LDR: 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.
LDR
Largest movements
- Stocks and contracts -€79,663
down €79,663 (-22.8%), from €349,357 to €269,694
- Tangible fixed assets -€7,164
down €7,164 (-15.5%), from €46,244 to €39,080
of which Other tangible fixed assets: -€6,634
- Other debts -€49,405
down €49,405 (-14.6%), from €337,465 to €288,060
- Profit (loss) carried forward -€33,123
down €33,123 (-46.1%), from -€71,806 to -€104,929
- Short-term financial debts -€21,828
down €21,828 (-99.8%), from €21,873 to €45
- Tax, wage and social debts +€10,569
up €10,569 (+31.3%), from €33,747 to €44,316
of which Remuneration and social security: +€10,780
- Trade debts +€7,959
up €7,959 (+24.6%), from €32,296 to €40,255
- Staff costs +€46,650
up €46,650 (+65.4%), from €71,336 to €117,986
- Gross operating margin +€16,632
up €16,632 (+19.3%), from €86,140 to €102,772
- Other operating charges -€3,216
no longer reported in 2025 (was €3,216)
- Depreciation +€1,789
up €1,789 (+23.3%), from €7,663 to €9,452
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 | €406,238 | €320,409 | -€85,829 | -21.1% |
| Fixed assets | 21/28 | €46,244 | €39,080 | -€7,164 | -15.5% |
| Tangible fixed assets | 22/27 | €46,244 | €39,080 | -€7,164 | -15.5% |
| Land and buildings | 22 | €2,709 | €2,112 | -€597 | -22.0% |
| Plant, machinery and equipment | 23 | €2,788 | €2,470 | -€318 | -11.4% |
| Furniture and vehicles | 24 | €3,618 | €4,004 | +€386 | +10.7% |
| Other tangible fixed assets | 26 | €37,129 | €30,495 | -€6,634 | -17.9% |
| Current assets | 29/58 | €359,994 | €281,329 | -€78,665 | -21.9% |
| Stocks and contracts in progress | 3 | €349,357 | €269,694 | -€79,663 | -22.8% |
| Stocks | 30/36 | €349,357 | €269,694 | -€79,663 | -22.8% |
| Amounts receivable within one year | 40/41 | €2,396 | €2,460 | +€64 | +2.7% |
| Trade receivables | 40 | €15 | €1,555 | +€1,541 | +10,453% |
| Other amounts receivable | 41 | €2,381 | €904 | -€1,477 | -62.0% |
| Cash at bank and in hand | 54/58 | €5,469 | €2,385 | -€3,083 | -56.4% |
| Deferred charges and accrued income | 490/1 | €2,772 | €6,790 | +€4,018 | +145% |
| Total equity and liabilities | 10/49 | €406,238 | €320,409 | -€85,829 | -21.1% |
| Equity | 10/15 | -€19,144 | -€52,267 | -€33,123 | -173% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €32,663 | €32,663 | = | 0.0% |
| Distributable reserves | 133 | €32,663 | €32,663 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,806 | -€104,929 | -€33,123 | -46.1% |
| Amounts payable | 17/49 | €425,382 | €372,676 | -€52,706 | -12.4% |
| Amounts payable within one year | 42/48 | €425,382 | €372,676 | -€52,706 | -12.4% |
| Financial debts | 43 | €21,873 | €45 | -€21,828 | -99.8% |
| Credit institutions | 430/8 | €21,873 | €45 | -€21,828 | -99.8% |
| Trade debts | 44 | €32,296 | €40,255 | +€7,959 | +24.6% |
| Suppliers | 440/4 | €32,296 | €40,255 | +€7,959 | +24.6% |
| Taxes, remuneration and social security | 45 | €33,747 | €44,316 | +€10,569 | +31.3% |
| Taxes | 450/3 | €30,599 | €30,388 | -€211 | -0.7% |
| Remuneration and social security | 454/9 | €3,148 | €13,928 | +€10,780 | +342% |
| Other amounts payable | 47/48 | €337,465 | €288,060 | -€49,405 | -14.6% |
| Remuneration, social security and pensions | 62 | €71,336 | €117,986 | +€46,650 | +65.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,663 | €9,452 | +€1,789 | +23.3% |
| Other operating charges | 640/8 | €3,216 | - | -€3,216 | |
| Gross operating margin | 9900 | €86,140 | €102,772 | +€16,632 | +19.3% |
| Operating profit (loss) | 9901 | €3,925 | -€24,666 | -€28,591 | |
| Financial income | 75/76B | €1,035 | €183 | -€852 | -82.3% |
| Recurring financial income | 75 | €1,035 | €183 | -€852 | -82.3% |
| Financial charges | 65/66B | €8,449 | €8,491 | +€43 | +0.5% |
| Recurring financial charges | 65 | €8,449 | €8,491 | +€43 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,489 | -€32,975 | -€29,486 | -845% |
| Income taxes | 67/77 | €155 | €148 | -€7 | -4.5% |
| Profit (loss) for the period | 9904 | -€3,644 | -€33,123 | -€29,479 | -809% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,644 | -€33,123 | -€29,479 | -809% |
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 19 October 2026 via checked.be.