LDF: 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.
LDF
Largest movements
- Cash +€29,423
up €29,423 (+168%), from €17,544 to €46,967
mainly Net result for the year (+€161,948) and Tax, wage and social debts (+€33,591)
- Reserves +€161,948
up €161,948 (+240%), from €67,577 to €229,525
- Debts after one year -€123,608
down €123,608 (-14.9%), from €830,441 to €706,833
of which Financial debts: -€123,608
- Other debts -€60,970
down €60,970 (-89.6%), from €68,063 to €7,094
- Tax, wage and social debts +€33,591
up €33,591 (+138%), from €24,417 to €58,008
- Gross operating margin +€116,123
up €116,123 (+140%), from €83,043 to €199,166
- Financial income +€60,000
new in 2025: €60,000
- Taxes +€43,691
up €43,691 (+305%), from €14,309 to €58,000
- Financial charges -€7,186
down €7,186 (-20.5%), from €35,057 to €27,871
- Depreciation +€7,051
up €7,051 (+189%), from €3,739 to €10,789
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 | €1,095,606 | €1,107,006 | +€11,401 | +1.0% |
| Fixed assets | 21/28 | €1,070,478 | €1,059,688 | -€10,789 | -1.0% |
| Tangible fixed assets | 22/27 | €20,478 | €9,688 | -€10,789 | -52.7% |
| Land and buildings | 22 | €2,980 | €2,638 | -€342 | -11.5% |
| Furniture and vehicles | 24 | €17,498 | €7,051 | -€10,447 | -59.7% |
| Financial fixed assets | 28 | €1,050,000 | €1,050,000 | = | 0.0% |
| Current assets | 29/58 | €25,128 | €47,318 | +€22,190 | +88.3% |
| Amounts receivable within one year | 40/41 | €7,584 | €0 | -€7,584 | -100% |
| Trade receivables | 40 | €7,584 | €0 | -€7,584 | -100% |
| Cash at bank and in hand | 54/58 | €17,544 | €46,967 | +€29,423 | +168% |
| Deferred charges and accrued income | 490/1 | €0 | €351 | +€351 | |
| Total equity and liabilities | 10/49 | €1,095,606 | €1,107,006 | +€11,401 | +1.0% |
| Equity | 10/15 | €72,577 | €234,525 | +€161,948 | +223% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €67,577 | €229,525 | +€161,948 | +240% |
| Distributable reserves | 133 | €67,577 | €229,525 | +€161,948 | +240% |
| Amounts payable | 17/49 | €1,023,029 | €872,481 | -€150,548 | -14.7% |
| Amounts payable after more than one year | 17 | €830,441 | €706,833 | -€123,608 | -14.9% |
| Financial debts | 170/4 | €830,441 | €706,833 | -€123,608 | -14.9% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €173,447 | €146,751 | -€26,697 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €76,746 | €78,608 | +€1,862 | +2.4% |
| Trade debts | 44 | €4,221 | €3,041 | -€1,180 | -28.0% |
| Suppliers | 440/4 | €4,221 | €3,041 | -€1,180 | -28.0% |
| Taxes, remuneration and social security | 45 | €24,417 | €58,008 | +€33,591 | +138% |
| Taxes | 450/3 | €24,417 | €58,008 | +€33,591 | +138% |
| Other amounts payable | 47/48 | €68,063 | €7,094 | -€60,970 | -89.6% |
| Accrued charges and deferred income | 492/3 | €19,140 | €18,897 | -€243 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,739 | €10,789 | +€7,051 | +189% |
| Other operating charges | 640/8 | €559 | €557 | -€2 | -0.4% |
| Gross operating margin | 9900 | €83,043 | €199,166 | +€116,123 | +140% |
| Operating profit (loss) | 9901 | €78,745 | €187,819 | +€109,074 | +139% |
| Financial income | 75/76B | - | €60,000 | +€60,000 | |
| Recurring financial income | 75 | - | €60,000 | +€60,000 | |
| Financial charges | 65/66B | €35,057 | €27,871 | -€7,186 | -20.5% |
| Recurring financial charges | 65 | €35,057 | €27,871 | -€7,186 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €43,688 | €219,948 | +€176,260 | +403% |
| Income taxes | 67/77 | €14,309 | €58,000 | +€43,691 | +305% |
| Profit (loss) for the period | 9904 | €29,379 | €161,948 | +€132,569 | +451% |
| Profit (loss) for the period to be appropriated | 9905 | €29,379 | €161,948 | +€132,569 | +451% |
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.