LUMA: 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.
LUMA
Largest movements
- Receivables within one year +€58,352
up €58,352 (+597.5%), from €9,766 to €68,118
of which Trade receivables: +€58,743
- Stocks and contracts +€14,227
up €14,227 (+203.0%), from €7,010 to €21,237
of which Contracts in progress: +€15,590
- Deferred charges and accrued income -€5,511
down €5,511 (-41.7%), from €13,214 to €7,703
- Financial fixed assets +€3,099
new in 2025: €3,099
- Cash -€1,695
down €1,695 (-6.0%), from €28,415 to €26,720
mainly Receivables within one year (-€58,352) and Stocks and contracts (-€14,227)
- Trade debts +€27,724
up €27,724 (+164.2%), from €16,888 to €44,612
- Advances received +€25,215
up €25,215 (+393.4%), from €6,410 to €31,625
- Profit (loss) carried forward +€17,554
up €17,554 (+29.9%), from -€58,743 to -€41,189
- Current portion of long-term debt -€7,773
no longer reported in 2025 (was €7,773)
- Accrued charges and deferred income +€2,678
up €2,678 (+206.5%), from €1,297 to €3,975
- Gross operating margin +€39,931
up €39,931, from -€18,575 to €21,356
- Depreciation -€479
down €479 (-33.9%), from €1,411 to €932
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 | €59,337 | €126,877 | +€67,540 | +113.8% |
| Fixed assets | 21/28 | €932 | €3,099 | +€2,167 | +232.5% |
| Tangible fixed assets | 22/27 | €932 | - | -€932 | |
| Furniture and vehicles | 24 | €932 | - | -€932 | |
| Financial fixed assets | 28 | - | €3,099 | +€3,099 | |
| Current assets | 29/58 | €58,405 | €123,778 | +€65,373 | +111.9% |
| Stocks and contracts in progress | 3 | €7,010 | €21,237 | +€14,227 | +203.0% |
| Stocks | 30/36 | €5,200 | €3,837 | -€1,363 | -26.2% |
| Contracts in progress | 37 | €1,810 | €17,400 | +€15,590 | +861.3% |
| Amounts receivable within one year | 40/41 | €9,766 | €68,118 | +€58,352 | +597.5% |
| Trade receivables | 40 | €6,002 | €64,745 | +€58,743 | +978.7% |
| Other amounts receivable | 41 | €3,764 | €3,373 | -€391 | -10.4% |
| Cash at bank and in hand | 54/58 | €28,415 | €26,720 | -€1,695 | -6.0% |
| Deferred charges and accrued income | 490/1 | €13,214 | €7,703 | -€5,511 | -41.7% |
| Total equity and liabilities | 10/49 | €59,337 | €126,877 | +€67,540 | +113.8% |
| Equity | 10/15 | €15,194 | €32,748 | +€17,554 | +115.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €61,537 | €61,537 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,169 | €3,169 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,169 | €3,169 | = | 0.0% |
| Distributable reserves | 133 | €58,368 | €58,368 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,743 | -€41,189 | +€17,554 | +29.9% |
| Amounts payable | 17/49 | €44,143 | €94,129 | +€49,986 | +113.2% |
| Amounts payable within one year | 42/48 | €42,846 | €90,154 | +€47,308 | +110.4% |
| Current portion of amounts payable after more than one year | 42 | €7,773 | - | -€7,773 | |
| Trade debts | 44 | €16,888 | €44,612 | +€27,724 | +164.2% |
| Suppliers | 440/4 | €16,888 | €44,612 | +€27,724 | +164.2% |
| Advances received on contracts in progress | 46 | €6,410 | €31,625 | +€25,215 | +393.4% |
| Taxes, remuneration and social security | 45 | €750 | €484 | -€266 | -35.5% |
| Taxes | 450/3 | - | €484 | +€484 | |
| Remuneration and social security | 454/9 | €750 | - | -€750 | |
| Other amounts payable | 47/48 | €11,025 | €13,433 | +€2,408 | +21.8% |
| Accrued charges and deferred income | 492/3 | €1,297 | €3,975 | +€2,678 | +206.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,411 | €932 | -€479 | -33.9% |
| Other operating charges | 640/8 | €2,017 | €1,977 | -€40 | -2.0% |
| Gross operating margin | 9900 | -€18,575 | €21,356 | +€39,931 | |
| Operating profit (loss) | 9901 | -€22,003 | €18,447 | +€40,450 | |
| Financial income | 75/76B | €225 | €83 | -€142 | -63.1% |
| Recurring financial income | 75 | €225 | €83 | -€142 | -63.1% |
| Financial charges | 65/66B | €402 | €230 | -€172 | -42.8% |
| Recurring financial charges | 65 | €402 | €230 | -€172 | -42.8% |
| Profit (loss) for the period before taxes | 9903 | -€22,180 | €18,300 | +€40,480 | |
| Income taxes | 67/77 | €576 | €746 | +€170 | +29.5% |
| Profit (loss) for the period | 9904 | -€22,756 | €17,554 | +€40,310 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,756 | €17,554 | +€40,310 |
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 8 October 2026 via checked.be.