LUTES: 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.
LUTES
Largest movements
- Tangible fixed assets -€18,607
down €18,607 (-3.5%), from €527,103 to €508,496
- Cash -€13,952
down €13,952 (-18.7%), from €74,606 to €60,654
mainly Other debts (-€138,160) and Contributions, distributions and other (-€11,471)
- Receivables within one year +€9,597
up €9,597 (+87.1%), from €11,020 to €20,617
of which Trade receivables: +€6,268
- Other debts -€138,160
no longer reported in 2025 (was €138,160)
- Debts after one year +€91,173
up €91,173 (+37.6%), from €242,245 to €333,418
of which Other amounts payable: +€112,346
- Reserves +€15,308
up €15,308 (+6.2%), from €245,291 to €260,600
- Accrued charges and deferred income +€8,199
up €8,199 (+52.1%), from €15,750 to €23,949
- Financial charges -€7,800
down €7,800 (-40.9%), from €19,073 to €11,272
- Gross operating margin +€7,799
up €7,799 (+10.5%), from €74,403 to €82,202
- Taxes +€5,098
up €5,098 (+46.6%), from €10,933 to €16,032
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 | €687,835 | €663,956 | -€23,879 | -3.5% |
| Fixed assets | 21/28 | €596,847 | €578,239 | -€18,607 | -3.1% |
| Tangible fixed assets | 22/27 | €527,103 | €508,496 | -€18,607 | -3.5% |
| Land and buildings | 22 | €514,543 | €505,256 | -€9,287 | -1.8% |
| Plant, machinery and equipment | 23 | €146 | - | -€146 | |
| Furniture and vehicles | 24 | €12,414 | €3,240 | -€9,174 | -73.9% |
| Financial fixed assets | 28 | €69,744 | €69,744 | = | 0.0% |
| Current assets | 29/58 | €90,989 | €85,717 | -€5,272 | -5.8% |
| Amounts receivable within one year | 40/41 | €11,020 | €20,617 | +€9,597 | +87.1% |
| Trade receivables | 40 | €1,433 | €7,702 | +€6,268 | +437% |
| Other amounts receivable | 41 | €9,587 | €12,916 | +€3,329 | +34.7% |
| Cash at bank and in hand | 54/58 | €74,606 | €60,654 | -€13,952 | -18.7% |
| Deferred charges and accrued income | 490/1 | €5,363 | €4,446 | -€917 | -17.1% |
| Total equity and liabilities | 10/49 | €687,835 | €663,956 | -€23,879 | -3.5% |
| Equity | 10/15 | €265,291 | €280,600 | +€15,308 | +5.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €245,291 | €260,600 | +€15,308 | +6.2% |
| Distributable reserves | 133 | €245,291 | €260,600 | +€15,308 | +6.2% |
| Amounts payable | 17/49 | €422,544 | €383,357 | -€39,187 | -9.3% |
| Amounts payable after more than one year | 17 | €242,245 | €333,418 | +€91,173 | +37.6% |
| Financial debts | 170/4 | €242,245 | €221,073 | -€21,172 | -8.7% |
| Other amounts payable | 178/9 | - | €112,346 | +€112,346 | |
| Amounts payable within one year | 42/48 | €164,549 | €25,990 | -€138,559 | -84.2% |
| Current portion of amounts payable after more than one year | 42 | €20,941 | €21,172 | +€231 | +1.1% |
| Trade debts | 44 | €1,915 | €1,144 | -€770 | -40.2% |
| Suppliers | 440/4 | €1,915 | €1,144 | -€770 | -40.2% |
| Taxes, remuneration and social security | 45 | €3,534 | €3,673 | +€139 | +3.9% |
| Taxes | 450/3 | €3,134 | €3,273 | +€139 | +4.4% |
| Remuneration and social security | 454/9 | €400 | €400 | = | 0.0% |
| Other amounts payable | 47/48 | €138,160 | - | -€138,160 | |
| Accrued charges and deferred income | 492/3 | €15,750 | €23,949 | +€8,199 | +52.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,729 | €24,959 | +€230 | +0.9% |
| Other operating charges | 640/8 | €3,880 | €4,027 | +€147 | +3.8% |
| Gross operating margin | 9900 | €74,403 | €82,202 | +€7,799 | +10.5% |
| Operating profit (loss) | 9901 | €45,794 | €53,216 | +€7,421 | +16.2% |
| Financial income | 75/76B | €67 | €868 | +€800 | +1,189% |
| Recurring financial income | 75 | €67 | €868 | +€800 | +1,189% |
| Financial charges | 65/66B | €19,073 | €11,272 | -€7,800 | -40.9% |
| Recurring financial charges | 65 | €19,073 | €11,272 | -€7,800 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | €26,789 | €42,811 | +€16,022 | +59.8% |
| Income taxes | 67/77 | €10,933 | €16,032 | +€5,098 | +46.6% |
| Profit (loss) for the period | 9904 | €15,856 | €26,780 | +€10,924 | +68.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,856 | €26,780 | +€10,924 | +68.9% |
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 14 October 2026 via checked.be.