L.D. MANEGES: 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.
L.D. MANEGES
Largest movements
- Tangible fixed assets +€23,931
up €23,931 (+23.0%), from €103,987 to €127,919
of which Plant, machinery and equipment: +€25,360
- Cash -€12,569
down €12,569 (-29.1%), from €43,265 to €30,696
mainly Investment in fixed assets (net) (-€33,409) and Other debts (-€26,003)
- Receivables within one year +€8,192
up €8,192 (+17.3%), from €47,415 to €55,607
of which Trade receivables: +€30,761
- Reserves +€33,301
up €33,301 (+8,987%), from €371 to €33,672
of which Distributable reserves: +€33,301
- Other debts -€26,003
down €26,003 (-58.6%), from €44,360 to €18,357
- Tax, wage and social debts +€19,122
up €19,122 (+101%), from €18,966 to €38,088
- Debts after one year -€5,413
down €5,413 (-11.1%), from €48,634 to €43,221
- Gross operating margin -€19,632
down €19,632 (-24.3%), from €80,767 to €61,135
- Depreciation +€2,378
up €2,378 (+33.5%), from €7,099 to €9,478
- Taxes +€1,580
up €1,580 (+11.4%), from €13,868 to €15,448
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 | €195,098 | €214,939 | +€19,841 | +10.2% |
| Fixed assets | 21/28 | €103,987 | €127,919 | +€23,931 | +23.0% |
| Tangible fixed assets | 22/27 | €103,987 | €127,919 | +€23,931 | +23.0% |
| Land and buildings | 22 | €64,350 | €64,350 | = | 0.0% |
| Plant, machinery and equipment | 23 | €19,641 | €45,001 | +€25,360 | +129% |
| Other tangible fixed assets | 26 | €19,996 | €18,568 | -€1,428 | -7.1% |
| Current assets | 29/58 | €91,111 | €87,020 | -€4,091 | -4.5% |
| Amounts receivable after more than one year | 29 | - | €199 | +€199 | |
| Trade receivables | 290 | - | €199 | +€199 | |
| Amounts receivable within one year | 40/41 | €47,415 | €55,607 | +€8,192 | +17.3% |
| Trade receivables | 40 | €24,514 | €55,275 | +€30,761 | +125% |
| Other amounts receivable | 41 | €22,901 | €332 | -€22,569 | -98.6% |
| Cash at bank and in hand | 54/58 | €43,265 | €30,696 | -€12,569 | -29.1% |
| Deferred charges and accrued income | 490/1 | €430 | €519 | +€89 | +20.6% |
| Total equity and liabilities | 10/49 | €195,098 | €214,939 | +€19,841 | +10.2% |
| Equity | 10/15 | €76,558 | €109,859 | +€33,301 | +43.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €371 | €33,672 | +€33,301 | +8,987% |
| Non-distributable reserves | 130/1 | €371 | €371 | = | 0.0% |
| Reserves not available under the articles | 1311 | €371 | €371 | = | 0.0% |
| Distributable reserves | 133 | - | €33,301 | +€33,301 | |
| Profit (loss) carried forward | 14 | €56,188 | €56,188 | = | 0.0% |
| Amounts payable | 17/49 | €118,540 | €105,080 | -€13,460 | -11.4% |
| Amounts payable after more than one year | 17 | €48,634 | €43,221 | -€5,413 | -11.1% |
| Financial debts | 170/4 | €48,634 | €43,221 | -€5,413 | -11.1% |
| Amounts payable within one year | 42/48 | €69,905 | €61,859 | -€8,047 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €5,188 | €5,413 | +€225 | +4.3% |
| Trade debts | 44 | €1,392 | - | -€1,392 | |
| Suppliers | 440/4 | €1,392 | - | -€1,392 | |
| Taxes, remuneration and social security | 45 | €18,966 | €38,088 | +€19,122 | +101% |
| Taxes | 450/3 | €18,966 | €38,088 | +€19,122 | +101% |
| Other amounts payable | 47/48 | €44,360 | €18,357 | -€26,003 | -58.6% |
| Non-recurring operating income | 76A | €2,500 | - | -€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,099 | €9,478 | +€2,378 | +33.5% |
| Other operating charges | 640/8 | €392 | €400 | +€8 | +2.0% |
| Gross operating margin | 9900 | €80,767 | €61,135 | -€19,632 | -24.3% |
| Operating profit (loss) | 9901 | €73,275 | €51,257 | -€22,018 | -30.0% |
| Financial charges | 65/66B | €2,734 | €2,509 | -€225 | -8.2% |
| Recurring financial charges | 65 | €2,734 | €2,509 | -€225 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €70,541 | €48,749 | -€21,793 | -30.9% |
| Income taxes | 67/77 | €13,868 | €15,448 | +€1,580 | +11.4% |
| Profit (loss) for the period | 9904 | €56,674 | €33,301 | -€23,372 | -41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,674 | €33,301 | -€23,372 | -41.2% |
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 15 October 2026 via checked.be.