LDB: what changed
What changed
LDB
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€39,224
2024 · €49,243-€10,019
Equity
€411,150
2024 · €375,345+€35,806
Cash
€37,304
2024 · €18,237+€19,068
Balance sheet total
€911,757
2024 · €856,711+€55,046
Largest movements
Assets
- Tangible fixed assets +€44,895
up €44,895 (+5.6%), from €807,031 to €851,927
of which Land and buildings: +€50,347
- Cash +€19,068
up €19,068 (+105%), from €18,237 to €37,304
mainly Net result for the year (+€39,224) and Depreciation (+€37,585)
- Receivables within one year -€10,387
down €10,387 (-36.4%), from €28,572 to €18,185
of which Trade receivables: -€10,387
Equity and liabilities
- Reserves +€35,806
up €35,806 (+10.0%), from €356,745 to €392,550
- Tax, wage and social debts +€22,434
up €22,434 (+291%), from €7,703 to €30,137
- Debts after one year -€15,320
down €15,320 (-6.9%), from €222,843 to €207,523
- Other debts +€11,325
up €11,325 (+6.9%), from €163,838 to €175,163
Income statement
- Gross operating margin -€10,831
down €10,831 (-8.0%), from €135,839 to €125,009
- Depreciation -€2,682
down €2,682 (-6.7%), from €40,267 to €37,585
- Taxes +€1,782
up €1,782 (+9.4%), from €19,005 to €20,787
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€49,243
Gross operating margin
-€10,831
Depreciation
+€2,682
Other operating charges
-€175
Financial income
+€15
Financial charges
+€71
Taxes
-€1,782
Result 2025
€39,224
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€118,262
Investment
-€82,394
Financing
-€16,801
Cash 2024
€18,237
From operations (derived)
+€118,262
Net result for the year
+€39,224
Depreciation
+€37,585
Receivables within one year
+€10,387
Deferred charges and accrued income
-€1,557
Trade debts
+€3,038
Tax, wage and social debts
+€22,434
Advances received
-€2,115
Other debts
+€11,325
Accrued charges and deferred income
-€2,059
Investment (derived)
-€82,394
Investment in fixed assets (net)
-€82,394
Financing
-€16,801
Debts after one year
-€15,320
Current portion of long-term debt
+€6,937
Short-term financial debts
-€5,000
Contributions, distributions and other
-€3,418
Cash 2025
€37,304
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €856,711 | €911,757 | +€55,046 | +6.4% |
| Fixed assets | 21/28 | €807,118 | €851,927 | +€44,809 | +5.6% |
| Intangible fixed assets | 21 | €87 | - | -€87 | |
| Tangible fixed assets | 22/27 | €807,031 | €851,927 | +€44,895 | +5.6% |
| Land and buildings | 22 | €793,920 | €844,267 | +€50,347 | +6.3% |
| Plant, machinery and equipment | 23 | €2,198 | €2,334 | +€136 | +6.2% |
| Furniture and vehicles | 24 | €10,914 | €5,326 | -€5,588 | -51.2% |
| Current assets | 29/58 | €49,593 | €59,831 | +€10,238 | +20.6% |
| Amounts receivable within one year | 40/41 | €28,572 | €18,185 | -€10,387 | -36.4% |
| Trade receivables | 40 | €27,795 | €17,408 | -€10,387 | -37.4% |
| Other amounts receivable | 41 | €778 | €778 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €18,237 | €37,304 | +€19,068 | +105% |
| Deferred charges and accrued income | 490/1 | €2,784 | €4,341 | +€1,557 | +55.9% |
| Total equity and liabilities | 10/49 | €856,711 | €911,757 | +€55,046 | +6.4% |
| Equity | 10/15 | €375,345 | €411,150 | +€35,806 | +9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €356,745 | €392,550 | +€35,806 | +10.0% |
| Distributable reserves | 133 | €356,745 | €392,550 | +€35,806 | +10.0% |
| Amounts payable | 17/49 | €481,367 | €500,607 | +€19,240 | +4.0% |
| Amounts payable after more than one year | 17 | €222,843 | €207,523 | -€15,320 | -6.9% |
| Financial debts | 170/4 | €222,843 | €207,523 | -€15,320 | -6.9% |
| Amounts payable within one year | 42/48 | €244,305 | €280,925 | +€36,619 | +15.0% |
| Current portion of amounts payable after more than one year | 42 | €54,270 | €61,207 | +€6,937 | +12.8% |
| Financial debts | 43 | €15,000 | €10,000 | -€5,000 | -33.3% |
| Credit institutions | 430/8 | €15,000 | €10,000 | -€5,000 | -33.3% |
| Trade debts | 44 | €1,379 | €4,417 | +€3,038 | +220% |
| Suppliers | 440/4 | €1,379 | €4,417 | +€3,038 | +220% |
| Advances received on contracts in progress | 46 | €2,115 | - | -€2,115 | |
| Taxes, remuneration and social security | 45 | €7,703 | €30,137 | +€22,434 | +291% |
| Taxes | 450/3 | €7,703 | €30,137 | +€22,434 | +291% |
| Other amounts payable | 47/48 | €163,838 | €175,163 | +€11,325 | +6.9% |
| Accrued charges and deferred income | 492/3 | €14,219 | €12,160 | -€2,059 | -14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,267 | €37,585 | -€2,682 | -6.7% |
| Other operating charges | 640/8 | €4,094 | €4,269 | +€175 | +4.3% |
| Gross operating margin | 9900 | €135,839 | €125,009 | -€10,831 | -8.0% |
| Operating profit (loss) | 9901 | €91,478 | €83,155 | -€8,323 | -9.1% |
| Financial income | 75/76B | €0 | €15 | +€15 | +48,867% |
| Recurring financial income | 75 | €0 | €15 | +€15 | +48,867% |
| Financial charges | 65/66B | €23,230 | €23,159 | -€71 | -0.3% |
| Recurring financial charges | 65 | €23,230 | €23,159 | -€71 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €68,248 | €60,011 | -€8,238 | -12.1% |
| Income taxes | 67/77 | €19,005 | €20,787 | +€1,782 | +9.4% |
| Profit (loss) for the period | 9904 | €49,243 | €39,224 | -€10,019 | -20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €49,243 | €39,224 | -€10,019 | -20.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.