LUFT: 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.
LUFT
Largest movements
- Cash -€44,788
down €44,788 (-54.9%), from €81,647 to €36,859
mainly Other debts (-€95,000) and Receivables within one year (-€41,751)
- Receivables after one year -€44,544
down €44,544 (-61.5%), from €72,386 to €27,842
- Receivables within one year +€41,751
up €41,751 (+18.4%), from €226,734 to €268,485
of which Other amounts receivable: +€22,927
- Tangible fixed assets +€15,445
up €15,445 (+2.0%), from €756,726 to €772,171
of which Land and buildings: +€15,608
- Other debts -€95,000
down €95,000 (-46.3%), from €205,289 to €110,289
- Reserves +€88,883
up €88,883 (+18.7%), from €475,133 to €564,016
- Debts after one year -€37,158
down €37,158 (-7.0%), from €527,517 to €490,359
- Tax, wage and social debts +€15,747
up €15,747 (+150.0%), from €10,496 to €26,243
of which Taxes: +€15,747
- Gross operating margin +€23,984
up €23,984 (+16.2%), from €147,792 to €171,776
- Taxes +€14,654
up €14,654 (+55.7%), from €26,299 to €40,953
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,314,737 | €1,284,662 | -€30,075 | -2.3% |
| Fixed assets | 21/28 | €933,628 | €949,073 | +€15,445 | +1.7% |
| Tangible fixed assets | 22/27 | €756,726 | €772,171 | +€15,445 | +2.0% |
| Land and buildings | 22 | €754,128 | €769,736 | +€15,608 | +2.1% |
| Furniture and vehicles | 24 | €2,598 | €2,435 | -€163 | -6.3% |
| Financial fixed assets | 28 | €176,902 | €176,902 | = | 0.0% |
| Current assets | 29/58 | €381,109 | €335,589 | -€45,520 | -11.9% |
| Amounts receivable after more than one year | 29 | €72,386 | €27,842 | -€44,544 | -61.5% |
| Other amounts receivable | 291 | €72,386 | €27,842 | -€44,544 | -61.5% |
| Amounts receivable within one year | 40/41 | €226,734 | €268,485 | +€41,751 | +18.4% |
| Trade receivables | 40 | €9,938 | €28,762 | +€18,825 | +189.4% |
| Other amounts receivable | 41 | €216,796 | €239,723 | +€22,927 | +10.6% |
| Cash at bank and in hand | 54/58 | €81,647 | €36,859 | -€44,788 | -54.9% |
| Deferred charges and accrued income | 490/1 | €342 | €2,403 | +€2,061 | +602.3% |
| Total equity and liabilities | 10/49 | €1,314,737 | €1,284,662 | -€30,075 | -2.3% |
| Equity | 10/15 | €525,133 | €614,016 | +€88,883 | +16.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €475,133 | €564,016 | +€88,883 | +18.7% |
| Distributable reserves | 133 | €475,133 | €564,016 | +€88,883 | +18.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €789,604 | €670,646 | -€118,958 | -15.1% |
| Amounts payable after more than one year | 17 | €527,517 | €490,359 | -€37,158 | -7.0% |
| Financial debts | 170/4 | €527,517 | €490,359 | -€37,158 | -7.0% |
| Amounts payable within one year | 42/48 | €262,087 | €180,287 | -€81,800 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €36,424 | €37,158 | +€734 | +2.0% |
| Financial debts | 43 | €290 | €566 | +€276 | +95.3% |
| Credit institutions | 430/8 | €290 | €566 | +€276 | +95.3% |
| Trade debts | 44 | €9,589 | €6,031 | -€3,557 | -37.1% |
| Suppliers | 440/4 | €9,589 | €6,031 | -€3,557 | -37.1% |
| Taxes, remuneration and social security | 45 | €10,496 | €26,243 | +€15,747 | +150.0% |
| Taxes | 450/3 | €10,496 | €26,243 | +€15,747 | +150.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €205,289 | €110,289 | -€95,000 | -46.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,041 | €25,709 | +€1,668 | +6.9% |
| Other operating charges | 640/8 | €7,262 | €7,224 | -€38 | -0.5% |
| Gross operating margin | 9900 | €147,792 | €171,776 | +€23,984 | +16.2% |
| Operating profit (loss) | 9901 | €116,489 | €138,844 | +€22,354 | +19.2% |
| Financial income | 75/76B | €48,443 | €49,676 | +€1,233 | +2.5% |
| Recurring financial income | 75 | €48,443 | €49,676 | +€1,233 | +2.5% |
| Financial charges | 65/66B | €24,879 | €24,418 | -€461 | -1.9% |
| Recurring financial charges | 65 | €24,879 | €24,418 | -€461 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €140,054 | €164,102 | +€24,048 | +17.2% |
| Income taxes | 67/77 | €26,299 | €40,953 | +€14,654 | +55.7% |
| Profit (loss) for the period | 9904 | €113,755 | €123,149 | +€9,394 | +8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €113,755 | €123,149 | +€9,394 | +8.3% |
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 30 September 2026 via checked.be.