LADM: 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.
What changed
LADM
NACE 25.110, Manufacture of metal structures and parts of structures
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€477,261
2024 · €1.0m-€545,403
Equity
€5.9m
2024 · €5.9m+€320
Cash
€255,750
2024 · €640,648-€384,898
Balance sheet total
€8.9m
2024 · €8.9m+€27,728
Largest movements
Assets
- Cash -€384,898
down €384,898 (-60.1%), from €640,648 to €255,750
mainly Contributions, distributions and other (-€476,941) and Current investments (-€300,000)
- Current investments +€300,000
new in 2025: €300,000
- Deferred charges and accrued income +€219,676
up €219,676 (+53.6%), from €409,619 to €629,295
- Receivables within one year -€124,094
down €124,094 (-9.2%), from €1.4m to €1.2m
of which Trade receivables: -€191,113
Equity and liabilities
- Debts after one year -€112,023
down €112,023 (-6.5%), from €1.7m to €1.6m
Income statement
- Gross operating margin -€460,141
down €460,141 (-22.3%), from €2.1m to €1.6m
- Financial income -€185,870
down €185,870 (-45.8%), from €405,897 to €220,027
- Taxes -€184,211
down €184,211 (-51.4%), from €358,374 to €174,162
- Staff costs +€65,455
up €65,455 (+7.0%), from €929,796 to €995,251
- Write-downs +€32,182
up €32,182, from -€24,729 to €7,453
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
€1.0m
Gross operating margin
-€460,141
Staff costs
-€65,455
Depreciation
+€3,343
Write-downs
-€32,182
Other operating charges
+€4,568
Financial income
-€185,870
Financial charges
+€6,124
Taxes
+€184,211
Result 2025
€477,261
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.
From operations
+€587,233
Investment
-€387,327
Financing
-€584,805
Cash 2024
€640,648
From operations (derived)
+€587,233
Net result for the year
+€477,261
Depreciation
+€58,369
Stocks and contracts
+€11,915
Receivables within one year
+€124,094
Deferred charges and accrued income
-€219,676
Trade debts
+€76,642
Tax, wage and social debts
+€79,099
Other debts
-€20,745
Accrued charges and deferred income
+€276
Investment (derived)
-€387,327
Investment in fixed assets (net)
-€87,327
Current investments
-€300,000
Financing
-€584,805
Debts after one year
-€112,023
Current portion of long-term debt
+€4,160
Contributions, distributions and other
-€476,941
Cash 2025
€255,750
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,870,994 | €8,898,722 | +€27,728 | +0.3% |
| Fixed assets | 21/28 | €328,883 | €357,841 | +€28,958 | +8.8% |
| Tangible fixed assets | 22/27 | €328,883 | €357,841 | +€28,958 | +8.8% |
| Land and buildings | 22 | €274,614 | €270,873 | -€3,741 | -1.4% |
| Plant, machinery and equipment | 23 | €37,173 | €34,427 | -€2,746 | -7.4% |
| Furniture and vehicles | 24 | €17,096 | €52,541 | +€35,445 | +207.3% |
| Current assets | 29/58 | €8,542,111 | €8,540,881 | -€1,230 | 0.0% |
| Amounts receivable after more than one year | 29 | €5,649,944 | €5,649,944 | = | 0.0% |
| Other amounts receivable | 291 | €5,649,944 | €5,649,944 | = | 0.0% |
| Stocks and contracts in progress | 3 | €488,451 | €476,536 | -€11,915 | -2.4% |
| Stocks | 30/36 | €488,451 | €476,536 | -€11,915 | -2.4% |
| Amounts receivable within one year | 40/41 | €1,353,449 | €1,229,356 | -€124,094 | -9.2% |
| Trade receivables | 40 | €1,344,040 | €1,152,927 | -€191,113 | -14.2% |
| Other amounts receivable | 41 | €9,409 | €76,428 | +€67,019 | +712.3% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €640,648 | €255,750 | -€384,898 | -60.1% |
| Deferred charges and accrued income | 490/1 | €409,619 | €629,295 | +€219,676 | +53.6% |
| Total equity and liabilities | 10/49 | €8,870,994 | €8,898,722 | +€27,728 | +0.3% |
| Equity | 10/15 | €5,875,051 | €5,875,371 | +€320 | 0.0% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €5,799,013 | €5,801,274 | +€2,261 | 0.0% |
| Non-distributable reserves | 130/1 | €5,656,500 | €5,656,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Financial assistance | 1313 | €5,650,000 | €5,650,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,878 | €18,878 | = | 0.0% |
| Distributable reserves | 133 | €123,635 | €125,896 | +€2,261 | +1.8% |
| Investment grants | 15 | €11,038 | €9,097 | -€1,941 | -17.6% |
| Amounts payable | 17/49 | €2,995,943 | €3,023,351 | +€27,408 | +0.9% |
| Amounts payable after more than one year | 17 | €1,712,925 | €1,600,902 | -€112,023 | -6.5% |
| Financial debts | 170/4 | €1,712,925 | €1,600,902 | -€112,023 | -6.5% |
| Amounts payable within one year | 42/48 | €1,283,018 | €1,422,173 | +€139,155 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €107,863 | €112,023 | +€4,160 | +3.9% |
| Trade debts | 44 | €336,058 | €412,699 | +€76,642 | +22.8% |
| Suppliers | 440/4 | €336,058 | €412,699 | +€76,642 | +22.8% |
| Taxes, remuneration and social security | 45 | €238,900 | €318,000 | +€79,099 | +33.1% |
| Taxes | 450/3 | €144,725 | €157,816 | +€13,091 | +9.0% |
| Remuneration and social security | 454/9 | €94,175 | €160,183 | +€66,008 | +70.1% |
| Other amounts payable | 47/48 | €600,197 | €579,451 | -€20,745 | -3.5% |
| Accrued charges and deferred income | 492/3 | - | €276 | +€276 | |
| Remuneration, social security and pensions | 62 | €929,796 | €995,251 | +€65,455 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,711 | €58,369 | -€3,343 | -5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€24,729 | €7,453 | +€32,182 | |
| Other operating charges | 640/8 | €39,494 | €34,926 | -€4,568 | -11.6% |
| Gross operating margin | 9900 | €2,063,035 | €1,602,893 | -€460,141 | -22.3% |
| Operating profit (loss) | 9901 | €1,056,763 | €506,895 | -€549,868 | -52.0% |
| Financial income | 75/76B | €405,897 | €220,027 | -€185,870 | -45.8% |
| Recurring financial income | 75 | €405,897 | €220,027 | -€185,870 | -45.8% |
| Financial charges | 65/66B | €81,622 | €75,498 | -€6,124 | -7.5% |
| Recurring financial charges | 65 | €81,622 | €75,498 | -€6,124 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €1,381,038 | €651,424 | -€729,614 | -52.8% |
| Income taxes | 67/77 | €358,374 | €174,162 | -€184,211 | -51.4% |
| Profit (loss) for the period | 9904 | €1,022,664 | €477,261 | -€545,403 | -53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,022,664 | €477,261 | -€545,403 | -53.3% |
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 3 October 2026 via checked.be.