LDR-M&M: what changed
LDR-M&M
Largest movements
- Receivables within one year +€11,856
up €11,856 (+959%), from €1,237 to €13,093
of which Trade receivables: +€13,093
- Cash -€3,952
down €3,952 (-52.2%), from €7,573 to €3,621
mainly Receivables within one year (-€11,856) and Investment in fixed assets (net) (-€1,610)
- Deferred charges and accrued income +€494
new in 2025: €494
- Reserves +€3,247
up €3,247 (+121%), from €2,680 to €5,927
- Trade debts +€2,903
up €2,903 (+1,468%), from €198 to €3,101
- Tax, wage and social debts +€2,742
up €2,742 (+104%), from €2,631 to €5,374
- Other debts -€676
down €676 (-12.7%), from €5,326 to €4,649
- Gross operating margin +€1,701
up €1,701 (+28.7%), from €5,920 to €7,620
- Depreciation +€441
up €441 (+35.3%), from €1,252 to €1,693
- Taxes +€338
up €338 (+22.2%), from €1,525 to €1,863
- Financial charges +€293
up €293 (+77.2%), from €380 to €673
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,335 | €21,651 | +€8,316 | +62.4% |
| Fixed assets | 21/28 | €4,525 | €4,442 | -€83 | -1.8% |
| Tangible fixed assets | 22/27 | €4,525 | €4,442 | -€83 | -1.8% |
| Plant, machinery and equipment | 23 | €4,525 | €4,442 | -€83 | -1.8% |
| Current assets | 29/58 | €8,810 | €17,208 | +€8,399 | +95.3% |
| Amounts receivable within one year | 40/41 | €1,237 | €13,093 | +€11,856 | +959% |
| Trade receivables | 40 | - | €13,093 | +€13,093 | |
| Other amounts receivable | 41 | €1,237 | - | -€1,237 | |
| Cash at bank and in hand | 54/58 | €7,573 | €3,621 | -€3,952 | -52.2% |
| Deferred charges and accrued income | 490/1 | - | €494 | +€494 | |
| Total equity and liabilities | 10/49 | €13,335 | €21,651 | +€8,316 | +62.4% |
| Equity | 10/15 | €5,180 | €8,427 | +€3,247 | +62.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €2,680 | €5,927 | +€3,247 | +121% |
| Distributable reserves | 133 | €2,680 | €5,927 | +€3,247 | +121% |
| Amounts payable | 17/49 | €8,155 | €13,224 | +€5,069 | +62.2% |
| Amounts payable within one year | 42/48 | €8,155 | €13,124 | +€4,969 | +60.9% |
| Trade debts | 44 | €198 | €3,101 | +€2,903 | +1,468% |
| Suppliers | 440/4 | €198 | €3,101 | +€2,903 | +1,468% |
| Taxes, remuneration and social security | 45 | €2,631 | €5,374 | +€2,742 | +104% |
| Taxes | 450/3 | €2,631 | €5,374 | +€2,742 | +104% |
| Other amounts payable | 47/48 | €5,326 | €4,649 | -€676 | -12.7% |
| Accrued charges and deferred income | 492/3 | - | €100 | +€100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,252 | €1,693 | +€441 | +35.3% |
| Other operating charges | 640/8 | €83 | €144 | +€61 | +73.4% |
| Gross operating margin | 9900 | €5,920 | €7,620 | +€1,701 | +28.7% |
| Operating profit (loss) | 9901 | €4,585 | €5,783 | +€1,199 | +26.1% |
| Financial charges | 65/66B | €380 | €673 | +€293 | +77.2% |
| Recurring financial charges | 65 | €380 | €673 | +€293 | +77.2% |
| Profit (loss) for the period before taxes | 9903 | €4,205 | €5,110 | +€905 | +21.5% |
| Income taxes | 67/77 | €1,525 | €1,863 | +€338 | +22.2% |
| Profit (loss) for the period | 9904 | €2,680 | €3,247 | +€567 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,680 | €3,247 | +€567 | +21.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.