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
- Tangible fixed assets +€232,683
up €232,683 (+159.3%), from €146,102 to €378,785
of which Land and buildings: +€238,348
- Cash +€39,338
up €39,338 (+317.7%), from €12,380 to €51,718
mainly Short-term financial debts (+€220,000) and Other debts (+€78,928)
- Receivables within one year -€17,819
down €17,819 (-75.1%), from €23,742 to €5,923
of which Trade receivables: -€20,358
- Short-term financial debts +€220,000
new in 2025: €220,000
- Other debts +€78,928
up €78,928 (+166.6%), from €47,381 to €126,309
- Debts after one year -€18,135
down €18,135 (-63.2%), from €28,704 to €10,568
- Profit (loss) carried forward -€15,817
down €15,817 (-65.2%), from €24,263 to €8,446
- Tax, wage and social debts -€5,084
down €5,084 (-87.6%), from €5,804 to €720
of which Taxes: -€5,075
- Gross operating margin -€73,485
down €73,485 (-98.2%), from €74,824 to €1,339
- Taxes -€18,907
down €18,907 (-97.7%), from €19,358 to €451
- Depreciation -€1,467
down €1,467 (-12.5%), from €11,722 to €10,254
- Financial charges +€1,371
up €1,371 (+50.2%), from €2,733 to €4,104
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 | €183,739 | €438,638 | +€254,899 | +138.7% |
| Fixed assets | 21/28 | €146,102 | €379,285 | +€233,183 | +159.6% |
| Tangible fixed assets | 22/27 | €146,102 | €378,785 | +€232,683 | +159.3% |
| Land and buildings | 22 | €118,408 | €356,755 | +€238,348 | +201.3% |
| Furniture and vehicles | 24 | €27,695 | €22,030 | -€5,665 | -20.5% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €37,636 | €59,353 | +€21,716 | +57.7% |
| Amounts receivable within one year | 40/41 | €23,742 | €5,923 | -€17,819 | -75.1% |
| Trade receivables | 40 | €23,742 | €3,384 | -€20,358 | -85.7% |
| Other amounts receivable | 41 | - | €2,539 | +€2,539 | |
| Cash at bank and in hand | 54/58 | €12,380 | €51,718 | +€39,338 | +317.7% |
| Deferred charges and accrued income | 490/1 | €1,514 | €1,712 | +€197 | +13.0% |
| Total equity and liabilities | 10/49 | €183,739 | €438,638 | +€254,899 | +138.7% |
| Equity | 10/15 | €77,323 | €61,506 | -€15,817 | -20.5% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €45,000 | €45,000 | = | 0.0% |
| Distributable reserves | 133 | €45,000 | €45,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,263 | €8,446 | -€15,817 | -65.2% |
| Amounts payable | 17/49 | €106,416 | €377,132 | +€270,716 | +254.4% |
| Amounts payable after more than one year | 17 | €28,704 | €10,568 | -€18,135 | -63.2% |
| Financial debts | 170/4 | €28,704 | €10,568 | -€18,135 | -63.2% |
| Amounts payable within one year | 42/48 | €77,712 | €366,564 | +€288,852 | +371.7% |
| Current portion of amounts payable after more than one year | 42 | €20,844 | €18,135 | -€2,708 | -13.0% |
| Financial debts | 43 | - | €220,000 | +€220,000 | |
| Credit institutions | 430/8 | - | €220,000 | +€220,000 | |
| Trade debts | 44 | €3,684 | €1,400 | -€2,284 | -62.0% |
| Suppliers | 440/4 | €3,684 | €1,400 | -€2,284 | -62.0% |
| Taxes, remuneration and social security | 45 | €5,804 | €720 | -€5,084 | -87.6% |
| Taxes | 450/3 | €5,795 | €720 | -€5,075 | -87.6% |
| Remuneration and social security | 454/9 | €9 | - | -€9 | |
| Other amounts payable | 47/48 | €47,381 | €126,309 | +€78,928 | +166.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,722 | €10,254 | -€1,467 | -12.5% |
| Other operating charges | 640/8 | €2,388 | €2,366 | -€22 | -0.9% |
| Gross operating margin | 9900 | €74,824 | €1,339 | -€73,485 | -98.2% |
| Operating profit (loss) | 9901 | €60,714 | -€11,281 | -€71,995 | |
| Financial income | 75/76B | €4 | €20 | +€16 | +423.9% |
| Recurring financial income | 75 | €4 | €20 | +€16 | +423.9% |
| Financial charges | 65/66B | €2,733 | €4,104 | +€1,371 | +50.2% |
| Recurring financial charges | 65 | €2,733 | €4,104 | +€1,371 | +50.2% |
| Profit (loss) for the period before taxes | 9903 | €57,984 | -€15,366 | -€73,350 | |
| Income taxes | 67/77 | €19,358 | €451 | -€18,907 | -97.7% |
| Profit (loss) for the period | 9904 | €38,626 | -€15,817 | -€54,444 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,626 | -€15,817 | -€54,444 |
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 10 October 2026 via checked.be.