 | +€11,049 | +21.4% |
| Other liabilities and charges | 164/5 | €51,704 | €62,753 | +€11,049 | +21.4% |
| Amounts payable | 17/49 | €1,550,264 | €1,652,532 | +€102,267 | +6.6% |
| Amounts payable after more than one year | 17 | €257,144 | €288,424 | +€31,280 | +12.2% |
| Financial debts | 170/4 | €257,144 | €288,424 | +€31,280 | +12.2% |
| Amounts payable within one year | 42/48 | €1,289,718 | €1,236,308 | -€53,410 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €104,784 | €68,720 | -€36,064 | -34.4% |
| Financial debts | 43 | €250,000 | €273,013 | +€23,013 | +9.2% |
| Credit institutions | 430/8 | €250,000 | €273,013 | +€23,013 | +9.2% |
| Trade debts | 44 | €787,709 | €760,427 | -€27,282 | -3.5% |
| Suppliers | 440/4 | €787,709 | €760,427 | -€27,282 | -3.5% |
| Taxes, remuneration and social security | 45 | €47,225 | €34,148 | -€13,077 | -27.7% |
| Taxes | 450/3 | €40,585 | €19,543 | -€21,042 | -51.8% |
| Remuneration and social security | 454/9 | €6,640 | €14,605 | +€7,965 | +120% |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,403 | €127,800 | +€124,397 | +3,656% |
| Remuneration, social security and pensions | 62 | €55,310 | €59,098 | +€3,788 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,341 | €52,939 | +€8,598 | +19.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €88,284 | €74,831 | -€13,453 | -15.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €51,704 | €62,753 | +€11,049 | +21.4% |
| Other operating charges | 640/8 | €3,062 | €9,909 | +€6,847 | +224% |
| Gross operating margin | 9900 | €421,700 | €554,935 | +€133,235 | +31.6% |
| Operating profit (loss) | 9901 | €179,000 | €295,405 | +€116,405 | +65.0% |
| Financial income | 75/76B | €99,028 | €111,116 | +€12,088 | +12.2% |
| Recurring financial income | 75 | €99,028 | €111,116 | +€12,088 | +12.2% |
| Financial charges | 65/66B | €133,599 | €101,324 | -€32,276 | -24.2% |
| Recurring financial charges | 65 | €133,599 | €101,324 | -€32,276 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €144,429 | €305,198 | +€160,769 | +111% |
| Income taxes | 67/77 | €39,010 | €76,642 | +€37,632 | +96.5% |
| Profit (loss) for the period | 9904 | €105,419 | €228,556 | +€123,137 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €105,419 | €228,556 | +€123,137 | +117% |
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 23 October 2026 via checked.be.