Luto Projects: 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.
Luto Projects
Largest movements
- Cash +€196,663
up €196,663 (+201.1%), from €97,802 to €294,465
mainly Stocks and contracts (+€173,543) and Receivables within one year (+€50,888)
- Stocks and contracts -€173,543
down €173,543 (-88.9%), from €195,162 to €21,619
- Receivables within one year -€50,888
down €50,888 (-83.9%), from €60,668 to €9,780
of which Other amounts receivable: -€50,888
- Tangible fixed assets -€14,590
down €14,590 (-94.5%), from €15,442 to €852
- Profit (loss) carried forward -€37,927
new in 2025: -€37,927
- Tax, wage and social debts -€4,749
down €4,749 (-9.1%), from €52,317 to €47,568
- Gross operating margin -€129,271
down €129,271, from €94,051 to -€35,220
- Taxes -€21,890
no longer reported in 2025 (was €21,890)
- Depreciation -€3,584
down €3,584 (-79.4%), from €4,512 to €928
- Financial charges -€2,905
down €2,905 (-66.7%), from €4,354 to €1,449
- Financial income -€2,746
down €2,746 (-87.5%), from €3,139 to €393
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 | €371,074 | €328,717 | -€42,357 | -11.4% |
| Fixed assets | 21/28 | €17,442 | €2,852 | -€14,590 | -83.6% |
| Tangible fixed assets | 22/27 | €15,442 | €852 | -€14,590 | -94.5% |
| Plant, machinery and equipment | 23 | €15,442 | €852 | -€14,590 | -94.5% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €353,632 | €325,865 | -€27,767 | -7.9% |
| Stocks and contracts in progress | 3 | €195,162 | €21,619 | -€173,543 | -88.9% |
| Stocks | 30/36 | €195,162 | €21,619 | -€173,543 | -88.9% |
| Amounts receivable within one year | 40/41 | €60,668 | €9,780 | -€50,888 | -83.9% |
| Trade receivables | 40 | €1,662 | €1,662 | = | 0.0% |
| Other amounts receivable | 41 | €59,006 | €8,118 | -€50,888 | -86.2% |
| Cash at bank and in hand | 54/58 | €97,802 | €294,465 | +€196,663 | +201.1% |
| Total equity and liabilities | 10/49 | €371,074 | €328,717 | -€42,357 | -11.4% |
| Equity | 10/15 | €254,245 | €216,318 | -€37,927 | -14.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €235,645 | €235,645 | = | 0.0% |
| Distributable reserves | 133 | €235,645 | €235,645 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€37,927 | -€37,927 | |
| Amounts payable | 17/49 | €116,829 | €112,398 | -€4,430 | -3.8% |
| Amounts payable within one year | 42/48 | €114,829 | €110,398 | -€4,430 | -3.9% |
| Trade debts | 44 | €6,691 | €6,865 | +€174 | +2.6% |
| Suppliers | 440/4 | €6,691 | €6,865 | +€174 | +2.6% |
| Taxes, remuneration and social security | 45 | €52,317 | €47,568 | -€4,749 | -9.1% |
| Taxes | 450/3 | €52,317 | €47,568 | -€4,749 | -9.1% |
| Other amounts payable | 47/48 | €55,820 | €55,965 | +€145 | +0.3% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,000 | = | 0.0% |
| Non-recurring operating income | 76A | - | €1,338 | +€1,338 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,512 | €928 | -€3,584 | -79.4% |
| Other operating charges | 640/8 | €763 | €723 | -€40 | -5.2% |
| Gross operating margin | 9900 | €94,051 | -€35,220 | -€129,271 | |
| Operating profit (loss) | 9901 | €88,776 | -€36,871 | -€125,647 | |
| Financial income | 75/76B | €3,139 | €393 | -€2,746 | -87.5% |
| Recurring financial income | 75 | €3,139 | €393 | -€2,746 | -87.5% |
| Financial charges | 65/66B | €4,354 | €1,449 | -€2,905 | -66.7% |
| Recurring financial charges | 65 | €4,354 | €1,449 | -€2,905 | -66.7% |
| Profit (loss) for the period before taxes | 9903 | €87,561 | -€37,927 | -€125,488 | |
| Income taxes | 67/77 | €21,890 | - | -€21,890 | |
| Profit (loss) for the period | 9904 | €65,671 | -€37,927 | -€103,598 | |
| Profit (loss) for the period to be appropriated | 9905 | €65,671 | -€37,927 | -€103,598 |
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.