LUZELLE: 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.
LUZELLE
Largest movements
- Receivables within one year -€7,710
down €7,710 (-16.3%), from €47,190 to €39,480
of which Trade receivables: -€7,865
- Debts after one year -€67,208
down €67,208 (-16.9%), from €398,293 to €331,086
- Reserves +€48,124
up €48,124 (+37.9%), from €127,009 to €175,133
- Tax, wage and social debts +€9,343
up €9,343 (+22.7%), from €41,203 to €50,546
of which Taxes: +€10,302
- Gross operating margin -€41,301
down €41,301 (-33.0%), from €125,330 to €84,029
- Taxes -€11,201
down €11,201 (-37.8%), from €29,611 to €18,410
- Financial charges -€2,563
down €2,563 (-13.4%), from €19,092 to €16,529
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 | €662,379 | €658,244 | -€4,134 | -0.6% |
| Fixed assets | 21/28 | €603,972 | €603,550 | -€422 | -0.1% |
| Tangible fixed assets | 22/27 | €3,972 | €3,550 | -€422 | -10.6% |
| Furniture and vehicles | 24 | €3,972 | €3,550 | -€422 | -10.6% |
| Financial fixed assets | 28 | €600,000 | €600,000 | = | 0.0% |
| Current assets | 29/58 | €58,407 | €54,694 | -€3,712 | -6.4% |
| Amounts receivable within one year | 40/41 | €47,190 | €39,480 | -€7,710 | -16.3% |
| Trade receivables | 40 | €47,190 | €39,325 | -€7,865 | -16.7% |
| Other amounts receivable | 41 | - | €155 | +€155 | |
| Cash at bank and in hand | 54/58 | €11,217 | €15,214 | +€3,997 | +35.6% |
| Total equity and liabilities | 10/49 | €662,379 | €658,244 | -€4,134 | -0.6% |
| Equity | 10/15 | €152,009 | €200,133 | +€48,124 | +31.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €127,009 | €175,133 | +€48,124 | +37.9% |
| Distributable reserves | 133 | €127,009 | €175,133 | +€48,124 | +37.9% |
| Amounts payable | 17/49 | €510,370 | €458,111 | -€52,258 | -10.2% |
| Amounts payable after more than one year | 17 | €398,293 | €331,086 | -€67,208 | -16.9% |
| Financial debts | 170/4 | €398,293 | €331,086 | -€67,208 | -16.9% |
| Amounts payable within one year | 42/48 | €112,076 | €124,150 | +€12,074 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €69,893 | €72,690 | +€2,797 | +4.0% |
| Trade debts | 44 | €507 | €245 | -€262 | -51.8% |
| Suppliers | 440/4 | €507 | €245 | -€262 | -51.8% |
| Taxes, remuneration and social security | 45 | €41,203 | €50,546 | +€9,343 | +22.7% |
| Taxes | 450/3 | €38,823 | €49,125 | +€10,302 | +26.5% |
| Remuneration and social security | 454/9 | €2,379 | €1,421 | -€958 | -40.3% |
| Other amounts payable | 47/48 | €473 | €669 | +€196 | +41.5% |
| Accrued charges and deferred income | 492/3 | €0 | €2,875 | +€2,875 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €247 | €422 | +€175 | +71.0% |
| Other operating charges | 640/8 | €141 | €544 | +€403 | +287% |
| Gross operating margin | 9900 | €125,330 | €84,029 | -€41,301 | -33.0% |
| Operating profit (loss) | 9901 | €124,943 | €83,063 | -€41,880 | -33.5% |
| Financial charges | 65/66B | €19,092 | €16,529 | -€2,563 | -13.4% |
| Recurring financial charges | 65 | €19,092 | €16,529 | -€2,563 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €105,851 | €66,534 | -€39,317 | -37.1% |
| Income taxes | 67/77 | €29,611 | €18,410 | -€11,201 | -37.8% |
| Profit (loss) for the period | 9904 | €76,240 | €48,124 | -€28,116 | -36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €76,240 | €48,124 | -€28,116 | -36.9% |
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 14 October 2026 via checked.be.