LEDAINE ANDRE & BART: 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.
LEDAINE ANDRE & BART
Largest movements
- Stocks and contracts -€24,729
down €24,729 (-34.6%), from €71,422 to €46,693
- Cash +€23,491
up €23,491 (+15.4%), from €152,606 to €176,097
mainly Stocks and contracts (+€24,729) and Net result for the year (+€8,664)
- Tangible fixed assets -€5,011
down €5,011 (-28.0%), from €17,873 to €12,862
of which Furniture and vehicles: -€3,189
- Receivables within one year -€4,682
down €4,682 (-2.8%), from €167,498 to €162,816
of which Trade receivables: -€10,519
- Other debts -€13,643
down €13,643 (-28.9%), from €47,170 to €33,527
- Trade debts -€7,278
down €7,278 (-53.0%), from €13,729 to €6,451
- Accrued charges and deferred income +€5,992
up €5,992 (+5900.3%), from €102 to €6,093
- Tax, wage and social debts +€5,401
up €5,401 (+42.1%), from €12,824 to €18,225
of which Taxes: +€5,615
- Gross operating margin -€2,514
down €2,514 (-2.7%), from €94,504 to €91,990
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 | €426,029 | €415,165 | -€10,865 | -2.6% |
| Fixed assets | 21/28 | €26,476 | €21,464 | -€5,011 | -18.9% |
| Tangible fixed assets | 22/27 | €17,873 | €12,862 | -€5,011 | -28.0% |
| Land and buildings | 22 | €3,816 | €2,571 | -€1,245 | -32.6% |
| Plant, machinery and equipment | 23 | €1,728 | €1,150 | -€578 | -33.5% |
| Furniture and vehicles | 24 | €12,330 | €9,141 | -€3,189 | -25.9% |
| Financial fixed assets | 28 | €8,603 | €8,603 | = | 0.0% |
| Current assets | 29/58 | €399,553 | €393,700 | -€5,853 | -1.5% |
| Stocks and contracts in progress | 3 | €71,422 | €46,693 | -€24,729 | -34.6% |
| Stocks | 30/36 | €71,422 | €46,693 | -€24,729 | -34.6% |
| Amounts receivable within one year | 40/41 | €167,498 | €162,816 | -€4,682 | -2.8% |
| Trade receivables | 40 | €75,786 | €65,268 | -€10,519 | -13.9% |
| Other amounts receivable | 41 | €91,712 | €97,548 | +€5,837 | +6.4% |
| Cash at bank and in hand | 54/58 | €152,606 | €176,097 | +€23,491 | +15.4% |
| Deferred charges and accrued income | 490/1 | €8,028 | €8,095 | +€67 | +0.8% |
| Total equity and liabilities | 10/49 | €426,029 | €415,165 | -€10,865 | -2.6% |
| Equity | 10/15 | €352,205 | €350,869 | -€1,336 | -0.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €290,205 | €288,869 | -€1,336 | -0.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €284,005 | €282,669 | -€1,336 | -0.5% |
| Amounts payable | 17/49 | €73,824 | €64,295 | -€9,528 | -12.9% |
| Amounts payable within one year | 42/48 | €73,722 | €58,202 | -€15,520 | -21.1% |
| Trade debts | 44 | €13,729 | €6,451 | -€7,278 | -53.0% |
| Suppliers | 440/4 | €13,729 | €6,451 | -€7,278 | -53.0% |
| Taxes, remuneration and social security | 45 | €12,824 | €18,225 | +€5,401 | +42.1% |
| Taxes | 450/3 | €3,871 | €9,486 | +€5,615 | +145.1% |
| Remuneration and social security | 454/9 | €8,953 | €8,739 | -€214 | -2.4% |
| Other amounts payable | 47/48 | €47,170 | €33,527 | -€13,643 | -28.9% |
| Accrued charges and deferred income | 492/3 | €102 | €6,093 | +€5,992 | +5900.3% |
| Remuneration, social security and pensions | 62 | €75,304 | €76,223 | +€919 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,286 | €6,327 | +€41 | +0.7% |
| Other operating charges | 640/8 | €1,176 | €1,637 | +€461 | +39.2% |
| Gross operating margin | 9900 | €94,504 | €91,990 | -€2,514 | -2.7% |
| Operating profit (loss) | 9901 | €11,738 | €7,803 | -€3,935 | -33.5% |
| Financial income | 75/76B | €2,367 | €2,103 | -€265 | -11.2% |
| Recurring financial income | 75 | €2,367 | €2,103 | -€265 | -11.2% |
| Financial charges | 65/66B | €1,402 | €813 | -€590 | -42.0% |
| Recurring financial charges | 65 | €1,402 | €813 | -€590 | -42.0% |
| Profit (loss) for the period before taxes | 9903 | €12,703 | €9,093 | -€3,610 | -28.4% |
| Income taxes | 67/77 | €159 | €429 | +€270 | +169.3% |
| Profit (loss) for the period | 9904 | €12,544 | €8,664 | -€3,880 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €12,544 | €8,664 | -€3,880 | -30.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.