LUMINAR: 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.
LUMINAR
Largest movements
- Current investments -€50,000
down €50,000 (-15.2%), from €330,000 to €280,000
- Tangible fixed assets -€28,562
down €28,562 (-35.7%), from €80,085 to €51,523
of which Furniture and vehicles: -€27,296
- Stocks and contracts +€25,059
up €25,059 (+32.9%), from €76,154 to €101,213
- Receivables within one year -€10,598
down €10,598 (-5.0%), from €213,800 to €203,201
of which Trade receivables: -€29,967
- Cash -€8,162
down €8,162 (-7.9%), from €103,788 to €95,626
mainly Trade debts (-€37,824) and Contributions, distributions and other (-€34,567)
- Trade debts -€37,824
down €37,824 (-57.9%), from €65,343 to €27,519
- Reserves -€31,350
down €31,350 (-4.4%), from €712,896 to €681,546
- Gross operating margin -€87,811
down €87,811 (-65.4%), from €134,272 to €46,461
- Taxes -€28,499
down €28,499 (-93.7%), from €30,431 to €1,932
- Depreciation -€3,019
down €3,019 (-9.6%), from €31,581 to €28,562
- Financial income -€2,486
down €2,486 (-14.9%), from €16,671 to €14,185
- Financial charges +€1,632
up €1,632 (+16.0%), from €10,224 to €11,856
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 | €811,735 | €745,884 | -€65,851 | -8.1% |
| Fixed assets | 21/28 | €80,085 | €51,523 | -€28,562 | -35.7% |
| Tangible fixed assets | 22/27 | €80,085 | €51,523 | -€28,562 | -35.7% |
| Plant, machinery and equipment | 23 | €3,541 | €2,275 | -€1,266 | -35.7% |
| Furniture and vehicles | 24 | €76,544 | €49,248 | -€27,296 | -35.7% |
| Other tangible fixed assets | 26 | €0 | €0 | -€0 | -100% |
| Current assets | 29/58 | €731,650 | €694,361 | -€37,289 | -5.1% |
| Stocks and contracts in progress | 3 | €76,154 | €101,213 | +€25,059 | +32.9% |
| Stocks | 30/36 | €76,154 | €101,213 | +€25,059 | +32.9% |
| Amounts receivable within one year | 40/41 | €213,800 | €203,201 | -€10,598 | -5.0% |
| Trade receivables | 40 | €137,008 | €107,041 | -€29,967 | -21.9% |
| Other amounts receivable | 41 | €76,791 | €96,160 | +€19,369 | +25.2% |
| Current investments | 50/53 | €330,000 | €280,000 | -€50,000 | -15.2% |
| Cash at bank and in hand | 54/58 | €103,788 | €95,626 | -€8,162 | -7.9% |
| Deferred charges and accrued income | 490/1 | €7,909 | €14,321 | +€6,412 | +81.1% |
| Total equity and liabilities | 10/49 | €811,735 | €745,884 | -€65,851 | -8.1% |
| Equity | 10/15 | €731,496 | €700,146 | -€31,350 | -4.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €712,896 | €681,546 | -€31,350 | -4.4% |
| Distributable reserves | 133 | €712,896 | €681,546 | -€31,350 | -4.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €80,239 | €45,738 | -€34,501 | -43.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €75,934 | €41,515 | -€34,420 | -45.3% |
| Current portion of amounts payable after more than one year | 42 | €3,085 | €0 | -€3,085 | -100% |
| Trade debts | 44 | €65,343 | €27,519 | -€37,824 | -57.9% |
| Suppliers | 440/4 | €65,343 | €27,519 | -€37,824 | -57.9% |
| Taxes, remuneration and social security | 45 | €7,506 | €13,995 | +€6,490 | +86.5% |
| Taxes | 450/3 | €4,364 | €10,975 | +€6,610 | +151% |
| Remuneration and social security | 454/9 | €3,141 | €3,021 | -€120 | -3.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €4,305 | €4,223 | -€82 | -1.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €14,119 | €13,512 | -€607 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,581 | €28,562 | -€3,019 | -9.6% |
| Other operating charges | 640/8 | €1,523 | €1,567 | +€44 | +2.9% |
| Gross operating margin | 9900 | €134,272 | €46,461 | -€87,811 | -65.4% |
| Operating profit (loss) | 9901 | €87,049 | €2,820 | -€84,229 | -96.8% |
| Financial income | 75/76B | €16,671 | €14,185 | -€2,486 | -14.9% |
| Recurring financial income | 75 | €16,671 | €14,185 | -€2,486 | -14.9% |
| Financial charges | 65/66B | €10,224 | €11,856 | +€1,632 | +16.0% |
| Recurring financial charges | 65 | €10,224 | €11,856 | +€1,632 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | €93,496 | €5,149 | -€88,347 | -94.5% |
| Income taxes | 67/77 | €30,431 | €1,932 | -€28,499 | -93.7% |
| Profit (loss) for the period | 9904 | €63,065 | €3,217 | -€59,848 | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €63,065 | €3,217 | -€59,848 | -94.9% |
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 17 October 2026 via checked.be.