LUSTER: 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.
LUSTER
Largest movements
- Receivables within one year -€158,865
down €158,865 (-30.7%), from €517,208 to €358,343
of which Trade receivables: -€147,334
- Stocks and contracts -€74,459
down €74,459 (-8.6%), from €865,868 to €791,409
- Deferred charges and accrued income -€29,165
down €29,165 (-54.4%), from €53,592 to €24,427
- Trade debts -€200,952
down €200,952 (-48.2%), from €416,581 to €215,629
- Profit (loss) carried forward -€55,592
down €55,592 (-3.2%), from -€1.7m to -€1.8m
- Gross operating margin -€102,137
down €102,137 (-50.4%), from €202,499 to €100,362
- Staff costs -€13,622
down €13,622 (-8.9%), from €152,516 to €138,894
- Depreciation -€10,907
down €10,907 (-89.2%), from €12,230 to €1,322
- Other operating charges +€8,911
up €8,911 (+230%), from €3,882 to €12,793
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 | €1,466,288 | €1,204,906 | -€261,382 | -17.8% |
| Fixed assets | 21/28 | €3,483 | €5,711 | +€2,228 | +64.0% |
| Tangible fixed assets | 22/27 | €3,433 | €5,661 | +€2,228 | +64.9% |
| Plant, machinery and equipment | 23 | €3,433 | €5,661 | +€2,228 | +64.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,462,805 | €1,199,194 | -€263,611 | -18.0% |
| Stocks and contracts in progress | 3 | €865,868 | €791,409 | -€74,459 | -8.6% |
| Stocks | 30/36 | €865,868 | €791,409 | -€74,459 | -8.6% |
| Amounts receivable within one year | 40/41 | €517,208 | €358,343 | -€158,865 | -30.7% |
| Trade receivables | 40 | €500,089 | €352,756 | -€147,334 | -29.5% |
| Other amounts receivable | 41 | €17,119 | €5,588 | -€11,531 | -67.4% |
| Cash at bank and in hand | 54/58 | €26,137 | €25,015 | -€1,121 | -4.3% |
| Deferred charges and accrued income | 490/1 | €53,592 | €24,427 | -€29,165 | -54.4% |
| Total equity and liabilities | 10/49 | €1,466,288 | €1,204,906 | -€261,382 | -17.8% |
| Equity | 10/15 | €246,241 | €190,649 | -€55,592 | -22.6% |
| Contributions | 10/11 | €1,962,000 | €1,962,000 | = | 0.0% |
| Capital | 10 | €1,962,000 | €1,962,000 | = | 0.0% |
| Issued capital | 100 | €1,962,000 | €1,962,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,721,959 | -€1,777,551 | -€55,592 | -3.2% |
| Amounts payable | 17/49 | €1,220,047 | €1,014,257 | -€205,790 | -16.9% |
| Amounts payable after more than one year | 17 | €782,000 | €783,774 | +€1,774 | +0.2% |
| Other amounts payable | 178/9 | €782,000 | €783,774 | +€1,774 | +0.2% |
| Amounts payable within one year | 42/48 | €438,047 | €230,483 | -€207,564 | -47.4% |
| Trade debts | 44 | €416,581 | €215,629 | -€200,952 | -48.2% |
| Suppliers | 440/4 | €416,581 | €215,629 | -€200,952 | -48.2% |
| Taxes, remuneration and social security | 45 | €15,699 | €14,854 | -€845 | -5.4% |
| Taxes | 450/3 | €2,267 | €2,233 | -€33 | -1.5% |
| Remuneration and social security | 454/9 | €13,433 | €12,621 | -€812 | -6.0% |
| Other amounts payable | 47/48 | €5,766 | - | -€5,766 | |
| Non-recurring operating income | 76A | - | €225,714 | +€225,714 | |
| Remuneration, social security and pensions | 62 | €152,516 | €138,894 | -€13,622 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,230 | €1,322 | -€10,907 | -89.2% |
| Other operating charges | 640/8 | €3,882 | €12,793 | +€8,911 | +230% |
| Gross operating margin | 9900 | €202,499 | €100,362 | -€102,137 | -50.4% |
| Operating profit (loss) | 9901 | €33,871 | -€52,647 | -€86,518 | |
| Financial income | 75/76B | €307 | €544 | +€237 | +77.4% |
| Recurring financial income | 75 | €307 | €544 | +€237 | +77.4% |
| Financial charges | 65/66B | €2,876 | €3,359 | +€483 | +16.8% |
| Recurring financial charges | 65 | €2,876 | €3,359 | +€483 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | €31,301 | -€55,463 | -€86,763 | |
| Income taxes | 67/77 | €260 | €129 | -€130 | -50.2% |
| Profit (loss) for the period | 9904 | €31,041 | -€55,592 | -€86,633 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,041 | -€55,592 | -€86,633 |
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.