LUMINAD: 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.
LUMINAD
Largest movements
- Tangible fixed assets +€303,479
up €303,479 (+79.1%), from €383,509 to €686,988
of which Land and buildings: +€314,309
- Current investments +€75,000
up €75,000 (+75.0%), from €100,000 to €175,000
- Debts after one year +€182,519
up €182,519 (+160.4%), from €113,789 to €296,308
- Other debts +€131,011
up €131,011 (+33789.3%), from €388 to €131,399
- Current portion of long-term debt +€23,728
up €23,728 (+106.6%), from €22,269 to €45,997
- Trade debts +€23,080
up €23,080 (+212.7%), from €10,853 to €33,933
- Gross operating margin -€22,857
down €22,857 (-11.2%), from €203,259 to €180,402
- Taxes -€5,750
down €5,750 (-10.9%), from €52,917 to €47,168
- Depreciation -€5,208
down €5,208 (-19.2%), from €27,180 to €21,972
- Other operating charges +€4,033
up €4,033 (+43.3%), from €9,318 to €13,350
- Financial charges +€3,916
up €3,916 (+106.1%), from €3,693 to €7,609
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 | €683,484 | €1,045,318 | +€361,834 | +52.9% |
| Fixed assets | 21/28 | €383,509 | €686,988 | +€303,479 | +79.1% |
| Tangible fixed assets | 22/27 | €383,509 | €686,988 | +€303,479 | +79.1% |
| Land and buildings | 22 | €359,011 | €673,320 | +€314,309 | +87.5% |
| Plant, machinery and equipment | 23 | €17,611 | €10,114 | -€7,496 | -42.6% |
| Furniture and vehicles | 24 | €1,744 | €0 | -€1,744 | -100.0% |
| Other tangible fixed assets | 26 | €5,143 | €3,554 | -€1,589 | -30.9% |
| Current assets | 29/58 | €299,975 | €358,330 | +€58,355 | +19.5% |
| Amounts receivable within one year | 40/41 | €44,894 | €43,386 | -€1,508 | -3.4% |
| Trade receivables | 40 | €44,727 | €43,356 | -€1,371 | -3.1% |
| Other amounts receivable | 41 | €167 | €29 | -€137 | -82.5% |
| Current investments | 50/53 | €100,000 | €175,000 | +€75,000 | +75.0% |
| Cash at bank and in hand | 54/58 | €139,294 | €129,269 | -€10,024 | -7.2% |
| Deferred charges and accrued income | 490/1 | €15,788 | €10,675 | -€5,113 | -32.4% |
| Total equity and liabilities | 10/49 | €683,484 | €1,045,318 | +€361,834 | +52.9% |
| Equity | 10/15 | €491,123 | €493,481 | +€2,358 | +0.5% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €491,123 | €493,481 | +€2,358 | +0.5% |
| Distributable reserves | 133 | €491,123 | €493,481 | +€2,358 | +0.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €192,361 | €551,837 | +€359,476 | +186.9% |
| Amounts payable after more than one year | 17 | €113,789 | €296,308 | +€182,519 | +160.4% |
| Financial debts | 170/4 | €113,789 | €296,308 | +€182,519 | +160.4% |
| Amounts payable within one year | 42/48 | €78,572 | €252,638 | +€174,065 | +221.5% |
| Current portion of amounts payable after more than one year | 42 | €22,269 | €45,997 | +€23,728 | +106.6% |
| Financial debts | 43 | €10,142 | €10,166 | +€24 | +0.2% |
| Credit institutions | 430/8 | €10,142 | €10,166 | +€24 | +0.2% |
| Trade debts | 44 | €10,853 | €33,933 | +€23,080 | +212.7% |
| Suppliers | 440/4 | €10,853 | €33,933 | +€23,080 | +212.7% |
| Taxes, remuneration and social security | 45 | €34,921 | €31,143 | -€3,778 | -10.8% |
| Taxes | 450/3 | €34,921 | €31,143 | -€3,778 | -10.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €388 | €131,399 | +€131,011 | +33789.3% |
| Accrued charges and deferred income | 492/3 | - | €2,891 | +€2,891 | |
| Non-recurring operating income | 76A | - | €25,413 | +€25,413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,180 | €21,972 | -€5,208 | -19.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,565 | €384 | -€2,181 | -85.0% |
| Other operating charges | 640/8 | €9,318 | €13,350 | +€4,033 | +43.3% |
| Gross operating margin | 9900 | €203,259 | €180,402 | -€22,857 | -11.2% |
| Operating profit (loss) | 9901 | €164,197 | €144,696 | -€19,501 | -11.9% |
| Financial income | 75/76B | €3,213 | €3,996 | +€783 | +24.4% |
| Recurring financial income | 75 | €3,213 | €3,996 | +€783 | +24.4% |
| Financial charges | 65/66B | €3,693 | €7,609 | +€3,916 | +106.1% |
| Recurring financial charges | 65 | €3,693 | €7,609 | +€3,916 | +106.1% |
| Profit (loss) for the period before taxes | 9903 | €163,718 | €141,083 | -€22,634 | -13.8% |
| Income taxes | 67/77 | €52,917 | €47,168 | -€5,750 | -10.9% |
| Profit (loss) for the period | 9904 | €110,800 | €93,916 | -€16,884 | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €110,800 | €93,916 | -€16,884 | -15.2% |
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.