LEDAP: 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.
LEDAP
Largest movements
- Cash -€509,039
down €509,039 (-91.4%), from €556,951 to €47,912
mainly Debts after one year (-€499,976) and Trade debts (-€491,513)
- Receivables after one year -€322,881
down €322,881 (-49.0%), from €658,961 to €336,079
- Tangible fixed assets -€199,819
down €199,819 (-10.6%), from €1.9m to €1.7m
of which Plant, machinery and equipment: -€106,706
- Debts after one year -€499,976
down €499,976 (-30.5%), from €1.6m to €1.1m
of which Other amounts payable: -€271,389
- Trade debts -€491,513
down €491,513 (-48.6%), from €1.0m to €519,151
- Reserves +€50,601
up €50,601 (+7.9%), from €642,887 to €693,488
- Other operating charges -€84,698
down €84,698 (-79.1%), from €107,021 to €22,323
- Gross operating margin -€84,015
down €84,015 (-5.2%), from €1.6m to €1.5m
- Staff costs -€16,989
down €16,989 (-1.6%), from €1.0m to €1.0m
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,070,614 | €3,086,284 | -€984,330 | -24.2% |
| Fixed assets | 21/28 | €2,673,248 | €2,477,915 | -€195,333 | -7.3% |
| Intangible fixed assets | 21 | €44,761 | €49,247 | +€4,486 | +10.0% |
| Tangible fixed assets | 22/27 | €1,880,342 | €1,680,523 | -€199,819 | -10.6% |
| Land and buildings | 22 | €133,808 | €127,837 | -€5,971 | -4.5% |
| Plant, machinery and equipment | 23 | €1,340,887 | €1,234,180 | -€106,706 | -8.0% |
| Furniture and vehicles | 24 | €18,461 | €2,512 | -€15,950 | -86.4% |
| Other tangible fixed assets | 26 | €387,186 | €315,994 | -€71,192 | -18.4% |
| Financial fixed assets | 28 | €748,145 | €748,145 | = | 0.0% |
| Current assets | 29/58 | €1,397,366 | €608,369 | -€788,997 | -56.5% |
| Amounts receivable after more than one year | 29 | €658,961 | €336,079 | -€322,881 | -49.0% |
| Other amounts receivable | 291 | €658,961 | €336,079 | -€322,881 | -49.0% |
| Stocks and contracts in progress | 3 | €11,334 | €23,547 | +€12,212 | +107.7% |
| Stocks | 30/36 | €11,334 | €23,547 | +€12,212 | +107.7% |
| Amounts receivable within one year | 40/41 | €154,859 | €187,004 | +€32,145 | +20.8% |
| Trade receivables | 40 | €65,471 | €123,793 | +€58,322 | +89.1% |
| Other amounts receivable | 41 | €89,388 | €63,211 | -€26,177 | -29.3% |
| Cash at bank and in hand | 54/58 | €556,951 | €47,912 | -€509,039 | -91.4% |
| Deferred charges and accrued income | 490/1 | €15,261 | €13,826 | -€1,435 | -9.4% |
| Total equity and liabilities | 10/49 | €4,070,614 | €3,086,284 | -€984,330 | -24.2% |
| Equity | 10/15 | €992,887 | €1,043,488 | +€50,601 | +5.1% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €642,887 | €693,488 | +€50,601 | +7.9% |
| Distributable reserves | 133 | €642,887 | €693,488 | +€50,601 | +7.9% |
| Amounts payable | 17/49 | €3,077,726 | €2,042,796 | -€1.0m | -33.6% |
| Amounts payable after more than one year | 17 | €1,636,589 | €1,136,613 | -€499,976 | -30.5% |
| Financial debts | 170/4 | €921,006 | €692,419 | -€228,587 | -24.8% |
| Other amounts payable | 178/9 | €715,582 | €444,194 | -€271,389 | -37.9% |
| Amounts payable within one year | 42/48 | €1,394,750 | €848,743 | -€546,007 | -39.1% |
| Current portion of amounts payable after more than one year | 42 | €259,891 | €228,587 | -€31,304 | -12.0% |
| Trade debts | 44 | €1,010,664 | €519,151 | -€491,513 | -48.6% |
| Suppliers | 440/4 | €1,010,664 | €519,151 | -€491,513 | -48.6% |
| Taxes, remuneration and social security | 45 | €83,195 | €78,857 | -€4,338 | -5.2% |
| Taxes | 450/3 | €2,553 | €13,344 | +€10,791 | +422.6% |
| Remuneration and social security | 454/9 | €80,642 | €65,513 | -€15,129 | -18.8% |
| Other amounts payable | 47/48 | €41,000 | €22,148 | -€18,852 | -46.0% |
| Accrued charges and deferred income | 492/3 | €46,387 | €57,440 | +€11,052 | +23.8% |
| Remuneration, social security and pensions | 62 | €1,034,832 | €1,017,842 | -€16,989 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €373,986 | €372,736 | -€1,250 | -0.3% |
| Other operating charges | 640/8 | €107,021 | €22,323 | -€84,698 | -79.1% |
| Gross operating margin | 9900 | €1,631,202 | €1,547,187 | -€84,015 | -5.2% |
| Operating profit (loss) | 9901 | €115,363 | €134,286 | +€18,923 | +16.4% |
| Financial income | 75/76B | €14,938 | €15,867 | +€929 | +6.2% |
| Recurring financial income | 75 | €14,938 | €15,867 | +€929 | +6.2% |
| Financial charges | 65/66B | €87,712 | €72,768 | -€14,945 | -17.0% |
| Recurring financial charges | 65 | €87,712 | €72,768 | -€14,945 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €42,588 | €77,385 | +€34,797 | +81.7% |
| Income taxes | 67/77 | €12,491 | €26,785 | +€14,294 | +114.4% |
| Profit (loss) for the period | 9904 | €30,097 | €50,601 | +€20,503 | +68.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,097 | €50,601 | +€20,503 | +68.1% |
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 1 October 2026 via checked.be.