LDR-Management: 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-Management
Largest movements
- Receivables after one year -€123,139
down €123,139 (-100%), from €123,139 to €0
- Cash +€82,411
up €82,411 (+59.0%), from €139,576 to €221,987
mainly Receivables after one year (+€123,139) and Other debts (+€97,077)
- Receivables within one year -€52,407
down €52,407 (-68.7%), from €76,335 to €23,928
- Tangible fixed assets +€46,577
new in 2025: €46,577
of which Assets under construction and advance payments: +€33,849
- Reserves -€171,536
down €171,536 (-64.7%), from €265,251 to €93,715
- Other debts +€97,077
up €97,077, from €0 to €97,077
- Tax, wage and social debts +€35,596
up €35,596 (+61.9%), from €57,469 to €93,065
- Trade debts -€6,855
down €6,855 (-54.1%), from €12,683 to €5,827
- Gross operating margin +€23,097
up €23,097 (+23.4%), from €98,811 to €121,907
- Depreciation +€4,479
new in 2025: €4,479
- Taxes +€3,333
up €3,333 (+15.2%), from €21,946 to €25,279
- Financial income -€3,202
down €3,202 (-56.5%), from €5,665 to €2,463
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 | €340,403 | €294,684 | -€45,719 | -13.4% |
| Fixed assets | 21/28 | - | €46,577 | +€46,577 | |
| Tangible fixed assets | 22/27 | - | €46,577 | +€46,577 | |
| Furniture and vehicles | 24 | - | €12,729 | +€12,729 | |
| Assets under construction and advance payments | 27 | - | €33,849 | +€33,849 | |
| Current assets | 29/58 | €340,403 | €248,107 | -€92,296 | -27.1% |
| Amounts receivable after more than one year | 29 | €123,139 | €0 | -€123,139 | -100% |
| Trade receivables | 290 | €123,139 | €0 | -€123,139 | -100% |
| Amounts receivable within one year | 40/41 | €76,335 | €23,928 | -€52,407 | -68.7% |
| Trade receivables | 40 | €76,335 | €23,928 | -€52,407 | -68.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €139,576 | €221,987 | +€82,411 | +59.0% |
| Deferred charges and accrued income | 490/1 | €1,353 | €2,191 | +€838 | +61.9% |
| Total equity and liabilities | 10/49 | €340,403 | €294,684 | -€45,719 | -13.4% |
| Equity | 10/15 | €270,251 | €98,715 | -€171,536 | -63.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €265,251 | €93,715 | -€171,536 | -64.7% |
| Distributable reserves | 133 | €265,251 | €93,715 | -€171,536 | -64.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €70,152 | €195,969 | +€125,817 | +179% |
| Amounts payable within one year | 42/48 | €70,152 | €195,969 | +€125,817 | +179% |
| Trade debts | 44 | €12,683 | €5,827 | -€6,855 | -54.1% |
| Suppliers | 440/4 | €12,683 | €5,827 | -€6,855 | -54.1% |
| Taxes, remuneration and social security | 45 | €57,469 | €93,065 | +€35,596 | +61.9% |
| Taxes | 450/3 | €57,469 | €93,065 | +€35,596 | +61.9% |
| Other amounts payable | 47/48 | €0 | €97,077 | +€97,077 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,479 | +€4,479 | |
| Other operating charges | 640/8 | €449 | €662 | +€212 | +47.3% |
| Gross operating margin | 9900 | €98,811 | €121,907 | +€23,097 | +23.4% |
| Operating profit (loss) | 9901 | €98,361 | €116,767 | +€18,406 | +18.7% |
| Financial income | 75/76B | €5,665 | €2,463 | -€3,202 | -56.5% |
| Recurring financial income | 75 | €5,665 | €2,463 | -€3,202 | -56.5% |
| Financial charges | 65/66B | €581 | €488 | -€93 | -16.0% |
| Recurring financial charges | 65 | €581 | €488 | -€93 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €103,446 | €118,742 | +€15,297 | +14.8% |
| Income taxes | 67/77 | €21,946 | €25,279 | +€3,333 | +15.2% |
| Profit (loss) for the period | 9904 | €81,500 | €93,464 | +€11,964 | +14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €81,500 | €93,464 | +€11,964 | +14.7% |
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 14 October 2026 via checked.be.