LUPA: 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.
What changed
LUPA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€12,226
2024 · -€63,997+€76,222
Equity
€1.1m
2024 · €1.0m+€12,226
Cash
€355
2024 · €15,821-€15,465
Balance sheet total
€4.0m
2024 · €3.8m+€181,577
Largest movements
Assets
- Receivables within one year +€226,897
up €226,897 (+17.7%), from €1.3m to €1.5m
of which Other amounts receivable: +€186,897
Equity and liabilities
- Other debts +€232,686
up €232,686 (+9.8%), from €2.4m to €2.6m
- Debts after one year -€48,432
down €48,432 (-31.2%), from €155,045 to €106,613
Income statement
- Gross operating margin +€69,264
up €69,264 (+543%), from €12,757 to €82,020
- Other operating charges -€4,011
down €4,011 (-41.3%), from €9,707 to €5,696
- Financial income +€3,669
up €3,669 (+26.2%), from €13,982 to €17,651
- Taxes +€3,372
up €3,372 (+527%), from €640 to €4,012
- Financial charges -€1,973
down €1,973 (-3.9%), from €50,896 to €48,923
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
-€63,997
Gross operating margin
+€69,264
Staff costs
+€163
Depreciation
+€515
Other operating charges
+€4,011
Financial income
+€3,669
Financial charges
+€1,973
Taxes
-€3,372
Result 2025
€12,226
raises the resultlowers the result
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.
From operations
+€37,532
Investment
+€2,783
Financing
-€55,780
Cash 2024
€15,821
From operations (derived)
+€37,532
Net result for the year
+€12,226
Depreciation
+€28,815
Receivables within one year
-€226,897
Deferred charges and accrued income
-€1,744
Trade debts
-€22,503
Tax, wage and social debts
+€13,343
Other debts
+€232,686
Accrued charges and deferred income
+€1,606
Investment (derived)
+€2,783
Investment in fixed assets (net)
+€2,783
Financing
-€55,780
Debts after one year
-€48,432
Current portion of long-term debt
+€913
Short-term financial debts
-€8,261
Cash 2025
€355
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,795,337 | €3,976,914 | +€181,577 | +4.8% |
| Fixed assets | 21/28 | €2,479,848 | €2,448,249 | -€31,599 | -1.3% |
| Tangible fixed assets | 22/27 | €322,288 | €290,690 | -€31,599 | -9.8% |
| Land and buildings | 22 | €315,038 | €283,440 | -€31,599 | -10.0% |
| Other tangible fixed assets | 26 | €7,250 | €7,250 | = | 0.0% |
| Financial fixed assets | 28 | €2,157,560 | €2,157,560 | = | 0.0% |
| Current assets | 29/58 | €1,315,489 | €1,528,664 | +€213,176 | +16.2% |
| Amounts receivable within one year | 40/41 | €1,281,639 | €1,508,536 | +€226,897 | +17.7% |
| Trade receivables | 40 | - | €40,000 | +€40,000 | |
| Other amounts receivable | 41 | €1,281,639 | €1,468,536 | +€186,897 | +14.6% |
| Current investments | 50/53 | €297 | €297 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €15,821 | €355 | -€15,465 | -97.8% |
| Deferred charges and accrued income | 490/1 | €17,731 | €19,475 | +€1,744 | +9.8% |
| Total equity and liabilities | 10/49 | €3,795,337 | €3,976,914 | +€181,577 | +4.8% |
| Equity | 10/15 | €1,046,458 | €1,058,684 | +€12,226 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,027,858 | €1,040,084 | +€12,226 | +1.2% |
| Tax-exempt reserves | 132 | €192,895 | €192,895 | = | 0.0% |
| Distributable reserves | 133 | €834,963 | €847,189 | +€12,226 | +1.5% |
| Provisions and deferred taxes | 16 | €64,298 | €64,298 | = | 0.0% |
| Deferred taxes | 168 | €64,298 | €64,298 | = | 0.0% |
| Amounts payable | 17/49 | €2,684,580 | €2,853,931 | +€169,351 | +6.3% |
| Amounts payable after more than one year | 17 | €155,045 | €106,613 | -€48,432 | -31.2% |
| Financial debts | 170/4 | €155,045 | €106,613 | -€48,432 | -31.2% |
| Amounts payable within one year | 42/48 | €2,488,409 | €2,704,587 | +€216,178 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €50,472 | €51,385 | +€913 | +1.8% |
| Financial debts | 43 | €12,394 | €4,133 | -€8,261 | -66.7% |
| Credit institutions | 430/8 | €12,394 | €4,133 | -€8,261 | -66.7% |
| Trade debts | 44 | €42,983 | €20,480 | -€22,503 | -52.4% |
| Suppliers | 440/4 | €42,983 | €20,480 | -€22,503 | -52.4% |
| Taxes, remuneration and social security | 45 | €651 | €13,994 | +€13,343 | +2,051% |
| Taxes | 450/3 | €651 | €13,994 | +€13,343 | +2,051% |
| Other amounts payable | 47/48 | €2,381,910 | €2,614,595 | +€232,686 | +9.8% |
| Accrued charges and deferred income | 492/3 | €41,125 | €42,731 | +€1,606 | +3.9% |
| Non-recurring operating income | 76A | - | €207 | +€207 | |
| Remuneration, social security and pensions | 62 | €163 | - | -€163 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,330 | €28,815 | -€515 | -1.8% |
| Other operating charges | 640/8 | €9,707 | €5,696 | -€4,011 | -41.3% |
| Gross operating margin | 9900 | €12,757 | €82,020 | +€69,264 | +543% |
| Operating profit (loss) | 9901 | -€26,443 | €47,510 | +€73,953 | |
| Financial income | 75/76B | €13,982 | €17,651 | +€3,669 | +26.2% |
| Recurring financial income | 75 | €13,982 | €17,651 | +€3,669 | +26.2% |
| Financial charges | 65/66B | €50,896 | €48,923 | -€1,973 | -3.9% |
| Recurring financial charges | 65 | €50,896 | €48,923 | -€1,973 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | -€63,357 | €16,238 | +€79,594 | |
| Income taxes | 67/77 | €640 | €4,012 | +€3,372 | +527% |
| Profit (loss) for the period | 9904 | -€63,997 | €12,226 | +€76,222 | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,997 | €12,226 | +€76,222 |
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 26 October 2026 via checked.be.