LUPAS: 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.
LUPAS
Largest movements
- Receivables within one year +€80,103
up €80,103 (+101%), from €79,395 to €159,498
of which Trade receivables: +€80,304
- Tangible fixed assets +€50,283
up €50,283 (+24.3%), from €206,706 to €256,989
of which Other tangible fixed assets: +€62,675
- Cash -€21,946
down €21,946 (-99.6%), from €22,045 to €99
mainly Investment in fixed assets (net) (-€81,130) and Receivables within one year (-€80,103)
- Other debts +€139,484
up €139,484 (+157%), from €88,710 to €228,194
- Tax, wage and social debts -€57,299
down €57,299 (-73.0%), from €78,541 to €21,242
of which Taxes: -€30,081
- Reserves +€35,850
new in 2025: €35,850
- Profit (loss) carried forward -€15,340
down €15,340 (-100%), from €15,340 to €0
- Advances received +€9,159
up €9,159 (+36.2%), from €25,325 to €34,484
- Staff costs -€116,800
down €116,800 (-18.4%), from €635,519 to €518,719
- Gross operating margin -€24,312
down €24,312 (-4.0%), from €606,741 to €582,429
- Financial charges -€8,776
down €8,776 (-76.2%), from €11,514 to €2,738
of which Non-recurring financial charges: -€6,192
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 | €327,369 | €433,175 | +€105,805 | +32.3% |
| Fixed assets | 21/28 | €206,706 | €256,989 | +€50,283 | +24.3% |
| Tangible fixed assets | 22/27 | €206,706 | €256,989 | +€50,283 | +24.3% |
| Land and buildings | 22 | €39,647 | €34,894 | -€4,753 | -12.0% |
| Plant, machinery and equipment | 23 | €9,301 | €7,509 | -€1,792 | -19.3% |
| Furniture and vehicles | 24 | €14,574 | €8,727 | -€5,847 | -40.1% |
| Other tangible fixed assets | 26 | €143,184 | €205,858 | +€62,675 | +43.8% |
| Current assets | 29/58 | €120,664 | €176,186 | +€55,522 | +46.0% |
| Stocks and contracts in progress | 3 | €8,884 | €7,425 | -€1,460 | -16.4% |
| Stocks | 30/36 | €8,884 | €7,425 | -€1,460 | -16.4% |
| Amounts receivable within one year | 40/41 | €79,395 | €159,498 | +€80,103 | +101% |
| Trade receivables | 40 | €67,302 | €147,606 | +€80,304 | +119% |
| Other amounts receivable | 41 | €12,093 | €11,892 | -€201 | -1.7% |
| Cash at bank and in hand | 54/58 | €22,045 | €99 | -€21,946 | -99.6% |
| Deferred charges and accrued income | 490/1 | €10,339 | €9,164 | -€1,175 | -11.4% |
| Total equity and liabilities | 10/49 | €327,369 | €433,175 | +€105,805 | +32.3% |
| Equity | 10/15 | €33,940 | €54,450 | +€20,510 | +60.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €35,850 | +€35,850 | |
| Distributable reserves | 133 | - | €35,850 | +€35,850 | |
| Profit (loss) carried forward | 14 | €15,340 | €0 | -€15,340 | -100% |
| Amounts payable | 17/49 | €293,429 | €378,724 | +€85,295 | +29.1% |
| Amounts payable within one year | 42/48 | €292,614 | €378,724 | +€86,111 | +29.4% |
| Financial debts | 43 | - | €20 | +€20 | |
| Credit institutions | 430/8 | - | €20 | +€20 | |
| Trade debts | 44 | €100,038 | €94,784 | -€5,253 | -5.3% |
| Suppliers | 440/4 | €100,038 | €94,784 | -€5,253 | -5.3% |
| Advances received on contracts in progress | 46 | €25,325 | €34,484 | +€9,159 | +36.2% |
| Taxes, remuneration and social security | 45 | €78,541 | €21,242 | -€57,299 | -73.0% |
| Taxes | 450/3 | €30,901 | €820 | -€30,081 | -97.3% |
| Remuneration and social security | 454/9 | €47,640 | €20,422 | -€27,218 | -57.1% |
| Other amounts payable | 47/48 | €88,710 | €228,194 | +€139,484 | +157% |
| Accrued charges and deferred income | 492/3 | €816 | €0 | -€816 | -100% |
| Remuneration, social security and pensions | 62 | €635,519 | €518,719 | -€116,800 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,878 | €30,847 | -€3,031 | -8.9% |
| Other operating charges | 640/8 | €11,693 | €9,641 | -€2,052 | -17.5% |
| Gross operating margin | 9900 | €606,741 | €582,429 | -€24,312 | -4.0% |
| Operating profit (loss) | 9901 | -€74,348 | €23,222 | +€97,570 | |
| Financial income | 75/76B | €646 | €27 | -€619 | -95.9% |
| Recurring financial income | 75 | €646 | €27 | -€619 | -95.9% |
| Financial charges | 65/66B | €11,514 | €2,738 | -€8,776 | -76.2% |
| Recurring financial charges | 65 | €5,322 | €2,738 | -€2,584 | -48.5% |
| Non-recurring financial charges | 66B | €6,192 | €0 | -€6,192 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€85,217 | €20,510 | +€105,727 | |
| Profit (loss) for the period | 9904 | -€85,217 | €20,510 | +€105,727 | |
| Profit (loss) for the period to be appropriated | 9905 | -€85,217 | €20,510 | +€105,727 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.