LDW 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.
LDW MANAGEMENT
Largest movements
- Current investments +€72,500
up €72,500 (+90.6%), from €80,000 to €152,500
- Receivables within one year +€29,413
up €29,413 (+143%), from €20,570 to €49,983
of which Trade receivables: +€29,040
- Cash -€13,161
down €13,161 (-83.8%), from €15,696 to €2,535
mainly Current investments (-€72,500) and Receivables within one year (-€29,413)
- Profit (loss) carried forward +€89,587
new in 2025: €89,587
- Gross operating margin +€40,572
up €40,572 (+54.9%), from €73,944 to €114,516
- Taxes +€3,014
up €3,014 (+14.6%), from €20,613 to €23,627
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 | €116,794 | €205,557 | +€88,763 | +76.0% |
| Fixed assets | 21/28 | €528 | €528 | = | 0.0% |
| Financial fixed assets | 28 | €528 | €528 | = | 0.0% |
| Current assets | 29/58 | €116,266 | €205,029 | +€88,763 | +76.3% |
| Amounts receivable within one year | 40/41 | €20,570 | €49,983 | +€29,413 | +143% |
| Trade receivables | 40 | €20,570 | €49,610 | +€29,040 | +141% |
| Other amounts receivable | 41 | - | €373 | +€373 | |
| Current investments | 50/53 | €80,000 | €152,500 | +€72,500 | +90.6% |
| Cash at bank and in hand | 54/58 | €15,696 | €2,535 | -€13,161 | -83.8% |
| Deferred charges and accrued income | 490/1 | - | €11 | +€11 | |
| Total equity and liabilities | 10/49 | €116,794 | €205,557 | +€88,763 | +76.0% |
| Equity | 10/15 | €94,689 | €184,276 | +€89,587 | +94.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €94,589 | €94,589 | = | 0.0% |
| Distributable reserves | 133 | €94,589 | €94,589 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €89,587 | +€89,587 | |
| Amounts payable | 17/49 | €22,105 | €21,281 | -€824 | -3.7% |
| Amounts payable within one year | 42/48 | €22,005 | €21,014 | -€991 | -4.5% |
| Trade debts | 44 | €4,121 | €4,210 | +€89 | +2.2% |
| Suppliers | 440/4 | €4,121 | €4,210 | +€89 | +2.2% |
| Taxes, remuneration and social security | 45 | €13,627 | €12,588 | -€1,039 | -7.6% |
| Taxes | 450/3 | €13,627 | €12,588 | -€1,039 | -7.6% |
| Other amounts payable | 47/48 | €4,257 | €4,216 | -€41 | -1.0% |
| Accrued charges and deferred income | 492/3 | €100 | €267 | +€167 | +167% |
| Other operating charges | 640/8 | €438 | €445 | +€7 | +1.6% |
| Gross operating margin | 9900 | €73,944 | €114,516 | +€40,572 | +54.9% |
| Operating profit (loss) | 9901 | €73,506 | €114,071 | +€40,565 | +55.2% |
| Financial charges | 65/66B | €157 | €857 | +€700 | +446% |
| Recurring financial charges | 65 | €157 | €857 | +€700 | +446% |
| Profit (loss) for the period before taxes | 9903 | €73,349 | €113,214 | +€39,865 | +54.3% |
| Income taxes | 67/77 | €20,613 | €23,627 | +€3,014 | +14.6% |
| Profit (loss) for the period | 9904 | €52,736 | €89,587 | +€36,851 | +69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €52,736 | €89,587 | +€36,851 | +69.9% |
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 18 October 2026 via checked.be.