LUTINO: 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.
LUTINO
Largest movements
- Current investments +€226,104
up €226,104 (+141%), from €160,000 to €386,104
- Tangible fixed assets -€222,319
down €222,319 (-36.9%), from €601,980 to €379,661
of which Land and buildings: -€210,962
- Receivables within one year +€149,294
up €149,294 (+763%), from €19,562 to €168,856
of which Other amounts receivable: +€149,919
- Cash +€17,420
up €17,420 (+82.5%), from €21,124 to €38,544
mainly Investment in fixed assets (net) (+€198,129) and Other debts (+€129,061)
- Other debts +€129,061
up €129,061 (+111%), from €115,791 to €244,853
- Reserves +€71,588
up €71,588 (+30.2%), from €237,070 to €308,657
of which Distributable reserves: +€71,588
- Debts after one year -€41,376
down €41,376 (-12.0%), from €343,844 to €302,468
- Tax, wage and social debts +€11,972
up €11,972 (+104%), from €11,555 to €23,528
- Gross operating margin +€19,082
up €19,082 (+15.4%), from €123,657 to €142,739
- Financial charges +€11,130
up €11,130 (+73.2%), from €15,211 to €26,341
- Financial income +€10,274
up €10,274 (+469%), from €2,192 to €12,466
- Taxes +€7,747
up €7,747 (+35.4%), from €21,892 to €29,639
- Depreciation -€6,366
down €6,366 (-20.8%), from €30,556 to €24,190
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 | €803,078 | €973,165 | +€170,087 | +21.2% |
| Fixed assets | 21/28 | €601,980 | €379,661 | -€222,319 | -36.9% |
| Tangible fixed assets | 22/27 | €601,980 | €379,661 | -€222,319 | -36.9% |
| Land and buildings | 22 | €529,972 | €319,010 | -€210,962 | -39.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €72,009 | €59,271 | -€12,737 | -17.7% |
| Other tangible fixed assets | 26 | - | €1,380 | +€1,380 | |
| Current assets | 29/58 | €201,097 | €593,504 | +€392,407 | +195% |
| Amounts receivable within one year | 40/41 | €19,562 | €168,856 | +€149,294 | +763% |
| Trade receivables | 40 | €19,481 | €18,856 | -€625 | -3.2% |
| Other amounts receivable | 41 | €81 | €150,000 | +€149,919 | +185,062% |
| Current investments | 50/53 | €160,000 | €386,104 | +€226,104 | +141% |
| Cash at bank and in hand | 54/58 | €21,124 | €38,544 | +€17,420 | +82.5% |
| Deferred charges and accrued income | 490/1 | €412 | €0 | -€412 | -100% |
| Total equity and liabilities | 10/49 | €803,078 | €973,165 | +€170,087 | +21.2% |
| Equity | 10/15 | €249,470 | €321,057 | +€71,588 | +28.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €237,070 | €308,657 | +€71,588 | +30.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €237,070 | €308,657 | +€71,588 | +30.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €39,550 | €39,550 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €39,550 | €39,550 | = | 0.0% |
| Pensions and similar obligations | 160 | €39,550 | €39,550 | = | 0.0% |
| Amounts payable | 17/49 | €514,058 | €612,557 | +€98,500 | +19.2% |
| Amounts payable after more than one year | 17 | €343,844 | €302,468 | -€41,376 | -12.0% |
| Financial debts | 170/4 | €343,844 | €302,468 | -€41,376 | -12.0% |
| Amounts payable within one year | 42/48 | €170,214 | €310,090 | +€139,876 | +82.2% |
| Current portion of amounts payable after more than one year | 42 | €41,376 | €41,376 | = | 0.0% |
| Trade debts | 44 | €1,491 | €333 | -€1,158 | -77.7% |
| Suppliers | 440/4 | €1,491 | €333 | -€1,158 | -77.7% |
| Taxes, remuneration and social security | 45 | €11,555 | €23,528 | +€11,972 | +104% |
| Taxes | 450/3 | €11,555 | €23,528 | +€11,972 | +104% |
| Other amounts payable | 47/48 | €115,791 | €244,853 | +€129,061 | +111% |
| Non-recurring operating income | 76A | €0 | €32,870 | +€32,870 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,556 | €24,190 | -€6,366 | -20.8% |
| Other operating charges | 640/8 | €3,223 | €3,447 | +€224 | +6.9% |
| Gross operating margin | 9900 | €123,657 | €142,739 | +€19,082 | +15.4% |
| Operating profit (loss) | 9901 | €89,878 | €115,102 | +€25,224 | +28.1% |
| Financial income | 75/76B | €2,192 | €12,466 | +€10,274 | +469% |
| Recurring financial income | 75 | €2,192 | €12,466 | +€10,274 | +469% |
| Financial charges | 65/66B | €15,211 | €26,341 | +€11,130 | +73.2% |
| Recurring financial charges | 65 | €15,211 | €26,341 | +€11,130 | +73.2% |
| Profit (loss) for the period before taxes | 9903 | €76,859 | €101,227 | +€24,367 | +31.7% |
| Income taxes | 67/77 | €21,892 | €29,639 | +€7,747 | +35.4% |
| Profit (loss) for the period | 9904 | €54,967 | €71,588 | +€16,620 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €54,967 | €71,588 | +€16,620 | +30.2% |
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 22 October 2026 via checked.be.