LUKAZ: 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.
LUKAZ
Largest movements
- Tangible fixed assets +€66,163
up €66,163 (+13.5%), from €490,774 to €556,937
of which Land and buildings: +€103,060
- Cash -€15,143
down €15,143 (-50.8%), from €29,819 to €14,676
mainly Investment in fixed assets (net) (-€140,328) and Contributions, distributions and other (-€54,688)
- Receivables within one year -€9,624
down €9,624 (-38.9%), from €24,734 to €15,110
of which Other amounts receivable: -€5,054
- Debts after one year +€59,101
up €59,101 (+23.5%), from €251,631 to €310,732
- Reserves -€32,398
down €32,398 (-19.6%), from €165,508 to €133,110
of which Distributable reserves: -€32,398
- Other debts +€15,168
new in 2025: €15,168
- Tax, wage and social debts -€8,477
down €8,477 (-21.0%), from €40,375 to €31,898
- Current portion of long-term debt +€6,215
up €6,215 (+13.2%), from €47,007 to €53,222
- Depreciation +€25,463
up €25,463 (+51.7%), from €49,207 to €74,670
- Gross operating margin +€8,731
up €8,731 (+7.5%), from €116,065 to €124,795
- Purchases and services -€4,819
down €4,819 (-5.2%), from €92,695 to €87,876
- Taxes -€2,300
down €2,300 (-20.0%), from €11,524 to €9,224
- Financial charges +€1,580
up €1,580 (+14.6%), from €10,850 to €12,430
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.
Cash bridge derived
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 | €549,628 | €589,614 | +€39,986 | +7.3% |
| Fixed assets | 21/28 | €491,301 | €556,960 | +€65,659 | +13.4% |
| Intangible fixed assets | 21 | €527 | €23 | -€504 | -95.7% |
| Tangible fixed assets | 22/27 | €490,774 | €556,937 | +€66,163 | +13.5% |
| Land and buildings | 22 | €360,238 | €463,298 | +€103,060 | +28.6% |
| Plant, machinery and equipment | 23 | €41,505 | €31,868 | -€9,637 | -23.2% |
| Furniture and vehicles | 24 | €13,229 | €9,700 | -€3,529 | -26.7% |
| Leasing and similar rights | 25 | €72,882 | €50,471 | -€22,411 | -30.7% |
| Other tangible fixed assets | 26 | €2,920 | €1,600 | -€1,319 | -45.2% |
| Current assets | 29/58 | €58,327 | €32,655 | -€25,672 | -44.0% |
| Stocks and contracts in progress | 3 | €1,960 | €2,105 | +€145 | +7.4% |
| Stocks | 30/36 | €1,960 | €2,105 | +€145 | +7.4% |
| Amounts receivable within one year | 40/41 | €24,734 | €15,110 | -€9,624 | -38.9% |
| Trade receivables | 40 | €19,680 | €15,110 | -€4,570 | -23.2% |
| Other amounts receivable | 41 | €5,054 | - | -€5,054 | |
| Cash at bank and in hand | 54/58 | €29,819 | €14,676 | -€15,143 | -50.8% |
| Deferred charges and accrued income | 490/1 | €1,814 | €763 | -€1,051 | -57.9% |
| Total equity and liabilities | 10/49 | €549,628 | €589,614 | +€39,986 | +7.3% |
| Equity | 10/15 | €207,424 | €175,027 | -€32,398 | -15.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €165,508 | €133,110 | -€32,398 | -19.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €163,648 | €131,250 | -€32,398 | -19.8% |
| Profit (loss) carried forward | 14 | €23,317 | €23,317 | = | 0.0% |
| Amounts payable | 17/49 | €342,204 | €414,587 | +€72,384 | +21.2% |
| Amounts payable after more than one year | 17 | €251,631 | €310,732 | +€59,101 | +23.5% |
| Financial debts | 170/4 | €251,631 | €310,732 | +€59,101 | +23.5% |
| Amounts payable within one year | 42/48 | €90,573 | €103,855 | +€13,282 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €47,007 | €53,222 | +€6,215 | +13.2% |
| Trade debts | 44 | €3,191 | €3,568 | +€376 | +11.8% |
| Suppliers | 440/4 | €3,191 | €3,568 | +€376 | +11.8% |
| Taxes, remuneration and social security | 45 | €40,375 | €31,898 | -€8,477 | -21.0% |
| Taxes | 450/3 | €40,375 | €31,898 | -€8,477 | -21.0% |
| Other amounts payable | 47/48 | - | €15,168 | +€15,168 | |
| Non-recurring operating income | 76A | €57 | - | -€57 | |
| Goods, raw materials, services and sundry goods | 60/61 | €92,695 | €87,876 | -€4,819 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,207 | €74,670 | +€25,463 | +51.7% |
| Other operating charges | 640/8 | €6,267 | €6,183 | -€83 | -1.3% |
| Gross operating margin | 9900 | €116,065 | €124,795 | +€8,731 | +7.5% |
| Operating profit (loss) | 9901 | €60,591 | €43,942 | -€16,649 | -27.5% |
| Financial income | 75/76B | €178 | €2 | -€176 | -98.9% |
| Recurring financial income | 75 | €178 | €2 | -€176 | -98.9% |
| Financial charges | 65/66B | €10,850 | €12,430 | +€1,580 | +14.6% |
| Recurring financial charges | 65 | €10,850 | €12,430 | +€1,580 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €49,919 | €31,514 | -€18,405 | -36.9% |
| Income taxes | 67/77 | €11,524 | €9,224 | -€2,300 | -20.0% |
| Profit (loss) for the period | 9904 | €38,395 | €22,290 | -€16,105 | -41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,395 | €22,290 | -€16,105 | -41.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.