Lupefi: 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.
What changed
Lupefi
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€17,769
2024 · €26,802-€9,033
Equity
€1.1m
2024 · €1.1m+€17,769
Cash
€8,056
2024 · €9,494-€1,438
Balance sheet total
€1.3m
2024 · €1.3m-€30,816
Largest movements
Assets
- Tangible fixed assets -€33,575
down €33,575 (-3.0%), from €1.1m to €1.1m
of which Land and buildings: -€32,790
Equity and liabilities
- Debts after one year -€36,631
down €36,631 (-100.0%), from €36,631 to €0
- Reserves +€17,769
up €17,769 (+3.0%), from €599,974 to €617,743
of which Distributable reserves: +€31,865
Income statement
- Financial income -€11,631
down €11,631 (-90.1%), from €12,905 to €1,274
- Gross operating margin -€8,320
down €8,320 (-11.8%), from €70,259 to €61,939
- Financial charges -€7,955
down €7,955 (-86.8%), from €9,160 to €1,205
- Taxes -€3,098
down €3,098 (-23.1%), from €13,423 to €10,325
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.
Result 2024
€26,802
Gross operating margin
-€8,320
Other operating charges
-€136
Financial income
-€11,631
Financial charges
+€7,955
Taxes
+€3,098
Result 2025
€17,769
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.
From operations
+€46,953
Investment
-€887
Financing
-€47,504
Cash 2024
€9,494
From operations (derived)
+€46,953
Net result for the year
+€17,769
Depreciation
+€33,575
Receivables within one year
-€3,058
Deferred charges and accrued income
-€252
Provisions
-€4,699
Trade debts
+€6,351
Tax, wage and social debts
-€2,747
Accrued charges and deferred income
+€14
Investment (derived)
-€887
Current investments
-€887
Financing
-€47,504
Debts after one year
-€36,631
Current portion of long-term debt
-€10,873
Cash 2025
€8,056
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,292,483 | €1,261,667 | -€30,816 | -2.4% |
| Fixed assets | 21/28 | €1,132,461 | €1,098,886 | -€33,575 | -3.0% |
| Tangible fixed assets | 22/27 | €1,132,461 | €1,098,886 | -€33,575 | -3.0% |
| Land and buildings | 22 | €1,131,209 | €1,098,418 | -€32,790 | -2.9% |
| Furniture and vehicles | 24 | €1,253 | €468 | -€785 | -62.6% |
| Current assets | 29/58 | €160,022 | €162,781 | +€2,759 | +1.7% |
| Amounts receivable within one year | 40/41 | €1,417 | €4,474 | +€3,058 | +215.8% |
| Trade receivables | 40 | €1,417 | €1,417 | = | 0.0% |
| Other amounts receivable | 41 | - | €3,058 | +€3,058 | |
| Current investments | 50/53 | €148,012 | €148,899 | +€887 | +0.6% |
| Cash at bank and in hand | 54/58 | €9,494 | €8,056 | -€1,438 | -15.1% |
| Deferred charges and accrued income | 490/1 | €1,099 | €1,351 | +€252 | +22.9% |
| Total equity and liabilities | 10/49 | €1,292,483 | €1,261,667 | -€30,816 | -2.4% |
| Equity | 10/15 | €1,091,274 | €1,109,043 | +€17,769 | +1.6% |
| Contributions | 10/11 | €491,300 | €491,300 | = | 0.0% |
| Capital | 10 | €491,300 | €491,300 | = | 0.0% |
| Issued capital | 100 | €491,300 | €491,300 | = | 0.0% |
| Reserves | 13 | €599,974 | €617,743 | +€17,769 | +3.0% |
| Non-distributable reserves | 130/1 | €49,130 | €49,130 | = | 0.0% |
| Legal reserve | 130 | €49,130 | €49,130 | = | 0.0% |
| Tax-exempt reserves | 132 | €208,270 | €194,173 | -€14,096 | -6.8% |
| Distributable reserves | 133 | €342,574 | €374,439 | +€31,865 | +9.3% |
| Provisions and deferred taxes | 16 | €112,362 | €107,663 | -€4,699 | -4.2% |
| Deferred taxes | 168 | €112,362 | €107,663 | -€4,699 | -4.2% |
| Amounts payable | 17/49 | €88,848 | €44,961 | -€43,887 | -49.4% |
| Amounts payable after more than one year | 17 | €36,631 | €0 | -€36,631 | -100.0% |
| Financial debts | 170/4 | €36,631 | €0 | -€36,631 | -100.0% |
| Amounts payable within one year | 42/48 | €52,217 | €44,947 | -€7,270 | -13.9% |
| Current portion of amounts payable after more than one year | 42 | €47,504 | €36,631 | -€10,873 | -22.9% |
| Trade debts | 44 | €1,900 | €8,251 | +€6,351 | +334.3% |
| Suppliers | 440/4 | €1,900 | €8,251 | +€6,351 | +334.3% |
| Taxes, remuneration and social security | 45 | €2,747 | €0 | -€2,747 | -100.0% |
| Taxes | 450/3 | €2,747 | €0 | -€2,747 | -100.0% |
| Other amounts payable | 47/48 | €66 | €66 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | €14 | +€14 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,575 | €33,575 | = | 0.0% |
| Other operating charges | 640/8 | €4,903 | €5,038 | +€136 | +2.8% |
| Gross operating margin | 9900 | €70,259 | €61,939 | -€8,320 | -11.8% |
| Operating profit (loss) | 9901 | €31,781 | €23,326 | -€8,455 | -26.6% |
| Financial income | 75/76B | €12,905 | €1,274 | -€11,631 | -90.1% |
| Recurring financial income | 75 | €12,905 | €1,274 | -€11,631 | -90.1% |
| Financial charges | 65/66B | €9,160 | €1,205 | -€7,955 | -86.8% |
| Recurring financial charges | 65 | €9,160 | €1,205 | -€7,955 | -86.8% |
| Profit (loss) for the period before taxes | 9903 | €35,526 | €23,395 | -€12,131 | -34.1% |
| Transfer from deferred taxes | 780 | €4,699 | €4,699 | = | 0.0% |
| Income taxes | 67/77 | €13,423 | €10,325 | -€3,098 | -23.1% |
| Profit (loss) for the period | 9904 | €26,802 | €17,769 | -€9,033 | -33.7% |
| Transfer from tax-exempt reserves | 789 | €14,096 | €14,096 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,898 | €31,865 | -€9,033 | -22.1% |
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 30 September 2026 via checked.be.