LDM: 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.
LDM
Largest movements
- Tangible fixed assets +€302,246
up €302,246 (+115.6%), from €261,446 to €563,691
of which Land and buildings: +€297,730
- Receivables within one year +€59,985
up €59,985 (+761.4%), from €7,878 to €67,864
of which Other amounts receivable: +€56,166
- Cash +€33,097
up €33,097 (+53.6%), from €61,784 to €94,881
mainly Debts after one year (+€200,437) and Net result for the year (+€103,318)
- Debts after one year +€200,437
up €200,437 (+89.8%), from €223,298 to €423,736
- Reserves +€102,485
up €102,485 (+199.4%), from €51,405 to €153,890
- Current portion of long-term debt +€89,115
up €89,115 (+866.9%), from €10,279 to €99,394
- Tax, wage and social debts +€8,157
up €8,157 (+66.6%), from €12,253 to €20,409
of which Remuneration and social security: +€16,709
- Gross operating margin +€110,278
up €110,278 (+115.8%), from €95,217 to €205,496
- Staff costs +€41,015
up €41,015 (+594.2%), from €6,903 to €47,918
- Taxes +€7,279
up €7,279 (+55.0%), from €13,227 to €20,506
- Financial charges +€6,274
up €6,274 (+65.5%), from €9,584 to €15,858
- Depreciation +€2,319
up €2,319 (+18.0%), from €12,889 to €15,208
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 | €342,913 | €744,630 | +€401,717 | +117.1% |
| Fixed assets | 21/28 | €261,446 | €563,691 | +€302,246 | +115.6% |
| Tangible fixed assets | 22/27 | €261,446 | €563,691 | +€302,246 | +115.6% |
| Land and buildings | 22 | €257,622 | €555,352 | +€297,730 | +115.6% |
| Plant, machinery and equipment | 23 | €3,823 | €3,622 | -€201 | -5.3% |
| Furniture and vehicles | 24 | - | €4,717 | +€4,717 | |
| Current assets | 29/58 | €81,467 | €180,938 | +€99,471 | +122.1% |
| Stocks and contracts in progress | 3 | €10,814 | €16,258 | +€5,443 | +50.3% |
| Stocks | 30/36 | €10,814 | €16,258 | +€5,443 | +50.3% |
| Amounts receivable within one year | 40/41 | €7,878 | €67,864 | +€59,985 | +761.4% |
| Trade receivables | 40 | €7,878 | €11,698 | +€3,819 | +48.5% |
| Other amounts receivable | 41 | - | €56,166 | +€56,166 | |
| Cash at bank and in hand | 54/58 | €61,784 | €94,881 | +€33,097 | +53.6% |
| Deferred charges and accrued income | 490/1 | €991 | €1,937 | +€945 | +95.4% |
| Total equity and liabilities | 10/49 | €342,913 | €744,630 | +€401,717 | +117.1% |
| Equity | 10/15 | €56,405 | €158,890 | +€102,485 | +181.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €51,405 | €153,890 | +€102,485 | +199.4% |
| Distributable reserves | 133 | €51,405 | €153,890 | +€102,485 | +199.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €286,508 | €585,739 | +€299,231 | +104.4% |
| Amounts payable after more than one year | 17 | €223,298 | €423,736 | +€200,437 | +89.8% |
| Financial debts | 170/4 | €223,298 | €423,736 | +€200,437 | +89.8% |
| Amounts payable within one year | 42/48 | €63,210 | €159,275 | +€96,066 | +152.0% |
| Current portion of amounts payable after more than one year | 42 | €10,279 | €99,394 | +€89,115 | +866.9% |
| Trade debts | 44 | €5,366 | €2,678 | -€2,688 | -50.1% |
| Suppliers | 440/4 | €5,366 | €2,678 | -€2,688 | -50.1% |
| Taxes, remuneration and social security | 45 | €12,253 | €20,409 | +€8,157 | +66.6% |
| Taxes | 450/3 | €9,608 | €1,056 | -€8,552 | -89.0% |
| Remuneration and social security | 454/9 | €2,645 | €19,354 | +€16,709 | +631.8% |
| Other amounts payable | 47/48 | €35,311 | €36,794 | +€1,483 | +4.2% |
| Accrued charges and deferred income | 492/3 | - | €2,728 | +€2,728 | |
| Remuneration, social security and pensions | 62 | €6,903 | €47,918 | +€41,015 | +594.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,889 | €15,208 | +€2,319 | +18.0% |
| Other operating charges | 640/8 | €1,216 | €2,756 | +€1,540 | +126.7% |
| Gross operating margin | 9900 | €95,217 | €205,496 | +€110,278 | +115.8% |
| Operating profit (loss) | 9901 | €74,210 | €139,614 | +€65,404 | +88.1% |
| Financial income | 75/76B | €6 | €68 | +€62 | +1030.7% |
| Recurring financial income | 75 | €6 | €68 | +€62 | +1030.7% |
| Financial charges | 65/66B | €9,584 | €15,858 | +€6,274 | +65.5% |
| Recurring financial charges | 65 | €9,584 | €15,858 | +€6,274 | +65.5% |
| Profit (loss) for the period before taxes | 9903 | €64,632 | €123,824 | +€59,192 | +91.6% |
| Income taxes | 67/77 | €13,227 | €20,506 | +€7,279 | +55.0% |
| Profit (loss) for the period | 9904 | €51,405 | €103,318 | +€51,913 | +101.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,405 | €103,318 | +€51,913 | +101.0% |
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 29 September 2026 via checked.be.