LUNAREST: 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.
LUNAREST
Largest movements
- Current investments +€150,000
new in 2025: €150,000
- Tangible fixed assets -€134,647
down €134,647 (-17.2%), from €782,472 to €647,824
of which Land and buildings: -€134,983
- Cash -€110,369
down €110,369 (-18.5%), from €596,310 to €485,941
mainly Debts after one year (-€155,233) and Current investments (-€150,000)
- Receivables within one year +€28,088
up €28,088 (+237.3%), from €11,836 to €39,924
of which Other amounts receivable: +€15,679
- Debts after one year -€155,233
down €155,233 (-25.2%), from €614,999 to €459,765
- Trade debts +€41,967
up €41,967 (+21.8%), from €192,462 to €234,429
- Accrued charges and deferred income +€38,852
up €38,852 (+51.6%), from €75,280 to €114,132
- Current portion of long-term debt -€19,873
down €19,873 (-11.3%), from €175,106 to €155,233
- Reserves -€19,168
down €19,168 (-8.8%), from €217,001 to €197,833
- Staff costs +€86,673
up €86,673 (+10.3%), from €842,454 to €929,127
- Gross operating margin -€20,913
down €20,913 (-1.8%), from €1.2m to €1.1m
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 | €1,487,144 | €1,391,347 | -€95,796 | -6.4% |
| Formation expenses | 20 | €29,405 | €23,394 | -€6,011 | -20.4% |
| Fixed assets | 21/28 | €782,472 | €647,824 | -€134,647 | -17.2% |
| Tangible fixed assets | 22/27 | €782,472 | €647,824 | -€134,647 | -17.2% |
| Land and buildings | 22 | €656,146 | €521,164 | -€134,983 | -20.6% |
| Plant, machinery and equipment | 23 | €20,067 | €49,729 | +€29,662 | +147.8% |
| Furniture and vehicles | 24 | €106,258 | €76,932 | -€29,327 | -27.6% |
| Current assets | 29/58 | €675,267 | €720,129 | +€44,862 | +6.6% |
| Stocks and contracts in progress | 3 | €45,763 | €31,345 | -€14,418 | -31.5% |
| Stocks | 30/36 | €45,763 | €31,345 | -€14,418 | -31.5% |
| Amounts receivable within one year | 40/41 | €11,836 | €39,924 | +€28,088 | +237.3% |
| Trade receivables | 40 | €1,473 | €13,882 | +€12,409 | +842.7% |
| Other amounts receivable | 41 | €10,364 | €26,043 | +€15,679 | +151.3% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €596,310 | €485,941 | -€110,369 | -18.5% |
| Deferred charges and accrued income | 490/1 | €21,358 | €12,919 | -€8,439 | -39.5% |
| Total equity and liabilities | 10/49 | €1,487,144 | €1,391,347 | -€95,796 | -6.4% |
| Equity | 10/15 | €319,501 | €300,333 | -€19,168 | -6.0% |
| Contributions | 10/11 | €102,500 | €102,500 | = | 0.0% |
| Reserves | 13 | €217,001 | €197,833 | -€19,168 | -8.8% |
| Distributable reserves | 133 | €217,001 | €197,833 | -€19,168 | -8.8% |
| Amounts payable | 17/49 | €1,167,643 | €1,091,014 | -€76,629 | -6.6% |
| Amounts payable after more than one year | 17 | €614,999 | €459,765 | -€155,233 | -25.2% |
| Financial debts | 170/4 | €614,999 | €459,765 | -€155,233 | -25.2% |
| Amounts payable within one year | 42/48 | €477,364 | €517,117 | +€39,753 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €175,106 | €155,233 | -€19,873 | -11.3% |
| Trade debts | 44 | €192,462 | €234,429 | +€41,967 | +21.8% |
| Suppliers | 440/4 | €192,462 | €234,429 | +€41,967 | +21.8% |
| Taxes, remuneration and social security | 45 | €106,155 | €121,217 | +€15,062 | +14.2% |
| Taxes | 450/3 | €5,855 | €7,783 | +€1,927 | +32.9% |
| Remuneration and social security | 454/9 | €100,300 | €113,434 | +€13,134 | +13.1% |
| Other amounts payable | 47/48 | €3,641 | €6,238 | +€2,597 | +71.3% |
| Accrued charges and deferred income | 492/3 | €75,280 | €114,132 | +€38,852 | +51.6% |
| Remuneration, social security and pensions | 62 | €842,454 | €929,127 | +€86,673 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174,493 | €179,942 | +€5,449 | +3.1% |
| Other operating charges | 640/8 | €28,213 | €28,864 | +€651 | +2.3% |
| Gross operating margin | 9900 | €1,150,065 | €1,129,152 | -€20,913 | -1.8% |
| Operating profit (loss) | 9901 | €104,905 | -€8,781 | -€113,687 | |
| Financial income | 75/76B | €6,425 | €7,615 | +€1,190 | +18.5% |
| Recurring financial income | 75 | €6,425 | €7,615 | +€1,190 | +18.5% |
| Financial charges | 65/66B | €18,971 | €17,196 | -€1,775 | -9.4% |
| Recurring financial charges | 65 | €18,971 | €17,196 | -€1,775 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €92,359 | -€18,363 | -€110,722 | |
| Income taxes | 67/77 | €550 | €805 | +€255 | +46.3% |
| Profit (loss) for the period | 9904 | €91,809 | -€19,168 | -€110,977 | |
| Profit (loss) for the period to be appropriated | 9905 | €91,809 | -€19,168 | -€110,977 |
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.