LUPINE: 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.
LUPINE
Largest movements
- Cash -€37,258
down €37,258 (-47.1%), from €79,146 to €41,887
mainly Contributions, distributions and other (-€65,291) and Other debts (-€9,159)
- Receivables within one year -€1,875
down €1,875 (-15.7%), from €11,906 to €10,032
of which Trade receivables: -€2,686
- Reserves -€25,695
no longer reported in 2025 (was €25,695)
- Other debts -€9,159
down €9,159 (-20.6%), from €44,388 to €35,229
- Tax, wage and social debts -€4,531
down €4,531 (-22.2%), from €20,392 to €15,861
- Gross operating margin +€17,436
up €17,436 (+51.8%), from €33,690 to €51,126
- Taxes +€3,601
up €3,601 (+50.8%), from €7,088 to €10,688
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 | €93,356 | €54,693 | -€38,663 | -41.4% |
| Fixed assets | 21/28 | €2,304 | €2,774 | +€470 | +20.4% |
| Tangible fixed assets | 22/27 | €2,304 | €2,774 | +€470 | +20.4% |
| Furniture and vehicles | 24 | €2,304 | €2,774 | +€470 | +20.4% |
| Current assets | 29/58 | €91,052 | €51,919 | -€39,133 | -43.0% |
| Amounts receivable within one year | 40/41 | €11,906 | €10,032 | -€1,875 | -15.7% |
| Trade receivables | 40 | €11,906 | €9,220 | -€2,686 | -22.6% |
| Other amounts receivable | 41 | - | €812 | +€812 | |
| Cash at bank and in hand | 54/58 | €79,146 | €41,887 | -€37,258 | -47.1% |
| Total equity and liabilities | 10/49 | €93,356 | €54,693 | -€38,663 | -41.4% |
| Equity | 10/15 | €27,195 | €1,500 | -€25,695 | -94.5% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Capital | 10 | €1,500 | €1,500 | = | 0.0% |
| Issued capital | 100 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €25,695 | - | -€25,695 | |
| Distributable reserves | 133 | €25,695 | - | -€25,695 | |
| Amounts payable | 17/49 | €66,161 | €53,193 | -€12,968 | -19.6% |
| Amounts payable within one year | 42/48 | €65,453 | €52,485 | -€12,968 | -19.8% |
| Trade debts | 44 | €673 | €1,395 | +€723 | +107% |
| Suppliers | 440/4 | €673 | €1,395 | +€723 | +107% |
| Taxes, remuneration and social security | 45 | €20,392 | €15,861 | -€4,531 | -22.2% |
| Taxes | 450/3 | €20,392 | €15,861 | -€4,531 | -22.2% |
| Other amounts payable | 47/48 | €44,388 | €35,229 | -€9,159 | -20.6% |
| Accrued charges and deferred income | 492/3 | €708 | €708 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €317 | +€317 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €328 | €329 | +€1 | +0.2% |
| Other operating charges | 640/8 | €505 | €120 | -€385 | -76.3% |
| Gross operating margin | 9900 | €33,690 | €51,126 | +€17,436 | +51.8% |
| Operating profit (loss) | 9901 | €32,856 | €50,360 | +€17,503 | +53.3% |
| Financial charges | 65/66B | €74 | €75 | +€2 | +2.0% |
| Recurring financial charges | 65 | €74 | €75 | +€2 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €32,783 | €50,285 | +€17,502 | +53.4% |
| Income taxes | 67/77 | €7,088 | €10,688 | +€3,601 | +50.8% |
| Profit (loss) for the period | 9904 | €25,695 | €39,596 | +€13,901 | +54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,695 | €39,596 | +€13,901 | +54.1% |
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 13 October 2026 via checked.be.