LUPI: 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.
LUPI
Largest movements
- Tangible fixed assets +€36,174
up €36,174 (+5.2%), from €692,821 to €728,995
of which Furniture and vehicles: +€69,741
- Cash -€24,224
down €24,224 (-11.4%), from €212,730 to €188,506
mainly Investment in fixed assets (net) (-€111,324) and Other debts (-€69,196)
- Reserves +€120,819
up €120,819 (+32.3%), from €373,800 to €494,619
- Other debts -€69,196
down €69,196 (-92.5%), from €74,808 to €5,611
- Debts after one year -€60,054
down €60,054 (-11.7%), from €513,931 to €453,876
- Trade debts +€30,932
up €30,932 (+131.5%), from €23,520 to €54,452
- Gross operating margin +€86,544
up €86,544 (+21.2%), from €407,776 to €494,319
- Staff costs +€58,510
up €58,510 (+35.0%), from €166,956 to €225,466
- Taxes +€11,047
up €11,047 (+27.7%), from €39,936 to €50,983
- Depreciation -€6,647
down €6,647 (-8.1%), from €81,797 to €75,150
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 | €1,108,865 | €1,132,765 | +€23,900 | +2.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €692,821 | €728,995 | +€36,174 | +5.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €692,821 | €728,995 | +€36,174 | +5.2% |
| Land and buildings | 22 | €575,521 | €541,656 | -€33,865 | -5.9% |
| Plant, machinery and equipment | 23 | €32,462 | €36,656 | +€4,195 | +12.9% |
| Furniture and vehicles | 24 | €80,462 | €150,204 | +€69,741 | +86.7% |
| Other tangible fixed assets | 26 | €4,376 | €480 | -€3,897 | -89.0% |
| Current assets | 29/58 | €416,044 | €403,769 | -€12,275 | -3.0% |
| Stocks and contracts in progress | 3 | €42,267 | €45,178 | +€2,911 | +6.9% |
| Stocks | 30/36 | €42,267 | €45,178 | +€2,911 | +6.9% |
| Amounts receivable within one year | 40/41 | €4,390 | €7,854 | +€3,464 | +78.9% |
| Trade receivables | 40 | - | €4,393 | +€4,393 | |
| Other amounts receivable | 41 | €4,390 | €3,461 | -€929 | -21.2% |
| Current investments | 50/53 | €152,000 | €152,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €212,730 | €188,506 | -€24,224 | -11.4% |
| Deferred charges and accrued income | 490/1 | €4,656 | €10,232 | +€5,575 | +119.7% |
| Total equity and liabilities | 10/49 | €1,108,865 | €1,132,765 | +€23,900 | +2.2% |
| Equity | 10/15 | €392,585 | €513,404 | +€120,819 | +30.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €373,800 | €494,619 | +€120,819 | +32.3% |
| Distributable reserves | 133 | €373,800 | €494,619 | +€120,819 | +32.3% |
| Profit (loss) carried forward | 14 | €193 | €193 | = | 0.0% |
| Amounts payable | 17/49 | €716,280 | €619,361 | -€96,920 | -13.5% |
| Amounts payable after more than one year | 17 | €513,931 | €453,876 | -€60,054 | -11.7% |
| Financial debts | 170/4 | €513,931 | €453,876 | -€60,054 | -11.7% |
| Amounts payable within one year | 42/48 | €202,350 | €165,485 | -€36,865 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €58,784 | €60,054 | +€1,270 | +2.2% |
| Trade debts | 44 | €23,520 | €54,452 | +€30,932 | +131.5% |
| Suppliers | 440/4 | €23,520 | €54,452 | +€30,932 | +131.5% |
| Advances received on contracts in progress | 46 | €1,335 | - | -€1,335 | |
| Taxes, remuneration and social security | 45 | €43,903 | €45,367 | +€1,464 | +3.3% |
| Taxes | 450/3 | €30,806 | €20,551 | -€10,255 | -33.3% |
| Remuneration and social security | 454/9 | €13,097 | €24,816 | +€11,719 | +89.5% |
| Other amounts payable | 47/48 | €74,808 | €5,611 | -€69,196 | -92.5% |
| Remuneration, social security and pensions | 62 | €166,956 | €225,466 | +€58,510 | +35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,797 | €75,150 | -€6,647 | -8.1% |
| Other operating charges | 640/8 | €8,031 | €8,342 | +€312 | +3.9% |
| Gross operating margin | 9900 | €407,776 | €494,319 | +€86,544 | +21.2% |
| Operating profit (loss) | 9901 | €150,993 | €185,361 | +€34,368 | +22.8% |
| Financial income | 75/76B | €1,585 | €3,071 | +€1,486 | +93.8% |
| Recurring financial income | 75 | €1,585 | €3,071 | +€1,486 | +93.8% |
| Financial charges | 65/66B | €15,993 | €16,630 | +€637 | +4.0% |
| Recurring financial charges | 65 | €15,993 | €16,630 | +€637 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €136,585 | €171,802 | +€35,217 | +25.8% |
| Income taxes | 67/77 | €39,936 | €50,983 | +€11,047 | +27.7% |
| Profit (loss) for the period | 9904 | €96,649 | €120,819 | +€24,170 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €96,649 | €120,819 | +€24,170 | +25.0% |
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 7 October 2026 via checked.be.