LUO-MA: 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.
LUO-MA
Largest movements
- Receivables within one year +€26,426
up €26,426 (+70.9%), from €37,278 to €63,704
of which Trade receivables: +€25,950
- Cash -€6,798
down €6,798 (-43.4%), from €15,655 to €8,857
mainly Receivables within one year (-€26,426) and Net result for the year (-€19,203)
- Stocks and contracts -€2,076
down €2,076 (-9.6%), from €21,556 to €19,479
- Trade debts +€19,355
up €19,355 (+66.1%), from €29,275 to €48,630
- Profit (loss) carried forward -€19,203
down €19,203 (-24.4%), from -€78,653 to -€97,856
- Tax, wage and social debts +€9,867
up €9,867 (+145.0%), from €6,807 to €16,674
of which Remuneration and social security: +€10,763
- Other debts +€5,644
up €5,644 (+9.4%), from €59,788 to €65,432
- Short-term financial debts +€2,535
up €2,535 (+85.0%), from €2,982 to €5,517
- Staff costs +€4,858
up €4,858 (+26.3%), from €18,502 to €23,360
- Financial charges -€2,492
down €2,492 (-28.0%), from €8,912 to €6,421
- Gross operating margin +€1,360
up €1,360 (+9.4%), from €14,467 to €15,827
- Depreciation -€550
down €550 (-36.3%), from €1,516 to €966
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 | €76,845 | €94,398 | +€17,553 | +22.8% |
| Fixed assets | 21/28 | €2,162 | €2,112 | -€49 | -2.3% |
| Tangible fixed assets | 22/27 | €1,978 | €1,929 | -€49 | -2.5% |
| Plant, machinery and equipment | 23 | €1,326 | €1,557 | +€231 | +17.5% |
| Furniture and vehicles | 24 | €653 | €372 | -€281 | -43.0% |
| Financial fixed assets | 28 | €183 | €183 | = | 0.0% |
| Current assets | 29/58 | €74,683 | €92,285 | +€17,602 | +23.6% |
| Stocks and contracts in progress | 3 | €21,556 | €19,479 | -€2,076 | -9.6% |
| Stocks | 30/36 | €21,556 | €19,479 | -€2,076 | -9.6% |
| Amounts receivable within one year | 40/41 | €37,278 | €63,704 | +€26,426 | +70.9% |
| Trade receivables | 40 | €37,278 | €63,228 | +€25,950 | +69.6% |
| Other amounts receivable | 41 | - | €477 | +€477 | |
| Cash at bank and in hand | 54/58 | €15,655 | €8,857 | -€6,798 | -43.4% |
| Deferred charges and accrued income | 490/1 | €194 | €245 | +€51 | +26.1% |
| Total equity and liabilities | 10/49 | €76,845 | €94,398 | +€17,553 | +22.8% |
| Equity | 10/15 | -€28,653 | -€47,856 | -€19,203 | -67.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | - | -€50,000 | |
| Issued capital | 100 | €50,000 | - | -€50,000 | |
| Profit (loss) carried forward | 14 | -€78,653 | -€97,856 | -€19,203 | -24.4% |
| Amounts payable | 17/49 | €105,497 | €142,254 | +€36,757 | +34.8% |
| Amounts payable within one year | 42/48 | €98,852 | €136,254 | +€37,401 | +37.8% |
| Financial debts | 43 | €2,982 | €5,517 | +€2,535 | +85.0% |
| Credit institutions | 430/8 | €2,982 | €5,517 | +€2,535 | +85.0% |
| Trade debts | 44 | €29,275 | €48,630 | +€19,355 | +66.1% |
| Suppliers | 440/4 | €29,275 | €48,630 | +€19,355 | +66.1% |
| Taxes, remuneration and social security | 45 | €6,807 | €16,674 | +€9,867 | +145.0% |
| Taxes | 450/3 | €4,266 | €3,370 | -€896 | -21.0% |
| Remuneration and social security | 454/9 | €2,541 | €13,304 | +€10,763 | +423.6% |
| Other amounts payable | 47/48 | €59,788 | €65,432 | +€5,644 | +9.4% |
| Accrued charges and deferred income | 492/3 | €6,645 | €6,000 | -€645 | -9.7% |
| Remuneration, social security and pensions | 62 | €18,502 | €23,360 | +€4,858 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,516 | €966 | -€550 | -36.3% |
| Other operating charges | 640/8 | €4,148 | €4,088 | -€60 | -1.5% |
| Gross operating margin | 9900 | €14,467 | €15,827 | +€1,360 | +9.4% |
| Operating profit (loss) | 9901 | -€9,699 | -€12,586 | -€2,887 | -29.8% |
| Financial income | 75/76B | €57 | €47 | -€10 | -18.0% |
| Recurring financial income | 75 | €57 | €47 | -€10 | -18.0% |
| Financial charges | 65/66B | €8,912 | €6,421 | -€2,492 | -28.0% |
| Recurring financial charges | 65 | €8,912 | €6,421 | -€2,492 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | -€18,554 | -€18,960 | -€406 | -2.2% |
| Income taxes | 67/77 | €267 | €243 | -€23 | -8.7% |
| Profit (loss) for the period | 9904 | -€18,821 | -€19,203 | -€383 | -2.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,821 | -€19,203 | -€383 | -2.0% |
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 6 October 2026 via checked.be.