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
- Current investments -€305,631
down €305,631 (-32.9%), from €930,000 to €624,369
- Receivables within one year +€130,089
up €130,089 (+341.2%), from €38,131 to €168,220
of which Trade receivables: +€72,433
- Cash -€99,493
down €99,493 (-81.4%), from €122,182 to €22,689
mainly Contributions, distributions and other (-€395,145) and Receivables within one year (-€130,089)
- Tangible fixed assets -€11,824
down €11,824 (-36.8%), from €32,107 to €20,284
of which Furniture and vehicles: -€6,689
- Reserves -€346,419
down €346,419 (-31.7%), from €1.1m to €746,617
- Tax, wage and social debts +€71,006
up €71,006 (+358.7%), from €19,796 to €90,802
- Other debts -€15,000
no longer reported in 2025 (was €15,000)
- Financial charges +€226,417
up €226,417 (+4084.7%), from €5,543 to €231,960
- Financial income +€118,281
up €118,281 (+91.7%), from €128,973 to €247,255
- Gross operating margin -€49,222
down €49,222 (-24.1%), from €204,316 to €155,095
- Taxes +€32,181
up €32,181 (+46.1%), from €69,796 to €101,978
- Depreciation -€4,926
down €4,926 (-21.5%), from €22,922 to €17,997
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 | €1,142,070 | €854,250 | -€287,820 | -25.2% |
| Fixed assets | 21/28 | €32,107 | €20,284 | -€11,824 | -36.8% |
| Tangible fixed assets | 22/27 | €32,107 | €20,284 | -€11,824 | -36.8% |
| Land and buildings | 22 | €9,936 | €7,440 | -€2,496 | -25.1% |
| Plant, machinery and equipment | 23 | €5,243 | €2,605 | -€2,639 | -50.3% |
| Furniture and vehicles | 24 | €16,928 | €10,239 | -€6,689 | -39.5% |
| Current assets | 29/58 | €1,109,962 | €833,966 | -€275,996 | -24.9% |
| Stocks and contracts in progress | 3 | €16,200 | €13,015 | -€3,185 | -19.7% |
| Stocks | 30/36 | €16,200 | €13,015 | -€3,185 | -19.7% |
| Amounts receivable within one year | 40/41 | €38,131 | €168,220 | +€130,089 | +341.2% |
| Trade receivables | 40 | €24,804 | €97,237 | +€72,433 | +292.0% |
| Other amounts receivable | 41 | €13,327 | €70,983 | +€57,656 | +432.6% |
| Current investments | 50/53 | €930,000 | €624,369 | -€305,631 | -32.9% |
| Cash at bank and in hand | 54/58 | €122,182 | €22,689 | -€99,493 | -81.4% |
| Deferred charges and accrued income | 490/1 | €3,450 | €5,674 | +€2,224 | +64.5% |
| Total equity and liabilities | 10/49 | €1,142,070 | €854,250 | -€287,820 | -25.2% |
| Equity | 10/15 | €1,099,235 | €752,817 | -€346,419 | -31.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,093,035 | €746,617 | -€346,419 | -31.7% |
| Distributable reserves | 133 | €1,093,035 | €746,617 | -€346,419 | -31.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Amounts payable | 17/49 | €42,834 | €101,433 | +€58,599 | +136.8% |
| Amounts payable within one year | 42/48 | €42,497 | €101,433 | +€58,936 | +138.7% |
| Financial debts | 43 | - | €260 | +€260 | |
| Credit institutions | 430/8 | - | €260 | +€260 | |
| Trade debts | 44 | €7,701 | €10,371 | +€2,670 | +34.7% |
| Suppliers | 440/4 | €7,701 | €10,371 | +€2,670 | +34.7% |
| Taxes, remuneration and social security | 45 | €19,796 | €90,802 | +€71,006 | +358.7% |
| Taxes | 450/3 | €19,796 | €90,802 | +€71,006 | +358.7% |
| Other amounts payable | 47/48 | €15,000 | - | -€15,000 | |
| Accrued charges and deferred income | 492/3 | €337 | - | -€337 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,922 | €17,997 | -€4,926 | -21.5% |
| Other operating charges | 640/8 | €3,280 | €1,688 | -€1,592 | -48.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €204,316 | €155,095 | -€49,222 | -24.1% |
| Operating profit (loss) | 9901 | €178,114 | €135,410 | -€42,704 | -24.0% |
| Financial income | 75/76B | €128,973 | €247,255 | +€118,281 | +91.7% |
| Recurring financial income | 75 | €128,973 | €247,255 | +€118,281 | +91.7% |
| Financial charges | 65/66B | €5,543 | €231,960 | +€226,417 | +4084.7% |
| Recurring financial charges | 65 | €5,543 | €231,960 | +€226,417 | +4084.7% |
| Profit (loss) for the period before taxes | 9903 | €301,544 | €150,705 | -€150,839 | -50.0% |
| Income taxes | 67/77 | €69,796 | €101,978 | +€32,181 | +46.1% |
| Profit (loss) for the period | 9904 | €231,748 | €48,727 | -€183,021 | -79.0% |
| Profit (loss) for the period to be appropriated | 9905 | €231,748 | €48,727 | -€183,021 | -79.0% |
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.