Luminus: 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.
What changed
Luminus
NACE 35.110, Production of electricity from non-renewable sources
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€147.1m
2024 · €292.8m-€145.7m
Equity
€772.5m
2024 · €695.5m+€77.0m
Cash
€254.0m
2024 · €566.0m-€312.0m
Balance sheet total
€2.37bn
2024 · €2.82bn-€447.9m
Largest movements
Assets
- Cash -€312.0m
down €312.0m (-55.1%), from €566.0m to €254.0m
mainly Provisions (-€269.2m) and Investment in fixed assets (net) (-€221.0m)
- Receivables within one year -€218.8m
down €218.8m (-39.3%), from €556.4m to €337.5m
of which Trade receivables: -€254.8m
- Tangible fixed assets +€105.3m
up €105.3m (+13.3%), from €790.7m to €895.9m
of which Plant, machinery and equipment: +€112.5m
- Receivables after one year -€45.6m
down €45.6m (-12.5%), from €365.8m to €320.2m
- Financial fixed assets +€31.1m
up €31.1m (+8.2%), from €378.7m to €409.8m
of which Affiliated companies: +€31.9m
Equity and liabilities
- Provisions -€269.2m
down €269.2m (-27.7%), from €972.5m to €703.3m
- Trade debts -€168.0m
down €168.0m (-23.0%), from €731.1m to €563.0m
- Advances received -€95.1m
no longer reported in 2025 (was €95.1m)
- Profit (loss) carried forward +€68.8m
up €68.8m (+97.7%), from €70.4m to €139.1m
Income statement
- Turnover -€567.8m
down €567.8m (-15.4%), from €3.69bn to €3.12bn
- Goods and materials -€372.8m
down €372.8m (-13.1%), from €2.84bn to €2.47bn
of which Purchases: -€372.5m
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.
Result 2024
€292.8m
Turnover
-€567.8m
Other operating income
+€24.6m
Goods and materials
+€372.8m
Services and other goods
+€5.0m
Staff costs
-€6.9m
Depreciation
-€6.1m
Write-downs
-€10.8m
Provisions
+€2.0m
Other operating charges
+€27.3m
Other operating items
+€5.4m
Financial income
+€8.7m
Financial charges
+€34.2m
Taxes
-€34.0m
Result 2025
€147.1m
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.
From operations
-€39.1m
Investment
-€221.0m
Financing
-€51.8m
Cash 2024
€566.0m
From operations (derived)
-€39.1m
Net result for the year
+€147.1m
Depreciation
+€85.1m
Receivables after one year
+€45.6m
Stocks and contracts
-€1.1m
Receivables within one year
+€218.8m
Deferred charges and accrued income
+€8.5m
Provisions
-€269.2m
Trade debts
-€168.0m
Tax, wage and social debts
-€13.6m
Advances received
-€95.1m
Other debts
-€10.1m
Accrued charges and deferred income
+€12.8m
Investment (derived)
-€221.0m
Investment in fixed assets (net)
-€221.0m
Financing
-€51.8m
Debts after one year
+€723,404
Short-term financial debts
+€17.5m
Contributions, distributions and other
-€70.0m
Cash 2025
€254.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,822,095,319 | €2,374,236,970 | -€447.9m | -15.9% |
| Formation expenses | 20 | €50,000 | €29,167 | -€20,833 | -41.7% |
| Fixed assets | 21/28 | €1,280,306,512 | €1,416,284,898 | +€136.0m | +10.6% |
| Intangible fixed assets | 21 | €110,902,508 | €110,511,096 | -€391,411 | -0.4% |
| Tangible fixed assets | 22/27 | €790,671,061 | €895,935,000 | +€105.3m | +13.3% |
| Land and buildings | 22 | €12,185,360 | €11,927,267 | -€258,093 | -2.1% |
| Plant, machinery and equipment | 23 | €714,268,414 | €826,733,686 | +€112.5m | +15.7% |
| Furniture and vehicles | 24 | €1,236,883 | €1,911,196 | +€674,313 | +54.5% |
| Other tangible fixed assets | 26 | €3,454,342 | €4,099,959 | +€645,617 | +18.7% |
| Assets under construction and advance payments | 27 | €59,526,063 | €51,262,893 | -€8.3m | -13.9% |
| Financial fixed assets | 28 | €378,732,943 | €409,838,801 | +€31.1m | +8.2% |
| Affiliated companies | 280/1 | €354,831,579 | €386,719,899 | +€31.9m | +9.0% |
| Participating interests | 280 | €238,399,718 | €243,614,297 | +€5.2m | +2.2% |
| Amounts receivable | 281 | €116,431,861 | €143,105,602 | +€26.7m | +22.9% |
| Companies linked by participating interests | 282/3 | €2,486,886 | €4,688,145 | +€2.2m | +88.5% |
| Participating interests | 282 | €1,233,302 | €1,350,725 | +€117,423 | +9.5% |
| Amounts receivable | 283 | €1,253,584 | €3,337,420 | +€2.1m | +166.2% |
| Other financial fixed assets | 284/8 | €21,414,478 | €18,430,757 | -€3.0m | -13.9% |
| Shares | 284 | €457,868 | €459,239 | +€1,371 | +0.3% |
| Amounts receivable and cash guarantees | 285/8 | €20,956,609 | €17,971,518 | -€3.0m | -14.2% |
| Current assets | 29/58 | €1,541,738,807 | €957,922,905 | -€583.8m | -37.9% |
| Amounts receivable after more than one year | 29 | €365,796,062 | €320,191,154 | -€45.6m | -12.5% |
| Other amounts receivable | 291 | €365,796,062 | €320,191,154 | -€45.6m | -12.5% |
| Stocks and contracts in progress | 3 | €4,027,109 | €5,100,372 | +€1.1m | +26.7% |
| Stocks | 30/36 | €4,027,109 | €5,100,372 | +€1.1m | +26.7% |
| Raw materials and consumables | 30/31 | €3,127,681 | €3,583,101 | +€455,420 | +14.6% |
| Property held for sale | 35 | €899,428 | €1,517,271 | +€617,843 | +68.7% |
| Amounts receivable within one year | 40/41 | €556,379,137 | €337,546,962 | -€218.8m | -39.3% |
| Trade receivables | 40 | €547,457,356 | €292,611,443 | -€254.8m | -46.6% |
| Other amounts receivable | 41 | €8,921,782 | €44,935,519 | +€36.0m | +403.7% |
| Cash at bank and in hand | 54/58 | €565,959,171 | €254,005,654 | -€312.0m | -55.1% |
| Deferred charges and accrued income | 490/1 | €49,577,328 | €41,078,763 | -€8.5m | -17.1% |
| Total equity and liabilities | 10/49 | €2,822,095,319 | €2,374,236,970 | -€447.9m | -15.9% |
| Equity | 10/15 | €695,488,373 | €772,506,556 | +€77.0m | +11.1% |
| Contributions | 10/11 | €540,855,390 | €540,855,390 | = | 0.0% |
| Capital | 10 | €490,846,320 | €490,846,320 | = | 0.0% |
| Issued capital | 100 | €490,846,320 | €490,846,320 | = | 0.0% |
| Outside capital | 11 | €50,009,070 | €50,009,070 | = | 0.0% |
| Share premium | 1100/10 | €50,009,070 | €50,009,070 | = | 0.0% |
| Reserves | 13 | €82,486,525 | €90,789,524 | +€8.3m | +10.1% |
| Non-distributable reserves | 130/1 | €78,609,426 | €85,912,429 | +€7.3m | +9.3% |
| Legal reserve | 130 | €44,777,662 | €52,080,664 | +€7.3m | +16.3% |
| Other | 1319 | €33,831,764 | €33,831,764 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €999,997 | +€999,997 | |
| Distributable reserves | 133 | €3,877,098 | €3,877,098 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,375,114 | €139,132,162 | +€68.8m | +97.7% |
| Investment grants | 15 | €1,771,345 | €1,729,480 | -€41,865 | -2.4% |
| Provisions and deferred taxes | 16 | €972,510,071 | €703,312,930 | -€269.2m | -27.7% |
| Provisions for liabilities and charges | 160/5 | €972,510,071 | €703,312,930 | -€269.2m | -27.7% |
| Pensions and similar obligations | 160 | €31,713,116 | €30,018,635 | -€1.7m | -5.3% |
| Other liabilities and charges | 164/5 | €940,796,954 | €673,294,295 | -€267.5m | -28.4% |
| Amounts payable | 17/49 | €1,154,096,875 | €898,417,484 | -€255.7m | -22.2% |
| Amounts payable after more than one year | 17 | €3,395,684 | €4,119,088 | +€723,404 | +21.3% |
| Other amounts payable | 178/9 | €3,395,684 | €4,119,088 | +€723,404 | +21.3% |
| Amounts payable within one year | 42/48 | €1,122,462,724 | €853,224,501 | -€269.2m | -24.0% |
| Financial debts | 43 | €117,791,578 | €135,328,841 | +€17.5m | +14.9% |
| Credit institutions | 430/8 | €3,847,613 | €775,302 | -€3.1m | -79.8% |
| Other loans | 439 | €113,943,965 | €134,553,539 | +€20.6m | +18.1% |
| Trade debts | 44 | €731,075,278 | €563,028,888 | -€168.0m | -23.0% |
| Suppliers | 440/4 | €731,075,278 | €563,028,888 | -€168.0m | -23.0% |
| Advances received on contracts in progress | 46 | €95,122,562 | - | -€95.1m | |
| Taxes, remuneration and social security | 45 | €95,325,062 | €81,769,686 | -€13.6m | -14.2% |
| Taxes | 450/3 | €57,929,364 | €40,628,373 | -€17.3m | -29.9% |
| Remuneration and social security | 454/9 | €37,395,698 | €41,141,314 | +€3.7m | +10.0% |
| Other amounts payable | 47/48 | €83,148,243 | €73,097,085 | -€10.1m | -12.1% |
| Accrued charges and deferred income | 492/3 | €28,238,466 | €41,073,895 | +€12.8m | +45.5% |
| Operating income | 70/76A | €3,745,072,773 | €3,221,686,351 | -€523.4m | -14.0% |
| Turnover | 70 | €3,688,605,855 | €3,120,816,219 | -€567.8m | -15.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€1,315,355 | - | +€1.3m | |
| Own construction capitalised | 72 | €6,846,690 | €12,075,667 | +€5.2m | +76.4% |
| Other operating income | 74 | €50,686,809 | €75,278,304 | +€24.6m | +48.5% |
| Non-recurring operating income | 76A | €248,775 | €13,516,160 | +€13.3m | +5333.1% |
| Operating charges | 60/66A | €3,406,882,134 | €3,038,050,861 | -€368.8m | -10.8% |
| Goods for resale, raw materials and consumables | 60 | €2,841,348,011 | €2,468,581,609 | -€372.8m | -13.1% |
| Purchases | 600/8 | €2,842,047,905 | €2,469,573,534 | -€372.5m | -13.1% |
| Change in stocks: decrease (increase) | 609 | -€699,894 | -€991,925 | -€292,031 | -41.7% |
| Services and other goods | 61 | €246,452,570 | €241,456,698 | -€5.0m | -2.0% |
| Remuneration, social security and pensions | 62 | €151,489,043 | €158,387,222 | +€6.9m | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,978,477 | €85,084,733 | +€6.1m | +7.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,237,763 | €3,605,233 | +€10.8m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €29,059,599 | €27,031,067 | -€2.0m | -7.0% |
| Other operating charges | 640/8 | €65,743,020 | €38,409,589 | -€27.3m | -41.6% |
| Non-recurring operating charges | 66A | €1,049,177 | €15,494,707 | +€14.4m | +1376.8% |
| Operating profit (loss) | 9901 | €338,190,640 | €183,635,490 | -€154.6m | -45.7% |
| Financial income | 75/76B | €37,693,706 | €46,380,747 | +€8.7m | +23.0% |
| Recurring financial income | 75 | €37,693,706 | €26,164,474 | -€11.5m | -30.6% |
| Income from financial fixed assets | 750 | €9,119,733 | €11,742,286 | +€2.6m | +28.8% |
| Income from current assets | 751 | €27,546,557 | €13,468,155 | -€14.1m | -51.1% |
| Other financial income | 752/9 | €1,027,417 | €954,033 | -€73,384 | -7.1% |
| Non-recurring financial income | 76B | - | €20,216,273 | +€20.2m | |
| Financial charges | 65/66B | €63,077,853 | €28,884,995 | -€34.2m | -54.2% |
| Recurring financial charges | 65 | €22,600,831 | €20,879,460 | -€1.7m | -7.6% |
| Debt charges | 650 | €5,221,464 | €4,544,200 | -€677,264 | -13.0% |
| Other financial charges | 652/9 | €17,379,367 | €16,335,260 | -€1.0m | -6.0% |
| Non-recurring financial charges | 66B | €40,477,022 | €8,005,535 | -€32.5m | -80.2% |
| Profit (loss) for the period before taxes | 9903 | €312,806,492 | €201,131,242 | -€111.7m | -35.7% |
| Income taxes | 67/77 | €20,026,075 | €54,071,194 | +€34.0m | +170.0% |
| Taxes | 670/3 | €22,478,817 | €55,033,175 | +€32.6m | +144.8% |
| Tax adjustments and reversals of tax provisions | 77 | €2,452,743 | €961,981 | -€1.5m | -60.8% |
| Profit (loss) for the period | 9904 | €292,780,418 | €147,060,048 | -€145.7m | -49.8% |
| Transfer to tax-exempt reserves | 689 | - | €999,997 | +€999,997 | |
| Profit (loss) for the period to be appropriated | 9905 | €292,780,418 | €146,060,051 | -€146.7m | -50.1% |
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 4 October 2026 via checked.be.