LUX-SPAS: 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-SPAS
Largest movements
- Cash +€165,850
up €165,850 (+51.9%), from €319,789 to €485,639
mainly Other debts (+€650,000) and Net result for the year (+€411,378)
- Stocks and contracts -€85,077
down €85,077 (-14.5%), from €587,883 to €502,806
- Receivables within one year +€69,995
up €69,995 (+74.4%), from €94,082 to €164,077
of which Trade receivables: +€67,691
- Intangible fixed assets -€39,863
down €39,863 (-14.3%), from €278,931 to €239,068
- Tangible fixed assets +€28,264
up €28,264 (+37.4%), from €75,584 to €103,848
of which Plant, machinery and equipment: +€34,125
- Other debts +€650,000
new in 2025: €650,000
- Profit (loss) carried forward -€587,462
no longer reported in 2025 (was €587,462)
- Trade debts -€532,845
down €532,845 (-94.2%), from €565,627 to €32,782
- Reserves +€310,605
new in 2025: €310,605
- Debts after one year +€192,966
new in 2025: €192,966
- Gross operating margin +€308,443
up €308,443 (+99.2%), from €310,777 to €619,220
- Taxes +€60,072
up €60,072 (+72.0%), from €83,437 to €143,508
- Depreciation +€55,420
up €55,420 (+5,391%), from €1,028 to €56,448
- Financial charges +€7,082
up €7,082 (+508%), from €1,394 to €8,476
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.
Derived cash bridge
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 | €1,356,270 | €1,495,647 | +€139,378 | +10.3% |
| Fixed assets | 21/28 | €354,515 | €342,917 | -€11,599 | -3.3% |
| Intangible fixed assets | 21 | €278,931 | €239,068 | -€39,863 | -14.3% |
| Tangible fixed assets | 22/27 | €75,584 | €103,848 | +€28,264 | +37.4% |
| Land and buildings | 22 | €12,466 | €11,176 | -€1,290 | -10.4% |
| Plant, machinery and equipment | 23 | €24,639 | €58,765 | +€34,125 | +139% |
| Furniture and vehicles | 24 | €38,479 | €30,779 | -€7,700 | -20.0% |
| Other tangible fixed assets | 26 | - | €3,129 | +€3,129 | |
| Current assets | 29/58 | €1,001,754 | €1,152,731 | +€150,976 | +15.1% |
| Stocks and contracts in progress | 3 | €587,883 | €502,806 | -€85,077 | -14.5% |
| Stocks | 30/36 | €587,883 | €502,806 | -€85,077 | -14.5% |
| Amounts receivable within one year | 40/41 | €94,082 | €164,077 | +€69,995 | +74.4% |
| Trade receivables | 40 | €90,918 | €158,610 | +€67,691 | +74.5% |
| Other amounts receivable | 41 | €3,164 | €5,467 | +€2,303 | +72.8% |
| Cash at bank and in hand | 54/58 | €319,789 | €485,639 | +€165,850 | +51.9% |
| Deferred charges and accrued income | 490/1 | - | €209 | +€209 | |
| Total equity and liabilities | 10/49 | €1,356,270 | €1,495,647 | +€139,378 | +10.3% |
| Equity | 10/15 | €592,462 | €315,605 | -€276,858 | -46.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €310,605 | +€310,605 | |
| Distributable reserves | 133 | - | €310,605 | +€310,605 | |
| Profit (loss) carried forward | 14 | €587,462 | - | -€587,462 | |
| Amounts payable | 17/49 | €763,807 | €1,180,043 | +€416,235 | +54.5% |
| Amounts payable after more than one year | 17 | - | €192,966 | +€192,966 | |
| Financial debts | 170/4 | - | €192,966 | +€192,966 | |
| Amounts payable within one year | 42/48 | €763,807 | €987,077 | +€223,270 | +29.2% |
| Current portion of amounts payable after more than one year | 42 | - | €33,006 | +€33,006 | |
| Trade debts | 44 | €565,627 | €32,782 | -€532,845 | -94.2% |
| Suppliers | 440/4 | €565,627 | €32,782 | -€532,845 | -94.2% |
| Advances received on contracts in progress | 46 | €15,950 | €6,524 | -€9,426 | -59.1% |
| Taxes, remuneration and social security | 45 | €182,230 | €264,765 | +€82,534 | +45.3% |
| Taxes | 450/3 | €175,485 | €264,765 | +€89,280 | +50.9% |
| Remuneration and social security | 454/9 | €6,745 | - | -€6,745 | |
| Other amounts payable | 47/48 | - | €650,000 | +€650,000 | |
| Remuneration, social security and pensions | 62 | €225 | €362 | +€137 | +61.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,028 | €56,448 | +€55,420 | +5,391% |
| Other operating charges | 640/8 | €217 | €932 | +€715 | +329% |
| Gross operating margin | 9900 | €310,777 | €619,220 | +€308,443 | +99.2% |
| Operating profit (loss) | 9901 | €309,307 | €561,478 | +€252,171 | +81.5% |
| Financial income | 75/76B | €4,117 | €1,884 | -€2,233 | -54.2% |
| Recurring financial income | 75 | €4,117 | €1,884 | -€2,233 | -54.2% |
| Financial charges | 65/66B | €1,394 | €8,476 | +€7,082 | +508% |
| Recurring financial charges | 65 | €1,394 | €8,476 | +€7,082 | +508% |
| Profit (loss) for the period before taxes | 9903 | €312,030 | €554,886 | +€242,856 | +77.8% |
| Income taxes | 67/77 | €83,437 | €143,508 | +€60,072 | +72.0% |
| Profit (loss) for the period | 9904 | €228,594 | €411,378 | +€182,784 | +80.0% |
| Profit (loss) for the period to be appropriated | 9905 | €228,594 | €411,378 | +€182,784 | +80.0% |
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 17 October 2026 via checked.be.