LEDABEL: 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.
LEDABEL
Largest movements
- Receivables within one year +€362,468
up €362,468 (+563.0%), from €64,379 to €426,847
of which Trade receivables: +€361,280
- Stocks and contracts -€103,000
down €103,000 (-45.3%), from €227,204 to €124,204
- Cash -€9,865
down €9,865 (-36.1%), from €27,316 to €17,451
mainly Receivables within one year (-€362,468) and Debts after one year (-€5,794)
- Trade debts +€104,704
up €104,704 (+42.5%), from €246,225 to €350,929
of which Bills of exchange payable: +€64,481
- Short-term financial debts +€98,006
new in 2025: €98,006
- Profit (loss) carried forward +€22,722
up €22,722 (+49.6%), from €45,811 to €68,533
- Other debts +€20,266
up €20,266 (+421.6%), from €4,807 to €25,073
- Tax, wage and social debts +€6,450
up €6,450 (+31.2%), from €20,677 to €27,127
of which Remuneration and social security: +€3,553
- Gross operating margin +€42,832
up €42,832 (+53.7%), from €79,771 to €122,603
- Staff costs +€35,476
up €35,476 (+83.1%), from €42,672 to €78,148
- Financial charges +€3,058
up €3,058 (+57.7%), from €5,305 to €8,363
- Financial income -€1,490
down €1,490 (-89.1%), from €1,672 to €182
- Taxes +€1,345
up €1,345 (+21.5%), from €6,266 to €7,610
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 | €334,311 | €580,983 | +€246,672 | +73.8% |
| Fixed assets | 21/28 | €15,412 | €12,481 | -€2,931 | -19.0% |
| Tangible fixed assets | 22/27 | €15,412 | €12,481 | -€2,931 | -19.0% |
| Furniture and vehicles | 24 | €15,412 | €12,481 | -€2,931 | -19.0% |
| Current assets | 29/58 | €318,899 | €568,502 | +€249,603 | +78.3% |
| Stocks and contracts in progress | 3 | €227,204 | €124,204 | -€103,000 | -45.3% |
| Stocks | 30/36 | €227,204 | €124,204 | -€103,000 | -45.3% |
| Amounts receivable within one year | 40/41 | €64,379 | €426,847 | +€362,468 | +563.0% |
| Trade receivables | 40 | €64,365 | €425,645 | +€361,280 | +561.3% |
| Other amounts receivable | 41 | €14 | €1,202 | +€1,188 | +8591.3% |
| Cash at bank and in hand | 54/58 | €27,316 | €17,451 | -€9,865 | -36.1% |
| Total equity and liabilities | 10/49 | €334,311 | €580,983 | +€246,672 | +73.8% |
| Equity | 10/15 | €48,311 | €71,033 | +€22,722 | +47.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,811 | €68,533 | +€22,722 | +49.6% |
| Amounts payable | 17/49 | €286,000 | €509,950 | +€223,950 | +78.3% |
| Amounts payable after more than one year | 17 | €8,815 | €3,021 | -€5,794 | -65.7% |
| Financial debts | 170/4 | €8,815 | €3,021 | -€5,794 | -65.7% |
| Amounts payable within one year | 42/48 | €277,185 | €506,929 | +€229,743 | +82.9% |
| Current portion of amounts payable after more than one year | 42 | €5,477 | €5,794 | +€317 | +5.8% |
| Financial debts | 43 | - | €98,006 | +€98,006 | |
| Credit institutions | 430/8 | - | €98,006 | +€98,006 | |
| Trade debts | 44 | €246,225 | €350,929 | +€104,704 | +42.5% |
| Suppliers | 440/4 | €246,225 | €286,448 | +€40,223 | +16.3% |
| Bills of exchange payable | 441 | - | €64,481 | +€64,481 | |
| Taxes, remuneration and social security | 45 | €20,677 | €27,127 | +€6,450 | +31.2% |
| Taxes | 450/3 | €7,100 | €9,998 | +€2,897 | +40.8% |
| Remuneration and social security | 454/9 | €13,577 | €17,130 | +€3,553 | +26.2% |
| Other amounts payable | 47/48 | €4,807 | €25,073 | +€20,266 | +421.6% |
| Remuneration, social security and pensions | 62 | €42,672 | €78,148 | +€35,476 | +83.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,390 | €4,688 | +€298 | +6.8% |
| Other operating charges | 640/8 | €606 | €1,253 | +€647 | +106.9% |
| Gross operating margin | 9900 | €79,771 | €122,603 | +€42,832 | +53.7% |
| Operating profit (loss) | 9901 | €32,103 | €38,514 | +€6,410 | +20.0% |
| Financial income | 75/76B | €1,672 | €182 | -€1,490 | -89.1% |
| Recurring financial income | 75 | €1,672 | €182 | -€1,490 | -89.1% |
| Financial charges | 65/66B | €5,305 | €8,363 | +€3,058 | +57.7% |
| Recurring financial charges | 65 | €5,305 | €8,363 | +€3,058 | +57.7% |
| Profit (loss) for the period before taxes | 9903 | €28,470 | €30,332 | +€1,862 | +6.5% |
| Income taxes | 67/77 | €6,266 | €7,610 | +€1,345 | +21.5% |
| Profit (loss) for the period | 9904 | €22,204 | €22,722 | +€518 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,204 | €22,722 | +€518 | +2.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.