LUPAJE: 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.
LUPAJE
Largest movements
- Receivables within one year -€26,372
down €26,372 (-50.9%), from €51,852 to €25,479
of which Trade receivables: -€17,473
- Tangible fixed assets +€21,110
up €21,110 (+137%), from €15,371 to €36,481
of which Furniture and vehicles: +€31,210
- Cash -€12,337
down €12,337 (-39.6%), from €31,160 to €18,823
mainly Trade debts (-€42,737) and Investment in fixed assets (net) (-€31,112)
- Deferred charges and accrued income -€2,251
no longer reported in 2025 (was €2,251)
- Trade debts -€42,737
down €42,737 (-44.9%), from €95,262 to €52,524
- Other debts +€29,801
up €29,801 (+82.0%), from €36,352 to €66,152
- Tax, wage and social debts -€12,525
down €12,525 (-64.5%), from €19,421 to €6,896
- Profit (loss) carried forward +€5,612
up €5,612 (+4.9%), from -€113,757 to -€108,145
- Write-downs -€60,136
down €60,136 (-68.8%), from €87,414 to €27,278
- Gross operating margin -€22,373
down €22,373 (-30.1%), from €74,442 to €52,069
- Financial income -€7,261
down €7,261 (-98.6%), from €7,366 to €105
of which Non-recurring financial income: -€4,194
- Depreciation +€3,478
up €3,478 (+53.3%), from €6,525 to €10,003
- Taxes +€2,250
up €2,250 (+48.4%), from €4,646 to €6,896
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €100,633 | €80,783 | -€19,850 | -19.7% |
| Fixed assets | 21/28 | €15,371 | €36,481 | +€21,110 | +137% |
| Tangible fixed assets | 22/27 | €15,371 | €36,481 | +€21,110 | +137% |
| Land and buildings | 22 | €3,831 | - | -€3,831 | |
| Plant, machinery and equipment | 23 | €8,075 | €2,721 | -€5,354 | -66.3% |
| Furniture and vehicles | 24 | - | €31,210 | +€31,210 | |
| Leasing and similar rights | 25 | €3,465 | - | -€3,465 | |
| Other tangible fixed assets | 26 | - | €2,550 | +€2,550 | |
| Current assets | 29/58 | €85,262 | €44,302 | -€40,960 | -48.0% |
| Amounts receivable within one year | 40/41 | €51,852 | €25,479 | -€26,372 | -50.9% |
| Trade receivables | 40 | €38,215 | €20,742 | -€17,473 | -45.7% |
| Other amounts receivable | 41 | €13,636 | €4,737 | -€8,900 | -65.3% |
| Cash at bank and in hand | 54/58 | €31,160 | €18,823 | -€12,337 | -39.6% |
| Deferred charges and accrued income | 490/1 | €2,251 | - | -€2,251 | |
| Total equity and liabilities | 10/49 | €100,633 | €80,783 | -€19,850 | -19.7% |
| Equity | 10/15 | -€50,402 | -€44,790 | +€5,612 | +11.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,355 | €1,355 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,355 | €1,355 | = | 0.0% |
| Legal reserve | 130 | €1,355 | €1,355 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€113,757 | -€108,145 | +€5,612 | +4.9% |
| Amounts payable | 17/49 | €151,034 | €125,572 | -€25,462 | -16.9% |
| Amounts payable within one year | 42/48 | €151,034 | €125,572 | -€25,462 | -16.9% |
| Trade debts | 44 | €95,262 | €52,524 | -€42,737 | -44.9% |
| Suppliers | 440/4 | €95,262 | €52,524 | -€42,737 | -44.9% |
| Taxes, remuneration and social security | 45 | €19,421 | €6,896 | -€12,525 | -64.5% |
| Taxes | 450/3 | €19,421 | €6,896 | -€12,525 | -64.5% |
| Other amounts payable | 47/48 | €36,352 | €66,152 | +€29,801 | +82.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,525 | €10,003 | +€3,478 | +53.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €87,414 | €27,278 | -€60,136 | -68.8% |
| Other operating charges | 640/8 | €3,090 | €2,227 | -€863 | -27.9% |
| Gross operating margin | 9900 | €74,442 | €52,069 | -€22,373 | -30.1% |
| Operating profit (loss) | 9901 | -€22,588 | €12,561 | +€35,149 | |
| Financial income | 75/76B | €7,366 | €105 | -€7,261 | -98.6% |
| Recurring financial income | 75 | €3,173 | €105 | -€3,067 | -96.7% |
| Non-recurring financial income | 76B | €4,194 | - | -€4,194 | |
| Financial charges | 65/66B | €68 | €159 | +€91 | +135% |
| Recurring financial charges | 65 | €68 | €159 | +€91 | +135% |
| Profit (loss) for the period before taxes | 9903 | -€15,289 | €12,508 | +€27,797 | |
| Income taxes | 67/77 | €4,646 | €6,896 | +€2,250 | +48.4% |
| Profit (loss) for the period | 9904 | -€19,935 | €5,612 | +€25,547 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,935 | €5,612 | +€25,547 |
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 18 October 2026 via checked.be.