LUSTRE: 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.
What changed
LUSTRE
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€86,786
2024 · -€70,168-€16,618
Equity
€2.5m
2024 · €2.6m-€86,786
Cash
€73,664
2024 · €78,404-€4,740
Balance sheet total
€8.6m
2024 · €8.9m-€350,004
Largest movements
Assets
- Tangible fixed assets -€261,465
down €261,465 (-3.0%), from €8.8m to €8.5m
of which Land and buildings: -€153,178
Equity and liabilities
- Debts after one year -€374,876
down €374,876 (-7.4%), from €5.0m to €4.7m
- Accrued charges and deferred income -€255,091
down €255,091 (-95.6%), from €266,838 to €11,747
- Other debts +€194,070
up €194,070 (+118.4%), from €163,858 to €357,928
- Trade debts +€142,385
up €142,385 (+297.9%), from €47,800 to €190,185
Income statement
- Gross operating margin -€44,903
down €44,903 (-11.7%), from €384,461 to €339,558
- Depreciation -€20,793
down €20,793 (-7.0%), from €295,758 to €274,965
- Financial charges -€7,728
down €7,728 (-5.6%), from €137,204 to €129,477
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.
Result 2024
-€70,168
Gross operating margin
-€44,903
Depreciation
+€20,793
Other operating charges
+€517
Financial income
+€27
Financial charges
+€7,728
Taxes
-€779
Result 2025
-€86,786
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.
From operations
+€320,288
Investment
-€13,500
Financing
-€311,528
Cash 2024
€78,404
From operations (derived)
+€320,288
Net result for the year
-€86,786
Depreciation
+€274,965
Receivables within one year
+€83,799
Provisions
-€27,786
Trade debts
+€142,385
Tax, wage and social debts
-€10,362
Advances received
+€5,094
Other debts
+€194,070
Accrued charges and deferred income
-€255,091
Investment (derived)
-€13,500
Investment in fixed assets (net)
-€13,500
Financing
-€311,528
Debts after one year
-€374,876
Current portion of long-term debt
+€7,202
Short-term financial debts
+€56,146
Cash 2025
€73,664
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,942,283 | €8,592,279 | -€350,004 | -3.9% |
| Fixed assets | 21/28 | €8,751,316 | €8,489,851 | -€261,465 | -3.0% |
| Tangible fixed assets | 22/27 | €8,751,316 | €8,489,851 | -€261,465 | -3.0% |
| Land and buildings | 22 | €7,451,873 | €7,298,694 | -€153,178 | -2.1% |
| Leasing and similar rights | 25 | €1,299,443 | €1,191,156 | -€108,287 | -8.3% |
| Current assets | 29/58 | €190,967 | €102,428 | -€88,539 | -46.4% |
| Amounts receivable within one year | 40/41 | €112,563 | €28,764 | -€83,799 | -74.4% |
| Trade receivables | 40 | €16,718 | €16,492 | -€225 | -1.3% |
| Other amounts receivable | 41 | €95,846 | €12,272 | -€83,574 | -87.2% |
| Cash at bank and in hand | 54/58 | €78,404 | €73,664 | -€4,740 | -6.0% |
| Total equity and liabilities | 10/49 | €8,942,283 | €8,592,279 | -€350,004 | -3.9% |
| Equity | 10/15 | €2,558,427 | €2,471,641 | -€86,786 | -3.4% |
| Contributions | 10/11 | €581,200 | €581,200 | = | 0.0% |
| Capital | 10 | €581,200 | €581,200 | = | 0.0% |
| Issued capital | 100 | €581,200 | €581,200 | = | 0.0% |
| Reserves | 13 | €1,240,628 | €1,157,090 | -€83,538 | -6.7% |
| Non-distributable reserves | 130/1 | €57,700 | €57,700 | = | 0.0% |
| Legal reserve | 130 | €57,700 | €57,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,182,928 | €1,099,390 | -€83,538 | -7.1% |
| Profit (loss) carried forward | 14 | €736,599 | €733,351 | -€3,248 | -0.4% |
| Provisions and deferred taxes | 16 | €388,239 | €360,453 | -€27,786 | -7.2% |
| Deferred taxes | 168 | €388,239 | €360,453 | -€27,786 | -7.2% |
| Amounts payable | 17/49 | €5,995,617 | €5,760,184 | -€235,433 | -3.9% |
| Amounts payable after more than one year | 17 | €5,049,289 | €4,674,413 | -€374,876 | -7.4% |
| Financial debts | 170/4 | €5,049,289 | €4,674,413 | -€374,876 | -7.4% |
| Amounts payable within one year | 42/48 | €679,490 | €1,074,024 | +€394,534 | +58.1% |
| Current portion of amounts payable after more than one year | 42 | €375,557 | €382,759 | +€7,202 | +1.9% |
| Financial debts | 43 | €81,870 | €138,016 | +€56,146 | +68.6% |
| Credit institutions | 430/8 | €81,870 | €138,016 | +€56,146 | +68.6% |
| Trade debts | 44 | €47,800 | €190,185 | +€142,385 | +297.9% |
| Suppliers | 440/4 | €47,800 | €190,185 | +€142,385 | +297.9% |
| Advances received on contracts in progress | 46 | - | €5,094 | +€5,094 | |
| Taxes, remuneration and social security | 45 | €10,405 | €43 | -€10,362 | -99.6% |
| Taxes | 450/3 | €10,405 | €43 | -€10,362 | -99.6% |
| Other amounts payable | 47/48 | €163,858 | €357,928 | +€194,070 | +118.4% |
| Accrued charges and deferred income | 492/3 | €266,838 | €11,747 | -€255,091 | -95.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €295,758 | €274,965 | -€20,793 | -7.0% |
| Other operating charges | 640/8 | €50,215 | €49,698 | -€517 | -1.0% |
| Gross operating margin | 9900 | €384,461 | €339,558 | -€44,903 | -11.7% |
| Operating profit (loss) | 9901 | €38,488 | €14,895 | -€23,593 | -61.3% |
| Financial income | 75/76B | €1 | €28 | +€27 | +4625.4% |
| Recurring financial income | 75 | €1 | €28 | +€27 | +4625.4% |
| Financial charges | 65/66B | €137,204 | €129,477 | -€7,728 | -5.6% |
| Recurring financial charges | 65 | €137,204 | €129,477 | -€7,728 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | -€98,716 | -€114,554 | -€15,838 | -16.0% |
| Transfer from deferred taxes | 780 | €27,786 | €27,786 | = | 0.0% |
| Income taxes | 67/77 | -€762 | €18 | +€779 | |
| Profit (loss) for the period | 9904 | -€70,168 | -€86,786 | -€16,618 | -23.7% |
| Transfer from tax-exempt reserves | 789 | €83,538 | €83,538 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,369 | -€3,248 | -€16,618 |
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 7 October 2026 via checked.be.