Lupa: 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.
Lupa
Largest movements
- Cash -€200,798
down €200,798 (-52.8%), from €380,264 to €179,467
mainly Other debts (-€242,805) and Receivables within one year (-€93,667)
- Tangible fixed assets -€135,079
down €135,079 (-19.8%), from €683,430 to €548,351
of which Furniture and vehicles: -€110,796
- Current investments -€98,767
down €98,767 (-65.8%), from €150,000 to €51,233
- Receivables within one year +€93,667
up €93,667 (+9.3%), from €1.0m to €1.1m
of which Trade receivables: +€108,501
- Stocks and contracts +€56,638
up €56,638 (+36.1%), from €156,678 to €213,316
- Other debts -€242,805
down €242,805 (-99.7%), from €243,626 to €822
- Trade debts -€59,845
down €59,845 (-11.9%), from €502,638 to €442,794
- Debts after one year -€44,298
down €44,298 (-19.1%), from €231,591 to €187,293
- Profit (loss) carried forward +€35,797
up €35,797 (+16.7%), from €213,910 to €249,707
- Gross operating margin -€330,700
down €330,700 (-16.5%), from €2.0m to €1.7m
- Taxes -€74,368
down €74,368 (-70.9%), from €104,856 to €30,488
- Staff costs -€62,498
down €62,498 (-4.0%), from €1.5m to €1.5m
- Depreciation +€40,023
up €40,023 (+28.4%), from €140,962 to €180,985
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 | €2,435,620 | €2,150,719 | -€284,901 | -11.7% |
| Fixed assets | 21/28 | €684,608 | €549,529 | -€135,079 | -19.7% |
| Tangible fixed assets | 22/27 | €683,430 | €548,351 | -€135,079 | -19.8% |
| Plant, machinery and equipment | 23 | €13,725 | €11,412 | -€2,313 | -16.8% |
| Furniture and vehicles | 24 | €527,562 | €416,766 | -€110,796 | -21.0% |
| Other tangible fixed assets | 26 | €142,144 | €120,173 | -€21,971 | -15.5% |
| Financial fixed assets | 28 | €1,178 | €1,178 | = | 0.0% |
| Current assets | 29/58 | €1,751,012 | €1,601,190 | -€149,822 | -8.6% |
| Stocks and contracts in progress | 3 | €156,678 | €213,316 | +€56,638 | +36.1% |
| Stocks | 30/36 | €156,678 | €213,316 | +€56,638 | +36.1% |
| Amounts receivable within one year | 40/41 | €1,004,438 | €1,098,106 | +€93,667 | +9.3% |
| Trade receivables | 40 | €760,514 | €869,015 | +€108,501 | +14.3% |
| Other amounts receivable | 41 | €243,924 | €229,091 | -€14,833 | -6.1% |
| Current investments | 50/53 | €150,000 | €51,233 | -€98,767 | -65.8% |
| Cash at bank and in hand | 54/58 | €380,264 | €179,467 | -€200,798 | -52.8% |
| Deferred charges and accrued income | 490/1 | €59,631 | €59,068 | -€563 | -0.9% |
| Total equity and liabilities | 10/49 | €2,435,620 | €2,150,719 | -€284,901 | -11.7% |
| Equity | 10/15 | €241,410 | €277,207 | +€35,797 | +14.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €2,500 | +€2,500 | |
| Reserves not available under the articles | 1311 | - | €2,500 | +€2,500 | |
| Distributable reserves | 133 | €2,500 | €0 | -€2,500 | -100.0% |
| Profit (loss) carried forward | 14 | €213,910 | €249,707 | +€35,797 | +16.7% |
| Amounts payable | 17/49 | €2,194,209 | €1,873,512 | -€320,698 | -14.6% |
| Amounts payable after more than one year | 17 | €231,591 | €187,293 | -€44,298 | -19.1% |
| Financial debts | 170/4 | €231,591 | €187,293 | -€44,298 | -19.1% |
| Amounts payable within one year | 42/48 | €1,962,619 | €1,686,219 | -€276,400 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €117,722 | €114,840 | -€2,882 | -2.4% |
| Financial debts | 43 | €8,532 | €16,923 | +€8,391 | +98.4% |
| Credit institutions | 430/8 | €8,532 | €16,923 | +€8,391 | +98.4% |
| Trade debts | 44 | €502,638 | €442,794 | -€59,845 | -11.9% |
| Suppliers | 440/4 | €502,638 | €442,794 | -€59,845 | -11.9% |
| Advances received on contracts in progress | 46 | €956,082 | €979,572 | +€23,490 | +2.5% |
| Taxes, remuneration and social security | 45 | €134,019 | €131,269 | -€2,750 | -2.1% |
| Taxes | 450/3 | €23,284 | €23,083 | -€201 | -0.9% |
| Remuneration and social security | 454/9 | €110,735 | €108,186 | -€2,549 | -2.3% |
| Other amounts payable | 47/48 | €243,626 | €822 | -€242,805 | -99.7% |
| Remuneration, social security and pensions | 62 | €1,543,999 | €1,481,501 | -€62,498 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,962 | €180,985 | +€40,023 | +28.4% |
| Other operating charges | 640/8 | €45,007 | €36,823 | -€8,184 | -18.2% |
| Non-recurring operating charges | 66A | - | €625 | +€625 | |
| Gross operating margin | 9900 | €2,000,121 | €1,669,421 | -€330,700 | -16.5% |
| Operating profit (loss) | 9901 | €270,154 | -€30,512 | -€300,666 | |
| Financial income | 75/76B | €110,329 | €122,272 | +€11,943 | +10.8% |
| Recurring financial income | 75 | €110,329 | €122,272 | +€11,943 | +10.8% |
| Financial charges | 65/66B | €21,632 | €25,475 | +€3,843 | +17.8% |
| Recurring financial charges | 65 | €21,632 | €25,475 | +€3,843 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €358,851 | €66,285 | -€292,566 | -81.5% |
| Income taxes | 67/77 | €104,856 | €30,488 | -€74,368 | -70.9% |
| Profit (loss) for the period | 9904 | €253,995 | €35,797 | -€218,198 | -85.9% |
| Profit (loss) for the period to be appropriated | 9905 | €253,995 | €35,797 | -€218,198 | -85.9% |
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.