Lust & Dust: 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.
Lust & Dust
Largest movements
- Tangible fixed assets +€469,391
up €469,391 (+116.0%), from €404,791 to €874,181
of which Other tangible fixed assets: +€463,108
- Receivables within one year -€25,345
down €25,345 (-31.3%), from €81,041 to €55,697
of which Other amounts receivable: -€14,711
- Cash -€19,045
down €19,045 (-68.3%), from €27,893 to €8,848
mainly Investment in fixed assets (net) (-€507,803) and Net result for the year (-€85,740)
- Debts after one year +€385,837
up €385,837 (+126.9%), from €304,099 to €689,936
- Profit (loss) carried forward -€85,740
down €85,740 (-35704.1%), from -€240 to -€85,980
- Other debts +€64,935
up €64,935 (+65.6%), from €99,001 to €163,936
- Current portion of long-term debt +€38,104
up €38,104 (+291.8%), from €13,060 to €51,163
- Trade debts +€25,059
up €25,059 (+44.8%), from €55,927 to €80,986
- Gross operating margin -€39,190
down €39,190, from €22,282 to -€16,908
- Depreciation +€29,496
up €29,496 (+350.5%), from €8,416 to €37,912
- Financial charges +€17,175
up €17,175 (+164.8%), from €10,423 to €27,599
- Other operating charges -€446
down €446 (-11.6%), from €3,854 to €3,407
- Financial income +€356
up €356 (+432.5%), from €82 to €439
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 | €527,437 | €954,274 | +€426,837 | +80.9% |
| Fixed assets | 21/28 | €405,091 | €874,981 | +€469,891 | +116.0% |
| Tangible fixed assets | 22/27 | €404,791 | €874,181 | +€469,391 | +116.0% |
| Land and buildings | 22 | €257,706 | €243,859 | -€13,847 | -5.4% |
| Plant, machinery and equipment | 23 | €6,337 | €26,915 | +€20,578 | +324.7% |
| Furniture and vehicles | 24 | €806 | €357 | -€449 | -55.7% |
| Other tangible fixed assets | 26 | €139,941 | €603,049 | +€463,108 | +330.9% |
| Financial fixed assets | 28 | €300 | €800 | +€500 | +166.7% |
| Current assets | 29/58 | €122,346 | €79,292 | -€43,054 | -35.2% |
| Stocks and contracts in progress | 3 | €5,550 | €5,900 | +€350 | +6.3% |
| Stocks | 30/36 | €5,550 | €5,900 | +€350 | +6.3% |
| Amounts receivable within one year | 40/41 | €81,041 | €55,697 | -€25,345 | -31.3% |
| Trade receivables | 40 | €53,818 | €43,184 | -€10,634 | -19.8% |
| Other amounts receivable | 41 | €27,224 | €12,513 | -€14,711 | -54.0% |
| Cash at bank and in hand | 54/58 | €27,893 | €8,848 | -€19,045 | -68.3% |
| Deferred charges and accrued income | 490/1 | €7,862 | €8,848 | +€986 | +12.5% |
| Total equity and liabilities | 10/49 | €527,437 | €954,274 | +€426,837 | +80.9% |
| Equity | 10/15 | €49,050 | -€36,690 | -€85,740 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €29,290 | €29,290 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €29,290 | €29,290 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€240 | -€85,980 | -€85,740 | -35704.1% |
| Amounts payable | 17/49 | €478,387 | €990,964 | +€512,577 | +107.1% |
| Amounts payable after more than one year | 17 | €304,099 | €689,936 | +€385,837 | +126.9% |
| Financial debts | 170/4 | €304,099 | €689,936 | +€385,837 | +126.9% |
| Amounts payable within one year | 42/48 | €174,288 | €301,024 | +€126,736 | +72.7% |
| Current portion of amounts payable after more than one year | 42 | €13,060 | €51,163 | +€38,104 | +291.8% |
| Financial debts | 43 | - | €4,286 | +€4,286 | |
| Credit institutions | 430/8 | - | €4,286 | +€4,286 | |
| Trade debts | 44 | €55,927 | €80,986 | +€25,059 | +44.8% |
| Suppliers | 440/4 | €55,927 | €80,986 | +€25,059 | +44.8% |
| Advances received on contracts in progress | 46 | €6,300 | €300 | -€6,000 | -95.2% |
| Taxes, remuneration and social security | 45 | €0 | €352 | +€352 | |
| Taxes | 450/3 | €0 | €352 | +€352 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €99,001 | €163,936 | +€64,935 | +65.6% |
| Accrued charges and deferred income | 492/3 | €0 | €4 | +€4 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €119 | €0 | -€119 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,416 | €37,912 | +€29,496 | +350.5% |
| Other operating charges | 640/8 | €3,854 | €3,407 | -€446 | -11.6% |
| Gross operating margin | 9900 | €22,282 | -€16,908 | -€39,190 | |
| Operating profit (loss) | 9901 | €9,893 | -€58,228 | -€68,121 | |
| Financial income | 75/76B | €82 | €439 | +€356 | +432.5% |
| Recurring financial income | 75 | €82 | €439 | +€356 | +432.5% |
| Financial charges | 65/66B | €10,423 | €27,599 | +€17,175 | +164.8% |
| Recurring financial charges | 65 | €10,423 | €27,599 | +€17,175 | +164.8% |
| Profit (loss) for the period before taxes | 9903 | -€448 | -€85,387 | -€84,939 | -18956.7% |
| Income taxes | 67/77 | €262 | €352 | +€90 | +34.2% |
| Profit (loss) for the period | 9904 | -€711 | -€85,740 | -€85,029 | -11967.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€711 | -€85,740 | -€85,029 | -11967.5% |
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 11 October 2026 via checked.be.