LUMEN: what changed
Two financial 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.
LUMEN
Largest movements
- Tangible fixed assets +€235,294
up €235,294 (+32.2%), from €730,271 to €965,565
of which Land and buildings: +€213,353
- Receivables within one year +€86,076
up €86,076 (+16,089%), from €535 to €86,611
of which Other amounts receivable: +€73,024
- Cash -€48,110
down €48,110 (-24.4%), from €196,956 to €148,846
mainly Investment in fixed assets (net) (-€268,507) and Receivables within one year (-€86,076)
- Debts after one year +€141,284
up €141,284 (+60.5%), from €233,581 to €374,864
- Other debts +€67,280
up €67,280 (+366%), from €18,382 to €85,662
- Reserves +€49,263
up €49,263 (+9.8%), from €502,737 to €552,000
- Trade debts +€12,584
up €12,584 (+14.8%), from €84,886 to €97,470
- Gross operating margin -€61,972
down €61,972 (-24.2%), from €256,053 to €194,082
- Depreciation -€41,985
down €41,985 (-55.8%), from €75,198 to €33,213
- Staff costs -€37,006
down €37,006 (-41.3%), from €89,538 to €52,533
- Other operating charges +€29,501
up €29,501 (+499%), from €5,912 to €35,412
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.
Derived cash bridge
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 | €933,492 | €1,213,052 | +€279,560 | +29.9% |
| Fixed assets | 21/28 | €730,271 | €965,565 | +€235,294 | +32.2% |
| Tangible fixed assets | 22/27 | €730,271 | €965,565 | +€235,294 | +32.2% |
| Land and buildings | 22 | €493,703 | €707,055 | +€213,353 | +43.2% |
| Plant, machinery and equipment | 23 | €176,508 | €169,036 | -€7,472 | -4.2% |
| Furniture and vehicles | 24 | €60,060 | €89,474 | +€29,414 | +49.0% |
| Current assets | 29/58 | €203,221 | €247,487 | +€44,266 | +21.8% |
| Stocks and contracts in progress | 3 | €5,730 | €12,030 | +€6,300 | +110% |
| Stocks | 30/36 | €5,730 | €12,030 | +€6,300 | +110% |
| Amounts receivable within one year | 40/41 | €535 | €86,611 | +€86,076 | +16,089% |
| Trade receivables | 40 | - | €13,052 | +€13,052 | |
| Other amounts receivable | 41 | €535 | €73,559 | +€73,024 | +13,649% |
| Cash at bank and in hand | 54/58 | €196,956 | €148,846 | -€48,110 | -24.4% |
| Total equity and liabilities | 10/49 | €933,492 | €1,213,052 | +€279,560 | +29.9% |
| Equity | 10/15 | €552,737 | €602,000 | +€49,263 | +8.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €502,737 | €552,000 | +€49,263 | +9.8% |
| Distributable reserves | 133 | €502,737 | €552,000 | +€49,263 | +9.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €380,755 | €611,052 | +€230,297 | +60.5% |
| Amounts payable after more than one year | 17 | €233,581 | €374,864 | +€141,284 | +60.5% |
| Financial debts | 170/4 | €233,581 | €374,864 | +€141,284 | +60.5% |
| Amounts payable within one year | 42/48 | €147,174 | €236,188 | +€89,013 | +60.5% |
| Current portion of amounts payable after more than one year | 42 | €35,356 | €37,229 | +€1,872 | +5.3% |
| Trade debts | 44 | €84,886 | €97,470 | +€12,584 | +14.8% |
| Suppliers | 440/4 | €84,886 | €97,470 | +€12,584 | +14.8% |
| Taxes, remuneration and social security | 45 | €8,550 | €15,827 | +€7,276 | +85.1% |
| Taxes | 450/3 | €8,550 | €11,449 | +€2,899 | +33.9% |
| Remuneration and social security | 454/9 | - | €4,378 | +€4,378 | |
| Other amounts payable | 47/48 | €18,382 | €85,662 | +€67,280 | +366% |
| Non-recurring operating income | 76A | €17,542 | €17,149 | -€393 | -2.2% |
| Remuneration, social security and pensions | 62 | €89,538 | €52,533 | -€37,006 | -41.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,198 | €33,213 | -€41,985 | -55.8% |
| Other operating charges | 640/8 | €5,912 | €35,412 | +€29,501 | +499% |
| Gross operating margin | 9900 | €256,053 | €194,082 | -€61,972 | -24.2% |
| Operating profit (loss) | 9901 | €85,406 | €72,924 | -€12,482 | -14.6% |
| Financial income | 75/76B | - | €294 | +€294 | |
| Recurring financial income | 75 | - | €294 | +€294 | |
| Financial charges | 65/66B | €5,761 | €4,067 | -€1,694 | -29.4% |
| Recurring financial charges | 65 | €5,761 | €4,067 | -€1,694 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €79,644 | €69,150 | -€10,494 | -13.2% |
| Income taxes | 67/77 | €21,314 | €19,887 | -€1,427 | -6.7% |
| Profit (loss) for the period | 9904 | €58,331 | €49,263 | -€9,067 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €58,331 | €49,263 | -€9,067 | -15.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.