LUMAP: 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.
LUMAP
Largest movements
- Stocks and contracts +€157,649
up €157,649 (+24.3%), from €648,395 to €806,044
- Tangible fixed assets -€67,142
down €67,142 (-4.6%), from €1.5m to €1.4m
of which Land and buildings: -€48,624
- Cash +€56,833
up €56,833 (+26.7%), from €212,787 to €269,619
mainly Debts after one year (+€80,597) and Depreciation (+€77,142)
- Short-term financial debts -€126,706
down €126,706 (-38.7%), from €327,761 to €201,055
- Debts after one year +€80,597
up €80,597 (+11.4%), from €708,700 to €789,297
- Reserves +€59,196
up €59,196 (+6.0%), from €983,604 to €1.0m
of which Distributable reserves: +€59,196
- Trade debts +€51,401
up €51,401 (+66.7%), from €77,021 to €128,422
- Current portion of long-term debt +€45,668
up €45,668 (+47.7%), from €95,725 to €141,393
- Gross operating margin +€134,805
up €134,805 (+29.6%), from €455,144 to €589,949
- Staff costs +€75,766
up €75,766 (+23.7%), from €319,224 to €394,990
- Taxes +€16,788
up €16,788 (+174.4%), from €9,628 to €26,416
- Financial charges -€12,249
down €12,249 (-18.3%), from €66,827 to €54,578
- Depreciation +€9,774
up €9,774 (+14.5%), from €67,368 to €77,142
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 | €2,986,476 | €3,111,290 | +€124,814 | +4.2% |
| Fixed assets | 21/28 | €1,531,097 | €1,444,350 | -€86,747 | -5.7% |
| Intangible fixed assets | 21 | €48,795 | €38,795 | -€10,000 | -20.5% |
| Tangible fixed assets | 22/27 | €1,470,571 | €1,403,429 | -€67,142 | -4.6% |
| Land and buildings | 22 | €1,417,656 | €1,369,032 | -€48,624 | -3.4% |
| Furniture and vehicles | 24 | €51,056 | €32,538 | -€18,518 | -36.3% |
| Other tangible fixed assets | 26 | €1,859 | €1,859 | = | 0.0% |
| Financial fixed assets | 28 | €11,731 | €2,126 | -€9,605 | -81.9% |
| Current assets | 29/58 | €1,455,379 | €1,666,940 | +€211,561 | +14.5% |
| Stocks and contracts in progress | 3 | €648,395 | €806,044 | +€157,649 | +24.3% |
| Stocks | 30/36 | €648,395 | €806,044 | +€157,649 | +24.3% |
| Amounts receivable within one year | 40/41 | €594,197 | €591,277 | -€2,921 | -0.5% |
| Trade receivables | 40 | €251,513 | €245,350 | -€6,163 | -2.5% |
| Other amounts receivable | 41 | €342,685 | €345,927 | +€3,242 | +0.9% |
| Cash at bank and in hand | 54/58 | €212,787 | €269,619 | +€56,833 | +26.7% |
| Total equity and liabilities | 10/49 | €2,986,476 | €3,111,290 | +€124,814 | +4.2% |
| Equity | 10/15 | €1,417,444 | €1,476,641 | +€59,196 | +4.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €371,840 | €371,840 | = | 0.0% |
| Reserves | 13 | €983,604 | €1,042,800 | +€59,196 | +6.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €977,404 | €1,036,600 | +€59,196 | +6.1% |
| Amounts payable | 17/49 | €1,569,031 | €1,634,649 | +€65,618 | +4.2% |
| Amounts payable after more than one year | 17 | €708,700 | €789,297 | +€80,597 | +11.4% |
| Financial debts | 170/4 | €708,700 | €789,297 | +€80,597 | +11.4% |
| Amounts payable within one year | 42/48 | €859,858 | €811,655 | -€48,202 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €95,725 | €141,393 | +€45,668 | +47.7% |
| Financial debts | 43 | €327,761 | €201,055 | -€126,706 | -38.7% |
| Credit institutions | 430/8 | €327,761 | €201,055 | -€126,706 | -38.7% |
| Trade debts | 44 | €77,021 | €128,422 | +€51,401 | +66.7% |
| Suppliers | 440/4 | €77,021 | €128,422 | +€51,401 | +66.7% |
| Taxes, remuneration and social security | 45 | €36,233 | €48,176 | +€11,943 | +33.0% |
| Taxes | 450/3 | €6,147 | €14,435 | +€8,288 | +134.8% |
| Remuneration and social security | 454/9 | €30,086 | €33,741 | +€3,656 | +12.2% |
| Other amounts payable | 47/48 | €323,118 | €292,610 | -€30,508 | -9.4% |
| Accrued charges and deferred income | 492/3 | €474 | €33,697 | +€33,223 | +7011.7% |
| Non-recurring operating income | 76A | - | €38 | +€38 | |
| Remuneration, social security and pensions | 62 | €319,224 | €394,990 | +€75,766 | +23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,368 | €77,142 | +€9,774 | +14.5% |
| Other operating charges | 640/8 | €7,692 | €14,101 | +€6,409 | +83.3% |
| Non-recurring operating charges | 66A | - | €1,244 | +€1,244 | |
| Gross operating margin | 9900 | €455,144 | €589,949 | +€134,805 | +29.6% |
| Operating profit (loss) | 9901 | €60,860 | €102,472 | +€41,612 | +68.4% |
| Financial income | 75/76B | €45,143 | €37,718 | -€7,425 | -16.4% |
| Recurring financial income | 75 | €45,143 | €37,718 | -€7,425 | -16.4% |
| Financial charges | 65/66B | €66,827 | €54,578 | -€12,249 | -18.3% |
| Recurring financial charges | 65 | €66,827 | €54,578 | -€12,249 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €39,177 | €85,612 | +€46,435 | +118.5% |
| Income taxes | 67/77 | €9,628 | €26,416 | +€16,788 | +174.4% |
| Profit (loss) for the period | 9904 | €29,549 | €59,196 | +€29,647 | +100.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,549 | €59,196 | +€29,647 | +100.3% |
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.