LADECAL: what changed
Two fiscal 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.
LADECAL
Largest movements
- Current investments +€880,000
new in 2025: €880,000
- Cash -€249,761
down €249,761 (-78.0%), from €320,153 to €70,392
mainly Current investments (-€880,000) and Investment in fixed assets (net) (-€56,345)
- Intangible fixed assets -€20,000
down €20,000 (-50.0%), from €40,000 to €20,000
- Other debts +€383,013
up €383,013 (+349.0%), from €109,751 to €492,764
- Reserves +€161,981
up €161,981 (+44.6%), from €363,182 to €525,163
- Tax, wage and social debts +€62,640
up €62,640 (+503.8%), from €12,433 to €75,073
of which Taxes: +€61,327
- Debts after one year -€43,646
down €43,646 (-6.0%), from €727,063 to €683,417
- Accrued charges and deferred income +€27,863
up €27,863 (+2292.0%), from €1,216 to €29,078
- Gross operating margin +€142,855
up €142,855 (+42.0%), from €339,855 to €482,710
- Taxes +€59,336
up €59,336 (+102.3%), from €58,013 to €117,350
- Financial income +€7,835
up €7,835 (+417.2%), from €1,878 to €9,712
- Financial charges +€6,391
up €6,391 (+22.5%), from €28,466 to €34,857
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.
Cash bridge derived
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 | €1,292,001 | €1,879,127 | +€587,126 | +45.4% |
| Fixed assets | 21/28 | €953,892 | €919,062 | -€34,829 | -3.7% |
| Intangible fixed assets | 21 | €40,000 | €20,000 | -€20,000 | -50.0% |
| Tangible fixed assets | 22/27 | €913,892 | €899,062 | -€14,829 | -1.6% |
| Land and buildings | 22 | €819,234 | €775,829 | -€43,405 | -5.3% |
| Plant, machinery and equipment | 23 | €87,611 | €90,910 | +€3,299 | +3.8% |
| Furniture and vehicles | 24 | €7,047 | €32,323 | +€25,276 | +358.7% |
| Current assets | 29/58 | €338,110 | €960,065 | +€621,955 | +184.0% |
| Amounts receivable within one year | 40/41 | €16,591 | - | -€16,591 | |
| Trade receivables | 40 | €929 | - | -€929 | |
| Other amounts receivable | 41 | €15,661 | - | -€15,661 | |
| Current investments | 50/53 | - | €880,000 | +€880,000 | |
| Cash at bank and in hand | 54/58 | €320,153 | €70,392 | -€249,761 | -78.0% |
| Deferred charges and accrued income | 490/1 | €1,366 | €9,672 | +€8,306 | +608.1% |
| Total equity and liabilities | 10/49 | €1,292,001 | €1,879,127 | +€587,126 | +45.4% |
| Equity | 10/15 | €383,571 | €543,763 | +€160,192 | +41.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €363,182 | €525,163 | +€161,981 | +44.6% |
| Distributable reserves | 133 | €363,182 | €525,163 | +€161,981 | +44.6% |
| Profit (loss) carried forward | 14 | €1,789 | - | -€1,789 | |
| Amounts payable | 17/49 | €908,430 | €1,335,364 | +€426,934 | +47.0% |
| Amounts payable after more than one year | 17 | €727,063 | €683,417 | -€43,646 | -6.0% |
| Financial debts | 170/4 | €727,063 | €683,417 | -€43,646 | -6.0% |
| Amounts payable within one year | 42/48 | €180,151 | €622,868 | +€442,717 | +245.7% |
| Current portion of amounts payable after more than one year | 42 | €42,629 | €43,646 | +€1,017 | +2.4% |
| Trade debts | 44 | €15,338 | €11,385 | -€3,953 | -25.8% |
| Suppliers | 440/4 | €15,338 | €11,385 | -€3,953 | -25.8% |
| Taxes, remuneration and social security | 45 | €12,433 | €75,073 | +€62,640 | +503.8% |
| Taxes | 450/3 | €10,224 | €71,551 | +€61,327 | +599.8% |
| Remuneration and social security | 454/9 | €2,209 | €3,523 | +€1,314 | +59.5% |
| Other amounts payable | 47/48 | €109,751 | €492,764 | +€383,013 | +349.0% |
| Accrued charges and deferred income | 492/3 | €1,216 | €29,078 | +€27,863 | +2292.0% |
| Non-recurring operating income | 76A | - | €2,850 | +€2,850 | |
| Remuneration, social security and pensions | 62 | €40,304 | €44,435 | +€4,131 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,075 | €91,175 | +€3,100 | +3.5% |
| Other operating charges | 640/8 | €4,775 | €3,591 | -€1,184 | -24.8% |
| Gross operating margin | 9900 | €339,855 | €482,710 | +€142,855 | +42.0% |
| Operating profit (loss) | 9901 | €206,701 | €343,509 | +€136,808 | +66.2% |
| Financial income | 75/76B | €1,878 | €9,712 | +€7,835 | +417.2% |
| Recurring financial income | 75 | €1,878 | €9,712 | +€7,835 | +417.2% |
| Financial charges | 65/66B | €28,466 | €34,857 | +€6,391 | +22.5% |
| Recurring financial charges | 65 | €28,466 | €34,857 | +€6,391 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €180,113 | €318,364 | +€138,251 | +76.8% |
| Income taxes | 67/77 | €58,013 | €117,350 | +€59,336 | +102.3% |
| Profit (loss) for the period | 9904 | €122,100 | €201,014 | +€78,915 | +64.6% |
| Profit (loss) for the period to be appropriated | 9905 | €122,100 | €201,014 | +€78,915 | +64.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.