LUGAN: 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.
LUGAN
Largest movements
- Tangible fixed assets -€22,975
down €22,975 (-2.7%), from €857,949 to €834,974
of which Land and buildings: -€24,723
- Cash +€13,161
up €13,161 (+17.0%), from €77,561 to €90,723
mainly Depreciation (+€35,619) and Trade debts (+€5,161)
- Debts after one year -€10,061
down €10,061 (-19.5%), from €51,718 to €41,657
- Gross operating margin +€4,754
up €4,754 (+13.8%), from €34,557 to €39,311
- Financial charges -€494
down €494 (-8.0%), from €6,149 to €5,655
- Taxes +€480
up €480 (+257.6%), from €186 to €667
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 | €936,177 | €925,697 | -€10,480 | -1.1% |
| Fixed assets | 21/28 | €857,949 | €834,974 | -€22,975 | -2.7% |
| Tangible fixed assets | 22/27 | €857,949 | €834,974 | -€22,975 | -2.7% |
| Land and buildings | 22 | €782,514 | €757,791 | -€24,723 | -3.2% |
| Plant, machinery and equipment | 23 | €75,435 | €77,183 | +€1,748 | +2.3% |
| Current assets | 29/58 | €78,228 | €90,723 | +€12,495 | +16.0% |
| Amounts receivable within one year | 40/41 | €264 | €0 | -€264 | -100.0% |
| Other amounts receivable | 41 | €264 | €0 | -€264 | -100.0% |
| Cash at bank and in hand | 54/58 | €77,561 | €90,723 | +€13,161 | +17.0% |
| Deferred charges and accrued income | 490/1 | €403 | €0 | -€403 | -100.0% |
| Total equity and liabilities | 10/49 | €936,177 | €925,697 | -€10,480 | -1.1% |
| Equity | 10/15 | €696,316 | €691,976 | -€4,340 | -0.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €634,316 | €629,976 | -€4,340 | -0.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €325,452 | €314,446 | -€11,007 | -3.4% |
| Distributable reserves | 133 | €302,663 | €309,330 | +€6,667 | +2.2% |
| Provisions and deferred taxes | 16 | €108,484 | €104,815 | -€3,669 | -3.4% |
| Deferred taxes | 168 | €108,484 | €104,815 | -€3,669 | -3.4% |
| Amounts payable | 17/49 | €131,377 | €128,907 | -€2,471 | -1.9% |
| Amounts payable after more than one year | 17 | €51,718 | €41,657 | -€10,061 | -19.5% |
| Financial debts | 170/4 | €51,718 | €41,657 | -€10,061 | -19.5% |
| Amounts payable within one year | 42/48 | €77,830 | €85,420 | +€7,590 | +9.8% |
| Current portion of amounts payable after more than one year | 42 | €9,924 | €10,061 | +€137 | +1.4% |
| Trade debts | 44 | €403 | €5,564 | +€5,161 | +1281.3% |
| Suppliers | 440/4 | €403 | €5,564 | +€5,161 | +1281.3% |
| Taxes, remuneration and social security | 45 | €1,508 | €1,567 | +€59 | +3.9% |
| Taxes | 450/3 | €1,508 | €1,567 | +€59 | +3.9% |
| Other amounts payable | 47/48 | €65,995 | €68,228 | +€2,233 | +3.4% |
| Accrued charges and deferred income | 492/3 | €1,829 | €1,829 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,601 | €35,619 | +€17 | 0.0% |
| Other operating charges | 640/8 | €5,431 | €5,380 | -€52 | -1.0% |
| Gross operating margin | 9900 | €34,557 | €39,311 | +€4,754 | +13.8% |
| Operating profit (loss) | 9901 | -€6,476 | -€1,687 | +€4,789 | +73.9% |
| Financial charges | 65/66B | €6,149 | €5,655 | -€494 | -8.0% |
| Recurring financial charges | 65 | €6,149 | €5,655 | -€494 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,625 | -€7,343 | +€5,283 | +41.8% |
| Transfer from deferred taxes | 780 | €3,669 | €3,669 | = | 0.0% |
| Income taxes | 67/77 | €186 | €667 | +€480 | +257.6% |
| Profit (loss) for the period | 9904 | -€9,143 | -€4,340 | +€4,803 | +52.5% |
| Transfer from tax-exempt reserves | 789 | €11,007 | €11,007 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,864 | €6,667 | +€4,803 | +257.7% |
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 5 October 2026 via checked.be.