LUZ: 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.
LUZ
Largest movements
- Tangible fixed assets +€398,793
up €398,793 (+74913.3%), from €532 to €399,326
of which Land and buildings: +€399,326
- Cash -€136,156
down €136,156 (-70.6%), from €192,760 to €56,604
mainly Investment in fixed assets (net) (-€403,336) and Contributions, distributions and other (-€28,005)
- Receivables within one year -€41,550
down €41,550 (-23.1%), from €179,813 to €138,263
of which Trade receivables: -€23,681
- Deferred charges and accrued income +€9,000
new in 2025: €9,000
- Debts after one year +€171,667
new in 2025: €171,667
- Reserves +€67,788
up €67,788 (+22.7%), from €298,594 to €366,383
of which Distributable reserves: +€67,788
- Profit (loss) carried forward -€57,009
down €57,009 (-100.0%), from €57,009 to €0
- Trade debts +€43,971
up €43,971 (+224.6%), from €19,578 to €63,548
- Current portion of long-term debt +€20,000
new in 2025: €20,000
- Gross operating margin -€64,627
down €64,627 (-50.9%), from €126,846 to €62,219
- Taxes -€21,607
down €21,607 (-58.1%), from €37,194 to €15,587
- Financial charges +€3,410
up €3,410 (+538.6%), from €633 to €4,043
- Financial income -€2,636
down €2,636 (-55.4%), from €4,761 to €2,125
- Depreciation +€1,858
up €1,858 (+69.2%), from €2,685 to €4,543
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 | €420,689 | €645,058 | +€224,369 | +53.3% |
| Fixed assets | 21/28 | €3,232 | €402,026 | +€398,793 | +12337.6% |
| Tangible fixed assets | 22/27 | €532 | €399,326 | +€398,793 | +74913.3% |
| Land and buildings | 22 | - | €399,326 | +€399,326 | |
| Furniture and vehicles | 24 | €532 | €0 | -€532 | -100.0% |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €417,457 | €243,032 | -€174,424 | -41.8% |
| Stocks and contracts in progress | 3 | €44,884 | €39,165 | -€5,719 | -12.7% |
| Stocks | 30/36 | €44,884 | €39,165 | -€5,719 | -12.7% |
| Amounts receivable within one year | 40/41 | €179,813 | €138,263 | -€41,550 | -23.1% |
| Trade receivables | 40 | €159,909 | €136,228 | -€23,681 | -14.8% |
| Other amounts receivable | 41 | €19,904 | €2,035 | -€17,868 | -89.8% |
| Cash at bank and in hand | 54/58 | €192,760 | €56,604 | -€136,156 | -70.6% |
| Deferred charges and accrued income | 490/1 | - | €9,000 | +€9,000 | |
| Total equity and liabilities | 10/49 | €420,689 | €645,058 | +€224,369 | +53.3% |
| Equity | 10/15 | €374,203 | €384,983 | +€10,779 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €298,594 | €366,383 | +€67,788 | +22.7% |
| Tax-exempt reserves | 132 | €1,012 | €1,012 | = | 0.0% |
| Distributable reserves | 133 | €297,583 | €365,371 | +€67,788 | +22.8% |
| Profit (loss) carried forward | 14 | €57,009 | €0 | -€57,009 | -100.0% |
| Amounts payable | 17/49 | €46,486 | €260,075 | +€213,589 | +459.5% |
| Amounts payable after more than one year | 17 | - | €171,667 | +€171,667 | |
| Financial debts | 170/4 | - | €171,667 | +€171,667 | |
| Amounts payable within one year | 42/48 | €46,486 | €88,409 | +€41,923 | +90.2% |
| Current portion of amounts payable after more than one year | 42 | - | €20,000 | +€20,000 | |
| Financial debts | 43 | €14,714 | €0 | -€14,714 | -100.0% |
| Credit institutions | 430/8 | €14,714 | €0 | -€14,714 | -100.0% |
| Trade debts | 44 | €19,578 | €63,548 | +€43,971 | +224.6% |
| Suppliers | 440/4 | €19,578 | €63,548 | +€43,971 | +224.6% |
| Taxes, remuneration and social security | 45 | €12,194 | €0 | -€12,194 | -100.0% |
| Taxes | 450/3 | €12,194 | €0 | -€12,194 | -100.0% |
| Other amounts payable | 47/48 | - | €4,860 | +€4,860 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,685 | €4,543 | +€1,858 | +69.2% |
| Other operating charges | 640/8 | €886 | €786 | -€99 | -11.2% |
| Non-recurring operating charges | 66A | - | €600 | +€600 | |
| Gross operating margin | 9900 | €126,846 | €62,219 | -€64,627 | -50.9% |
| Operating profit (loss) | 9901 | €123,276 | €56,290 | -€66,986 | -54.3% |
| Financial income | 75/76B | €4,761 | €2,125 | -€2,636 | -55.4% |
| Recurring financial income | 75 | €4,761 | €2,125 | -€2,636 | -55.4% |
| Financial charges | 65/66B | €633 | €4,043 | +€3,410 | +538.6% |
| Recurring financial charges | 65 | €633 | €4,043 | +€3,410 | +538.6% |
| Profit (loss) for the period before taxes | 9903 | €127,404 | €54,372 | -€73,032 | -57.3% |
| Income taxes | 67/77 | €37,194 | €15,587 | -€21,607 | -58.1% |
| Profit (loss) for the period | 9904 | €90,209 | €38,785 | -€51,425 | -57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,209 | €38,785 | -€51,425 | -57.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.