LDE MANAGEMENT: what changed
Two fiscal 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.
LDE MANAGEMENT
Largest movements
- Receivables after one year +€40,000
up €40,000 (+40.0%), from €100,000 to €140,000
- Cash -€15,754
down €15,754 (-25.1%), from €62,674 to €46,920
mainly Contributions, distributions and other (-€258,534) and Receivables after one year (-€40,000)
- Tangible fixed assets -€13,178
down €13,178 (-43.3%), from €30,456 to €17,278
of which Furniture and vehicles: -€12,162
- Receivables within one year -€11,712
down €11,712 (-41.1%), from €28,519 to €16,807
of which Trade receivables: -€7,706
- Current investments +€6,000
up €6,000 (+12.4%), from €48,500 to €54,500
- Other debts +€144,957
up €144,957 (+259.3%), from €55,908 to €200,866
- Reserves -€131,551
down €131,551 (-36.7%), from €357,963 to €226,413
- Debts after one year -€9,152
down €9,152 (-79.9%), from €11,454 to €2,302
- Gross operating margin +€82,168
up €82,168 (+80.4%), from €102,215 to €184,384
- Financial income -€31,919
down €31,919 (-88.9%), from €35,919 to €4,000
- Taxes +€20,159
up €20,159 (+90.7%), from €22,222 to €42,381
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 | €463,234 | €468,810 | +€5,576 | +1.2% |
| Fixed assets | 21/28 | €223,043 | €209,865 | -€13,178 | -5.9% |
| Tangible fixed assets | 22/27 | €30,456 | €17,278 | -€13,178 | -43.3% |
| Furniture and vehicles | 24 | €26,960 | €14,798 | -€12,162 | -45.1% |
| Other tangible fixed assets | 26 | €3,496 | €2,480 | -€1,016 | -29.1% |
| Financial fixed assets | 28 | €192,586 | €192,586 | = | 0.0% |
| Current assets | 29/58 | €240,191 | €258,945 | +€18,754 | +7.8% |
| Amounts receivable after more than one year | 29 | €100,000 | €140,000 | +€40,000 | +40.0% |
| Other amounts receivable | 291 | €100,000 | €140,000 | +€40,000 | +40.0% |
| Amounts receivable within one year | 40/41 | €28,519 | €16,807 | -€11,712 | -41.1% |
| Trade receivables | 40 | €24,512 | €16,807 | -€7,706 | -31.4% |
| Other amounts receivable | 41 | €4,006 | €0 | -€4,006 | -100.0% |
| Current investments | 50/53 | €48,500 | €54,500 | +€6,000 | +12.4% |
| Cash at bank and in hand | 54/58 | €62,674 | €46,920 | -€15,754 | -25.1% |
| Deferred charges and accrued income | 490/1 | €499 | €718 | +€220 | +44.1% |
| Total equity and liabilities | 10/49 | €463,234 | €468,810 | +€5,576 | +1.2% |
| Equity | 10/15 | €376,563 | €245,013 | -€131,551 | -34.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €357,963 | €226,413 | -€131,551 | -36.7% |
| Distributable reserves | 133 | €357,963 | €226,413 | -€131,551 | -36.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €86,670 | €223,797 | +€137,127 | +158.2% |
| Amounts payable after more than one year | 17 | €11,454 | €2,302 | -€9,152 | -79.9% |
| Financial debts | 170/4 | €11,454 | €2,302 | -€9,152 | -79.9% |
| Amounts payable within one year | 42/48 | €75,217 | €221,495 | +€146,279 | +194.5% |
| Current portion of amounts payable after more than one year | 42 | €9,064 | €9,152 | +€88 | +1.0% |
| Trade debts | 44 | €1,796 | €1,290 | -€506 | -28.2% |
| Suppliers | 440/4 | €1,796 | €1,290 | -€506 | -28.2% |
| Taxes, remuneration and social security | 45 | €8,449 | €10,188 | +€1,739 | +20.6% |
| Taxes | 450/3 | €8,449 | €10,188 | +€1,739 | +20.6% |
| Other amounts payable | 47/48 | €55,908 | €200,866 | +€144,957 | +259.3% |
| Non-recurring operating income | 76A | €413 | €0 | -€413 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,857 | €13,178 | +€321 | +2.5% |
| Other operating charges | 640/8 | €511 | €528 | +€17 | +3.4% |
| Gross operating margin | 9900 | €102,215 | €184,384 | +€82,168 | +80.4% |
| Operating profit (loss) | 9901 | €88,847 | €170,678 | +€81,831 | +92.1% |
| Financial income | 75/76B | €35,919 | €4,000 | -€31,919 | -88.9% |
| Recurring financial income | 75 | €35,919 | €4,000 | -€31,919 | -88.9% |
| Financial charges | 65/66B | €6,939 | €5,314 | -€1,626 | -23.4% |
| Recurring financial charges | 65 | €6,939 | €5,314 | -€1,626 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €117,827 | €169,365 | +€51,538 | +43.7% |
| Income taxes | 67/77 | €22,222 | €42,381 | +€20,159 | +90.7% |
| Profit (loss) for the period | 9904 | €95,605 | €126,983 | +€31,378 | +32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €95,605 | €126,983 | +€31,378 | +32.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.