LUX-SEL: 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.
LUX-SEL
Largest movements
- Receivables within one year +€27,976
up €27,976 (+18.2%), from €154,080 to €182,057
of which Trade receivables: +€31,035
- Intangible fixed assets -€19,081
down €19,081 (-25.9%), from €73,605 to €54,524
- Tangible fixed assets -€5,247
down €5,247 (-13.5%), from €38,732 to €33,484
of which Leasing and similar rights: -€5,952
- Profit (loss) carried forward -€133,148
down €133,148 (-83.5%), from €159,534 to €26,386
- Trade debts +€92,438
up €92,438 (+337.8%), from €27,362 to €119,800
- Other debts +€61,134
new in 2025: €61,134
- Debts after one year -€37,230
down €37,230 (-36.2%), from €102,867 to €65,637
- Tax, wage and social debts +€16,411
up €16,411 (+176.0%), from €9,323 to €25,734
of which Taxes: +€12,414
- Gross operating margin -€37,698
down €37,698 (-46.9%), from €80,376 to €42,678
- Depreciation +€25,293
up €25,293 (+180.5%), from €14,009 to €39,302
- Staff costs +€18,950
up €18,950 (+40.4%), from €46,854 to €65,803
- Financial charges +€8,289
up €8,289 (+78.8%), from €10,522 to €18,812
- Financial income -€1,501
down €1,501 (-40.4%), from €3,718 to €2,217
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 | €478,950 | €474,400 | -€4,550 | -0.9% |
| Fixed assets | 21/28 | €112,337 | €88,008 | -€24,328 | -21.7% |
| Intangible fixed assets | 21 | €73,605 | €54,524 | -€19,081 | -25.9% |
| Tangible fixed assets | 22/27 | €38,732 | €33,484 | -€5,247 | -13.5% |
| Plant, machinery and equipment | 23 | €1,497 | €3,029 | +€1,531 | +102.3% |
| Furniture and vehicles | 24 | €14,169 | €13,343 | -€826 | -5.8% |
| Leasing and similar rights | 25 | €23,065 | €17,113 | -€5,952 | -25.8% |
| Current assets | 29/58 | €366,614 | €386,392 | +€19,778 | +5.4% |
| Stocks and contracts in progress | 3 | €157,945 | €156,829 | -€1,115 | -0.7% |
| Stocks | 30/36 | €157,945 | €156,829 | -€1,115 | -0.7% |
| Amounts receivable within one year | 40/41 | €154,080 | €182,057 | +€27,976 | +18.2% |
| Trade receivables | 40 | €85,200 | €116,235 | +€31,035 | +36.4% |
| Other amounts receivable | 41 | €68,880 | €65,822 | -€3,059 | -4.4% |
| Cash at bank and in hand | 54/58 | €50,037 | €47,190 | -€2,847 | -5.7% |
| Deferred charges and accrued income | 490/1 | €4,552 | €316 | -€4,236 | -93.1% |
| Total equity and liabilities | 10/49 | €478,950 | €474,400 | -€4,550 | -0.9% |
| Equity | 10/15 | €227,705 | €94,557 | -€133,148 | -58.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €6,197 | €6,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | €159,534 | €26,386 | -€133,148 | -83.5% |
| Amounts payable | 17/49 | €251,245 | €379,844 | +€128,598 | +51.2% |
| Amounts payable after more than one year | 17 | €102,867 | €65,637 | -€37,230 | -36.2% |
| Financial debts | 170/4 | €102,867 | €65,637 | -€37,230 | -36.2% |
| Amounts payable within one year | 42/48 | €148,253 | €314,079 | +€165,826 | +111.9% |
| Current portion of amounts payable after more than one year | 42 | €41,161 | €47,411 | +€6,250 | +15.2% |
| Financial debts | 43 | €70,406 | €59,999 | -€10,407 | -14.8% |
| Credit institutions | 430/8 | €70,406 | €59,999 | -€10,407 | -14.8% |
| Trade debts | 44 | €27,362 | €119,800 | +€92,438 | +337.8% |
| Suppliers | 440/4 | €27,362 | €119,800 | +€92,438 | +337.8% |
| Taxes, remuneration and social security | 45 | €9,323 | €25,734 | +€16,411 | +176.0% |
| Taxes | 450/3 | €1,005 | €13,419 | +€12,414 | +1235.0% |
| Remuneration and social security | 454/9 | €8,318 | €12,315 | +€3,997 | +48.1% |
| Other amounts payable | 47/48 | - | €61,134 | +€61,134 | |
| Accrued charges and deferred income | 492/3 | €126 | €128 | +€2 | +1.6% |
| Remuneration, social security and pensions | 62 | €46,854 | €65,803 | +€18,950 | +40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,009 | €39,302 | +€25,293 | +180.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €857 | €0 | -€857 | -100.0% |
| Other operating charges | 640/8 | €1,795 | €1,565 | -€230 | -12.8% |
| Non-recurring operating charges | 66A | - | €52,381 | +€52,381 | |
| Gross operating margin | 9900 | €80,376 | €42,678 | -€37,698 | -46.9% |
| Operating profit (loss) | 9901 | €16,862 | -€116,374 | -€133,236 | |
| Financial income | 75/76B | €3,718 | €2,217 | -€1,501 | -40.4% |
| Recurring financial income | 75 | €3,718 | €2,217 | -€1,501 | -40.4% |
| Financial charges | 65/66B | €10,522 | €18,812 | +€8,289 | +78.8% |
| Recurring financial charges | 65 | €10,522 | €18,812 | +€8,289 | +78.8% |
| Profit (loss) for the period before taxes | 9903 | €10,057 | -€132,969 | -€143,026 | |
| Income taxes | 67/77 | €1,582 | €179 | -€1,403 | -88.7% |
| Profit (loss) for the period | 9904 | €8,475 | -€133,148 | -€141,623 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,475 | -€133,148 | -€141,623 |
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 9 October 2026 via checked.be.