LUMARDO: 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.
LUMARDO
Largest movements
- Cash -€101,330
down €101,330 (-37.1%), from €272,967 to €171,636
mainly Other debts (-€240,079) and Investment in fixed assets (net) (-€20,654)
- Other debts -€240,079
down €240,079 (-56.6%), from €424,420 to €184,342
- Reserves +€62,519
up €62,519 (+6.2%), from €1.0m to €1.1m
- Trade debts +€49,178
up €49,178 (+39.9%), from €123,270 to €172,448
- Tax, wage and social debts +€25,127
up €25,127 (+46.7%), from €53,787 to €78,914
of which Remuneration and social security: +€17,910
- Gross operating margin -€197,646
down €197,646 (-23.0%), from €858,424 to €660,778
- Other operating charges -€144,035
down €144,035 (-82.6%), from €174,478 to €30,443
- Write-downs +€35,000
up €35,000, from €0 to €35,000
- Taxes -€32,405
down €32,405 (-97.2%), from €33,346 to €941
- Staff costs -€28,503
down €28,503 (-5.1%), from €556,512 to €528,008
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 | €1,689,289 | €1,583,381 | -€105,908 | -6.3% |
| Fixed assets | 21/28 | €89,029 | €86,801 | -€2,228 | -2.5% |
| Intangible fixed assets | 21 | €4,218 | €5,556 | +€1,338 | +31.7% |
| Tangible fixed assets | 22/27 | €84,811 | €81,245 | -€3,565 | -4.2% |
| Land and buildings | 22 | €62,240 | €60,863 | -€1,377 | -2.2% |
| Plant, machinery and equipment | 23 | €1,963 | €1,724 | -€239 | -12.2% |
| Furniture and vehicles | 24 | €20,608 | €18,658 | -€1,949 | -9.5% |
| Current assets | 29/58 | €1,600,260 | €1,496,580 | -€103,680 | -6.5% |
| Amounts receivable within one year | 40/41 | €1,318,026 | €1,312,682 | -€5,344 | -0.4% |
| Trade receivables | 40 | €1,143,888 | €1,112,758 | -€31,131 | -2.7% |
| Other amounts receivable | 41 | €174,138 | €199,924 | +€25,786 | +14.8% |
| Cash at bank and in hand | 54/58 | €272,967 | €171,636 | -€101,330 | -37.1% |
| Deferred charges and accrued income | 490/1 | €9,268 | €12,262 | +€2,995 | +32.3% |
| Total equity and liabilities | 10/49 | €1,689,289 | €1,583,381 | -€105,908 | -6.3% |
| Equity | 10/15 | €1,032,758 | €1,095,277 | +€62,519 | +6.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,014,166 | €1,076,685 | +€62,519 | +6.2% |
| Distributable reserves | 133 | €1,014,166 | €1,076,685 | +€62,519 | +6.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €656,531 | €488,104 | -€168,427 | -25.7% |
| Amounts payable within one year | 42/48 | €656,531 | €488,104 | -€168,427 | -25.7% |
| Financial debts | 43 | €55,054 | €52,401 | -€2,653 | -4.8% |
| Credit institutions | 430/8 | €55,054 | €52,401 | -€2,653 | -4.8% |
| Trade debts | 44 | €123,270 | €172,448 | +€49,178 | +39.9% |
| Suppliers | 440/4 | €123,270 | €172,448 | +€49,178 | +39.9% |
| Taxes, remuneration and social security | 45 | €53,787 | €78,914 | +€25,127 | +46.7% |
| Taxes | 450/3 | €0 | €7,217 | +€7,217 | |
| Remuneration and social security | 454/9 | €53,787 | €71,697 | +€17,910 | +33.3% |
| Other amounts payable | 47/48 | €424,420 | €184,342 | -€240,079 | -56.6% |
| Remuneration, social security and pensions | 62 | €556,512 | €528,008 | -€28,503 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,796 | €22,881 | -€11,914 | -34.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €35,000 | +€35,000 | |
| Other operating charges | 640/8 | €174,478 | €30,443 | -€144,035 | -82.6% |
| Gross operating margin | 9900 | €858,424 | €660,778 | -€197,646 | -23.0% |
| Operating profit (loss) | 9901 | €92,638 | €44,445 | -€48,193 | -52.0% |
| Financial income | 75/76B | €9,167 | €28,248 | +€19,081 | +208.1% |
| Recurring financial income | 75 | €9,167 | €28,248 | +€19,081 | +208.1% |
| Financial charges | 65/66B | €8,490 | €9,233 | +€743 | +8.7% |
| Recurring financial charges | 65 | €8,490 | €9,233 | +€743 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €93,315 | €63,460 | -€29,855 | -32.0% |
| Income taxes | 67/77 | €33,346 | €941 | -€32,405 | -97.2% |
| Profit (loss) for the period | 9904 | €59,969 | €62,519 | +€2,550 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €59,969 | €62,519 | +€2,550 | +4.3% |
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 28 September 2026 via checked.be.