LUNA: 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.
LUNA
Largest movements
- Tangible fixed assets +€277,863
up €277,863 (+56.9%), from €488,424 to €766,287
of which Land and buildings: +€277,037
- Receivables within one year -€10,304
down €10,304 (-100.0%), from €10,304 to €0
of which Trade receivables: -€10,303
- Cash -€9,386
down €9,386 (-24.7%), from €37,932 to €28,546
mainly Investment in fixed assets (net) (-€312,299) and Net result for the year (-€24,349)
- Debts after one year +€233,349
up €233,349 (+105.6%), from €221,051 to €454,400
of which Financial debts: +€225,549
- Other debts +€37,711
up €37,711 (+17.7%), from €213,576 to €251,287
- Profit (loss) carried forward -€24,349
down €24,349 (-2.6%), from -€954,022 to -€978,371
- Current portion of long-term debt +€14,580
up €14,580 (+70.9%), from €20,575 to €35,155
- Gross operating margin -€35,217
down €35,217 (-56.2%), from €62,666 to €27,449
- Depreciation +€8,613
up €8,613 (+33.4%), from €25,824 to €34,436
- Financial charges +€6,953
up €6,953 (+203.7%), from €3,414 to €10,367
- Other operating charges +€2,574
up €2,574 (+58.2%), from €4,421 to €6,995
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 | €542,333 | €800,124 | +€257,791 | +47.5% |
| Fixed assets | 21/28 | €488,424 | €766,287 | +€277,863 | +56.9% |
| Tangible fixed assets | 22/27 | €488,424 | €766,287 | +€277,863 | +56.9% |
| Land and buildings | 22 | €484,590 | €761,627 | +€277,037 | +57.2% |
| Other tangible fixed assets | 26 | €3,834 | €4,661 | +€826 | +21.6% |
| Current assets | 29/58 | €53,909 | €33,837 | -€20,072 | -37.2% |
| Amounts receivable within one year | 40/41 | €10,304 | €0 | -€10,304 | -100.0% |
| Trade receivables | 40 | €10,303 | €0 | -€10,303 | -100.0% |
| Other amounts receivable | 41 | €1 | €0 | -€1 | -100.0% |
| Current investments | 50/53 | €5,000 | €5,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €37,932 | €28,546 | -€9,386 | -24.7% |
| Deferred charges and accrued income | 490/1 | €673 | €292 | -€381 | -56.6% |
| Total equity and liabilities | 10/49 | €542,333 | €800,124 | +€257,791 | +47.5% |
| Equity | 10/15 | €81,710 | €57,361 | -€24,349 | -29.8% |
| Contributions | 10/11 | €941,574 | €941,574 | = | 0.0% |
| Capital | 10 | €941,574 | €941,574 | = | 0.0% |
| Issued capital | 100 | €941,574 | €941,574 | = | 0.0% |
| Reserves | 13 | €94,157 | €94,157 | = | 0.0% |
| Non-distributable reserves | 130/1 | €94,157 | €94,157 | = | 0.0% |
| Legal reserve | 130 | €94,157 | €94,157 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€954,022 | -€978,371 | -€24,349 | -2.6% |
| Amounts payable | 17/49 | €460,623 | €742,764 | +€282,141 | +61.3% |
| Amounts payable after more than one year | 17 | €221,051 | €454,400 | +€233,349 | +105.6% |
| Financial debts | 170/4 | €221,051 | €446,600 | +€225,549 | +102.0% |
| Other amounts payable | 178/9 | - | €7,800 | +€7,800 | |
| Amounts payable within one year | 42/48 | €239,571 | €288,363 | +€48,792 | +20.4% |
| Current portion of amounts payable after more than one year | 42 | €20,575 | €35,155 | +€14,580 | +70.9% |
| Trade debts | 44 | €3,954 | €822 | -€3,132 | -79.2% |
| Suppliers | 440/4 | €3,954 | €822 | -€3,132 | -79.2% |
| Taxes, remuneration and social security | 45 | €1,467 | €1,099 | -€368 | -25.1% |
| Taxes | 450/3 | €1,467 | €1,099 | -€368 | -25.1% |
| Other amounts payable | 47/48 | €213,576 | €251,287 | +€37,711 | +17.7% |
| Accrued charges and deferred income | 492/3 | €1 | €0 | -€1 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,824 | €34,436 | +€8,613 | +33.4% |
| Other operating charges | 640/8 | €4,421 | €6,995 | +€2,574 | +58.2% |
| Gross operating margin | 9900 | €62,666 | €27,449 | -€35,217 | -56.2% |
| Operating profit (loss) | 9901 | €32,422 | -€13,982 | -€46,404 | |
| Financial income | 75/76B | €4 | €0 | -€4 | -100.0% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100.0% |
| Financial charges | 65/66B | €3,414 | €10,367 | +€6,953 | +203.7% |
| Recurring financial charges | 65 | €3,414 | €10,367 | +€6,953 | +203.7% |
| Profit (loss) for the period before taxes | 9903 | €29,012 | -€24,349 | -€53,361 | |
| Profit (loss) for the period | 9904 | €29,012 | -€24,349 | -€53,361 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,012 | -€24,349 | -€53,361 |
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 9 October 2026 via checked.be.