LDM: 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.
LDM
Largest movements
- Receivables within one year +€77,111
up €77,111 (+81.6%), from €94,538 to €171,650
of which Other amounts receivable: +€96,538
- Cash -€38,999
down €38,999 (-39.9%), from €97,710 to €58,711
mainly Receivables within one year (-€77,111) and Investment in fixed assets (net) (-€26,915)
- Tangible fixed assets +€18,939
up €18,939 (+221%), from €8,588 to €27,527
of which Furniture and vehicles: +€13,909
- Reserves +€57,620
up €57,620 (+37.2%), from €154,878 to €212,498
- Gross operating margin -€12,316
down €12,316 (-12.7%), from €97,289 to €84,974
- Depreciation +€7,020
up €7,020 (+735%), from €956 to €7,976
- Financial income +€1,791
up €1,791 (+344%), from €520 to €2,311
- Taxes -€1,618
down €1,618 (-7.5%), from €21,555 to €19,937
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 | €200,836 | €257,888 | +€57,051 | +28.4% |
| Fixed assets | 21/28 | €8,588 | €27,527 | +€18,939 | +221% |
| Tangible fixed assets | 22/27 | €8,588 | €27,527 | +€18,939 | +221% |
| Furniture and vehicles | 24 | - | €13,909 | +€13,909 | |
| Other tangible fixed assets | 26 | €8,588 | €13,618 | +€5,030 | +58.6% |
| Current assets | 29/58 | €192,248 | €230,361 | +€38,113 | +19.8% |
| Amounts receivable within one year | 40/41 | €94,538 | €171,650 | +€77,111 | +81.6% |
| Trade receivables | 40 | €75,663 | €56,237 | -€19,426 | -25.7% |
| Other amounts receivable | 41 | €18,875 | €115,412 | +€96,538 | +511% |
| Cash at bank and in hand | 54/58 | €97,710 | €58,711 | -€38,999 | -39.9% |
| Total equity and liabilities | 10/49 | €200,836 | €257,888 | +€57,051 | +28.4% |
| Equity | 10/15 | €159,878 | €217,498 | +€57,620 | +36.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €154,878 | €212,498 | +€57,620 | +37.2% |
| Distributable reserves | 133 | €154,878 | €212,498 | +€57,620 | +37.2% |
| Amounts payable | 17/49 | €40,959 | €40,390 | -€568 | -1.4% |
| Amounts payable within one year | 42/48 | €40,959 | €40,390 | -€568 | -1.4% |
| Trade debts | 44 | €10,665 | €11,141 | +€476 | +4.5% |
| Suppliers | 440/4 | €10,665 | €11,141 | +€476 | +4.5% |
| Taxes, remuneration and social security | 45 | €30,294 | €29,250 | -€1,044 | -3.4% |
| Taxes | 450/3 | €30,294 | €29,250 | -€1,044 | -3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €956 | €7,976 | +€7,020 | +735% |
| Other operating charges | 640/8 | €686 | €1,381 | +€695 | +101% |
| Gross operating margin | 9900 | €97,289 | €84,974 | -€12,316 | -12.7% |
| Operating profit (loss) | 9901 | €95,648 | €75,617 | -€20,031 | -20.9% |
| Financial income | 75/76B | €520 | €2,311 | +€1,791 | +344% |
| Recurring financial income | 75 | €520 | €2,311 | +€1,791 | +344% |
| Financial charges | 65/66B | €311 | €371 | +€61 | +19.5% |
| Recurring financial charges | 65 | €311 | €371 | +€61 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | €95,858 | €77,557 | -€18,301 | -19.1% |
| Income taxes | 67/77 | €21,555 | €19,937 | -€1,618 | -7.5% |
| Profit (loss) for the period | 9904 | €74,303 | €57,620 | -€16,683 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €74,303 | €57,620 | -€16,683 | -22.5% |
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 25 October 2026 via checked.be.