LUMAR: 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.
LUMAR
Largest movements
- Current investments +€110,718
new in 2025: €110,718
- Receivables within one year +€89,093
up €89,093 (+51.1%), from €174,393 to €263,486
- Cash -€58,543
down €58,543 (-63.9%), from €91,652 to €33,109
mainly Current investments (-€110,718) and Receivables within one year (-€89,093)
- Deferred charges and accrued income -€32,150
down €32,150 (-93.1%), from €34,546 to €2,396
- Tangible fixed assets -€13,477
down €13,477 (-7.5%), from €178,721 to €165,244
of which Land and buildings: -€11,738
- Reserves +€77,050
up €77,050 (+15.8%), from €486,462 to €563,513
of which Distributable reserves: +€77,050
- Trade debts +€20,491
up €20,491 (+4258.0%), from €481 to €20,972
- Gross operating margin +€10,335
up €10,335 (+5.8%), from €176,882 to €187,218
- Financial income +€5,948
up €5,948 (+77.0%), from €7,726 to €13,674
- Taxes +€3,927
up €3,927 (+8.0%), from €49,288 to €53,214
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 | €624,312 | €719,954 | +€95,642 | +15.3% |
| Fixed assets | 21/28 | €178,721 | €165,244 | -€13,477 | -7.5% |
| Tangible fixed assets | 22/27 | €178,721 | €165,244 | -€13,477 | -7.5% |
| Land and buildings | 22 | €166,165 | €154,427 | -€11,738 | -7.1% |
| Plant, machinery and equipment | 23 | €11,583 | €10,649 | -€934 | -8.1% |
| Furniture and vehicles | 24 | €972 | €168 | -€805 | -82.8% |
| Current assets | 29/58 | €445,591 | €554,710 | +€109,119 | +24.5% |
| Amounts receivable after more than one year | 29 | €145,000 | €145,000 | = | 0.0% |
| Trade receivables | 290 | €145,000 | €145,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €174,393 | €263,486 | +€89,093 | +51.1% |
| Other amounts receivable | 41 | €174,393 | €263,486 | +€89,093 | +51.1% |
| Current investments | 50/53 | - | €110,718 | +€110,718 | |
| Cash at bank and in hand | 54/58 | €91,652 | €33,109 | -€58,543 | -63.9% |
| Deferred charges and accrued income | 490/1 | €34,546 | €2,396 | -€32,150 | -93.1% |
| Total equity and liabilities | 10/49 | €624,312 | €719,954 | +€95,642 | +15.3% |
| Equity | 10/15 | €524,537 | €601,588 | +€77,050 | +14.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €486,462 | €563,513 | +€77,050 | +15.8% |
| Non-distributable reserves | 130/1 | €8,115 | €8,115 | = | 0.0% |
| Legal reserve | 130 | €8,115 | €8,115 | = | 0.0% |
| Tax-exempt reserves | 132 | €98,145 | €98,145 | = | 0.0% |
| Distributable reserves | 133 | €380,203 | €457,253 | +€77,050 | +20.3% |
| Profit (loss) carried forward | 14 | -€23,425 | -€23,425 | = | 0.0% |
| Amounts payable | 17/49 | €99,774 | €118,366 | +€18,592 | +18.6% |
| Amounts payable within one year | 42/48 | €92,903 | €118,366 | +€25,464 | +27.4% |
| Trade debts | 44 | €481 | €20,972 | +€20,491 | +4258.0% |
| Suppliers | 440/4 | €481 | €20,972 | +€20,491 | +4258.0% |
| Taxes, remuneration and social security | 45 | €19,641 | €21,687 | +€2,046 | +10.4% |
| Taxes | 450/3 | €19,641 | €21,687 | +€2,046 | +10.4% |
| Other amounts payable | 47/48 | €72,780 | €75,707 | +€2,927 | +4.0% |
| Accrued charges and deferred income | 492/3 | €6,872 | €0 | -€6,872 | -100.0% |
| Non-recurring operating income | 76A | €22,596 | €0 | -€22,596 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,744 | €13,477 | -€267 | -1.9% |
| Other operating charges | 640/8 | €13,691 | €12,755 | -€936 | -6.8% |
| Gross operating margin | 9900 | €176,882 | €187,218 | +€10,335 | +5.8% |
| Operating profit (loss) | 9901 | €149,448 | €160,986 | +€11,538 | +7.7% |
| Financial income | 75/76B | €7,726 | €13,674 | +€5,948 | +77.0% |
| Recurring financial income | 75 | €7,726 | €13,674 | +€5,948 | +77.0% |
| Financial charges | 65/66B | €407 | €424 | +€17 | +4.1% |
| Recurring financial charges | 65 | €407 | €424 | +€17 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €156,766 | €174,236 | +€17,470 | +11.1% |
| Income taxes | 67/77 | €49,288 | €53,214 | +€3,927 | +8.0% |
| Profit (loss) for the period | 9904 | €107,479 | €121,022 | +€13,543 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €107,479 | €121,022 | +€13,543 | +12.6% |
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 30 September 2026 via checked.be.