L.D.W.: 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
L.D.W.
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€12,845
2024 · €16,759-€3,914
Equity
€205,160
2024 · €203,117+€2,043
Cash
€19,548
2024 · €18,280+€1,268
Balance sheet total
€212,865
2024 · €217,376-€4,511
Largest movements
Assets
- Tangible fixed assets -€8,158
down €8,158 (-36.2%), from €22,509 to €14,352
of which Furniture and vehicles: -€10,629
Equity and liabilities
- Debts after one year -€4,802
no longer reported in 2025 (was €4,802)
Income statement
- Gross operating margin -€4,890
down €4,890 (-13.6%), from €35,950 to €31,060
- Taxes -€1,721
down €1,721 (-21.9%), from €7,839 to €6,118
- Depreciation +€948
up €948 (+8.3%), from €11,489 to €12,437
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
€16,759
Gross operating margin
-€4,890
Depreciation
-€948
Other operating charges
-€187
Financial income
+€339
Financial charges
+€51
Taxes
+€1,721
Result 2025
€12,845
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
+€23,341
Investment
-€4,925
Financing
-€17,149
Cash 2024
€18,280
From operations (derived)
+€23,341
Net result for the year
+€12,845
Depreciation
+€12,437
Stocks and contracts
-€105
Receivables within one year
-€1,548
Deferred charges and accrued income
-€80
Trade debts
+€184
Tax, wage and social debts
-€391
Investment (derived)
-€4,925
Investment in fixed assets (net)
-€4,279
Current investments
-€646
Financing
-€17,149
Debts after one year
-€4,802
Current portion of long-term debt
-€1,546
Contributions, distributions and other
-€10,802
Cash 2025
€19,548
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €217,376 | €212,865 | -€4,511 | -2.1% |
| Fixed assets | 21/28 | €22,509 | €14,352 | -€8,158 | -36.2% |
| Tangible fixed assets | 22/27 | €22,509 | €14,352 | -€8,158 | -36.2% |
| Plant, machinery and equipment | 23 | €3,149 | €5,620 | +€2,471 | +78.5% |
| Furniture and vehicles | 24 | €19,360 | €8,731 | -€10,629 | -54.9% |
| Current assets | 29/58 | €194,866 | €198,513 | +€3,647 | +1.9% |
| Stocks and contracts in progress | 3 | €1,375 | €1,481 | +€105 | +7.6% |
| Stocks | 30/36 | €1,375 | €1,481 | +€105 | +7.6% |
| Amounts receivable within one year | 40/41 | €37,582 | €39,130 | +€1,548 | +4.1% |
| Trade receivables | 40 | €30,885 | €27,815 | -€3,069 | -9.9% |
| Other amounts receivable | 41 | €6,697 | €11,315 | +€4,618 | +68.9% |
| Current investments | 50/53 | €134,933 | €135,579 | +€646 | +0.5% |
| Cash at bank and in hand | 54/58 | €18,280 | €19,548 | +€1,268 | +6.9% |
| Deferred charges and accrued income | 490/1 | €2,696 | €2,776 | +€80 | +3.0% |
| Total equity and liabilities | 10/49 | €217,376 | €212,865 | -€4,511 | -2.1% |
| Equity | 10/15 | €203,117 | €205,160 | +€2,043 | +1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €101,810 | €103,853 | +€2,043 | +2.0% |
| Distributable reserves | 133 | €101,810 | €103,853 | +€2,043 | +2.0% |
| Profit (loss) carried forward | 14 | €82,707 | €82,707 | = | 0.0% |
| Amounts payable | 17/49 | €14,258 | €7,704 | -€6,554 | -46.0% |
| Amounts payable after more than one year | 17 | €4,802 | - | -€4,802 | |
| Financial debts | 170/4 | €4,802 | - | -€4,802 | |
| Amounts payable within one year | 42/48 | €9,457 | €7,704 | -€1,752 | -18.5% |
| Current portion of amounts payable after more than one year | 42 | €6,347 | €4,802 | -€1,546 | -24.4% |
| Trade debts | 44 | €1,434 | €1,618 | +€184 | +12.9% |
| Suppliers | 440/4 | €1,434 | €1,618 | +€184 | +12.9% |
| Taxes, remuneration and social security | 45 | €1,676 | €1,284 | -€391 | -23.4% |
| Taxes | 450/3 | €1,676 | €1,284 | -€391 | -23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,489 | €12,437 | +€948 | +8.3% |
| Other operating charges | 640/8 | €243 | €430 | +€187 | +76.7% |
| Gross operating margin | 9900 | €35,950 | €31,060 | -€4,890 | -13.6% |
| Operating profit (loss) | 9901 | €24,218 | €18,194 | -€6,025 | -24.9% |
| Financial income | 75/76B | €584 | €923 | +€339 | +58.0% |
| Recurring financial income | 75 | €584 | €923 | +€339 | +58.0% |
| Financial charges | 65/66B | €205 | €153 | -€51 | -25.0% |
| Recurring financial charges | 65 | €205 | €153 | -€51 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €24,598 | €18,963 | -€5,635 | -22.9% |
| Income taxes | 67/77 | €7,839 | €6,118 | -€1,721 | -21.9% |
| Profit (loss) for the period | 9904 | €16,759 | €12,845 | -€3,914 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,759 | €12,845 | -€3,914 | -23.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.