LuHeFo: 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.
LuHeFo
Largest movements
- Cash +€3.1m
up €3.1m (+145%), from €2.1m to €5.2m
mainly Net result for the year (+€4.7m) and Current investments (+€624,882)
- Current investments -€624,882
down €624,882 (-9.6%), from €6.5m to €5.9m
- Reserves +€3.7m
up €3.7m (+28.0%), from €13.2m to €16.9m
- Other debts -€696,246
down €696,246 (-98.9%), from €704,256 to €8,010
- Tax, wage and social debts -€359,579
down €359,579 (-86.5%), from €415,610 to €56,031
- Gross operating margin +€859,461
up €859,461 (+30.1%), from €2.9m to €3.7m
- Taxes +€264,232
up €264,232 (+22.6%), from €1.2m to €1.4m
- Financial income +€81,726
up €81,726 (+3.5%), from €2.4m to €2.4m
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 | €14,319,595 | €16,961,130 | +€2.6m | +18.4% |
| Fixed assets | 21/28 | €1,686,757 | €1,592,657 | -€94,100 | -5.6% |
| Tangible fixed assets | 22/27 | €111,757 | €92,657 | -€19,100 | -17.1% |
| Land and buildings | 22 | €82,309 | €71,356 | -€10,953 | -13.3% |
| Plant, machinery and equipment | 23 | €217 | €0 | -€217 | -100% |
| Furniture and vehicles | 24 | €29,230 | €21,301 | -€7,929 | -27.1% |
| Financial fixed assets | 28 | €1,575,000 | €1,500,000 | -€75,000 | -4.8% |
| Current assets | 29/58 | €12,632,838 | €15,368,473 | +€2.7m | +21.7% |
| Amounts receivable after more than one year | 29 | €4,008,210 | €4,127,752 | +€119,542 | +3.0% |
| Other amounts receivable | 291 | €4,008,210 | €4,127,752 | +€119,542 | +3.0% |
| Amounts receivable within one year | 40/41 | €21 | €157,086 | +€157,065 | +739,477% |
| Other amounts receivable | 41 | €21 | €157,086 | +€157,065 | +739,477% |
| Current investments | 50/53 | €6,500,049 | €5,875,168 | -€624,882 | -9.6% |
| Cash at bank and in hand | 54/58 | €2,124,558 | €5,208,468 | +€3.1m | +145% |
| Total equity and liabilities | 10/49 | €14,319,595 | €16,961,130 | +€2.6m | +18.4% |
| Equity | 10/15 | €13,198,727 | €16,893,243 | +€3.7m | +28.0% |
| Contributions | 10/11 | €6,267 | €6,267 | = | 0.0% |
| Reserves | 13 | €13,192,460 | €16,886,976 | +€3.7m | +28.0% |
| Distributable reserves | 133 | €13,192,460 | €16,886,976 | +€3.7m | +28.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,120,868 | €67,887 | -€1.1m | -93.9% |
| Amounts payable within one year | 42/48 | €1,120,868 | €67,887 | -€1.1m | -93.9% |
| Financial debts | 43 | €152 | €395 | +€243 | +160% |
| Credit institutions | 430/8 | €152 | €395 | +€243 | +160% |
| Trade debts | 44 | €850 | €3,450 | +€2,601 | +306% |
| Suppliers | 440/4 | €850 | €3,450 | +€2,601 | +306% |
| Taxes, remuneration and social security | 45 | €415,610 | €56,031 | -€359,579 | -86.5% |
| Taxes | 450/3 | €415,610 | €56,031 | -€359,579 | -86.5% |
| Other amounts payable | 47/48 | €704,256 | €8,010 | -€696,246 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,322 | €19,100 | -€222 | -1.1% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,858,272 | €3,717,733 | +€859,461 | +30.1% |
| Operating profit (loss) | 9901 | €2,837,983 | €3,697,635 | +€859,652 | +30.3% |
| Financial income | 75/76B | €2,363,708 | €2,445,434 | +€81,726 | +3.5% |
| Recurring financial income | 75 | €2,363,708 | €2,445,434 | +€81,726 | +3.5% |
| Financial charges | 65/66B | €18,442 | €22,015 | +€3,573 | +19.4% |
| Recurring financial charges | 65 | €18,442 | €22,015 | +€3,573 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €5,183,248 | €6,121,054 | +€937,806 | +18.1% |
| Income taxes | 67/77 | €1,170,848 | €1,435,080 | +€264,232 | +22.6% |
| Profit (loss) for the period | 9904 | €4,012,400 | €4,685,974 | +€673,573 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,012,400 | €4,685,974 | +€673,573 | +16.8% |
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 18 October 2026 via checked.be.