LUTHOS: 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.
LUTHOS
Largest movements
- Stocks and contracts +€72,993
up €72,993 (+12.0%), from €609,362 to €682,355
- Receivables within one year -€49,239
down €49,239 (-94.9%), from €51,865 to €2,626
of which Trade receivables: -€44,373
- Profit (loss) carried forward -€73,840
down €73,840 (-638.3%), from -€11,568 to -€85,407
- Trade debts +€59,141
up €59,141 (+895.8%), from €6,602 to €65,744
- Other debts +€41,920
up €41,920 (+20.6%), from €203,945 to €245,866
- Tax, wage and social debts -€19,821
down €19,821 (-99.6%), from €19,894 to €73
of which Taxes: -€15,678
- Current portion of long-term debt +€12,083
up €12,083 (+3.3%), from €371,068 to €383,152
- Gross operating margin -€106,170
down €106,170, from €71,073 to -€35,096
- Staff costs -€69,139
no longer reported in 2025 (was €69,139)
- Financial charges +€22,897
up €22,897 (+448.8%), from €5,102 to €27,999
- Other operating charges +€3,470
up €3,470 (+327.2%), from €1,060 to €4,530
- Depreciation -€725
down €725 (-10.5%), from €6,940 to €6,214
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 | €695,070 | €709,403 | +€14,333 | +2.1% |
| Fixed assets | 21/28 | €22,870 | €16,655 | -€6,214 | -27.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €22,870 | €16,655 | -€6,214 | -27.2% |
| Plant, machinery and equipment | 23 | €3,319 | €2,254 | -€1,065 | -32.1% |
| Furniture and vehicles | 24 | €19,551 | €14,402 | -€5,149 | -26.3% |
| Current assets | 29/58 | €672,200 | €692,747 | +€20,547 | +3.1% |
| Stocks and contracts in progress | 3 | €609,362 | €682,355 | +€72,993 | +12.0% |
| Stocks | 30/36 | €609,362 | €682,355 | +€72,993 | +12.0% |
| Amounts receivable within one year | 40/41 | €51,865 | €2,626 | -€49,239 | -94.9% |
| Trade receivables | 40 | €45,405 | €1,032 | -€44,373 | -97.7% |
| Other amounts receivable | 41 | €6,460 | €1,594 | -€4,866 | -75.3% |
| Cash at bank and in hand | 54/58 | €10,973 | €7,766 | -€3,207 | -29.2% |
| Total equity and liabilities | 10/49 | €695,070 | €709,403 | +€14,333 | +2.1% |
| Equity | 10/15 | €88,408 | €14,569 | -€73,840 | -83.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €89,976 | €89,976 | = | 0.0% |
| Distributable reserves | 133 | €89,976 | €89,976 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,568 | -€85,407 | -€73,840 | -638.3% |
| Amounts payable | 17/49 | €606,662 | €694,834 | +€88,173 | +14.5% |
| Amounts payable after more than one year | 17 | €5,152 | - | -€5,152 | |
| Financial debts | 170/4 | €5,152 | - | -€5,152 | |
| Amounts payable within one year | 42/48 | €601,510 | €694,834 | +€93,324 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €371,068 | €383,152 | +€12,083 | +3.3% |
| Trade debts | 44 | €6,602 | €65,744 | +€59,141 | +895.8% |
| Suppliers | 440/4 | €6,602 | €65,744 | +€59,141 | +895.8% |
| Taxes, remuneration and social security | 45 | €19,894 | €73 | -€19,821 | -99.6% |
| Taxes | 450/3 | €15,751 | €73 | -€15,678 | -99.5% |
| Remuneration and social security | 454/9 | €4,143 | - | -€4,143 | |
| Other amounts payable | 47/48 | €203,945 | €245,866 | +€41,920 | +20.6% |
| Non-recurring operating income | 76A | €1,322 | - | -€1,322 | |
| Remuneration, social security and pensions | 62 | €69,139 | - | -€69,139 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,940 | €6,214 | -€725 | -10.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €419 | - | -€419 | |
| Other operating charges | 640/8 | €1,060 | €4,530 | +€3,470 | +327.2% |
| Gross operating margin | 9900 | €71,073 | -€35,096 | -€106,170 | |
| Operating profit (loss) | 9901 | -€6,485 | -€45,841 | -€39,356 | -606.9% |
| Financial income | 75/76B | €146 | - | -€146 | |
| Recurring financial income | 75 | €146 | - | -€146 | |
| Financial charges | 65/66B | €5,102 | €27,999 | +€22,897 | +448.8% |
| Recurring financial charges | 65 | €5,102 | €27,999 | +€22,897 | +448.8% |
| Profit (loss) for the period before taxes | 9903 | -€11,441 | -€73,840 | -€62,399 | -545.4% |
| Income taxes | 67/77 | €126 | - | -€126 | |
| Profit (loss) for the period | 9904 | -€11,568 | -€73,840 | -€62,272 | -538.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,568 | -€73,840 | -€62,272 | -538.3% |
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 8 October 2026 via checked.be.