LdWM: 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.
LdWM
Largest movements
- Tangible fixed assets +€229,413
up €229,413 (+389.3%), from €58,923 to €288,336
of which Land and buildings: +€247,271
- Current investments -€28,320
down €28,320 (-34.9%), from €81,137 to €52,817
- Cash -€16,287
down €16,287 (-25.3%), from €64,380 to €48,093
mainly Investment in fixed assets (net) (-€314,154) and Contributions, distributions and other (-€35,000)
- Debts after one year +€114,145
up €114,145 (+749.7%), from €15,226 to €129,370
- Other debts +€76,597
up €76,597 (+136.5%), from €56,116 to €132,713
- Profit (loss) carried forward -€25,759
down €25,759 (-29.8%), from €86,317 to €60,558
- Current portion of long-term debt +€13,304
up €13,304 (+88.3%), from €15,074 to €28,378
- Accrued charges and deferred income +€5,676
up €5,676 (+219.4%), from €2,587 to €8,263
- Depreciation +€59,449
up €59,449 (+235.0%), from €25,292 to €84,741
- Gross operating margin +€11,962
up €11,962 (+12.0%), from €99,794 to €111,756
- Financial charges +€10,415
up €10,415, from -€1,349 to €9,066
- Taxes -€9,584
down €9,584 (-53.3%), from €17,992 to €8,408
- Financial income -€1,250
down €1,250 (-51.1%), from €2,447 to €1,197
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 | €205,129 | €389,936 | +€184,807 | +90.1% |
| Fixed assets | 21/28 | €58,923 | €288,336 | +€229,413 | +389.3% |
| Tangible fixed assets | 22/27 | €58,923 | €288,336 | +€229,413 | +389.3% |
| Land and buildings | 22 | - | €247,271 | +€247,271 | |
| Furniture and vehicles | 24 | €58,923 | €41,065 | -€17,858 | -30.3% |
| Current assets | 29/58 | €146,206 | €101,600 | -€44,606 | -30.5% |
| Current investments | 50/53 | €81,137 | €52,817 | -€28,320 | -34.9% |
| Cash at bank and in hand | 54/58 | €64,380 | €48,093 | -€16,287 | -25.3% |
| Deferred charges and accrued income | 490/1 | €689 | €690 | +€1 | +0.1% |
| Total equity and liabilities | 10/49 | €205,129 | €389,936 | +€184,807 | +90.1% |
| Equity | 10/15 | €88,317 | €62,558 | -€25,759 | -29.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,317 | €60,558 | -€25,759 | -29.8% |
| Amounts payable | 17/49 | €116,812 | €327,378 | +€210,566 | +180.3% |
| Amounts payable after more than one year | 17 | €15,226 | €129,370 | +€114,145 | +749.7% |
| Financial debts | 170/4 | €15,226 | €129,370 | +€114,145 | +749.7% |
| Amounts payable within one year | 42/48 | €99,000 | €189,745 | +€90,745 | +91.7% |
| Current portion of amounts payable after more than one year | 42 | €15,074 | €28,378 | +€13,304 | +88.3% |
| Trade debts | 44 | €3,800 | €3,748 | -€53 | -1.4% |
| Suppliers | 440/4 | €3,800 | €3,748 | -€53 | -1.4% |
| Taxes, remuneration and social security | 45 | €24,009 | €24,906 | +€897 | +3.7% |
| Taxes | 450/3 | €24,009 | €24,906 | +€897 | +3.7% |
| Other amounts payable | 47/48 | €56,116 | €132,713 | +€76,597 | +136.5% |
| Accrued charges and deferred income | 492/3 | €2,587 | €8,263 | +€5,676 | +219.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,292 | €84,741 | +€59,449 | +235.0% |
| Other operating charges | 640/8 | €1,400 | €1,497 | +€96 | +6.9% |
| Gross operating margin | 9900 | €99,794 | €111,756 | +€11,962 | +12.0% |
| Operating profit (loss) | 9901 | €73,102 | €25,519 | -€47,583 | -65.1% |
| Financial income | 75/76B | €2,447 | €1,197 | -€1,250 | -51.1% |
| Recurring financial income | 75 | €2,447 | €1,197 | -€1,250 | -51.1% |
| Financial charges | 65/66B | -€1,349 | €9,066 | +€10,415 | |
| Recurring financial charges | 65 | -€1,349 | €9,066 | +€10,415 | |
| Profit (loss) for the period before taxes | 9903 | €76,897 | €17,649 | -€59,248 | -77.0% |
| Income taxes | 67/77 | €17,992 | €8,408 | -€9,584 | -53.3% |
| Profit (loss) for the period | 9904 | €58,905 | €9,241 | -€49,664 | -84.3% |
| Profit (loss) for the period to be appropriated | 9905 | €58,905 | €9,241 | -€49,664 | -84.3% |
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 7 October 2026 via checked.be.