LUPUNA HOLDING: what changed
What changed
LUPUNA HOLDING
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€14,934
2024 · €106,991-€121,925
Equity
€150,349
2024 · €165,282-€14,934
Cash
€7,995
2024 · €14,500-€6,504
Balance sheet total
€2.2m
2024 · €1.8m+€388,731
Largest movements
Assets
- Financial fixed assets +€472,332
up €472,332 (+29.6%), from €1.6m to €2.1m
- Receivables within one year -€54,227
down €54,227 (-56.3%), from €96,281 to €42,054
of which Other amounts receivable: -€37,819
- Tangible fixed assets -€23,880
down €23,880 (-40.0%), from €59,703 to €35,823
of which Furniture and vehicles: -€24,852
Equity and liabilities
- Other debts +€329,791
up €329,791 (+49.4%), from €667,532 to €997,324
- Short-term financial debts +€90,000
up €90,000 (+9.7%), from €930,000 to €1.0m
Income statement
- Financial income -€83,491
down €83,491 (-100.0%), from €83,502 to €11
of which Non-recurring financial income: -€79,999
- Financial charges +€46,573
up €46,573 (+132%), from €35,368 to €81,940
of which Financial charges: +€46,573
- Taxes -€14,572
down €14,572 (-97.2%), from €14,991 to €419
- Gross operating margin -€5,737
down €5,737 (-5.5%), from €105,141 to €99,404
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€106,991
Gross operating margin
-€5,737
Depreciation
-€773
Other operating charges
+€78
Financial income
-€83,491
Financial charges
-€46,573
Taxes
+€14,572
Result 2025
-€14,934
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€381,150
Investment
-€477,655
Financing
+€90,000
Cash 2024
€14,500
From operations (derived)
+€381,150
Net result for the year
-€14,934
Depreciation
+€29,203
Stocks and contracts
+€700
Receivables within one year
+€54,227
Deferred charges and accrued income
-€1,710
Trade debts
-€6,078
Tax, wage and social debts
-€6,789
Other debts
+€329,791
Accrued charges and deferred income
-€3,260
Investment (derived)
-€477,655
Investment in fixed assets (net)
-€477,655
Financing
+€90,000
Short-term financial debts
+€90,000
Cash 2025
€7,995
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,824,092 | €2,212,822 | +€388,731 | +21.3% |
| Fixed assets | 21/28 | €1,656,172 | €2,104,623 | +€448,452 | +27.1% |
| Tangible fixed assets | 22/27 | €59,703 | €35,823 | -€23,880 | -40.0% |
| Plant, machinery and equipment | 23 | €2,462 | €3,434 | +€972 | +39.5% |
| Furniture and vehicles | 24 | €57,241 | €32,389 | -€24,852 | -43.4% |
| Financial fixed assets | 28 | €1,596,469 | €2,068,801 | +€472,332 | +29.6% |
| Current assets | 29/58 | €167,920 | €108,199 | -€59,721 | -35.6% |
| Amounts receivable after more than one year | 29 | €50,872 | €50,872 | = | 0.0% |
| Other amounts receivable | 291 | €50,872 | €50,872 | = | 0.0% |
| Stocks and contracts in progress | 3 | €5,825 | €5,125 | -€700 | -12.0% |
| Stocks | 30/36 | €5,825 | €5,125 | -€700 | -12.0% |
| Amounts receivable within one year | 40/41 | €96,281 | €42,054 | -€54,227 | -56.3% |
| Trade receivables | 40 | €45,947 | €29,539 | -€16,408 | -35.7% |
| Other amounts receivable | 41 | €50,334 | €12,515 | -€37,819 | -75.1% |
| Cash at bank and in hand | 54/58 | €14,500 | €7,995 | -€6,504 | -44.9% |
| Deferred charges and accrued income | 490/1 | €442 | €2,152 | +€1,710 | +387% |
| Total equity and liabilities | 10/49 | €1,824,092 | €2,212,822 | +€388,731 | +21.3% |
| Equity | 10/15 | €165,282 | €150,349 | -€14,934 | -9.0% |
| Contributions | 10/11 | €262,575 | €262,575 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,293 | -€112,227 | -€14,934 | -15.3% |
| Amounts payable | 17/49 | €1,658,809 | €2,062,474 | +€403,664 | +24.3% |
| Amounts payable within one year | 42/48 | €1,636,959 | €2,043,883 | +€406,925 | +24.9% |
| Financial debts | 43 | €930,000 | €1,020,000 | +€90,000 | +9.7% |
| Credit institutions | 430/8 | €930,000 | €1,020,000 | +€90,000 | +9.7% |
| Trade debts | 44 | €6,078 | €0 | -€6,078 | -100% |
| Suppliers | 440/4 | €6,078 | €0 | -€6,078 | -100% |
| Taxes, remuneration and social security | 45 | €33,349 | €26,560 | -€6,789 | -20.4% |
| Taxes | 450/3 | €33,349 | €26,560 | -€6,789 | -20.4% |
| Other amounts payable | 47/48 | €667,532 | €997,324 | +€329,791 | +49.4% |
| Accrued charges and deferred income | 492/3 | €21,851 | €18,590 | -€3,260 | -14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,429 | €29,203 | +€773 | +2.7% |
| Other operating charges | 640/8 | €2,865 | €2,787 | -€78 | -2.7% |
| Gross operating margin | 9900 | €105,141 | €99,404 | -€5,737 | -5.5% |
| Operating profit (loss) | 9901 | €73,847 | €67,415 | -€6,433 | -8.7% |
| Financial income | 75/76B | €83,502 | €11 | -€83,491 | -100.0% |
| Recurring financial income | 75 | €3,503 | €11 | -€3,492 | -99.7% |
| Non-recurring financial income | 76B | €79,999 | €0 | -€79,999 | -100% |
| Financial charges | 65/66B | €35,368 | €81,940 | +€46,573 | +132% |
| Recurring financial charges | 65 | €35,368 | €81,940 | +€46,573 | +132% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €121,982 | -€14,515 | -€136,496 | |
| Income taxes | 67/77 | €14,991 | €419 | -€14,572 | -97.2% |
| Profit (loss) for the period | 9904 | €106,991 | -€14,934 | -€121,925 | |
| Profit (loss) for the period to be appropriated | 9905 | €106,991 | -€14,934 | -€121,925 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.