LDW: 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.
LDW
Largest movements
- Tangible fixed assets -€30,582
down €30,582 (-6.0%), from €512,125 to €481,543
of which Land and buildings: -€28,760
- Receivables within one year +€6,466
up €6,466 (+86.8%), from €7,452 to €13,918
of which Trade receivables: +€7,466
- Debts after one year -€34,427
down €34,427 (-28.1%), from €122,727 to €88,300
of which Financial debts: -€24,427
- Provisions -€29,950
down €29,950 (-88.8%), from €33,730 to €3,780
of which Provisions for liabilities and charges: -€29,714
- Profit (loss) carried forward +€14,072
up €14,072 (+20.8%), from €67,675 to €81,747
- Trade debts +€11,518
up €11,518 (+185%), from €6,215 to €17,733
- Accrued charges and deferred income +€6,721
up €6,721 (+6.3%), from €107,182 to €113,903
- Provisions -€29,714
new in 2025: -€29,714
- Gross operating margin -€5,410
down €5,410 (-11.2%), from €48,383 to €42,974
- Taxes -€3,752
no longer reported in 2025 (was €3,752)
- Other operating charges -€573
down €573 (-9.5%), from €6,026 to €5,452
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 | €534,559 | €508,416 | -€26,143 | -4.9% |
| Fixed assets | 21/28 | €512,165 | €481,583 | -€30,582 | -6.0% |
| Tangible fixed assets | 22/27 | €512,125 | €481,543 | -€30,582 | -6.0% |
| Land and buildings | 22 | €459,747 | €430,986 | -€28,760 | -6.3% |
| Plant, machinery and equipment | 23 | €7,355 | €17,156 | +€9,801 | +133% |
| Furniture and vehicles | 24 | €29,159 | €17,896 | -€11,263 | -38.6% |
| Other tangible fixed assets | 26 | €15,864 | €15,505 | -€359 | -2.3% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €22,395 | €26,833 | +€4,439 | +19.8% |
| Stocks and contracts in progress | 3 | €3,516 | €3,994 | +€478 | +13.6% |
| Stocks | 30/36 | €3,516 | €3,994 | +€478 | +13.6% |
| Amounts receivable within one year | 40/41 | €7,452 | €13,918 | +€6,466 | +86.8% |
| Trade receivables | 40 | €6,453 | €13,918 | +€7,466 | +116% |
| Other amounts receivable | 41 | €999 | - | -€999 | |
| Cash at bank and in hand | 54/58 | €5,237 | €6,010 | +€773 | +14.8% |
| Deferred charges and accrued income | 490/1 | €6,190 | €2,912 | -€3,279 | -53.0% |
| Total equity and liabilities | 10/49 | €534,559 | €508,416 | -€26,143 | -4.9% |
| Equity | 10/15 | €97,731 | €111,344 | +€13,613 | +13.9% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €11,306 | €10,847 | -€459 | -4.1% |
| Tax-exempt reserves | 132 | €9,431 | €8,972 | -€459 | -4.9% |
| Distributable reserves | 133 | €1,875 | €1,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,675 | €81,747 | +€14,072 | +20.8% |
| Provisions and deferred taxes | 16 | €33,730 | €3,780 | -€29,950 | -88.8% |
| Provisions for liabilities and charges | 160/5 | €29,714 | - | -€29,714 | |
| Other liabilities and charges | 164/5 | €29,714 | - | -€29,714 | |
| Deferred taxes | 168 | €4,016 | €3,780 | -€236 | -5.9% |
| Amounts payable | 17/49 | €403,098 | €393,292 | -€9,806 | -2.4% |
| Amounts payable after more than one year | 17 | €122,727 | €88,300 | -€34,427 | -28.1% |
| Financial debts | 170/4 | €112,727 | €88,300 | -€24,427 | -21.7% |
| Other amounts payable | 178/9 | €10,000 | - | -€10,000 | |
| Amounts payable within one year | 42/48 | €173,190 | €191,089 | +€17,900 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €6,215 | €17,733 | +€11,518 | +185% |
| Suppliers | 440/4 | €6,215 | €17,733 | +€11,518 | +185% |
| Taxes, remuneration and social security | 45 | - | €1,421 | +€1,421 | |
| Taxes | 450/3 | - | €1,421 | +€1,421 | |
| Other amounts payable | 47/48 | €156,974 | €161,935 | +€4,961 | +3.2% |
| Accrued charges and deferred income | 492/3 | €107,182 | €113,903 | +€6,721 | +6.3% |
| Non-recurring operating income | 76A | €405 | €288 | -€118 | -29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,184 | €47,034 | -€150 | -0.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€29,714 | -€29,714 | |
| Other operating charges | 640/8 | €6,026 | €5,452 | -€573 | -9.5% |
| Gross operating margin | 9900 | €48,383 | €42,974 | -€5,410 | -11.2% |
| Operating profit (loss) | 9901 | -€4,826 | €20,202 | +€25,028 | |
| Financial income | 75/76B | €14 | €31 | +€16 | +116% |
| Recurring financial income | 75 | €14 | €31 | +€16 | +116% |
| Financial charges | 65/66B | €7,127 | €6,855 | -€272 | -3.8% |
| Recurring financial charges | 65 | €7,127 | €6,855 | -€272 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | -€11,940 | €13,377 | +€25,316 | |
| Transfer from deferred taxes | 780 | €236 | €236 | = | 0.0% |
| Income taxes | 67/77 | €3,752 | - | -€3,752 | |
| Profit (loss) for the period | 9904 | -€15,455 | €13,613 | +€29,068 | |
| Transfer from tax-exempt reserves | 789 | €459 | €459 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,996 | €14,072 | +€29,068 |
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 13 October 2026 via checked.be.