LUPINOU: 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.
LUPINOU
Largest movements
- Current investments +€141,122
new in 2025: €141,122
- Cash -€92,063
down €92,063 (-49.8%), from €184,905 to €92,842
mainly Current investments (-€141,122) and Stocks and contracts (-€30,270)
- Stocks and contracts +€30,270
up €30,270 (+122%), from €24,828 to €55,098
- Receivables within one year +€13,058
up €13,058 (+786%), from €1,662 to €14,720
of which Other amounts receivable: +€14,074
- Reserves +€78,000
up €78,000 (+58.6%), from €133,000 to €211,000
of which Distributable reserves: +€78,000
- Trade debts +€11,306
up €11,306 (+108%), from €10,494 to €21,801
of which Bills of exchange payable: +€14,190
- Profit (loss) carried forward +€3,567
up €3,567 (+176%), from €2,024 to €5,591
- Gross operating margin +€80,218
up €80,218 (+102%), from €78,793 to €159,011
- Other operating charges +€37,048
up €37,048 (+25,728%), from €144 to €37,192
- Staff costs +€18,093
new in 2025: €18,093
- Taxes +€5,783
up €5,783 (+38.0%), from €15,234 to €21,017
- Financial charges -€1,824
no longer reported in 2025 (was €1,824)
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 | €226,358 | €320,912 | +€94,555 | +41.8% |
| Fixed assets | 21/28 | €14,963 | €17,131 | +€2,167 | +14.5% |
| Tangible fixed assets | 22/27 | €4,163 | €3,381 | -€783 | -18.8% |
| Land and buildings | 22 | €3,753 | €2,863 | -€890 | -23.7% |
| Furniture and vehicles | 24 | €411 | €518 | +€107 | +26.1% |
| Financial fixed assets | 28 | €10,800 | €13,750 | +€2,950 | +27.3% |
| Current assets | 29/58 | €211,395 | €303,782 | +€92,387 | +43.7% |
| Stocks and contracts in progress | 3 | €24,828 | €55,098 | +€30,270 | +122% |
| Stocks | 30/36 | €24,828 | €55,098 | +€30,270 | +122% |
| Amounts receivable within one year | 40/41 | €1,662 | €14,720 | +€13,058 | +786% |
| Trade receivables | 40 | €1,545 | €529 | -€1,016 | -65.7% |
| Other amounts receivable | 41 | €117 | €14,191 | +€14,074 | +12,037% |
| Current investments | 50/53 | - | €141,122 | +€141,122 | |
| Cash at bank and in hand | 54/58 | €184,905 | €92,842 | -€92,063 | -49.8% |
| Total equity and liabilities | 10/49 | €226,358 | €320,912 | +€94,555 | +41.8% |
| Equity | 10/15 | €155,024 | €236,591 | +€81,567 | +52.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €133,000 | €211,000 | +€78,000 | +58.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €131,000 | €209,000 | +€78,000 | +59.5% |
| Profit (loss) carried forward | 14 | €2,024 | €5,591 | +€3,567 | +176% |
| Amounts payable | 17/49 | €71,334 | €84,322 | +€12,988 | +18.2% |
| Amounts payable within one year | 42/48 | €71,334 | €84,322 | +€12,988 | +18.2% |
| Trade debts | 44 | €10,494 | €21,801 | +€11,306 | +108% |
| Suppliers | 440/4 | €10,494 | €7,611 | -€2,884 | -27.5% |
| Bills of exchange payable | 441 | - | €14,190 | +€14,190 | |
| Taxes, remuneration and social security | 45 | €60,794 | €61,971 | +€1,177 | +1.9% |
| Taxes | 450/3 | €60,794 | €61,971 | +€1,177 | +1.9% |
| Other amounts payable | 47/48 | €45 | €550 | +€505 | +1,113% |
| Remuneration, social security and pensions | 62 | - | €18,093 | +€18,093 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,030 | €1,321 | +€290 | +28.2% |
| Other operating charges | 640/8 | €144 | €37,192 | +€37,048 | +25,728% |
| Gross operating margin | 9900 | €78,793 | €159,011 | +€80,218 | +102% |
| Operating profit (loss) | 9901 | €77,619 | €102,405 | +€24,787 | +31.9% |
| Financial income | 75/76B | - | €178 | +€178 | |
| Recurring financial income | 75 | - | €178 | +€178 | |
| Financial charges | 65/66B | €1,824 | - | -€1,824 | |
| Recurring financial charges | 65 | €1,824 | - | -€1,824 | |
| Profit (loss) for the period before taxes | 9903 | €75,795 | €102,584 | +€26,789 | +35.3% |
| Income taxes | 67/77 | €15,234 | €21,017 | +€5,783 | +38.0% |
| Profit (loss) for the period | 9904 | €60,561 | €81,567 | +€21,006 | +34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €60,561 | €81,567 | +€21,006 | +34.7% |
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 23 October 2026 via checked.be.