LD: 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.
LD
Largest movements
- Receivables within one year +€26,030
up €26,030 (+94.0%), from €27,677 to €53,707
of which Trade receivables: +€17,011
- Tangible fixed assets +€20,679
up €20,679 (+875.6%), from €2,362 to €23,040
- Intangible fixed assets +€15,156
new in 2025: €15,156
- Cash -€14,761
down €14,761 (-11.3%), from €130,101 to €115,340
mainly Investment in fixed assets (net) (-€46,520) and Net result for the year (-€35,303)
- Financial fixed assets +€2,250
new in 2025: €2,250
- Debts after one year +€61,132
new in 2025: €61,132
- Reserves -€35,303
down €35,303 (-25.0%), from €141,454 to €106,151
- Current portion of long-term debt +€15,152
new in 2025: €15,152
- Trade debts +€6,290
up €6,290 (+2537.6%), from €248 to €6,538
- Tax, wage and social debts +€3,222
up €3,222 (+18.8%), from €17,127 to €20,349
of which Taxes: +€3,282
- Gross operating margin -€61,459
down €61,459, from €38,612 to -€22,847
- Taxes -€9,215
down €9,215 (-97.6%), from €9,438 to €222
- Financial charges +€2,873
up €2,873, from €0 to €2,873
- Other operating charges +€662
up €662 (+111.6%), from €593 to €1,256
- Depreciation +€461
up €461 (+5.8%), from €7,975 to €8,436
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 | €160,662 | €210,322 | +€49,660 | +30.9% |
| Fixed assets | 21/28 | €2,362 | €40,446 | +€38,084 | +1612.7% |
| Intangible fixed assets | 21 | - | €15,156 | +€15,156 | |
| Tangible fixed assets | 22/27 | €2,362 | €23,040 | +€20,679 | +875.6% |
| Furniture and vehicles | 24 | €2,362 | €23,040 | +€20,679 | +875.6% |
| Financial fixed assets | 28 | - | €2,250 | +€2,250 | |
| Current assets | 29/58 | €158,300 | €169,876 | +€11,576 | +7.3% |
| Amounts receivable within one year | 40/41 | €27,677 | €53,707 | +€26,030 | +94.0% |
| Trade receivables | 40 | €1,458 | €18,469 | +€17,011 | +1166.7% |
| Other amounts receivable | 41 | €26,219 | €35,239 | +€9,020 | +34.4% |
| Cash at bank and in hand | 54/58 | €130,101 | €115,340 | -€14,761 | -11.3% |
| Deferred charges and accrued income | 490/1 | €522 | €829 | +€307 | +58.8% |
| Total equity and liabilities | 10/49 | €160,662 | €210,322 | +€49,660 | +30.9% |
| Equity | 10/15 | €142,454 | €107,151 | -€35,303 | -24.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €141,454 | €106,151 | -€35,303 | -25.0% |
| Distributable reserves | 133 | €141,454 | €106,151 | -€35,303 | -25.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €18,208 | €103,171 | +€84,963 | +466.6% |
| Amounts payable after more than one year | 17 | - | €61,132 | +€61,132 | |
| Financial debts | 170/4 | - | €61,132 | +€61,132 | |
| Amounts payable within one year | 42/48 | €18,208 | €42,039 | +€23,831 | +130.9% |
| Current portion of amounts payable after more than one year | 42 | - | €15,152 | +€15,152 | |
| Trade debts | 44 | €248 | €6,538 | +€6,290 | +2537.6% |
| Suppliers | 440/4 | €248 | €6,538 | +€6,290 | +2537.6% |
| Taxes, remuneration and social security | 45 | €17,127 | €20,349 | +€3,222 | +18.8% |
| Taxes | 450/3 | €15,637 | €18,919 | +€3,282 | +21.0% |
| Remuneration and social security | 454/9 | €1,490 | €1,430 | -€60 | -4.0% |
| Other amounts payable | 47/48 | €833 | €0 | -€833 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,975 | €8,436 | +€461 | +5.8% |
| Other operating charges | 640/8 | €593 | €1,256 | +€662 | +111.6% |
| Gross operating margin | 9900 | €38,612 | -€22,847 | -€61,459 | |
| Operating profit (loss) | 9901 | €30,044 | -€32,539 | -€62,583 | |
| Financial income | 75/76B | €367 | €332 | -€35 | -9.5% |
| Recurring financial income | 75 | €367 | €332 | -€35 | -9.5% |
| Financial charges | 65/66B | €0 | €2,873 | +€2,873 | |
| Recurring financial charges | 65 | €0 | €2,873 | +€2,873 | |
| Profit (loss) for the period before taxes | 9903 | €30,410 | -€35,081 | -€65,491 | |
| Income taxes | 67/77 | €9,438 | €222 | -€9,215 | -97.6% |
| Profit (loss) for the period | 9904 | €20,973 | -€35,303 | -€56,276 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,973 | -€35,303 | -€56,276 |
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 10 October 2026 via checked.be.