LUVATRI: 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.
LUVATRI
Largest movements
- Cash +€563,139
up €563,139 (+385.6%), from €146,050 to €709,189
mainly Net result for the year (+€400,115) and Receivables within one year (+€267,025)
- Receivables within one year -€267,025
down €267,025 (-31.0%), from €861,426 to €594,401
of which Other amounts receivable: -€155,838
- Tangible fixed assets +€220,102
up €220,102 (+82.5%), from €266,913 to €487,015
of which Leasing and similar rights: +€206,708
- Stocks and contracts -€59,175
down €59,175 (-2.4%), from €2.5m to €2.4m
- Reserves +€250,115
up €250,115 (+14.9%), from €1.7m to €1.9m
of which Distributable reserves: +€250,115
- Debts after one year +€187,408
up €187,408 (+354.5%), from €52,867 to €240,275
- Tax, wage and social debts +€98,714
up €98,714 (+242.6%), from €40,694 to €139,408
of which Taxes: +€117,527
- Short-term financial debts -€81,631
down €81,631 (-7.1%), from €1.2m to €1.1m
of which Credit institutions: -€81,631
- Trade debts -€55,231
down €55,231 (-12.0%), from €460,112 to €404,881
- Gross operating margin +€551,222
up €551,222 (+57.5%), from €958,832 to €1.5m
- Taxes +€91,084
up €91,084 (+286.4%), from €31,800 to €122,884
- Other operating charges +€56,117
up €56,117 (+524.8%), from €10,692 to €66,810
- Staff costs +€51,788
up €51,788 (+7.6%), from €678,998 to €730,787
- Financial charges +€46,306
up €46,306 (+93.0%), from €49,805 to €96,111
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 | €3,816,640 | €4,285,450 | +€468,810 | +12.3% |
| Fixed assets | 21/28 | €267,548 | €489,050 | +€221,502 | +82.8% |
| Tangible fixed assets | 22/27 | €266,913 | €487,015 | +€220,102 | +82.5% |
| Plant, machinery and equipment | 23 | €53,412 | €71,792 | +€18,380 | +34.4% |
| Furniture and vehicles | 24 | €146,930 | €141,945 | -€4,986 | -3.4% |
| Leasing and similar rights | 25 | €66,571 | €273,279 | +€206,708 | +310.5% |
| Financial fixed assets | 28 | €635 | €2,035 | +€1,400 | +220.5% |
| Current assets | 29/58 | €3,549,092 | €3,796,400 | +€247,308 | +7.0% |
| Stocks and contracts in progress | 3 | €2,480,911 | €2,421,737 | -€59,175 | -2.4% |
| Stocks | 30/36 | €2,480,911 | €2,421,737 | -€59,175 | -2.4% |
| Amounts receivable within one year | 40/41 | €861,426 | €594,401 | -€267,025 | -31.0% |
| Trade receivables | 40 | €318,426 | €207,239 | -€111,187 | -34.9% |
| Other amounts receivable | 41 | €542,999 | €387,161 | -€155,838 | -28.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €146,050 | €709,189 | +€563,139 | +385.6% |
| Deferred charges and accrued income | 490/1 | €60,705 | €71,073 | +€10,368 | +17.1% |
| Total equity and liabilities | 10/49 | €3,816,640 | €4,285,450 | +€468,810 | +12.3% |
| Equity | 10/15 | €1,692,315 | €1,942,431 | +€250,115 | +14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,673,715 | €1,923,831 | +€250,115 | +14.9% |
| Tax-exempt reserves | 132 | €210,500 | €210,500 | = | 0.0% |
| Distributable reserves | 133 | €1,463,215 | €1,713,331 | +€250,115 | +17.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,124,325 | €2,343,019 | +€218,695 | +10.3% |
| Amounts payable after more than one year | 17 | €52,867 | €240,275 | +€187,408 | +354.5% |
| Financial debts | 170/4 | €52,867 | €240,275 | +€187,408 | +354.5% |
| Amounts payable within one year | 42/48 | €2,063,926 | €2,090,749 | +€26,822 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €49,455 | €83,701 | +€34,247 | +69.2% |
| Financial debts | 43 | €1,156,415 | €1,074,784 | -€81,631 | -7.1% |
| Credit institutions | 430/8 | €1,156,415 | €1,074,784 | -€81,631 | -7.1% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €460,112 | €404,881 | -€55,231 | -12.0% |
| Suppliers | 440/4 | €460,112 | €404,881 | -€55,231 | -12.0% |
| Taxes, remuneration and social security | 45 | €40,694 | €139,408 | +€98,714 | +242.6% |
| Taxes | 450/3 | €14,156 | €131,683 | +€117,527 | +830.2% |
| Remuneration and social security | 454/9 | €26,538 | €7,725 | -€18,813 | -70.9% |
| Other amounts payable | 47/48 | €357,251 | €387,975 | +€30,724 | +8.6% |
| Accrued charges and deferred income | 492/3 | €7,531 | €11,995 | +€4,464 | +59.3% |
| Non-recurring operating income | 76A | €18,462 | €32,155 | +€13,693 | +74.2% |
| Remuneration, social security and pensions | 62 | €678,998 | €730,787 | +€51,788 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,647 | €128,151 | +€26,504 | +26.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,425 | -€10,214 | -€7,789 | -321.2% |
| Other operating charges | 640/8 | €10,692 | €66,810 | +€56,117 | +524.8% |
| Non-recurring operating charges | 66A | €13,354 | €4,308 | -€9,047 | -67.7% |
| Gross operating margin | 9900 | €958,832 | €1,510,054 | +€551,222 | +57.5% |
| Operating profit (loss) | 9901 | €156,564 | €590,213 | +€433,649 | +277.0% |
| Financial income | 75/76B | €18,929 | €28,897 | +€9,968 | +52.7% |
| Recurring financial income | 75 | €18,929 | €28,897 | +€9,968 | +52.7% |
| Financial charges | 65/66B | €49,805 | €96,111 | +€46,306 | +93.0% |
| Recurring financial charges | 65 | €49,805 | €96,111 | +€46,306 | +93.0% |
| Profit (loss) for the period before taxes | 9903 | €125,688 | €522,999 | +€397,311 | +316.1% |
| Income taxes | 67/77 | €31,800 | €122,884 | +€91,084 | +286.4% |
| Profit (loss) for the period | 9904 | €93,888 | €400,115 | +€306,227 | +326.2% |
| Transfer from tax-exempt reserves | 789 | €210,500 | €105,250 | -€105,250 | -50.0% |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €304,388 | €400,115 | +€95,727 | +31.4% |
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 6 October 2026 via checked.be.