LuWa: 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.
What changed
LuWa
NACE 27.402, Manufacture of electrical equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€498,718
2024 · -€821,710+€1.3m
Equity
€2.1m
2024 · €1.6m+€498,718
Cash
€1.7m
2024 · €3.4m-€1.6m
Balance sheet total
€224.5m
2024 · €234.8m-€10.4m
Largest movements
Assets
- Receivables after one year -€12.1m
down €12.1m (-6.2%), from €196.4m to €184.3m
- Current investments +€2.7m
up €2.7m (+30.9%), from €8.7m to €11.4m
Equity and liabilities
- Debts after one year -€12.4m
down €12.4m (-7.0%), from €177.9m to €165.5m
- Accrued charges and deferred income +€3.1m
up €3.1m (+15.3%), from €20.1m to €23.1m
Income statement
- Turnover -€5.5m
down €5.5m (-38.7%), from €14.2m to €8.7m
- Financial charges -€3.8m
down €3.8m (-35.0%), from €10.9m to €7.1m
- Financial income -€3.3m
down €3.3m (-29.9%), from €10.9m to €7.6m
- Goods and materials -€2.9m
down €2.9m (-26.6%), from €11.0m to €8.1m
- Other operating income -€343,272
down €343,272 (-63.4%), from €541,145 to €197,873
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.
Result 2024
-€821,710
Turnover
-€5.5m
Other operating income
-€343,272
Goods and materials
+€2.9m
Services and other goods
-€63,083
Other operating charges
-€1,584
Other operating items
+€3.9m
Financial income
-€3.3m
Financial charges
+€3.8m
Taxes
-€166,346
Result 2025
€498,718
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.
From operations
+€14.5m
Investment
-€2.7m
Financing
-€13.5m
Cash 2024
€3.4m
From operations (derived)
+€14.5m
Net result for the year
+€498,718
Receivables after one year
+€12.1m
Stocks and contracts
+€12,361
Receivables within one year
-€723,995
Trade debts
+€767,119
Tax, wage and social debts
-€98,258
Other debts
-€1.1m
Accrued charges and deferred income
+€3.1m
Investment (derived)
-€2.7m
Current investments
-€2.7m
Financing
-€13.5m
Debts after one year
-€12.4m
Current portion of long-term debt
-€1.1m
Cash 2025
€1.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €234,848,003 | €224,493,367 | -€10.4m | -4.4% |
| Current assets | 29/58 | €234,848,003 | €224,493,367 | -€10.4m | -4.4% |
| Amounts receivable after more than one year | 29 | €196,369,752 | €184,251,267 | -€12.1m | -6.2% |
| Trade receivables | 290 | €196,369,752 | €184,251,267 | -€12.1m | -6.2% |
| Stocks and contracts in progress | 3 | €95,285 | €82,924 | -€12,361 | -13.0% |
| Contracts in progress | 37 | €95,285 | €82,924 | -€12,361 | -13.0% |
| Amounts receivable within one year | 40/41 | €26,295,616 | €27,019,611 | +€723,995 | +2.8% |
| Trade receivables | 40 | €25,754,632 | €26,593,709 | +€839,077 | +3.3% |
| Other amounts receivable | 41 | €540,983 | €425,901 | -€115,082 | -21.3% |
| Current investments | 50/53 | €8,724,172 | €11,423,231 | +€2.7m | +30.9% |
| Other investments | 51/53 | €8,724,172 | €11,423,231 | +€2.7m | +30.9% |
| Cash at bank and in hand | 54/58 | €3,363,179 | €1,716,335 | -€1.6m | -49.0% |
| Total equity and liabilities | 10/49 | €234,848,003 | €224,493,367 | -€10.4m | -4.4% |
| Equity | 10/15 | €1,605,997 | €2,104,715 | +€498,718 | +31.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,538,347 | €2,037,065 | +€498,718 | +32.4% |
| Amounts payable | 17/49 | €233,242,005 | €222,388,652 | -€10.9m | -4.7% |
| Amounts payable after more than one year | 17 | €177,937,181 | €165,515,702 | -€12.4m | -7.0% |
| Financial debts | 170/4 | €177,937,181 | €165,515,702 | -€12.4m | -7.0% |
| Subordinated loans | 170 | €17,966,513 | €18,408,368 | +€441,855 | +2.5% |
| Credit institutions | 173 | €159,970,668 | €147,107,334 | -€12.9m | -8.0% |
| Amounts payable within one year | 42/48 | €35,243,086 | €33,741,138 | -€1.5m | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €14,787,202 | €13,713,457 | -€1.1m | -7.3% |
| Trade debts | 44 | €11,889,149 | €12,656,268 | +€767,119 | +6.5% |
| Suppliers | 440/4 | €11,889,149 | €12,656,268 | +€767,119 | +6.5% |
| Taxes, remuneration and social security | 45 | €98,258 | €0 | -€98,258 | -100.0% |
| Taxes | 450/3 | €98,258 | €0 | -€98,258 | -100.0% |
| Other amounts payable | 47/48 | €8,468,477 | €7,371,412 | -€1.1m | -13.0% |
| Accrued charges and deferred income | 492/3 | €20,061,738 | €23,131,813 | +€3.1m | +15.3% |
| Operating income | 70/76A | €10,863,500 | €8,895,735 | -€2.0m | -18.1% |
| Turnover | 70 | €14,215,560 | €8,710,224 | -€5.5m | -38.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€3,893,205 | -€12,361 | +€3.9m | +99.7% |
| Other operating income | 74 | €541,145 | €197,873 | -€343,272 | -63.4% |
| Operating charges | 60/66A | €11,625,154 | €8,751,029 | -€2.9m | -24.7% |
| Goods for resale, raw materials and consumables | 60 | €11,039,652 | €8,100,860 | -€2.9m | -26.6% |
| Purchases | 600/8 | €11,039,652 | €8,100,860 | -€2.9m | -26.6% |
| Services and other goods | 61 | €572,039 | €635,122 | +€63,083 | +11.0% |
| Other operating charges | 640/8 | €13,463 | €15,047 | +€1,584 | +11.8% |
| Operating profit (loss) | 9901 | -€761,654 | €144,706 | +€906,361 | |
| Financial income | 75/76B | €10,881,599 | €7,630,619 | -€3.3m | -29.9% |
| Recurring financial income | 75 | €10,881,599 | €7,630,619 | -€3.3m | -29.9% |
| Income from current assets | 751 | - | €226,119 | +€226,119 | |
| Other financial income | 752/9 | €10,881,599 | €7,404,500 | -€3.5m | -32.0% |
| Financial charges | 65/66B | €10,941,657 | €7,110,266 | -€3.8m | -35.0% |
| Recurring financial charges | 65 | €10,941,657 | €7,110,266 | -€3.8m | -35.0% |
| Debt charges | 650 | €10,868,681 | €7,073,322 | -€3.8m | -34.9% |
| Other financial charges | 652/9 | €72,976 | €36,944 | -€36,033 | -49.4% |
| Profit (loss) for the period before taxes | 9903 | -€821,712 | €665,060 | +€1.5m | |
| Income taxes | 67/77 | -€3 | €166,343 | +€166,346 | |
| Taxes | 670/3 | - | €166,343 | +€166,343 | |
| Tax adjustments and reversals of tax provisions | 77 | €3 | €0 | -€3 | -100.0% |
| Profit (loss) for the period | 9904 | -€821,710 | €498,718 | +€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€821,710 | €498,718 | +€1.3m |
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.