LUGH MANAGEMENT: 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.
LUGH MANAGEMENT
Largest movements
- Receivables within one year +€46,878
up €46,878 (+103%), from €45,537 to €92,415
of which Trade receivables: +€46,876
- Current investments +€31,534
up €31,534 (+127%), from €24,781 to €56,314
- Cash -€27,350
down €27,350 (-47.2%), from €57,885 to €30,534
mainly Receivables within one year (-€46,878) and Other debts (-€33,875)
- Trade debts +€59,863
up €59,863 (+584%), from €10,245 to €70,108
- Reserves +€40,108
up €40,108 (+15.3%), from €262,796 to €302,904
- Other debts -€33,875
down €33,875 (-13.8%), from €246,252 to €212,377
- Debts after one year -€20,692
down €20,692 (-10.1%), from €204,908 to €184,216
- Gross operating margin +€48,996
up €48,996 (+156%), from €31,413 to €80,409
- Taxes +€16,151
up €16,151 (+352%), from €4,586 to €20,738
- Depreciation +€2,397
up €2,397 (+66.0%), from €3,635 to €6,032
- Financial charges -€1,852
down €1,852 (-9.2%), from €20,072 to €18,220
of which Non-recurring financial charges: -€1,769
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 | €795,936 | €848,458 | +€52,523 | +6.6% |
| Fixed assets | 21/28 | €547,733 | €549,195 | +€1,462 | +0.3% |
| Tangible fixed assets | 22/27 | €22,202 | €23,664 | +€1,462 | +6.6% |
| Land and buildings | 22 | €3,761 | €3,009 | -€752 | -20.0% |
| Furniture and vehicles | 24 | €8,000 | €10,737 | +€2,738 | +34.2% |
| Other tangible fixed assets | 26 | €10,442 | €9,918 | -€524 | -5.0% |
| Financial fixed assets | 28 | €525,531 | €525,531 | = | 0.0% |
| Current assets | 29/58 | €248,202 | €299,263 | +€51,061 | +20.6% |
| Amounts receivable after more than one year | 29 | €120,000 | €120,000 | = | 0.0% |
| Other amounts receivable | 291 | €120,000 | €120,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €45,537 | €92,415 | +€46,878 | +103% |
| Trade receivables | 40 | €22,340 | €69,216 | +€46,876 | +210% |
| Other amounts receivable | 41 | €23,197 | €23,199 | +€2 | 0.0% |
| Current investments | 50/53 | €24,781 | €56,314 | +€31,534 | +127% |
| Cash at bank and in hand | 54/58 | €57,885 | €30,534 | -€27,350 | -47.2% |
| Total equity and liabilities | 10/49 | €795,936 | €848,458 | +€52,523 | +6.6% |
| Equity | 10/15 | €268,996 | €309,104 | +€40,108 | +14.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €262,796 | €302,904 | +€40,108 | +15.3% |
| Distributable reserves | 133 | €262,796 | €302,904 | +€40,108 | +15.3% |
| Provisions and deferred taxes | 16 | €28,993 | €28,993 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €28,993 | €28,993 | = | 0.0% |
| Pensions and similar obligations | 160 | €28,993 | €28,993 | = | 0.0% |
| Amounts payable | 17/49 | €497,947 | €510,361 | +€12,415 | +2.5% |
| Amounts payable after more than one year | 17 | €204,908 | €184,216 | -€20,692 | -10.1% |
| Financial debts | 170/4 | €204,908 | €184,216 | -€20,692 | -10.1% |
| Amounts payable within one year | 42/48 | €284,213 | €318,685 | +€34,471 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €20,545 | €20,692 | +€147 | +0.7% |
| Trade debts | 44 | €10,245 | €70,108 | +€59,863 | +584% |
| Suppliers | 440/4 | €10,245 | €70,108 | +€59,863 | +584% |
| Taxes, remuneration and social security | 45 | €7,172 | €15,508 | +€8,336 | +116% |
| Taxes | 450/3 | €7,172 | €15,508 | +€8,336 | +116% |
| Other amounts payable | 47/48 | €246,252 | €212,377 | -€33,875 | -13.8% |
| Accrued charges and deferred income | 492/3 | €8,825 | €7,461 | -€1,364 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,635 | €6,032 | +€2,397 | +66.0% |
| Other operating charges | 640/8 | €3,484 | €3,110 | -€374 | -10.7% |
| Gross operating margin | 9900 | €31,413 | €80,409 | +€48,996 | +156% |
| Operating profit (loss) | 9901 | €24,294 | €71,266 | +€46,972 | +193% |
| Financial income | 75/76B | €8,344 | €7,799 | -€544 | -6.5% |
| Recurring financial income | 75 | €8,344 | €7,799 | -€544 | -6.5% |
| Financial charges | 65/66B | €20,072 | €18,220 | -€1,852 | -9.2% |
| Recurring financial charges | 65 | €18,303 | €18,220 | -€83 | -0.5% |
| Non-recurring financial charges | 66B | €1,769 | - | -€1,769 | |
| Profit (loss) for the period before taxes | 9903 | €12,566 | €60,845 | +€48,280 | +384% |
| Income taxes | 67/77 | €4,586 | €20,738 | +€16,151 | +352% |
| Profit (loss) for the period | 9904 | €7,979 | €40,108 | +€32,129 | +403% |
| Profit (loss) for the period to be appropriated | 9905 | €7,979 | €40,108 | +€32,129 | +403% |
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 30 October 2026 via checked.be.