LUGOE: 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.
LUGOE
Largest movements
- Receivables within one year +€539,836
up €539,836 (+89.5%), from €603,047 to €1.1m
of which Other amounts receivable: +€405,618
- Stocks and contracts -€429,627
down €429,627 (-100%), from €429,627 to €0
- Cash -€136,854
down €136,854 (-32.1%), from €426,258 to €289,403
mainly Receivables within one year (-€539,836) and Debts after one year (-€94,731)
- Tangible fixed assets -€75,564
down €75,564 (-5.2%), from €1.5m to €1.4m
of which Other tangible fixed assets: -€49,268
- Debts after one year -€94,731
down €94,731 (-12.0%), from €790,872 to €696,141
- Short-term financial debts -€90,000
down €90,000 (-100%), from €90,000 to €0
- Other debts +€44,210
up €44,210 (+3.6%), from €1.2m to €1.3m
- Reserves +€41,055
up €41,055 (+6.0%), from €679,599 to €720,653
- Financial charges -€51,776
down €51,776 (-43.4%), from €119,363 to €67,587
- Gross operating margin -€20,588
down €20,588 (-8.8%), from €233,857 to €213,269
- Taxes +€10,454
up €10,454 (+74.9%), from €13,953 to €24,407
- Financial income -€6,036
down €6,036 (-99.4%), from €6,074 to €38
- Depreciation +€4,479
up €4,479 (+6.3%), from €71,084 to €75,564
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 | €2,925,998 | €2,823,604 | -€102,394 | -3.5% |
| Fixed assets | 21/28 | €1,465,628 | €1,390,064 | -€75,564 | -5.2% |
| Tangible fixed assets | 22/27 | €1,465,628 | €1,390,064 | -€75,564 | -5.2% |
| Plant, machinery and equipment | 23 | €8,824 | €6,476 | -€2,347 | -26.6% |
| Furniture and vehicles | 24 | €60,573 | €36,625 | -€23,948 | -39.5% |
| Other tangible fixed assets | 26 | €1,396,231 | €1,346,963 | -€49,268 | -3.5% |
| Current assets | 29/58 | €1,460,370 | €1,433,540 | -€26,830 | -1.8% |
| Stocks and contracts in progress | 3 | €429,627 | €0 | -€429,627 | -100% |
| Stocks | 30/36 | €429,627 | €0 | -€429,627 | -100% |
| Amounts receivable within one year | 40/41 | €603,047 | €1,142,883 | +€539,836 | +89.5% |
| Trade receivables | 40 | €155,965 | €290,183 | +€134,218 | +86.1% |
| Other amounts receivable | 41 | €447,082 | €852,700 | +€405,618 | +90.7% |
| Cash at bank and in hand | 54/58 | €426,258 | €289,403 | -€136,854 | -32.1% |
| Deferred charges and accrued income | 490/1 | €1,439 | €1,254 | -€185 | -12.9% |
| Total equity and liabilities | 10/49 | €2,925,998 | €2,823,604 | -€102,394 | -3.5% |
| Equity | 10/15 | €698,199 | €739,253 | +€41,055 | +5.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €679,599 | €720,653 | +€41,055 | +6.0% |
| Distributable reserves | 133 | €679,599 | €720,653 | +€41,055 | +6.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,227,799 | €2,084,351 | -€143,449 | -6.4% |
| Amounts payable after more than one year | 17 | €790,872 | €696,141 | -€94,731 | -12.0% |
| Financial debts | 170/4 | €790,872 | €696,141 | -€94,731 | -12.0% |
| Amounts payable within one year | 42/48 | €1,436,927 | €1,388,210 | -€48,718 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €93,742 | €94,731 | +€989 | +1.1% |
| Financial debts | 43 | €90,000 | €0 | -€90,000 | -100% |
| Credit institutions | 430/8 | €90,000 | €0 | -€90,000 | -100% |
| Trade debts | 44 | €10,960 | €1,977 | -€8,982 | -82.0% |
| Suppliers | 440/4 | €10,960 | €1,977 | -€8,982 | -82.0% |
| Taxes, remuneration and social security | 45 | €28,844 | €33,909 | +€5,065 | +17.6% |
| Taxes | 450/3 | €26,894 | €31,502 | +€4,608 | +17.1% |
| Remuneration and social security | 454/9 | €1,950 | €2,407 | +€457 | +23.4% |
| Other amounts payable | 47/48 | €1,213,382 | €1,257,592 | +€44,210 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,084 | €75,564 | +€4,479 | +6.3% |
| Other operating charges | 640/8 | €3,995 | €3,029 | -€966 | -24.2% |
| Gross operating margin | 9900 | €233,857 | €213,269 | -€20,588 | -8.8% |
| Operating profit (loss) | 9901 | €158,777 | €134,676 | -€24,101 | -15.2% |
| Financial income | 75/76B | €6,074 | €38 | -€6,036 | -99.4% |
| Recurring financial income | 75 | €6,074 | €38 | -€6,036 | -99.4% |
| Financial charges | 65/66B | €119,363 | €67,587 | -€51,776 | -43.4% |
| Recurring financial charges | 65 | €119,363 | €67,587 | -€51,776 | -43.4% |
| Profit (loss) for the period before taxes | 9903 | €45,488 | €67,127 | +€21,639 | +47.6% |
| Income taxes | 67/77 | €13,953 | €24,407 | +€10,454 | +74.9% |
| Profit (loss) for the period | 9904 | €31,535 | €42,721 | +€11,186 | +35.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,535 | €42,721 | +€11,186 | +35.5% |
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 27 October 2026 via checked.be.