Luvali: 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.
Luvali
Largest movements
- Tangible fixed assets +€408,579
up €408,579 (+2138.6%), from €19,105 to €427,685
of which Land and buildings: +€396,957
- Receivables within one year +€51,659
up €51,659 (+145.8%), from €35,440 to €87,099
of which Trade receivables: +€51,695
- Cash +€48,228
up €48,228 (+39.3%), from €122,599 to €170,827
mainly Debts after one year (+€263,779) and Other debts (+€149,328)
- Current investments -€40,000
down €40,000 (-100.0%), from €40,000 to €0
- Debts after one year +€263,779
up €263,779, from €0 to €263,779
- Other debts +€149,328
up €149,328 (+22223.4%), from €672 to €150,000
- Trade debts +€50,235
up €50,235 (+2024.0%), from €2,482 to €52,717
- Current portion of long-term debt +€24,440
new in 2025: €24,440
- Reserves -€22,638
down €22,638 (-11.0%), from €205,865 to €183,227
of which Tax-exempt reserves: -€50,520
- Depreciation +€38,307
up €38,307 (+1057.7%), from €3,622 to €41,929
- Gross operating margin +€21,663
up €21,663 (+10.4%), from €207,799 to €229,462
- Financial charges +€6,608
up €6,608 (+155.7%), from €4,245 to €10,853
- Taxes +€4,291
up €4,291 (+9.4%), from €45,800 to €50,091
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €247,273 | €720,590 | +€473,316 | +191.4% |
| Fixed assets | 21/28 | €19,105 | €427,685 | +€408,579 | +2138.6% |
| Tangible fixed assets | 22/27 | €19,105 | €427,685 | +€408,579 | +2138.6% |
| Land and buildings | 22 | €3,375 | €400,332 | +€396,957 | +11761.8% |
| Plant, machinery and equipment | 23 | €2,230 | €1,637 | -€593 | -26.6% |
| Furniture and vehicles | 24 | €5,843 | €18,941 | +€13,098 | +224.2% |
| Other tangible fixed assets | 26 | €7,657 | €6,775 | -€882 | -11.5% |
| Current assets | 29/58 | €228,168 | €292,905 | +€64,737 | +28.4% |
| Amounts receivable within one year | 40/41 | €35,440 | €87,099 | +€51,659 | +145.8% |
| Trade receivables | 40 | €30,440 | €82,136 | +€51,695 | +169.8% |
| Other amounts receivable | 41 | €5,000 | €4,964 | -€36 | -0.7% |
| Current investments | 50/53 | €40,000 | €0 | -€40,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €122,599 | €170,827 | +€48,228 | +39.3% |
| Deferred charges and accrued income | 490/1 | €30,129 | €34,979 | +€4,849 | +16.1% |
| Total equity and liabilities | 10/49 | €247,273 | €720,590 | +€473,316 | +191.4% |
| Equity | 10/15 | €224,465 | €201,827 | -€22,638 | -10.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €205,865 | €183,227 | -€22,638 | -11.0% |
| Tax-exempt reserves | 132 | €50,520 | €0 | -€50,520 | -100.0% |
| Distributable reserves | 133 | €155,345 | €183,227 | +€27,882 | +17.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €22,808 | €518,763 | +€495,954 | +2174.5% |
| Amounts payable after more than one year | 17 | €0 | €263,779 | +€263,779 | |
| Other amounts payable | 178/9 | €0 | €263,779 | +€263,779 | |
| Amounts payable within one year | 42/48 | €21,171 | €254,983 | +€233,812 | +1104.4% |
| Current portion of amounts payable after more than one year | 42 | - | €24,440 | +€24,440 | |
| Trade debts | 44 | €2,482 | €52,717 | +€50,235 | +2024.0% |
| Suppliers | 440/4 | €2,482 | €52,717 | +€50,235 | +2024.0% |
| Taxes, remuneration and social security | 45 | €18,017 | €27,826 | +€9,808 | +54.4% |
| Taxes | 450/3 | €15,333 | €27,826 | +€12,493 | +81.5% |
| Remuneration and social security | 454/9 | €2,685 | €0 | -€2,685 | -100.0% |
| Other amounts payable | 47/48 | €672 | €150,000 | +€149,328 | +22223.4% |
| Accrued charges and deferred income | 492/3 | €1,637 | €0 | -€1,637 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,622 | €41,929 | +€38,307 | +1057.7% |
| Other operating charges | 640/8 | €861 | €1,247 | +€387 | +44.9% |
| Gross operating margin | 9900 | €207,799 | €229,462 | +€21,663 | +10.4% |
| Operating profit (loss) | 9901 | €203,317 | €186,286 | -€17,031 | -8.4% |
| Financial income | 75/76B | €2,073 | €2,020 | -€54 | -2.6% |
| Recurring financial income | 75 | €2,073 | €2,020 | -€54 | -2.6% |
| Financial charges | 65/66B | €4,245 | €10,853 | +€6,608 | +155.7% |
| Recurring financial charges | 65 | €4,245 | €10,853 | +€6,608 | +155.7% |
| Profit (loss) for the period before taxes | 9903 | €201,145 | €177,453 | -€23,693 | -11.8% |
| Income taxes | 67/77 | €45,800 | €50,091 | +€4,291 | +9.4% |
| Profit (loss) for the period | 9904 | €155,345 | €127,362 | -€27,983 | -18.0% |
| Transfer from tax-exempt reserves | 789 | - | €50,520 | +€50,520 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €155,345 | €177,882 | +€22,537 | +14.5% |
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 30 September 2026 via checked.be.