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.
What changed
LUNA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€8,611
2024 · €1,757-€10,368
Equity
€1.3m
2024 · €1.3m-€8,611
Cash
€25,932
2024 · €99,162-€73,231
Balance sheet total
€2.0m
2024 · €2.1m-€17,005
Largest movements
Assets
- Cash -€73,231
down €73,231 (-73.8%), from €99,162 to €25,932
mainly Investment in fixed assets (net) (-€112,895) and Accrued charges and deferred income (-€26,476)
- Tangible fixed assets +€51,930
up €51,930 (+5.3%), from €976,017 to €1.0m
of which Furniture and vehicles: +€88,004
Equity and liabilities
- Accrued charges and deferred income -€26,476
down €26,476 (-93.9%), from €28,186 to €1,710
Income statement
- Depreciation +€23,858
up €23,858 (+64.3%), from €37,107 to €60,965
- Gross operating margin +€19,262
up €19,262 (+34.7%), from €55,586 to €74,849
- Taxes +€5,380
up €5,380 (+1,924%), from €280 to €5,659
- Financial charges +€1,394
up €1,394 (+18.7%), from €7,465 to €8,858
- Other operating charges -€781
down €781 (-8.4%), from €9,336 to €8,555
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
€1,757
Gross operating margin
+€19,262
Depreciation
-€23,858
Other operating charges
+€781
Other operating items
+€175
Financial income
+€46
Financial charges
-€1,394
Taxes
-€5,380
Result 2025
-€8,611
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€35,574
Investment
-€112,895
Financing
+€4,091
Cash 2024
€99,162
From operations (derived)
+€35,574
Net result for the year
-€8,611
Depreciation
+€60,965
Receivables within one year
-€1,273
Deferred charges and accrued income
-€3,023
Provisions
-€532
Trade debts
+€3,388
Tax, wage and social debts
-€873
Other debts
+€12,009
Accrued charges and deferred income
-€26,476
Investment (derived)
-€112,895
Investment in fixed assets (net)
-€112,895
Financing
+€4,091
Debts after one year
-€14,845
Current portion of long-term debt
+€19,111
Short-term financial debts
-€176
Cash 2025
€25,932
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,066,180 | €2,049,175 | -€17,005 | -0.8% |
| Fixed assets | 21/28 | €976,017 | €1,027,947 | +€51,930 | +5.3% |
| Tangible fixed assets | 22/27 | €976,017 | €1,027,947 | +€51,930 | +5.3% |
| Land and buildings | 22 | €956,658 | €922,978 | -€33,680 | -3.5% |
| Plant, machinery and equipment | 23 | €6,301 | €3,906 | -€2,394 | -38.0% |
| Furniture and vehicles | 24 | €13,058 | €101,062 | +€88,004 | +674% |
| Current assets | 29/58 | €1,090,163 | €1,021,228 | -€68,935 | -6.3% |
| Amounts receivable within one year | 40/41 | €19,556 | €20,829 | +€1,273 | +6.5% |
| Trade receivables | 40 | €18,039 | €12,947 | -€5,092 | -28.2% |
| Other amounts receivable | 41 | €1,517 | €7,882 | +€6,365 | +419% |
| Current investments | 50/53 | €967,409 | €967,409 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €99,162 | €25,932 | -€73,231 | -73.8% |
| Deferred charges and accrued income | 490/1 | €4,036 | €7,058 | +€3,023 | +74.9% |
| Total equity and liabilities | 10/49 | €2,066,180 | €2,049,175 | -€17,005 | -0.8% |
| Equity | 10/15 | €1,288,030 | €1,279,419 | -€8,611 | -0.7% |
| Contributions | 10/11 | €512,000 | €512,000 | = | 0.0% |
| Capital | 10 | €512,000 | €512,000 | = | 0.0% |
| Issued capital | 100 | €512,000 | €512,000 | = | 0.0% |
| Reserves | 13 | €860,153 | €858,076 | -€2,077 | -0.2% |
| Non-distributable reserves | 130/1 | €51,200 | €51,200 | = | 0.0% |
| Legal reserve | 130 | €51,200 | €51,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,985 | €43,908 | -€2,077 | -4.5% |
| Distributable reserves | 133 | €762,969 | €762,969 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€84,123 | -€90,657 | -€6,534 | -7.8% |
| Provisions and deferred taxes | 16 | €11,726 | €11,194 | -€532 | -4.5% |
| Deferred taxes | 168 | €11,726 | €11,194 | -€532 | -4.5% |
| Amounts payable | 17/49 | €766,423 | €758,562 | -€7,861 | -1.0% |
| Amounts payable after more than one year | 17 | €291,375 | €276,531 | -€14,845 | -5.1% |
| Financial debts | 170/4 | €291,375 | €276,531 | -€14,845 | -5.1% |
| Amounts payable within one year | 42/48 | €446,862 | €480,321 | +€33,459 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €73,769 | €92,880 | +€19,111 | +25.9% |
| Financial debts | 43 | €176 | €0 | -€176 | -100% |
| Credit institutions | 430/8 | €176 | €0 | -€176 | -100% |
| Trade debts | 44 | €3,364 | €6,752 | +€3,388 | +101% |
| Suppliers | 440/4 | €3,364 | €6,752 | +€3,388 | +101% |
| Taxes, remuneration and social security | 45 | €15,916 | €15,043 | -€873 | -5.5% |
| Taxes | 450/3 | €13,416 | €12,543 | -€873 | -6.5% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €353,636 | €365,646 | +€12,009 | +3.4% |
| Accrued charges and deferred income | 492/3 | €28,186 | €1,710 | -€26,476 | -93.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,107 | €60,965 | +€23,858 | +64.3% |
| Other operating charges | 640/8 | €9,336 | €8,555 | -€781 | -8.4% |
| Non-recurring operating charges | 66A | €175 | €0 | -€175 | -100% |
| Gross operating margin | 9900 | €55,586 | €74,849 | +€19,262 | +34.7% |
| Operating profit (loss) | 9901 | €8,968 | €5,328 | -€3,640 | -40.6% |
| Financial income | 75/76B | €0 | €46 | +€46 | +15,287% |
| Recurring financial income | 75 | €0 | €46 | +€46 | +15,287% |
| Financial charges | 65/66B | €7,465 | €8,858 | +€1,394 | +18.7% |
| Recurring financial charges | 65 | €7,465 | €8,858 | +€1,394 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | €1,504 | -€3,484 | -€4,988 | |
| Transfer from deferred taxes | 780 | €532 | €532 | = | 0.0% |
| Income taxes | 67/77 | €280 | €5,659 | +€5,380 | +1,924% |
| Profit (loss) for the period | 9904 | €1,757 | -€8,611 | -€10,368 | |
| Transfer from tax-exempt reserves | 789 | €2,077 | €2,077 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,834 | -€6,534 | -€10,368 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.