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
- Cash -€1.5m
down €1.5m (-86.6%), from €1.7m to €234,422
mainly Receivables within one year (-€1.3m) and Investment in fixed assets (net) (-€1.2m)
- Receivables within one year +€1.3m
up €1.3m (+97.8%), from €1.3m to €2.6m
of which Other amounts receivable: +€1.2m
- Financial fixed assets +€1.2m
up €1.2m (+96.2%), from €1.2m to €2.4m
- Current investments -€223,358
down €223,358 (-14.7%), from €1.5m to €1.3m
- Reserves +€1.2m
up €1.2m (+29.5%), from €4.1m to €5.3m
of which Distributable reserves: +€947,842
- Profit (loss) carried forward -€424,038
down €424,038 (-96.8%), from €438,227 to €14,189
- Short-term financial debts -€337,000
down €337,000 (-21.3%), from €1.6m to €1.2m
of which Credit institutions: -€200,000
- Accrued charges and deferred income +€156,201
up €156,201 (+2,938%), from €5,316 to €161,517
- Other debts +€138,247
up €138,247 (+9.1%), from €1.5m to €1.7m
- Gross operating margin +€988,185
up €988,185 (+122%), from €808,325 to €1.8m
- Taxes +€249,004
up €249,004 (+144%), from €172,952 to €421,957
- Financial income +€55,568
up €55,568 (+29.4%), from €189,168 to €244,736
- Financial charges +€24,767
up €24,767 (+13.3%), from €185,796 to €210,563
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 | €8,404,769 | €9,073,367 | +€668,598 | +8.0% |
| Fixed assets | 21/28 | €2,883,057 | €3,966,977 | +€1.1m | +37.6% |
| Tangible fixed assets | 22/27 | €1,684,813 | €1,616,429 | -€68,384 | -4.1% |
| Land and buildings | 22 | €1,669,844 | €1,610,208 | -€59,636 | -3.6% |
| Plant, machinery and equipment | 23 | - | €730 | +€730 | |
| Furniture and vehicles | 24 | €14,969 | €5,491 | -€9,477 | -63.3% |
| Financial fixed assets | 28 | €1,198,244 | €2,350,548 | +€1.2m | +96.2% |
| Current assets | 29/58 | €5,521,712 | €5,106,390 | -€415,322 | -7.5% |
| Stocks and contracts in progress | 3 | €941,487 | €984,578 | +€43,092 | +4.6% |
| Stocks | 30/36 | €941,487 | €984,578 | +€43,092 | +4.6% |
| Amounts receivable within one year | 40/41 | €1,301,521 | €2,574,398 | +€1.3m | +97.8% |
| Trade receivables | 40 | €29,013 | €119,742 | +€90,729 | +313% |
| Other amounts receivable | 41 | €1,272,508 | €2,454,656 | +€1.2m | +92.9% |
| Current investments | 50/53 | €1,519,748 | €1,296,390 | -€223,358 | -14.7% |
| Cash at bank and in hand | 54/58 | €1,747,465 | €234,422 | -€1.5m | -86.6% |
| Deferred charges and accrued income | 490/1 | €11,491 | €16,602 | +€5,111 | +44.5% |
| Total equity and liabilities | 10/49 | €8,404,769 | €9,073,367 | +€668,598 | +8.0% |
| Equity | 10/15 | €4,545,741 | €5,328,460 | +€782,720 | +17.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €4,088,964 | €5,295,721 | +€1.2m | +29.5% |
| Tax-exempt reserves | 132 | €286,806 | €545,721 | +€258,915 | +90.3% |
| Distributable reserves | 133 | €3,802,158 | €4,750,000 | +€947,842 | +24.9% |
| Profit (loss) carried forward | 14 | €438,227 | €14,189 | -€424,038 | -96.8% |
| Amounts payable | 17/49 | €3,859,028 | €3,744,906 | -€114,122 | -3.0% |
| Amounts payable after more than one year | 17 | €653,296 | €546,199 | -€107,097 | -16.4% |
| Financial debts | 170/4 | €653,296 | €546,199 | -€107,097 | -16.4% |
| Amounts payable within one year | 42/48 | €3,200,416 | €3,037,190 | -€163,226 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €37,948 | €72,045 | +€34,097 | +89.8% |
| Financial debts | 43 | €1,578,611 | €1,241,611 | -€337,000 | -21.3% |
| Credit institutions | 430/8 | €568,611 | €368,611 | -€200,000 | -35.2% |
| Other loans | 439 | €1,010,000 | €873,000 | -€137,000 | -13.6% |
| Trade debts | 44 | €3,089 | €5,108 | +€2,019 | +65.4% |
| Suppliers | 440/4 | €3,089 | €5,108 | +€2,019 | +65.4% |
| Advances received on contracts in progress | 46 | €1,645 | €1,645 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €62,023 | €61,435 | -€588 | -0.9% |
| Taxes | 450/3 | €62,023 | €61,435 | -€588 | -0.9% |
| Other amounts payable | 47/48 | €1,517,100 | €1,655,347 | +€138,247 | +9.1% |
| Accrued charges and deferred income | 492/3 | €5,316 | €161,517 | +€156,201 | +2,938% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,001 | €69,369 | +€367 | +0.5% |
| Other operating charges | 640/8 | €6,975 | €6,544 | -€430 | -6.2% |
| Gross operating margin | 9900 | €808,325 | €1,796,510 | +€988,185 | +122% |
| Operating profit (loss) | 9901 | €732,349 | €1,720,597 | +€988,248 | +135% |
| Financial income | 75/76B | €189,168 | €244,736 | +€55,568 | +29.4% |
| Recurring financial income | 75 | €189,168 | €244,736 | +€55,568 | +29.4% |
| Financial charges | 65/66B | €185,796 | €210,563 | +€24,767 | +13.3% |
| Recurring financial charges | 65 | €185,796 | €210,563 | +€24,767 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €735,721 | €1,754,770 | +€1.0m | +139% |
| Income taxes | 67/77 | €172,952 | €421,957 | +€249,004 | +144% |
| Profit (loss) for the period | 9904 | €562,769 | €1,332,813 | +€770,044 | +137% |
| Transfer to tax-exempt reserves | 689 | €109,460 | €258,915 | +€149,455 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €453,309 | €1,073,898 | +€620,589 | +137% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.