Lutho Estate: what changed
What changed
Lutho Estate
filed annual accounts (NBB)
Net result for the year
€48,482
2024 · €259,899-€211,416
Equity
€1.9m
2024 · €2.1m-€120,730
Cash
€347,271
2024 · €823,085-€475,814
Balance sheet total
€4.6m
2024 · €5.0m-€376,687
Largest movements
Assets
- Current investments +€500,000
new in 2025: €500,000
- Cash -€475,814
down €475,814 (-57.8%), from €823,085 to €347,271
mainly Current investments (-€500,000) and Debts after one year (-€169,395)
- Tangible fixed assets -€361,197
down €361,197 (-9.7%), from €3.7m to €3.4m
of which Land and buildings: -€316,138
Equity and liabilities
- Debts after one year -€169,395
down €169,395 (-7.2%), from €2.3m to €2.2m
- Revaluation surpluses -€169,213
no longer reported in 2025 (was €169,213)
- Other debts -€75,423
down €75,423 (-36.0%), from €209,237 to €133,814
Income statement
- Gross operating margin -€560,103
down €560,103 (-59.7%), from €937,676 to €377,573
- Financial charges -€37,930
down €37,930 (-27.6%), from €137,568 to €99,638
- Depreciation -€18,266
down €18,266 (-7.8%), from €234,680 to €216,414
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€259,899
Gross operating margin
-€560,103
Depreciation
+€18,266
Write-downs
+€141
Other operating charges
-€2,534
Other operating items
+€177,761
Financial income
+€1,527
Financial charges
+€37,930
Taxes
-€4,629
Deferred taxes and other
+€120,225
Result 2025
€48,482
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€219,039
Investment
-€355,217
Financing
-€339,636
Cash 2024
€823,085
From operations (derived)
+€219,039
Net result for the year
+€48,482
Depreciation
+€216,414
Receivables within one year
+€37,996
Deferred charges and accrued income
+€1,680
Trade debts
-€36,109
Tax, wage and social debts
+€25,260
Advances received
+€1,271
Other debts
-€75,423
Accrued charges and deferred income
-€532
Investment (derived)
-€355,217
Investment in fixed assets (net)
+€144,783
Current investments
-€500,000
Financing
-€339,636
Debts after one year
-€169,395
Current portion of long-term debt
-€1,028
Contributions, distributions and other
-€169,213
Cash 2025
€347,271
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,984,790 | €4,608,104 | -€376,687 | -7.6% |
| Fixed assets | 21/28 | €3,714,935 | €3,353,738 | -€361,197 | -9.7% |
| Tangible fixed assets | 22/27 | €3,714,935 | €3,353,738 | -€361,197 | -9.7% |
| Land and buildings | 22 | €3,247,681 | €2,931,543 | -€316,138 | -9.7% |
| Furniture and vehicles | 24 | €28,668 | €19,783 | -€8,884 | -31.0% |
| Leasing and similar rights | 25 | €438,586 | €402,412 | -€36,175 | -8.2% |
| Current assets | 29/58 | €1,269,855 | €1,254,365 | -€15,490 | -1.2% |
| Stocks and contracts in progress | 3 | €344,264 | €344,264 | = | 0.0% |
| Stocks | 30/36 | €344,264 | €344,264 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €84,857 | €46,861 | -€37,996 | -44.8% |
| Trade receivables | 40 | €84,857 | €46,861 | -€37,996 | -44.8% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €823,085 | €347,271 | -€475,814 | -57.8% |
| Deferred charges and accrued income | 490/1 | €17,649 | €15,969 | -€1,680 | -9.5% |
| Total equity and liabilities | 10/49 | €4,984,790 | €4,608,104 | -€376,687 | -7.6% |
| Equity | 10/15 | €2,062,635 | €1,941,905 | -€120,730 | -5.9% |
| Contributions | 10/11 | €1,112,500 | €1,112,500 | = | 0.0% |
| Revaluation surpluses | 12 | €169,213 | - | -€169,213 | |
| Reserves | 13 | €780,923 | €829,405 | +€48,482 | +6.2% |
| Tax-exempt reserves | 132 | €360,674 | €360,674 | = | 0.0% |
| Distributable reserves | 133 | €420,248 | €468,731 | +€48,482 | +11.5% |
| Provisions and deferred taxes | 16 | €120,225 | €120,225 | = | 0.0% |
| Deferred taxes | 168 | €120,225 | €120,225 | = | 0.0% |
| Amounts payable | 17/49 | €2,801,930 | €2,545,974 | -€255,956 | -9.1% |
| Amounts payable after more than one year | 17 | €2,344,421 | €2,175,026 | -€169,395 | -7.2% |
| Financial debts | 170/4 | €2,344,421 | €2,175,026 | -€169,395 | -7.2% |
| Amounts payable within one year | 42/48 | €451,367 | €365,337 | -€86,030 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €170,423 | €169,395 | -€1,028 | -0.6% |
| Trade debts | 44 | €46,681 | €10,573 | -€36,109 | -77.4% |
| Suppliers | 440/4 | €46,681 | €10,573 | -€36,109 | -77.4% |
| Advances received on contracts in progress | 46 | - | €1,271 | +€1,271 | |
| Taxes, remuneration and social security | 45 | €25,025 | €50,284 | +€25,260 | +101% |
| Taxes | 450/3 | €25,025 | €50,284 | +€25,260 | +101% |
| Other amounts payable | 47/48 | €209,237 | €133,814 | -€75,423 | -36.0% |
| Accrued charges and deferred income | 492/3 | €6,142 | €5,611 | -€532 | -8.7% |
| Non-recurring operating income | 76A | €512,064 | - | -€512,064 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €234,680 | €216,414 | -€18,266 | -7.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €141 | - | -€141 | |
| Other operating charges | 640/8 | €7,967 | €10,501 | +€2,534 | +31.8% |
| Non-recurring operating charges | 66A | €177,761 | - | -€177,761 | |
| Gross operating margin | 9900 | €937,676 | €377,573 | -€560,103 | -59.7% |
| Operating profit (loss) | 9901 | €517,127 | €150,658 | -€366,469 | -70.9% |
| Financial income | 75/76B | €1,153 | €2,680 | +€1,527 | +132% |
| Recurring financial income | 75 | €1,153 | €2,680 | +€1,527 | +132% |
| Financial charges | 65/66B | €137,568 | €99,638 | -€37,930 | -27.6% |
| Recurring financial charges | 65 | €137,568 | €99,638 | -€37,930 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €380,712 | €53,699 | -€327,012 | -85.9% |
| Transfer to deferred taxes | 680 | €120,225 | - | -€120,225 | |
| Income taxes | 67/77 | €588 | €5,217 | +€4,629 | +787% |
| Profit (loss) for the period | 9904 | €259,899 | €48,482 | -€211,416 | -81.3% |
| Transfer to tax-exempt reserves | 689 | €360,674 | - | -€360,674 | |
| Profit (loss) for the period to be appropriated | 9905 | -€100,776 | €48,482 | +€149,258 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.