LDV/United: 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.
What changed
LDV/United
NACE 73.110, Advertising agencies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€745,425
2024 · -€973,234+€227,809
Equity
€1.1m
2024 · €1.3m-€195,425
Cash
€484,903
2024 · €77,114+€407,789
Balance sheet total
€2.4m
2024 · €3.3m-€935,361
Largest movements
Assets
- Receivables within one year -€1.3m
down €1.3m (-53.9%), from €2.3m to €1.1m
of which Trade receivables: -€1.1m
- Cash +€407,789
up €407,789 (+529%), from €77,114 to €484,903
mainly Receivables within one year (+€1.3m) and Contributions, distributions and other (+€550,000)
- Intangible fixed assets -€153,942
no longer reported in 2025 (was €153,942)
- Formation expenses +€57,805
new in 2025: €57,805
- Deferred charges and accrued income +€55,935
up €55,935 (+77.9%), from €71,835 to €127,770
Equity and liabilities
- Profit (loss) carried forward -€745,425
down €745,425 (-93.0%), from -€801,787 to -€1.5m
- Contributions +€550,000
up €550,000 (+29.4%), from €1.9m to €2.4m
- Other debts -€529,964
no longer reported in 2025 (was €529,964)
- Trade debts -€163,914
down €163,914 (-21.0%), from €781,125 to €617,211
- Tax, wage and social debts -€87,696
down €87,696 (-22.6%), from €388,504 to €300,808
of which Taxes: -€53,857
Income statement
- Goods and materials -€2.9m
no longer reported in 2025 (was €2.9m)
- Services and other goods -€2.5m
no longer reported in 2025 (was €2.5m)
- Gross operating margin +€1.4m
new in 2025: €1.4m
- Turnover -€870,775
down €870,775 (-12.9%), from €6.7m to €5.9m
- Staff costs -€728,574
down €728,574 (-27.8%), from €2.6m to €1.9m
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.
Result 2024
-€973,234
Turnover
-€870,775
Other operating income
-€241,889
Goods and materials
+€2.9m
Services and other goods
+€2.5m
Staff costs
+€728,574
Depreciation
-€4,533
Other operating charges
+€32,686
Other operating items
-€4.8m
Financial income
-€32,491
Financial charges
-€4,834
Taxes
+€2,571
Result 2025
-€745,425
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€259,781
Investment
+€47,570
Financing
+€620,000
Cash 2024
€77,114
From operations (derived)
-€259,781
Net result for the year
-€745,425
Depreciation
+€99,015
Stocks and contracts
-€13,021
Receivables within one year
+€1.3m
Deferred charges and accrued income
-€55,935
Trade debts
-€163,914
Tax, wage and social debts
-€87,696
Advances received
-€28,362
Other debts
-€529,964
Investment (derived)
+€47,570
Investment in fixed assets (net)
+€47,570
Financing
+€620,000
Short-term financial debts
+€70,000
Contributions, distributions and other
+€550,000
Cash 2025
€484,903
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,344,223 | €2,408,862 | -€935,361 | -28.0% |
| Formation expenses | 20 | - | €57,805 | +€57,805 | |
| Fixed assets | 21/28 | €368,711 | €164,321 | -€204,390 | -55.4% |
| Intangible fixed assets | 21 | €153,942 | - | -€153,942 | |
| Tangible fixed assets | 22/27 | €146,306 | €104,969 | -€41,337 | -28.3% |
| Plant, machinery and equipment | 23 | €64,565 | €59,936 | -€4,629 | -7.2% |
| Furniture and vehicles | 24 | €23,281 | €12,214 | -€11,067 | -47.5% |
| Other tangible fixed assets | 26 | €58,460 | €32,819 | -€25,641 | -43.9% |
| Financial fixed assets | 28 | €68,463 | €59,352 | -€9,111 | -13.3% |
| Other financial fixed assets | 284/8 | €68,463 | - | -€68,463 | |
| Amounts receivable and cash guarantees | 285/8 | €68,463 | - | -€68,463 | |
| Current assets | 29/58 | €2,975,512 | €2,186,736 | -€788,776 | -26.5% |
| Stocks and contracts in progress | 3 | €478,663 | €491,684 | +€13,021 | +2.7% |
| Contracts in progress | 37 | €478,663 | €491,684 | +€13,021 | +2.7% |
| Amounts receivable within one year | 40/41 | €2,347,900 | €1,082,379 | -€1.3m | -53.9% |
| Trade receivables | 40 | €2,094,160 | €1,041,897 | -€1.1m | -50.2% |
| Other amounts receivable | 41 | €253,740 | €40,482 | -€213,258 | -84.0% |
| Cash at bank and in hand | 54/58 | €77,114 | €484,903 | +€407,789 | +529% |
| Deferred charges and accrued income | 490/1 | €71,835 | €127,770 | +€55,935 | +77.9% |
| Total equity and liabilities | 10/49 | €3,344,223 | €2,408,862 | -€935,361 | -28.0% |
| Equity | 10/15 | €1,256,969 | €1,061,544 | -€195,425 | -15.5% |
| Contributions | 10/11 | €1,871,596 | €2,421,596 | +€550,000 | +29.4% |
| Capital | 10 | €1,871,596 | €2,421,596 | +€550,000 | +29.4% |
| Issued capital | 100 | €1,871,596 | €2,421,596 | +€550,000 | +29.4% |
| Reserves | 13 | €187,160 | €187,160 | = | 0.0% |
| Non-distributable reserves | 130/1 | €187,160 | €187,160 | = | 0.0% |
| Legal reserve | 130 | €187,160 | €187,160 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€801,787 | -€1,547,212 | -€745,425 | -93.0% |
| Amounts payable | 17/49 | €2,087,254 | €1,347,318 | -€739,936 | -35.5% |
| Amounts payable within one year | 42/48 | €2,087,254 | €1,347,318 | -€739,936 | -35.5% |
| Financial debts | 43 | - | €70,000 | +€70,000 | |
| Credit institutions | 430/8 | - | €70,000 | +€70,000 | |
| Trade debts | 44 | €781,125 | €617,211 | -€163,914 | -21.0% |
| Suppliers | 440/4 | €781,125 | €617,211 | -€163,914 | -21.0% |
| Advances received on contracts in progress | 46 | €387,661 | €359,299 | -€28,362 | -7.3% |
| Taxes, remuneration and social security | 45 | €388,504 | €300,808 | -€87,696 | -22.6% |
| Taxes | 450/3 | €167,003 | €113,146 | -€53,857 | -32.2% |
| Remuneration and social security | 454/9 | €221,501 | €187,662 | -€33,839 | -15.3% |
| Other amounts payable | 47/48 | €529,964 | - | -€529,964 | |
| Operating income | 70/76A | €7,204,024 | - | -€7.2m | |
| Turnover | 70 | €6,725,449 | €5,854,674 | -€870,775 | -12.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €236,686 | - | -€236,686 | |
| Other operating income | 74 | €241,889 | - | -€241,889 | |
| Operating charges | 60/66A | €8,173,906 | - | -€8.2m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €4,549,400 | +€4.5m | |
| Goods for resale, raw materials and consumables | 60 | €2,902,423 | - | -€2.9m | |
| Purchases | 600/8 | €2,902,423 | - | -€2.9m | |
| Services and other goods | 61 | €2,492,174 | - | -€2.5m | |
| Remuneration, social security and pensions | 62 | €2,620,521 | €1,891,947 | -€728,574 | -27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,482 | €99,015 | +€4,533 | +4.8% |
| Other operating charges | 640/8 | €62,258 | €29,572 | -€32,686 | -52.5% |
| Non-recurring operating charges | 66A | €2,048 | €129,274 | +€127,226 | +6,212% |
| Gross operating margin | 9900 | - | €1,442,489 | +€1.4m | |
| Operating profit (loss) | 9901 | -€969,882 | -€707,319 | +€262,563 | +27.1% |
| Financial income | 75/76B | €39,102 | €6,611 | -€32,491 | -83.1% |
| Recurring financial income | 75 | €39,102 | €6,611 | -€32,491 | -83.1% |
| Income from current assets | 751 | €39,102 | - | -€39,102 | |
| Financial charges | 65/66B | €37,454 | €42,288 | +€4,834 | +12.9% |
| Recurring financial charges | 65 | €37,454 | €42,288 | +€4,834 | +12.9% |
| Debt charges | 650 | €26,657 | - | -€26,657 | |
| Other financial charges | 652/9 | €10,797 | - | -€10,797 | |
| Profit (loss) for the period before taxes | 9903 | -€968,234 | -€742,996 | +€225,238 | +23.3% |
| Income taxes | 67/77 | €5,000 | €2,429 | -€2,571 | -51.4% |
| Taxes | 670/3 | €5,000 | - | -€5,000 | |
| Profit (loss) for the period | 9904 | -€973,234 | -€745,425 | +€227,809 | +23.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€973,234 | -€745,425 | +€227,809 | +23.4% |
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 16 October 2026 via checked.be.