LUSTEEL: 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.
LUSTEEL
Largest movements
- Cash +€1.1m
up €1.1m (+779.0%), from €137,626 to €1.2m
mainly Net result for the year (+€1.1m) and Tax, wage and social debts (+€99,603)
- Reserves +€1.0m
up €1.0m (+616.2%), from €169,917 to €1.2m
of which Distributable reserves: +€1.1m
- Tax, wage and social debts +€99,603
up €99,603 (+2427.5%), from €4,103 to €103,706
- Debts after one year -€36,963
no longer reported in 2025 (was €36,963)
of which Financial debts: -€28,333
- Provisions -€36,961
down €36,961 (-41.0%), from €90,139 to €53,178
of which Provisions for liabilities and charges: -€34,700
- Current portion of long-term debt -€20,000
no longer reported in 2025 (was €20,000)
- Gross operating margin +€1.5m
up €1.5m (+1144.4%), from €132,401 to €1.6m
- Taxes +€487,410
up €487,410 (+3024.4%), from €16,116 to €503,526
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 | €717,645 | €1,767,112 | +€1.0m | +146.2% |
| Fixed assets | 21/28 | €559,841 | €553,629 | -€6,212 | -1.1% |
| Tangible fixed assets | 22/27 | €557,723 | €551,511 | -€6,212 | -1.1% |
| Land and buildings | 22 | €557,167 | €549,686 | -€7,481 | -1.3% |
| Furniture and vehicles | 24 | €556 | €1,825 | +€1,269 | +228.2% |
| Financial fixed assets | 28 | €2,118 | €2,118 | = | 0.0% |
| Current assets | 29/58 | €157,803 | €1,213,483 | +€1.1m | +669.0% |
| Amounts receivable within one year | 40/41 | €2,384 | - | -€2,384 | |
| Other amounts receivable | 41 | €2,384 | - | -€2,384 | |
| Cash at bank and in hand | 54/58 | €137,626 | €1,209,788 | +€1.1m | +779.0% |
| Deferred charges and accrued income | 490/1 | €17,793 | €3,695 | -€14,098 | -79.2% |
| Total equity and liabilities | 10/49 | €717,645 | €1,767,112 | +€1.0m | +146.2% |
| Equity | 10/15 | €188,467 | €1,235,464 | +€1.0m | +555.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Outside capital | 11 | €18,550 | €18,550 | = | 0.0% |
| Other | 1109/19 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €169,917 | €1,216,914 | +€1.0m | +616.2% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,248 | €58,699 | -€4,549 | -7.2% |
| Distributable reserves | 133 | €104,814 | €1,156,361 | +€1.1m | +1003.2% |
| Provisions and deferred taxes | 16 | €90,139 | €53,178 | -€36,961 | -41.0% |
| Provisions for liabilities and charges | 160/5 | €56,700 | €22,000 | -€34,700 | -61.2% |
| Major repairs and maintenance | 162 | €56,700 | €22,000 | -€34,700 | -61.2% |
| Deferred taxes | 168 | €33,439 | €31,178 | -€2,261 | -6.8% |
| Amounts payable | 17/49 | €439,039 | €478,470 | +€39,431 | +9.0% |
| Amounts payable after more than one year | 17 | €36,963 | - | -€36,963 | |
| Financial debts | 170/4 | €28,333 | - | -€28,333 | |
| Other amounts payable | 178/9 | €8,630 | - | -€8,630 | |
| Amounts payable within one year | 42/48 | €371,391 | €453,544 | +€82,154 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | - | -€20,000 | |
| Trade debts | 44 | €2,662 | €11,511 | +€8,848 | +332.4% |
| Suppliers | 440/4 | €2,662 | €11,511 | +€8,848 | +332.4% |
| Taxes, remuneration and social security | 45 | €4,103 | €103,706 | +€99,603 | +2427.5% |
| Taxes | 450/3 | €4,103 | €103,706 | +€99,603 | +2427.5% |
| Other amounts payable | 47/48 | €344,625 | €338,328 | -€6,298 | -1.8% |
| Accrued charges and deferred income | 492/3 | €30,686 | €24,926 | -€5,760 | -18.8% |
| Non-recurring operating income | 76A | - | €1,598,052 | +€1.6m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,929 | €35,060 | -€6,870 | -16.4% |
| Other operating charges | 640/8 | €21,418 | €21,097 | -€322 | -1.5% |
| Gross operating margin | 9900 | €132,401 | €1,647,603 | +€1.5m | +1144.4% |
| Operating profit (loss) | 9901 | €69,053 | €1,591,447 | +€1.5m | +2204.7% |
| Financial charges | 65/66B | €27,190 | €23,590 | -€3,600 | -13.2% |
| Recurring financial charges | 65 | €27,190 | €23,590 | -€3,600 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €41,863 | €1,567,857 | +€1.5m | +3645.2% |
| Transfer from deferred taxes | 780 | €2,261 | €2,261 | = | 0.0% |
| Income taxes | 67/77 | €16,116 | €503,526 | +€487,410 | +3024.4% |
| Profit (loss) for the period | 9904 | €28,008 | €1,066,592 | +€1.0m | +3708.2% |
| Transfer from tax-exempt reserves | 789 | €4,549 | €4,549 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €32,557 | €1,071,141 | +€1.0m | +3190.1% |
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 29 September 2026 via checked.be.