LDS CONSTRUCT: what changed
Two fiscal 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.
LDS CONSTRUCT
Largest movements
- Receivables within one year +€301,363
up €301,363 (+75.4%), from €399,586 to €700,949
- Cash -€197,634
down €197,634 (-55.7%), from €355,039 to €157,405
mainly Receivables within one year (-€301,363) and Contributions, distributions and other (-€290,699)
- Stocks and contracts +€15,406
up €15,406 (+19.3%), from €79,778 to €95,184
- Other debts +€312,543
up €312,543 (+213.4%), from €146,448 to €458,991
- Debts after one year -€157,083
down €157,083 (-47.1%), from €333,526 to €176,443
- Trade debts +€113,989
up €113,989 (+71.4%), from €159,689 to €273,679
- Reserves -€72,000
down €72,000 (-18.8%), from €382,000 to €310,000
of which Distributable reserves: -€72,000
- Tax, wage and social debts -€66,854
down €66,854 (-40.5%), from €164,981 to €98,127
of which Taxes: -€67,692
- Gross operating margin +€148,715
up €148,715 (+33.5%), from €444,122 to €592,836
- Write-downs +€30,588
up €30,588 (+538.6%), from €5,679 to €36,266
- Depreciation +€14,457
up €14,457 (+16.2%), from €89,472 to €103,929
- Taxes +€7,807
up €7,807 (+326.0%), from €2,395 to €10,202
- Financial income -€7,460
down €7,460 (-13.8%), from €53,886 to €46,426
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 | €1,283,101 | €1,391,187 | +€108,087 | +8.4% |
| Fixed assets | 21/28 | €448,698 | €437,649 | -€11,048 | -2.5% |
| Tangible fixed assets | 22/27 | €448,698 | €437,649 | -€11,048 | -2.5% |
| Land and buildings | 22 | €222,990 | €213,151 | -€9,839 | -4.4% |
| Plant, machinery and equipment | 23 | €156,093 | €184,611 | +€28,519 | +18.3% |
| Furniture and vehicles | 24 | €63,331 | €25,952 | -€37,379 | -59.0% |
| Other tangible fixed assets | 26 | €6,284 | €13,935 | +€7,651 | +121.7% |
| Current assets | 29/58 | €834,403 | €953,538 | +€119,135 | +14.3% |
| Stocks and contracts in progress | 3 | €79,778 | €95,184 | +€15,406 | +19.3% |
| Stocks | 30/36 | €79,778 | €95,184 | +€15,406 | +19.3% |
| Amounts receivable within one year | 40/41 | €399,586 | €700,949 | +€301,363 | +75.4% |
| Trade receivables | 40 | €399,586 | €700,949 | +€301,363 | +75.4% |
| Cash at bank and in hand | 54/58 | €355,039 | €157,405 | -€197,634 | -55.7% |
| Total equity and liabilities | 10/49 | €1,283,101 | €1,391,187 | +€108,087 | +8.4% |
| Equity | 10/15 | €415,678 | €329,474 | -€86,204 | -20.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €382,000 | €310,000 | -€72,000 | -18.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €382,000 | €310,000 | -€72,000 | -18.8% |
| Profit (loss) carried forward | 14 | €15,128 | €924 | -€14,204 | -93.9% |
| Amounts payable | 17/49 | €867,422 | €1,061,713 | +€194,291 | +22.4% |
| Amounts payable after more than one year | 17 | €333,526 | €176,443 | -€157,083 | -47.1% |
| Financial debts | 170/4 | €333,526 | €176,443 | -€157,083 | -47.1% |
| Amounts payable within one year | 42/48 | €521,507 | €872,880 | +€351,374 | +67.4% |
| Current portion of amounts payable after more than one year | 42 | €50,388 | €42,083 | -€8,305 | -16.5% |
| Trade debts | 44 | €159,689 | €273,679 | +€113,989 | +71.4% |
| Suppliers | 440/4 | €159,689 | €273,679 | +€113,989 | +71.4% |
| Taxes, remuneration and social security | 45 | €164,981 | €98,127 | -€66,854 | -40.5% |
| Taxes | 450/3 | €134,111 | €66,420 | -€67,692 | -50.5% |
| Remuneration and social security | 454/9 | €30,870 | €31,708 | +€838 | +2.7% |
| Other amounts payable | 47/48 | €146,448 | €458,991 | +€312,543 | +213.4% |
| Accrued charges and deferred income | 492/3 | €12,390 | €12,390 | = | 0.0% |
| Non-recurring operating income | 76A | €2,938 | €0 | -€2,938 | -100.0% |
| Remuneration, social security and pensions | 62 | €254,007 | €258,230 | +€4,222 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,472 | €103,929 | +€14,457 | +16.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,679 | €36,266 | +€30,588 | +538.6% |
| Other operating charges | 640/8 | €9,798 | €7,399 | -€2,400 | -24.5% |
| Non-recurring operating charges | 66A | -€16,629 | €0 | +€16,629 | |
| Gross operating margin | 9900 | €444,122 | €592,836 | +€148,715 | +33.5% |
| Operating profit (loss) | 9901 | €101,794 | €187,013 | +€85,219 | +83.7% |
| Financial income | 75/76B | €53,886 | €46,426 | -€7,460 | -13.8% |
| Recurring financial income | 75 | €53,886 | €46,426 | -€7,460 | -13.8% |
| Financial charges | 65/66B | €19,930 | €18,742 | -€1,188 | -6.0% |
| Recurring financial charges | 65 | €19,930 | €18,742 | -€1,188 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €135,750 | €214,697 | +€78,947 | +58.2% |
| Income taxes | 67/77 | €2,395 | €10,202 | +€7,807 | +326.0% |
| Profit (loss) for the period | 9904 | €133,355 | €204,495 | +€71,140 | +53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €133,355 | €204,495 | +€71,140 | +53.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.