LDN Business: 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.
What changed
LDN Business
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€2.6m
2024 · -€32,091-€2.5m
Equity
-€1.1m
2024 · €1.4m-€2.6m
Cash
€12,462
2024 · €11,612+€850
Balance sheet total
€53,888
2024 · €2.4m-€2.4m
Largest movements
Assets
- Financial fixed assets -€2.0m
down €2.0m (-100%), from €2.0m to €0
- Receivables after one year -€349,369
down €349,369 (-97.4%), from €358,612 to €9,243
Equity and liabilities
- Profit (loss) carried forward -€2.6m
down €2.6m, from €278,549 to -€2.3m
- Other debts +€188,240
up €188,240 (+58.7%), from €320,660 to €508,900
Income statement
- Financial charges +€2.5m
up €2.5m (+10,074%), from €25,300 to €2.6m
of which Non-recurring financial charges: +€2.5m
- Gross operating margin +€42,198
up €42,198, from -€16,774 to €25,425
- Financial income -€12,702
down €12,702 (-100%), from €12,702 to €0
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.
Result 2024
-€32,091
Gross operating margin
+€42,198
Depreciation
-€233
Other operating charges
-€249
Financial income
-€12,702
Financial charges
-€2.5m
Taxes
+€1
Result 2025
-€2.6m
raises the resultlowers the result
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.
From operations
-€2.0m
Investment
+€2.0m
Financing
€0
Cash 2024
€11,612
From operations (derived)
-€2.0m
Net result for the year
-€2.6m
Depreciation
+€1,752
Receivables after one year
+€349,369
Receivables within one year
-€22,789
Deferred charges and accrued income
+€22,415
Smaller working-capital items
+€3,433
Tax, wage and social debts
+€8,912
Other debts
+€188,240
Investment (derived)
+€2.0m
Investment in fixed assets (net)
+€2.0m
Cash 2025
€12,462
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,405,009 | €53,888 | -€2.4m | -97.8% |
| Fixed assets | 21/28 | €2,005,452 | €2,475 | -€2.0m | -99.9% |
| Tangible fixed assets | 22/27 | €4,226 | €2,475 | -€1,752 | -41.4% |
| Plant, machinery and equipment | 23 | €1,716 | €1,026 | -€690 | -40.2% |
| Furniture and vehicles | 24 | €1,869 | €808 | -€1,062 | -56.8% |
| Other tangible fixed assets | 26 | €641 | €641 | = | 0.0% |
| Financial fixed assets | 28 | €2,001,226 | €0 | -€2.0m | -100% |
| Current assets | 29/58 | €399,557 | €51,413 | -€348,144 | -87.1% |
| Amounts receivable after more than one year | 29 | €358,612 | €9,243 | -€349,369 | -97.4% |
| Other amounts receivable | 291 | €358,612 | €9,243 | -€349,369 | -97.4% |
| Amounts receivable within one year | 40/41 | €6,217 | €29,007 | +€22,789 | +367% |
| Trade receivables | 40 | €3,025 | €28,060 | +€25,035 | +828% |
| Other amounts receivable | 41 | €3,192 | €947 | -€2,246 | -70.3% |
| Cash at bank and in hand | 54/58 | €11,612 | €12,462 | +€850 | +7.3% |
| Deferred charges and accrued income | 490/1 | €23,116 | €701 | -€22,415 | -97.0% |
| Total equity and liabilities | 10/49 | €2,405,009 | €53,888 | -€2.4m | -97.8% |
| Equity | 10/15 | €1,426,726 | -€1,124,980 | -€2.6m | |
| Contributions | 10/11 | €900,000 | €900,000 | = | 0.0% |
| Reserves | 13 | €248,178 | €248,178 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,365 | €31,365 | = | 0.0% |
| Reserves not available under the articles | 1311 | €31,365 | €31,365 | = | 0.0% |
| Tax-exempt reserves | 132 | €99 | €99 | = | 0.0% |
| Distributable reserves | 133 | €216,713 | €216,713 | = | 0.0% |
| Profit (loss) carried forward | 14 | €278,549 | -€2,273,158 | -€2.6m | |
| Amounts payable | 17/49 | €978,283 | €1,178,868 | +€200,586 | +20.5% |
| Amounts payable after more than one year | 17 | €620,000 | €620,000 | = | 0.0% |
| Financial debts | 170/4 | €620,000 | €620,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €331,483 | €526,789 | +€195,306 | +58.9% |
| Trade debts | 44 | €9,284 | €7,437 | -€1,846 | -19.9% |
| Suppliers | 440/4 | €9,284 | €7,437 | -€1,846 | -19.9% |
| Taxes, remuneration and social security | 45 | €1,539 | €10,451 | +€8,912 | +579% |
| Taxes | 450/3 | €1,539 | €10,451 | +€8,912 | +579% |
| Other amounts payable | 47/48 | €320,660 | €508,900 | +€188,240 | +58.7% |
| Accrued charges and deferred income | 492/3 | €26,800 | €32,080 | +€5,280 | +19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,518 | €1,752 | +€233 | +15.4% |
| Other operating charges | 640/8 | €1,053 | €1,302 | +€249 | +23.7% |
| Gross operating margin | 9900 | -€16,774 | €25,425 | +€42,198 | |
| Operating profit (loss) | 9901 | -€19,345 | €22,371 | +€41,716 | |
| Financial income | 75/76B | €12,702 | €0 | -€12,702 | -100% |
| Recurring financial income | 75 | €12,702 | €0 | -€12,702 | -100% |
| Financial charges | 65/66B | €25,300 | €2,573,930 | +€2.5m | +10,074% |
| Recurring financial charges | 65 | €25,300 | €25,245 | -€54 | -0.2% |
| Non-recurring financial charges | 66B | - | €2,548,684 | +€2.5m | |
| Profit (loss) for the period before taxes | 9903 | -€31,942 | -€2,551,559 | -€2.5m | -7,888% |
| Income taxes | 67/77 | €149 | €148 | -€1 | -0.5% |
| Profit (loss) for the period | 9904 | -€32,091 | -€2,551,707 | -€2.5m | -7,852% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,091 | -€2,551,707 | -€2.5m | -7,852% |
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 31 October 2026 via checked.be.