LUNO: 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
LUNO
NACE 46.190, Agents in non-specialised wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€154,230
2024 · €124,607+€29,623
Equity
€1.6m
2024 · €1.4m+€157,006
Cash
€87,272
2024 · €47,755+€39,517
Balance sheet total
€2.6m
2024 · €2.4m+€115,254
Largest movements
Assets
- Receivables within one year +€149,856
up €149,856 (+2,193%), from €6,833 to €156,690
of which Trade receivables: +€149,968
- Tangible fixed assets -€93,174
down €93,174 (-5.8%), from €1.6m to €1.5m
of which Furniture and vehicles: -€51,905
- Cash +€39,517
up €39,517 (+82.8%), from €47,755 to €87,272
mainly Net result for the year (+€154,230) and Depreciation (+€135,757)
Equity and liabilities
- Reserves +€161,063
up €161,063 (+11.5%), from €1.4m to €1.6m
of which Distributable reserves: +€160,673
- Debts after one year -€133,052
down €133,052 (-16.4%), from €809,963 to €676,912
- Tax, wage and social debts +€66,304
up €66,304 (+678%), from €9,786 to €76,090
- Current portion of long-term debt +€43,625
up €43,625 (+48.8%), from €89,427 to €133,052
- Advances received -€28,915
down €28,915 (-63.7%), from €45,381 to €16,466
Income statement
- Gross operating margin +€24,871
up €24,871 (+6.8%), from €366,173 to €391,044
- Financial charges -€6,966
down €6,966 (-17.9%), from €38,919 to €31,953
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
€124,607
Gross operating margin
+€24,871
Staff costs
+€1,825
Depreciation
-€543
Provisions
+€1,500
Other operating charges
-€3,183
Financial income
-€1,005
Financial charges
+€6,966
Taxes
-€506
Deferred taxes and other
-€302
Result 2025
€154,230
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
+€188,648
Investment
-€62,479
Financing
-€86,651
Cash 2024
€47,755
From operations (derived)
+€188,648
Net result for the year
+€154,230
Depreciation
+€135,757
Receivables within one year
-€149,856
Deferred charges and accrued income
+€842
Provisions
-€5,071
Trade debts
-€7,620
Tax, wage and social debts
+€66,304
Advances received
-€28,915
Other debts
+€23,010
Accrued charges and deferred income
-€33
Investment (derived)
-€62,479
Investment in fixed assets (net)
-€42,583
Current investments
-€19,896
Financing
-€86,651
Debts after one year
-€133,052
Current portion of long-term debt
+€43,625
Contributions, distributions and other
+€2,775
Cash 2025
€87,272
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,440,578 | €2,555,832 | +€115,254 | +4.7% |
| Fixed assets | 21/28 | €2,052,720 | €1,959,547 | -€93,174 | -4.5% |
| Tangible fixed assets | 22/27 | €1,613,370 | €1,520,197 | -€93,174 | -5.8% |
| Land and buildings | 22 | €1,374,983 | €1,349,490 | -€25,493 | -1.9% |
| Plant, machinery and equipment | 23 | €29,477 | €20,400 | -€9,077 | -30.8% |
| Furniture and vehicles | 24 | €145,194 | €93,289 | -€51,905 | -35.7% |
| Other tangible fixed assets | 26 | €63,716 | €57,018 | -€6,698 | -10.5% |
| Financial fixed assets | 28 | €439,350 | €439,350 | = | 0.0% |
| Current assets | 29/58 | €387,858 | €596,286 | +€208,428 | +53.7% |
| Amounts receivable within one year | 40/41 | €6,833 | €156,690 | +€149,856 | +2,193% |
| Trade receivables | 40 | €3,000 | €152,968 | +€149,968 | +4,999% |
| Other amounts receivable | 41 | €3,833 | €3,722 | -€111 | -2.9% |
| Current investments | 50/53 | €325,000 | €344,896 | +€19,896 | +6.1% |
| Cash at bank and in hand | 54/58 | €47,755 | €87,272 | +€39,517 | +82.8% |
| Deferred charges and accrued income | 490/1 | €8,270 | €7,428 | -€842 | -10.2% |
| Total equity and liabilities | 10/49 | €2,440,578 | €2,555,832 | +€115,254 | +4.7% |
| Equity | 10/15 | €1,419,115 | €1,576,121 | +€157,006 | +11.1% |
| Contributions | 10/11 | €18,840 | €18,840 | = | 0.0% |
| Reserves | 13 | €1,396,218 | €1,557,281 | +€161,063 | +11.5% |
| Tax-exempt reserves | 132 | €42,598 | €42,987 | +€390 | +0.9% |
| Distributable reserves | 133 | €1,353,620 | €1,514,293 | +€160,673 | +11.9% |
| Profit (loss) carried forward | 14 | €4,058 | €0 | -€4,058 | -100% |
| Provisions and deferred taxes | 16 | €11,517 | €6,447 | -€5,071 | -44.0% |
| Provisions for liabilities and charges | 160/5 | €1,500 | €0 | -€1,500 | -100% |
| Other liabilities and charges | 164/5 | €1,500 | €0 | -€1,500 | -100% |
| Deferred taxes | 168 | €10,017 | €6,447 | -€3,571 | -35.6% |
| Amounts payable | 17/49 | €1,009,946 | €973,265 | -€36,681 | -3.6% |
| Amounts payable after more than one year | 17 | €809,963 | €676,912 | -€133,052 | -16.4% |
| Financial debts | 170/4 | €809,963 | €676,912 | -€133,052 | -16.4% |
| Amounts payable within one year | 42/48 | €191,352 | €287,756 | +€96,404 | +50.4% |
| Current portion of amounts payable after more than one year | 42 | €89,427 | €133,052 | +€43,625 | +48.8% |
| Trade debts | 44 | €11,841 | €4,220 | -€7,620 | -64.4% |
| Suppliers | 440/4 | €11,841 | €4,220 | -€7,620 | -64.4% |
| Advances received on contracts in progress | 46 | €45,381 | €16,466 | -€28,915 | -63.7% |
| Taxes, remuneration and social security | 45 | €9,786 | €76,090 | +€66,304 | +678% |
| Taxes | 450/3 | €9,786 | €76,090 | +€66,304 | +678% |
| Other amounts payable | 47/48 | €34,918 | €57,928 | +€23,010 | +65.9% |
| Accrued charges and deferred income | 492/3 | €8,631 | €8,598 | -€33 | -0.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,825 | - | -€1,825 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,214 | €135,757 | +€543 | +0.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€1,500 | -€1,500 | |
| Other operating charges | 640/8 | €12,237 | €15,420 | +€3,183 | +26.0% |
| Gross operating margin | 9900 | €366,173 | €391,044 | +€24,871 | +6.8% |
| Operating profit (loss) | 9901 | €216,897 | €241,367 | +€24,470 | +11.3% |
| Financial income | 75/76B | €5,488 | €4,482 | -€1,005 | -18.3% |
| Recurring financial income | 75 | €5,488 | €4,482 | -€1,005 | -18.3% |
| Financial charges | 65/66B | €38,919 | €31,953 | -€6,966 | -17.9% |
| Recurring financial charges | 65 | €38,919 | €31,953 | -€6,966 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €183,466 | €213,896 | +€30,431 | +16.6% |
| Transfer from deferred taxes | 780 | €1,097 | €795 | -€302 | -27.5% |
| Income taxes | 67/77 | €59,956 | €60,462 | +€506 | +0.8% |
| Profit (loss) for the period | 9904 | €124,607 | €154,230 | +€29,623 | +23.8% |
| Transfer from tax-exempt reserves | 789 | €2,612 | €2,386 | -€226 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €127,218 | €156,616 | +€29,398 | +23.1% |
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 16 October 2026 via checked.be.