LUGAN: 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.
LUGAN
Largest movements
- Cash -€122,346
down €122,346 (-44.6%), from €274,349 to €152,003
mainly Debts after one year (-€57,069) and Current investments (-€50,000)
- Tangible fixed assets -€83,335
down €83,335 (-12.4%), from €671,335 to €588,000
of which Plant, machinery and equipment: -€77,092
- Current investments +€50,000
new in 2025: €50,000
- Receivables within one year +€26,050
up €26,050 (+142%), from €18,377 to €44,427
of which Trade receivables: +€22,749
- Debts after one year -€57,069
down €57,069 (-21.2%), from €269,566 to €212,497
- Profit (loss) carried forward -€24,442
down €24,442 (-69.0%), from -€35,435 to -€59,877
- Other debts -€23,761
down €23,761 (-81.8%), from €29,043 to €5,282
- Trade debts -€16,618
down €16,618 (-5.1%), from €322,675 to €306,058
- Tax, wage and social debts -€16,462
down €16,462 (-33.2%), from €49,515 to €33,053
of which Taxes: -€11,218
- Gross operating margin -€117,148
down €117,148 (-19.6%), from €597,073 to €479,925
- Depreciation +€18,816
up €18,816 (+16.9%), from €111,527 to €130,342
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 | €1,196,514 | €1,050,113 | -€146,400 | -12.2% |
| Formation expenses | 20 | €15,014 | €5,014 | -€10,000 | -66.6% |
| Fixed assets | 21/28 | €671,335 | €589,500 | -€81,835 | -12.2% |
| Tangible fixed assets | 22/27 | €671,335 | €588,000 | -€83,335 | -12.4% |
| Land and buildings | 22 | €109,486 | €95,565 | -€13,921 | -12.7% |
| Plant, machinery and equipment | 23 | €561,381 | €484,289 | -€77,092 | -13.7% |
| Furniture and vehicles | 24 | €468 | €8,146 | +€7,678 | +1,641% |
| Financial fixed assets | 28 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €510,165 | €455,599 | -€54,565 | -10.7% |
| Stocks and contracts in progress | 3 | €204,274 | €197,960 | -€6,314 | -3.1% |
| Stocks | 30/36 | €204,274 | €197,960 | -€6,314 | -3.1% |
| Amounts receivable within one year | 40/41 | €18,377 | €44,427 | +€26,050 | +142% |
| Trade receivables | 40 | €10,245 | €32,995 | +€22,749 | +222% |
| Other amounts receivable | 41 | €8,132 | €11,432 | +€3,300 | +40.6% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €274,349 | €152,003 | -€122,346 | -44.6% |
| Deferred charges and accrued income | 490/1 | €13,164 | €11,210 | -€1,955 | -14.8% |
| Total equity and liabilities | 10/49 | €1,196,514 | €1,050,113 | -€146,400 | -12.2% |
| Equity | 10/15 | €68,515 | €37,001 | -€31,514 | -46.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €82,874 | €77,927 | -€4,947 | -6.0% |
| Distributable reserves | 133 | €82,874 | €77,927 | -€4,947 | -6.0% |
| Profit (loss) carried forward | 14 | -€35,435 | -€59,877 | -€24,442 | -69.0% |
| Investment grants | 15 | €14,876 | €12,751 | -€2,125 | -14.3% |
| Provisions and deferred taxes | 16 | €3,719 | €3,188 | -€531 | -14.3% |
| Deferred taxes | 168 | €3,719 | €3,188 | -€531 | -14.3% |
| Amounts payable | 17/49 | €1,124,280 | €1,009,925 | -€114,355 | -10.2% |
| Amounts payable after more than one year | 17 | €269,566 | €212,497 | -€57,069 | -21.2% |
| Financial debts | 170/4 | €269,566 | €212,497 | -€57,069 | -21.2% |
| Amounts payable within one year | 42/48 | €825,645 | €766,581 | -€59,064 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €67,092 | €65,124 | -€1,967 | -2.9% |
| Financial debts | 43 | €320 | €65 | -€255 | -79.8% |
| Credit institutions | 430/8 | €320 | €0 | -€320 | -100% |
| Other loans | 439 | - | €65 | +€65 | |
| Trade debts | 44 | €322,675 | €306,058 | -€16,618 | -5.1% |
| Suppliers | 440/4 | €322,675 | €306,058 | -€16,618 | -5.1% |
| Advances received on contracts in progress | 46 | €357,000 | €357,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €49,515 | €33,053 | -€16,462 | -33.2% |
| Taxes | 450/3 | €14,682 | €3,464 | -€11,218 | -76.4% |
| Remuneration and social security | 454/9 | €34,833 | €29,589 | -€5,244 | -15.1% |
| Other amounts payable | 47/48 | €29,043 | €5,282 | -€23,761 | -81.8% |
| Accrued charges and deferred income | 492/3 | €29,068 | €30,846 | +€1,778 | +6.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €360,365 | €360,504 | +€139 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,527 | €130,342 | +€18,816 | +16.9% |
| Other operating charges | 640/8 | €5,775 | €3,197 | -€2,578 | -44.6% |
| Gross operating margin | 9900 | €597,073 | €479,925 | -€117,148 | -19.6% |
| Operating profit (loss) | 9901 | €119,406 | -€14,119 | -€133,525 | |
| Financial income | 75/76B | €2,986 | €4,714 | +€1,728 | +57.9% |
| Recurring financial income | 75 | €2,986 | €4,714 | +€1,728 | +57.9% |
| Financial charges | 65/66B | €23,857 | €20,353 | -€3,504 | -14.7% |
| Recurring financial charges | 65 | €23,857 | €20,353 | -€3,504 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €98,535 | -€29,758 | -€128,292 | |
| Transfer from deferred taxes | 780 | €531 | €531 | = | 0.0% |
| Income taxes | 67/77 | €5,097 | €163 | -€4,934 | -96.8% |
| Profit (loss) for the period | 9904 | €93,969 | -€29,389 | -€123,358 | |
| Profit (loss) for the period to be appropriated | 9905 | €93,969 | -€29,389 | -€123,358 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.