LDC Project: 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.
LDC Project
Largest movements
- Intangible fixed assets -€12,000
down €12,000 (-16.2%), from €74,000 to €62,000
- Cash -€6,801
down €6,801 (-20.6%), from €33,029 to €26,228
mainly Debts after one year (-€10,414) and Net result for the year (-€9,513)
- Stocks and contracts -€3,476
down €3,476 (-11.0%), from €31,585 to €28,109
of which Stocks: -€2,382
- Tangible fixed assets -€2,946
down €2,946 (-50.7%), from €5,816 to €2,870
of which Furniture and vehicles: -€1,895
- Receivables within one year +€2,432
up €2,432 (+6.6%), from €36,613 to €39,045
of which Other amounts receivable: +€5,061
- Trade debts +€12,534
up €12,534 (+69.8%), from €17,954 to €30,488
- Debts after one year -€10,414
down €10,414 (-42.8%), from €24,320 to €13,906
- Reserves -€9,500
down €9,500 (-17.3%), from €55,000 to €45,500
- Tax, wage and social debts -€8,918
down €8,918 (-33.1%), from €26,914 to €17,996
of which Taxes: -€13,014
- Other debts -€6,845
down €6,845 (-23.3%), from €29,340 to €22,495
- Staff costs +€41,920
up €41,920 (+52.0%), from €80,646 to €122,566
- Gross operating margin +€21,259
up €21,259 (+19.1%), from €111,521 to €132,780
- Taxes -€2,496
down €2,496 (-91.3%), from €2,733 to €237
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 | €184,661 | €161,098 | -€23,563 | -12.8% |
| Formation expenses | 20 | €618 | €88 | -€530 | -85.8% |
| Fixed assets | 21/28 | €79,991 | €65,045 | -€14,946 | -18.7% |
| Intangible fixed assets | 21 | €74,000 | €62,000 | -€12,000 | -16.2% |
| Tangible fixed assets | 22/27 | €5,816 | €2,870 | -€2,946 | -50.7% |
| Plant, machinery and equipment | 23 | €3,299 | €2,248 | -€1,051 | -31.9% |
| Furniture and vehicles | 24 | €2,517 | €622 | -€1,895 | -75.3% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €104,052 | €95,965 | -€8,087 | -7.8% |
| Stocks and contracts in progress | 3 | €31,585 | €28,109 | -€3,476 | -11.0% |
| Stocks | 30/36 | €29,585 | €27,203 | -€2,382 | -8.1% |
| Contracts in progress | 37 | €2,000 | €906 | -€1,094 | -54.7% |
| Amounts receivable within one year | 40/41 | €36,613 | €39,045 | +€2,432 | +6.6% |
| Trade receivables | 40 | €31,356 | €28,727 | -€2,629 | -8.4% |
| Other amounts receivable | 41 | €5,257 | €10,318 | +€5,061 | +96.3% |
| Cash at bank and in hand | 54/58 | €33,029 | €26,228 | -€6,801 | -20.6% |
| Deferred charges and accrued income | 490/1 | €2,825 | €2,583 | -€242 | -8.6% |
| Total equity and liabilities | 10/49 | €184,661 | €161,098 | -€23,563 | -12.8% |
| Equity | 10/15 | €60,312 | €50,799 | -€9,513 | -15.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €55,000 | €45,500 | -€9,500 | -17.3% |
| Distributable reserves | 133 | €55,000 | €45,500 | -€9,500 | -17.3% |
| Profit (loss) carried forward | 14 | €312 | €299 | -€13 | -4.2% |
| Amounts payable | 17/49 | €124,349 | €110,299 | -€14,050 | -11.3% |
| Amounts payable after more than one year | 17 | €24,320 | €13,906 | -€10,414 | -42.8% |
| Financial debts | 170/4 | €24,320 | €13,906 | -€10,414 | -42.8% |
| Amounts payable within one year | 42/48 | €100,029 | €96,393 | -€3,636 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €9,821 | €10,414 | +€593 | +6.0% |
| Financial debts | 43 | €16,000 | €15,000 | -€1,000 | -6.3% |
| Credit institutions | 430/8 | €16,000 | €15,000 | -€1,000 | -6.3% |
| Trade debts | 44 | €17,954 | €30,488 | +€12,534 | +69.8% |
| Suppliers | 440/4 | €17,954 | €30,488 | +€12,534 | +69.8% |
| Taxes, remuneration and social security | 45 | €26,914 | €17,996 | -€8,918 | -33.1% |
| Taxes | 450/3 | €14,266 | €1,252 | -€13,014 | -91.2% |
| Remuneration and social security | 454/9 | €12,648 | €16,744 | +€4,096 | +32.4% |
| Other amounts payable | 47/48 | €29,340 | €22,495 | -€6,845 | -23.3% |
| Remuneration, social security and pensions | 62 | €80,646 | €122,566 | +€41,920 | +52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,969 | €14,423 | -€546 | -3.6% |
| Other operating charges | 640/8 | €2,041 | €1,312 | -€729 | -35.7% |
| Gross operating margin | 9900 | €111,521 | €132,780 | +€21,259 | +19.1% |
| Operating profit (loss) | 9901 | €13,865 | -€5,521 | -€19,386 | |
| Financial income | 75/76B | €499 | - | -€499 | |
| Recurring financial income | 75 | €499 | - | -€499 | |
| Financial charges | 65/66B | €4,449 | €3,755 | -€694 | -15.6% |
| Recurring financial charges | 65 | €4,449 | €3,755 | -€694 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €9,915 | -€9,276 | -€19,191 | |
| Income taxes | 67/77 | €2,733 | €237 | -€2,496 | -91.3% |
| Profit (loss) for the period | 9904 | €7,182 | -€9,513 | -€16,695 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,182 | -€9,513 | -€16,695 |
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 15 October 2026 via checked.be.