LUGANO: 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.
LUGANO
Largest movements
- Tangible fixed assets -€617,803
down €617,803 (-11.4%), from €5.4m to €4.8m
of which Other tangible fixed assets: -€579,272
- Cash +€260,827
up €260,827 (+140.0%), from €186,295 to €447,122
mainly Depreciation (+€688,306) and Current portion of long-term debt (+€296,190)
- Stocks and contracts +€101,925
up €101,925 (+90.2%), from €113,000 to €214,925
- Current portion of long-term debt +€296,190
up €296,190 (+75.4%), from €393,002 to €689,192
- Trade debts -€236,639
down €236,639 (-40.4%), from €585,816 to €349,177
- Other debts -€211,808
no longer reported in 2024 (was €211,808)
- Tax, wage and social debts -€200,272
down €200,272 (-53.1%), from €376,807 to €176,535
of which Remuneration and social security: -€191,567
- Debts after one year +€159,913
up €159,913 (+3.7%), from €4.4m to €4.5m
- Staff costs -€2.9m
down €2.9m (-60.2%), from €4.8m to €1.9m
- Gross operating margin -€2.5m
down €2.5m (-48.4%), from €5.2m to €2.7m
- Depreciation -€236,155
down €236,155 (-25.5%), from €924,461 to €688,306
- Financial charges -€224,986
down €224,986 (-61.3%), from €366,845 to €141,859
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,411,030 | €6,105,505 | -€305,526 | -4.8% |
| Fixed assets | 21/28 | €5,666,686 | €4,997,100 | -€669,586 | -11.8% |
| Intangible fixed assets | 21 | €222,243 | €169,110 | -€53,133 | -23.9% |
| Tangible fixed assets | 22/27 | €5,397,793 | €4,779,990 | -€617,803 | -11.4% |
| Plant, machinery and equipment | 23 | €203,056 | €143,007 | -€60,050 | -29.6% |
| Furniture and vehicles | 24 | €2,294 | €23,812 | +€21,518 | +938.0% |
| Other tangible fixed assets | 26 | €5,192,443 | €4,613,171 | -€579,272 | -11.2% |
| Financial fixed assets | 28 | €46,650 | €48,000 | +€1,350 | +2.9% |
| Current assets | 29/58 | €744,344 | €1,108,404 | +€364,060 | +48.9% |
| Stocks and contracts in progress | 3 | €113,000 | €214,925 | +€101,925 | +90.2% |
| Stocks | 30/36 | €113,000 | €214,925 | +€101,925 | +90.2% |
| Amounts receivable within one year | 40/41 | €410,386 | €419,709 | +€9,323 | +2.3% |
| Trade receivables | 40 | €283,663 | €341,822 | +€58,159 | +20.5% |
| Other amounts receivable | 41 | €126,722 | €77,886 | -€48,836 | -38.5% |
| Cash at bank and in hand | 54/58 | €186,295 | €447,122 | +€260,827 | +140.0% |
| Deferred charges and accrued income | 490/1 | €34,663 | €26,649 | -€8,014 | -23.1% |
| Total equity and liabilities | 10/49 | €6,411,030 | €6,105,505 | -€305,526 | -4.8% |
| Equity | 10/15 | €207,937 | €178,983 | -€28,955 | -13.9% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €122,937 | €93,983 | -€28,955 | -23.6% |
| Distributable reserves | 133 | €122,937 | €93,983 | -€28,955 | -23.6% |
| Amounts payable | 17/49 | €6,203,093 | €5,926,522 | -€276,571 | -4.5% |
| Amounts payable after more than one year | 17 | €4,360,189 | €4,520,102 | +€159,913 | +3.7% |
| Financial debts | 170/4 | €4,360,189 | €4,520,102 | +€159,913 | +3.7% |
| Amounts payable within one year | 42/48 | €1,735,654 | €1,363,810 | -€371,844 | -21.4% |
| Current portion of amounts payable after more than one year | 42 | €393,002 | €689,192 | +€296,190 | +75.4% |
| Financial debts | 43 | €168,222 | €30,266 | -€137,956 | -82.0% |
| Credit institutions | 430/8 | €168,222 | €30,266 | -€137,956 | -82.0% |
| Trade debts | 44 | €585,816 | €349,177 | -€236,639 | -40.4% |
| Suppliers | 440/4 | €585,816 | €349,177 | -€236,639 | -40.4% |
| Advances received on contracts in progress | 46 | - | €118,641 | +€118,641 | |
| Taxes, remuneration and social security | 45 | €376,807 | €176,535 | -€200,272 | -53.1% |
| Taxes | 450/3 | €17,943 | €9,239 | -€8,705 | -48.5% |
| Remuneration and social security | 454/9 | €358,864 | €167,297 | -€191,567 | -53.4% |
| Other amounts payable | 47/48 | €211,808 | - | -€211,808 | |
| Accrued charges and deferred income | 492/3 | €107,251 | €42,611 | -€64,640 | -60.3% |
| Remuneration, social security and pensions | 62 | €4,760,066 | €1,895,466 | -€2.9m | -60.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €924,461 | €688,306 | -€236,155 | -25.5% |
| Other operating charges | 640/8 | €30,209 | €9,398 | -€20,811 | -68.9% |
| Gross operating margin | 9900 | €5,239,759 | €2,705,598 | -€2.5m | -48.4% |
| Operating profit (loss) | 9901 | -€474,978 | €112,428 | +€587,406 | |
| Financial income | 75/76B | €7,176 | €476 | -€6,699 | -93.4% |
| Recurring financial income | 75 | €7,176 | €476 | -€6,699 | -93.4% |
| Financial charges | 65/66B | €366,845 | €141,859 | -€224,986 | -61.3% |
| Recurring financial charges | 65 | €366,845 | €141,859 | -€224,986 | -61.3% |
| Profit (loss) for the period before taxes | 9903 | -€834,647 | -€28,955 | +€805,693 | +96.5% |
| Income taxes | 67/77 | -€2,310 | - | +€2,310 | |
| Profit (loss) for the period | 9904 | -€832,337 | -€28,955 | +€803,382 | +96.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€832,337 | -€28,955 | +€803,382 | +96.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.