LUGA: 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.
LUGA
Largest movements
- Cash -€80,021
down €80,021 (-84.6%), from €94,574 to €14,552
mainly Other debts (-€82,063) and Net result for the year (-€11,895)
- Receivables within one year -€8,571
down €8,571 (-63.6%), from €13,471 to €4,900
- Tangible fixed assets -€4,177
down €4,177 (-5.0%), from €83,925 to €79,749
of which Land and buildings: -€2,839
- Other debts -€82,063
down €82,063 (-65.1%), from €125,965 to €43,901
- Profit (loss) carried forward -€11,436
down €11,436 (-100.0%), from €11,436 to €0
- Trade debts +€7,631
new in 2025: €7,631
- Tax, wage and social debts -€6,441
down €6,441 (-89.0%), from €7,241 to €800
- Financial charges +€30,418
up €30,418 (+106729.1%), from €29 to €30,446
- Financial income -€7,771
down €7,771 (-57.7%), from €13,471 to €5,700
- Taxes -€3,259
down €3,259 (-50.6%), from €6,441 to €3,182
- Gross operating margin -€2,337
down €2,337 (-8.2%), from €28,600 to €26,263
- Depreciation -€339
down €339 (-5.5%), from €6,169 to €5,830
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 | €261,587 | €168,818 | -€92,769 | -35.5% |
| Fixed assets | 21/28 | €153,542 | €149,365 | -€4,177 | -2.7% |
| Tangible fixed assets | 22/27 | €83,925 | €79,749 | -€4,177 | -5.0% |
| Land and buildings | 22 | €76,727 | €73,888 | -€2,839 | -3.7% |
| Other tangible fixed assets | 26 | €7,199 | €5,861 | -€1,338 | -18.6% |
| Financial fixed assets | 28 | €69,616 | €69,616 | = | 0.0% |
| Current assets | 29/58 | €108,045 | €19,452 | -€88,592 | -82.0% |
| Amounts receivable within one year | 40/41 | €13,471 | €4,900 | -€8,571 | -63.6% |
| Other amounts receivable | 41 | €13,471 | €4,900 | -€8,571 | -63.6% |
| Cash at bank and in hand | 54/58 | €94,574 | €14,552 | -€80,021 | -84.6% |
| Total equity and liabilities | 10/49 | €261,587 | €168,818 | -€92,769 | -35.5% |
| Equity | 10/15 | €128,381 | €116,485 | -€11,895 | -9.3% |
| Contributions | 10/11 | €18,815 | €18,815 | = | 0.0% |
| Reserves | 13 | €98,129 | €97,670 | -€459 | -0.5% |
| Distributable reserves | 133 | €98,129 | €97,670 | -€459 | -0.5% |
| Profit (loss) carried forward | 14 | €11,436 | €0 | -€11,436 | -100.0% |
| Amounts payable | 17/49 | €133,206 | €52,332 | -€80,873 | -60.7% |
| Amounts payable within one year | 42/48 | €133,206 | €52,332 | -€80,873 | -60.7% |
| Trade debts | 44 | - | €7,631 | +€7,631 | |
| Suppliers | 440/4 | - | €7,631 | +€7,631 | |
| Taxes, remuneration and social security | 45 | €7,241 | €800 | -€6,441 | -89.0% |
| Taxes | 450/3 | €7,241 | €800 | -€6,441 | -89.0% |
| Other amounts payable | 47/48 | €125,965 | €43,901 | -€82,063 | -65.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,169 | €5,830 | -€339 | -5.5% |
| Other operating charges | 640/8 | €4,325 | €4,400 | +€75 | +1.7% |
| Gross operating margin | 9900 | €28,600 | €26,263 | -€2,337 | -8.2% |
| Operating profit (loss) | 9901 | €18,106 | €16,033 | -€2,074 | -11.5% |
| Financial income | 75/76B | €13,471 | €5,700 | -€7,771 | -57.7% |
| Recurring financial income | 75 | €13,471 | €5,700 | -€7,771 | -57.7% |
| Financial charges | 65/66B | €29 | €30,446 | +€30,418 | +106729.1% |
| Recurring financial charges | 65 | €29 | €30,446 | +€30,418 | +106729.1% |
| Profit (loss) for the period before taxes | 9903 | €31,549 | -€8,713 | -€40,262 | |
| Income taxes | 67/77 | €6,441 | €3,182 | -€3,259 | -50.6% |
| Profit (loss) for the period | 9904 | €25,108 | -€11,895 | -€37,003 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,108 | -€11,895 | -€37,003 |
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 29 September 2026 via checked.be.