TUFFREAU LUC: 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.
TUFFREAU LUC
Largest movements
- Current investments +€1.1m
up €1.1m (+38.6%), from €3.0m to €4.1m
- Receivables within one year -€296,294
down €296,294 (-70.0%), from €423,244 to €126,950
of which Trade receivables: -€298,420
- Cash -€281,112
down €281,112 (-48.1%), from €584,081 to €302,969
mainly Current investments (-€1.1m) and Contributions, distributions and other (-€78,098)
- Reserves +€487,273
up €487,273 (+14.6%), from €3.3m to €3.8m
of which Distributable reserves: +€613,573
- Other debts +€67,109
up €67,109 (+4.6%), from €1.4m to €1.5m
- Gross operating margin -€97,210
down €97,210 (-9.3%), from €1.0m to €952,618
- Depreciation -€47,398
down €47,398 (-40.1%), from €118,257 to €70,859
- Taxes -€23,196
down €23,196 (-8.0%), from €289,319 to €266,123
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 | €4,918,048 | €5,436,388 | +€518,340 | +10.5% |
| Fixed assets | 21/28 | €921,108 | €869,599 | -€51,509 | -5.6% |
| Tangible fixed assets | 22/27 | €921,059 | €869,550 | -€51,509 | -5.6% |
| Land and buildings | 22 | €849,297 | €813,741 | -€35,556 | -4.2% |
| Plant, machinery and equipment | 23 | €3,833 | €7,368 | +€3,535 | +92.2% |
| Furniture and vehicles | 24 | €67,928 | €48,441 | -€19,487 | -28.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €3,996,940 | €4,566,789 | +€569,849 | +14.3% |
| Stocks and contracts in progress | 3 | €5,152 | €7,552 | +€2,400 | +46.6% |
| Stocks | 30/36 | €5,152 | €7,552 | +€2,400 | +46.6% |
| Amounts receivable within one year | 40/41 | €423,244 | €126,950 | -€296,294 | -70.0% |
| Trade receivables | 40 | €387,439 | €89,019 | -€298,420 | -77.0% |
| Other amounts receivable | 41 | €35,805 | €37,931 | +€2,127 | +5.9% |
| Current investments | 50/53 | €2,975,000 | €4,123,252 | +€1.1m | +38.6% |
| Cash at bank and in hand | 54/58 | €584,081 | €302,969 | -€281,112 | -48.1% |
| Deferred charges and accrued income | 490/1 | €9,463 | €6,066 | -€3,397 | -35.9% |
| Total equity and liabilities | 10/49 | €4,918,048 | €5,436,388 | +€518,340 | +10.5% |
| Equity | 10/15 | €3,356,811 | €3,844,084 | +€487,273 | +14.5% |
| Contributions | 10/11 | €24,861 | €24,861 | = | 0.0% |
| Reserves | 13 | €3,331,950 | €3,819,223 | +€487,273 | +14.6% |
| Tax-exempt reserves | 132 | €156,300 | €30,000 | -€126,300 | -80.8% |
| Distributable reserves | 133 | €3,175,650 | €3,789,223 | +€613,573 | +19.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,561,237 | €1,592,304 | +€31,067 | +2.0% |
| Amounts payable within one year | 42/48 | €1,561,237 | €1,589,304 | +€28,067 | +1.8% |
| Trade debts | 44 | €29,012 | €6,443 | -€22,568 | -77.8% |
| Suppliers | 440/4 | €29,012 | €6,443 | -€22,568 | -77.8% |
| Taxes, remuneration and social security | 45 | €84,282 | €67,809 | -€16,473 | -19.5% |
| Taxes | 450/3 | €76,012 | €61,238 | -€14,774 | -19.4% |
| Remuneration and social security | 454/9 | €8,270 | €6,571 | -€1,699 | -20.5% |
| Other amounts payable | 47/48 | €1,447,944 | €1,515,052 | +€67,109 | +4.6% |
| Accrued charges and deferred income | 492/3 | - | €3,000 | +€3,000 | |
| Non-recurring operating income | 76A | €908 | €0 | -€908 | -100% |
| Remuneration, social security and pensions | 62 | €46,508 | €48,079 | +€1,572 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,257 | €70,859 | -€47,398 | -40.1% |
| Other operating charges | 640/8 | €25,810 | €15,910 | -€9,900 | -38.4% |
| Gross operating margin | 9900 | €1,049,827 | €952,618 | -€97,210 | -9.3% |
| Operating profit (loss) | 9901 | €859,253 | €817,770 | -€41,484 | -4.8% |
| Financial income | 75/76B | €110,771 | €117,337 | +€6,566 | +5.9% |
| Recurring financial income | 75 | €110,771 | €117,337 | +€6,566 | +5.9% |
| Financial charges | 65/66B | €110,515 | €103,613 | -€6,902 | -6.2% |
| Recurring financial charges | 65 | €110,515 | €103,613 | -€6,902 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €859,510 | €831,494 | -€28,016 | -3.3% |
| Income taxes | 67/77 | €289,319 | €266,123 | -€23,196 | -8.0% |
| Profit (loss) for the period | 9904 | €570,191 | €565,371 | -€4,820 | -0.8% |
| Transfer from tax-exempt reserves | 789 | €210,500 | €126,300 | -€84,200 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €780,691 | €691,671 | -€89,020 | -11.4% |
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 20 October 2026 via checked.be.