LD projects: 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 projects
Largest movements
- Current investments -€30,000
no longer reported in 2025 (was €30,000)
- Cash +€25,254
up €25,254 (+59.9%), from €42,189 to €67,443
mainly Net result for the year (+€44,951) and Current investments (+€30,000)
- Receivables within one year +€8,420
up €8,420 (+51.8%), from €16,250 to €24,671
of which Trade receivables: +€6,053
- Deferred charges and accrued income +€6,454
up €6,454 (+648.1%), from €996 to €7,449
- Tangible fixed assets -€6,015
down €6,015 (-21.1%), from €28,511 to €22,496
of which Furniture and vehicles: -€6,502
- Tax, wage and social debts +€5,756
up €5,756 (+78.8%), from €7,303 to €13,060
- Reserves -€2,549
down €2,549 (-2.8%), from €89,682 to €87,133
- Gross operating margin +€32,741
up €32,741 (+133.5%), from €24,521 to €57,261
- Financial charges -€24,582
down €24,582 (-98.9%), from €24,851 to €269
- Taxes +€4,495
new in 2025: €4,495
- Financial income +€2,261
up €2,261 (+1362.4%), from €166 to €2,427
- Depreciation +€861
up €861 (+10.7%), from €8,041 to €8,902
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 | €117,946 | €122,059 | +€4,113 | +3.5% |
| Fixed assets | 21/28 | €28,511 | €22,496 | -€6,015 | -21.1% |
| Tangible fixed assets | 22/27 | €28,511 | €22,496 | -€6,015 | -21.1% |
| Land and buildings | 22 | €9,407 | €8,197 | -€1,211 | -12.9% |
| Plant, machinery and equipment | 23 | €1,229 | €2,927 | +€1,698 | +138.1% |
| Furniture and vehicles | 24 | €17,875 | €11,373 | -€6,502 | -36.4% |
| Current assets | 29/58 | €89,435 | €99,563 | +€10,128 | +11.3% |
| Amounts receivable within one year | 40/41 | €16,250 | €24,671 | +€8,420 | +51.8% |
| Trade receivables | 40 | €14,795 | €20,848 | +€6,053 | +40.9% |
| Other amounts receivable | 41 | €1,455 | €3,822 | +€2,367 | +162.6% |
| Current investments | 50/53 | €30,000 | - | -€30,000 | |
| Cash at bank and in hand | 54/58 | €42,189 | €67,443 | +€25,254 | +59.9% |
| Deferred charges and accrued income | 490/1 | €996 | €7,449 | +€6,454 | +648.1% |
| Total equity and liabilities | 10/49 | €117,946 | €122,059 | +€4,113 | +3.5% |
| Equity | 10/15 | €108,282 | €105,733 | -€2,549 | -2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €89,682 | €87,133 | -€2,549 | -2.8% |
| Distributable reserves | 133 | €89,682 | €87,133 | -€2,549 | -2.8% |
| Amounts payable | 17/49 | €9,665 | €16,326 | +€6,662 | +68.9% |
| Amounts payable within one year | 42/48 | €9,206 | €15,803 | +€6,597 | +71.7% |
| Trade debts | 44 | €1,902 | €2,743 | +€841 | +44.2% |
| Suppliers | 440/4 | €1,902 | €2,743 | +€841 | +44.2% |
| Taxes, remuneration and social security | 45 | €7,303 | €13,060 | +€5,756 | +78.8% |
| Taxes | 450/3 | €7,303 | €13,060 | +€5,756 | +78.8% |
| Accrued charges and deferred income | 492/3 | €459 | €523 | +€64 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,041 | €8,902 | +€861 | +10.7% |
| Other operating charges | 640/8 | €800 | €650 | -€150 | -18.8% |
| Non-recurring operating charges | 66A | - | €422 | +€422 | |
| Gross operating margin | 9900 | €24,521 | €57,261 | +€32,741 | +133.5% |
| Operating profit (loss) | 9901 | €15,680 | €47,288 | +€31,608 | +201.6% |
| Financial income | 75/76B | €166 | €2,427 | +€2,261 | +1362.4% |
| Recurring financial income | 75 | €166 | €2,427 | +€2,261 | +1362.4% |
| Financial charges | 65/66B | €24,851 | €269 | -€24,582 | -98.9% |
| Recurring financial charges | 65 | €24,851 | €269 | -€24,582 | -98.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,005 | €49,446 | +€58,451 | |
| Income taxes | 67/77 | - | €4,495 | +€4,495 | |
| Profit (loss) for the period | 9904 | -€9,005 | €44,951 | +€53,956 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,005 | €44,951 | +€53,956 |
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 9 October 2026 via checked.be.