LUGANA: 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.
LUGANA
Largest movements
- Tangible fixed assets +€132,265
up €132,265 (+52.8%), from €250,675 to €382,940
of which Land and buildings: +€132,809
- Current investments -€119,628
down €119,628 (-26.9%), from €445,336 to €325,708
- Receivables after one year -€14,090
down €14,090 (-36.9%), from €38,220 to €24,130
- Tax, wage and social debts -€56,512
down €56,512 (-75.6%), from €74,738 to €18,226
- Reserves +€48,273
up €48,273 (+14.7%), from €328,519 to €376,792
of which Distributable reserves: +€45,623
- Debts after one year +€20,752
up €20,752 (+7.5%), from €278,445 to €299,196
- Financial income +€25,677
up €25,677 (+62.2%), from €41,293 to €66,970
- Depreciation +€7,207
up €7,207 (+31.2%), from €23,091 to €30,298
- Gross operating margin -€6,688
down €6,688 (-9.8%), from €68,396 to €61,708
- Taxes +€4,195
up €4,195 (+22.5%), from €18,654 to €22,850
- Financial charges -€1,630
down €1,630 (-7.1%), from €22,945 to €21,315
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 | €970,467 | €972,622 | +€2,156 | +0.2% |
| Fixed assets | 21/28 | €250,675 | €382,940 | +€132,265 | +52.8% |
| Tangible fixed assets | 22/27 | €250,675 | €382,940 | +€132,265 | +52.8% |
| Land and buildings | 22 | €250,131 | €382,940 | +€132,809 | +53.1% |
| Plant, machinery and equipment | 23 | €544 | €0 | -€544 | -100% |
| Current assets | 29/58 | €719,792 | €589,683 | -€130,109 | -18.1% |
| Amounts receivable after more than one year | 29 | €38,220 | €24,130 | -€14,090 | -36.9% |
| Trade receivables | 290 | €38,220 | €24,130 | -€14,090 | -36.9% |
| Amounts receivable within one year | 40/41 | €226,537 | €226,737 | +€199 | +0.1% |
| Trade receivables | 40 | €9,157 | €5,000 | -€4,157 | -45.4% |
| Other amounts receivable | 41 | €217,381 | €221,737 | +€4,356 | +2.0% |
| Current investments | 50/53 | €445,336 | €325,708 | -€119,628 | -26.9% |
| Cash at bank and in hand | 54/58 | €9,699 | €13,108 | +€3,409 | +35.1% |
| Total equity and liabilities | 10/49 | €970,467 | €972,622 | +€2,156 | +0.2% |
| Equity | 10/15 | €556,849 | €605,121 | +€48,273 | +8.7% |
| Contributions | 10/11 | €228,330 | €228,330 | = | 0.0% |
| Capital | 10 | €225,000 | €225,000 | = | 0.0% |
| Issued capital | 100 | €225,000 | €225,000 | = | 0.0% |
| Contributions outside capital | 11 | €3,330 | €3,330 | = | 0.0% |
| Share premium | 1100/10 | €3,330 | €3,330 | = | 0.0% |
| Reserves | 13 | €328,519 | €376,792 | +€48,273 | +14.7% |
| Non-distributable reserves | 130/1 | €22,500 | €25,150 | +€2,650 | +11.8% |
| Legal reserve | 130 | €22,500 | €25,150 | +€2,650 | +11.8% |
| Distributable reserves | 133 | €306,019 | €351,642 | +€45,623 | +14.9% |
| Amounts payable | 17/49 | €413,618 | €367,501 | -€46,117 | -11.1% |
| Amounts payable after more than one year | 17 | €278,445 | €299,196 | +€20,752 | +7.5% |
| Financial debts | 170/4 | €278,445 | €299,196 | +€20,752 | +7.5% |
| Amounts payable within one year | 42/48 | €108,892 | €44,782 | -€64,110 | -58.9% |
| Trade debts | 44 | €1,212 | €786 | -€426 | -35.1% |
| Suppliers | 440/4 | €1,212 | €786 | -€426 | -35.1% |
| Taxes, remuneration and social security | 45 | €74,738 | €18,226 | -€56,512 | -75.6% |
| Taxes | 450/3 | €74,738 | €18,226 | -€56,512 | -75.6% |
| Other amounts payable | 47/48 | €32,942 | €25,770 | -€7,172 | -21.8% |
| Accrued charges and deferred income | 492/3 | €26,282 | €23,523 | -€2,759 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,091 | €30,298 | +€7,207 | +31.2% |
| Other operating charges | 640/8 | €6,152 | €5,942 | -€210 | -3.4% |
| Gross operating margin | 9900 | €68,396 | €61,708 | -€6,688 | -9.8% |
| Operating profit (loss) | 9901 | €39,152 | €25,467 | -€13,684 | -35.0% |
| Financial income | 75/76B | €41,293 | €66,970 | +€25,677 | +62.2% |
| Recurring financial income | 75 | €41,293 | €66,970 | +€25,677 | +62.2% |
| Financial charges | 65/66B | €22,945 | €21,315 | -€1,630 | -7.1% |
| Recurring financial charges | 65 | €22,945 | €21,315 | -€1,630 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €57,500 | €71,122 | +€13,622 | +23.7% |
| Income taxes | 67/77 | €18,654 | €22,850 | +€4,195 | +22.5% |
| Profit (loss) for the period | 9904 | €38,846 | €48,273 | +€9,427 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,846 | €48,273 | +€9,427 | +24.3% |
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 15 October 2026 via checked.be.