LUPAN: 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.
LUPAN
Largest movements
- Cash +€494,595
up €494,595 (+138.2%), from €358,012 to €852,607
mainly Other debts (+€664,138) and Net result for the year (+€654,184)
- Receivables within one year -€186,107
down €186,107 (-22.9%), from €814,044 to €627,937
of which Other amounts receivable: -€204,793
- Tangible fixed assets -€46,087
down €46,087 (-25.9%), from €177,663 to €131,576
of which Other tangible fixed assets: -€45,483
- Other debts +€664,138
up €664,138 (+141.2%), from €470,320 to €1.1m
- Trade debts -€351,028
down €351,028 (-65.5%), from €535,635 to €184,608
- Debts after one year -€50,981
down €50,981 (-72.2%), from €70,563 to €19,582
- Tax, wage and social debts +€23,614
up €23,614 (+24.9%), from €94,981 to €118,595
of which Taxes: +€19,163
- Reserves -€17,511
down €17,511 (-14.3%), from €122,728 to €105,217
of which Distributable reserves: -€17,511
- Gross operating margin +€243,694
up €243,694 (+22.6%), from €1.1m to €1.3m
- Staff costs +€69,802
up €69,802 (+13.9%), from €501,483 to €571,285
- Financial charges -€17,381
down €17,381 (-45.3%), from €38,372 to €20,991
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 | €1,381,142 | €1,645,765 | +€264,623 | +19.2% |
| Fixed assets | 21/28 | €187,018 | €140,571 | -€46,447 | -24.8% |
| Intangible fixed assets | 21 | €1,219 | €859 | -€360 | -29.5% |
| Tangible fixed assets | 22/27 | €177,663 | €131,576 | -€46,087 | -25.9% |
| Land and buildings | 22 | €23,786 | €23,024 | -€763 | -3.2% |
| Plant, machinery and equipment | 23 | €29,885 | €29,562 | -€323 | -1.1% |
| Furniture and vehicles | 24 | €19,456 | €19,938 | +€482 | +2.5% |
| Other tangible fixed assets | 26 | €104,535 | €59,052 | -€45,483 | -43.5% |
| Financial fixed assets | 28 | €8,136 | €8,136 | = | 0.0% |
| Current assets | 29/58 | €1,194,124 | €1,505,194 | +€311,070 | +26.1% |
| Amounts receivable after more than one year | 29 | €2,200 | €2,200 | = | 0.0% |
| Trade receivables | 290 | €2,200 | €2,200 | = | 0.0% |
| Stocks and contracts in progress | 3 | €17,767 | €17,767 | = | 0.0% |
| Stocks | 30/36 | €17,767 | €17,767 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €814,044 | €627,937 | -€186,107 | -22.9% |
| Trade receivables | 40 | €6,970 | €25,656 | +€18,687 | +268.1% |
| Other amounts receivable | 41 | €807,074 | €602,281 | -€204,793 | -25.4% |
| Cash at bank and in hand | 54/58 | €358,012 | €852,607 | +€494,595 | +138.2% |
| Deferred charges and accrued income | 490/1 | €2,101 | €4,684 | +€2,582 | +122.9% |
| Total equity and liabilities | 10/49 | €1,381,142 | €1,645,765 | +€264,623 | +19.2% |
| Equity | 10/15 | €147,552 | €137,217 | -€10,335 | -7.0% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €122,728 | €105,217 | -€17,511 | -14.3% |
| Non-distributable reserves | 130/1 | €3,200 | €3,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,200 | €3,200 | = | 0.0% |
| Distributable reserves | 133 | €119,528 | €102,017 | -€17,511 | -14.7% |
| Profit (loss) carried forward | 14 | -€7,176 | €0 | +€7,176 | |
| Amounts payable | 17/49 | €1,233,590 | €1,508,548 | +€274,959 | +22.3% |
| Amounts payable after more than one year | 17 | €70,563 | €19,582 | -€50,981 | -72.2% |
| Financial debts | 170/4 | €70,563 | €19,582 | -€50,981 | -72.2% |
| Amounts payable within one year | 42/48 | €1,163,027 | €1,488,967 | +€325,940 | +28.0% |
| Current portion of amounts payable after more than one year | 42 | €61,949 | €50,981 | -€10,968 | -17.7% |
| Financial debts | 43 | €142 | €0 | -€142 | -100.0% |
| Credit institutions | 430/8 | €142 | €0 | -€142 | -100.0% |
| Trade debts | 44 | €535,635 | €184,608 | -€351,028 | -65.5% |
| Suppliers | 440/4 | €535,635 | €184,608 | -€351,028 | -65.5% |
| Advances received on contracts in progress | 46 | - | €325 | +€325 | |
| Taxes, remuneration and social security | 45 | €94,981 | €118,595 | +€23,614 | +24.9% |
| Taxes | 450/3 | €45,509 | €64,672 | +€19,163 | +42.1% |
| Remuneration and social security | 454/9 | €49,472 | €53,923 | +€4,451 | +9.0% |
| Other amounts payable | 47/48 | €470,320 | €1,134,458 | +€664,138 | +141.2% |
| Remuneration, social security and pensions | 62 | €501,483 | €571,285 | +€69,802 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,001 | €63,965 | +€5,964 | +10.3% |
| Other operating charges | 640/8 | €16,946 | €13,590 | -€3,356 | -19.8% |
| Gross operating margin | 9900 | €1,078,418 | €1,322,112 | +€243,694 | +22.6% |
| Operating profit (loss) | 9901 | €501,988 | €673,271 | +€171,284 | +34.1% |
| Financial income | 75/76B | €1,411 | €2,306 | +€894 | +63.3% |
| Recurring financial income | 75 | €1,411 | €2,306 | +€894 | +63.3% |
| Financial charges | 65/66B | €38,372 | €20,991 | -€17,381 | -45.3% |
| Recurring financial charges | 65 | €38,372 | €20,991 | -€17,381 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €465,028 | €654,586 | +€189,558 | +40.8% |
| Income taxes | 67/77 | €2,342 | €402 | -€1,940 | -82.8% |
| Profit (loss) for the period | 9904 | €462,685 | €654,184 | +€191,499 | +41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €462,685 | €654,184 | +€191,499 | +41.4% |
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.