LADC: 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.
LADC
Largest movements
- Cash +€75,373
up €75,373 (+42.9%), from €175,691 to €251,064
mainly Depreciation (+€50,598) and Stocks and contracts (+€41,556)
- Tangible fixed assets -€50,598
down €50,598 (-10.0%), from €508,399 to €457,802
of which Land and buildings: -€43,090
- Stocks and contracts -€41,556
down €41,556 (-14.5%), from €286,930 to €245,374
- Debts after one year -€48,876
down €48,876 (-7.1%), from €690,495 to €641,619
of which Financial debts: -€48,876
- Tax, wage and social debts +€22,211
up €22,211 (+68.4%), from €32,463 to €54,674
of which Remuneration and social security: +€14,467
- Profit (loss) carried forward +€13,836
up €13,836 (+587%), from €2,359 to €16,195
- Current portion of long-term debt -€12,095
down €12,095 (-19.8%), from €60,971 to €48,876
- Gross operating margin +€25,072
up €25,072 (+10.6%), from €236,765 to €261,837
- Staff costs +€22,797
up €22,797 (+14.4%), from €157,904 to €180,701
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 | €989,404 | €971,216 | -€18,188 | -1.8% |
| Fixed assets | 21/28 | €508,399 | €457,802 | -€50,598 | -10.0% |
| Tangible fixed assets | 22/27 | €508,399 | €457,802 | -€50,598 | -10.0% |
| Land and buildings | 22 | €495,095 | €452,005 | -€43,090 | -8.7% |
| Plant, machinery and equipment | 23 | €9,216 | €4,813 | -€4,403 | -47.8% |
| Other tangible fixed assets | 26 | €4,089 | €984 | -€3,104 | -75.9% |
| Current assets | 29/58 | €481,005 | €513,415 | +€32,410 | +6.7% |
| Stocks and contracts in progress | 3 | €286,930 | €245,374 | -€41,556 | -14.5% |
| Stocks | 30/36 | €286,930 | €245,374 | -€41,556 | -14.5% |
| Amounts receivable within one year | 40/41 | - | €63 | +€63 | |
| Other amounts receivable | 41 | - | €63 | +€63 | |
| Cash at bank and in hand | 54/58 | €175,691 | €251,064 | +€75,373 | +42.9% |
| Deferred charges and accrued income | 490/1 | €18,384 | €16,913 | -€1,470 | -8.0% |
| Total equity and liabilities | 10/49 | €989,404 | €971,216 | -€18,188 | -1.8% |
| Equity | 10/15 | €140,419 | €154,255 | +€13,836 | +9.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €131,860 | €131,860 | = | 0.0% |
| Distributable reserves | 133 | €131,860 | €131,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,359 | €16,195 | +€13,836 | +587% |
| Amounts payable | 17/49 | €848,985 | €816,961 | -€32,024 | -3.8% |
| Amounts payable after more than one year | 17 | €690,495 | €641,619 | -€48,876 | -7.1% |
| Financial debts | 170/4 | €425,495 | €376,619 | -€48,876 | -11.5% |
| Other amounts payable | 178/9 | €265,000 | €265,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €154,683 | €171,580 | +€16,897 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €60,971 | €48,876 | -€12,095 | -19.8% |
| Trade debts | 44 | €31,798 | €38,322 | +€6,524 | +20.5% |
| Suppliers | 440/4 | €31,798 | €38,322 | +€6,524 | +20.5% |
| Taxes, remuneration and social security | 45 | €32,463 | €54,674 | +€22,211 | +68.4% |
| Taxes | 450/3 | €2,526 | €10,271 | +€7,745 | +307% |
| Remuneration and social security | 454/9 | €29,937 | €44,404 | +€14,467 | +48.3% |
| Other amounts payable | 47/48 | €29,451 | €29,708 | +€257 | +0.9% |
| Accrued charges and deferred income | 492/3 | €3,807 | €3,762 | -€45 | -1.2% |
| Remuneration, social security and pensions | 62 | €157,904 | €180,701 | +€22,797 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,486 | €50,598 | -€888 | -1.7% |
| Other operating charges | 640/8 | €10,718 | €9,480 | -€1,239 | -11.6% |
| Gross operating margin | 9900 | €236,765 | €261,837 | +€25,072 | +10.6% |
| Operating profit (loss) | 9901 | €16,657 | €21,059 | +€4,402 | +26.4% |
| Financial income | 75/76B | €4,373 | €5,718 | +€1,345 | +30.8% |
| Recurring financial income | 75 | €4,373 | €5,718 | +€1,345 | +30.8% |
| Financial charges | 65/66B | €14,210 | €12,758 | -€1,451 | -10.2% |
| Recurring financial charges | 65 | €14,210 | €12,758 | -€1,451 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €6,820 | €14,019 | +€7,198 | +106% |
| Income taxes | 67/77 | €194 | €182 | -€12 | -6.1% |
| Profit (loss) for the period | 9904 | €6,626 | €13,836 | +€7,210 | +109% |
| Profit (loss) for the period to be appropriated | 9905 | €6,626 | €13,836 | +€7,210 | +109% |
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 13 October 2026 via checked.be.