Ledblox: 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.
Ledblox
Largest movements
- Receivables within one year +€83,840
up €83,840 (+37.8%), from €221,801 to €305,641
of which Trade receivables: +€120,354
- Tangible fixed assets -€67,479
down €67,479 (-5.6%), from €1.2m to €1.1m
of which Other tangible fixed assets: -€123,307
- Intangible fixed assets +€52,810
up €52,810 (+379.9%), from €13,900 to €66,710
- Stocks and contracts +€45,319
up €45,319 (+10.5%), from €432,942 to €478,261
- Cash +€26,937
up €26,937 (+20867.2%), from €129 to €27,067
mainly Trade debts (+€255,292) and Depreciation (+€208,619)
- Accrued charges and deferred income -€304,772
down €304,772 (-80.9%), from €376,768 to €71,996
- Trade debts +€255,292
new in 2025: €255,292
- Current portion of long-term debt +€153,337
up €153,337 (+100.3%), from €152,907 to €306,244
- Debts after one year +€95,844
up €95,844 (+10.5%), from €917,036 to €1.0m
- Profit (loss) carried forward -€44,339
down €44,339 (-84.6%), from €52,418 to €8,079
- Gross operating margin +€36,425
up €36,425 (+11.4%), from €320,113 to €356,538
- Depreciation +€34,601
up €34,601 (+19.9%), from €174,018 to €208,619
- Financial charges +€25,775
up €25,775 (+98.1%), from €26,276 to €52,051
- Taxes -€14,727
down €14,727, from €14,700 to -€27
- Other operating charges +€10,103
up €10,103 (+150.4%), from €6,717 to €16,819
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 | €1,871,571 | €2,021,570 | +€149,999 | +8.0% |
| Fixed assets | 21/28 | €1,214,651 | €1,199,983 | -€14,669 | -1.2% |
| Intangible fixed assets | 21 | €13,900 | €66,710 | +€52,810 | +379.9% |
| Tangible fixed assets | 22/27 | €1,200,617 | €1,133,138 | -€67,479 | -5.6% |
| Land and buildings | 22 | €1,003,249 | €1,041,279 | +€38,030 | +3.8% |
| Plant, machinery and equipment | 23 | €6,624 | €17,679 | +€11,055 | +166.9% |
| Furniture and vehicles | 24 | €3,700 | €10,443 | +€6,743 | +182.3% |
| Other tangible fixed assets | 26 | €187,044 | €63,737 | -€123,307 | -65.9% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €656,919 | €821,587 | +€164,668 | +25.1% |
| Stocks and contracts in progress | 3 | €432,942 | €478,261 | +€45,319 | +10.5% |
| Stocks | 30/36 | €432,942 | €478,261 | +€45,319 | +10.5% |
| Amounts receivable within one year | 40/41 | €221,801 | €305,641 | +€83,840 | +37.8% |
| Trade receivables | 40 | €72,905 | €193,258 | +€120,354 | +165.1% |
| Other amounts receivable | 41 | €148,896 | €112,382 | -€36,513 | -24.5% |
| Cash at bank and in hand | 54/58 | €129 | €27,067 | +€26,937 | +20867.2% |
| Deferred charges and accrued income | 490/1 | €2,047 | €10,619 | +€8,571 | +418.7% |
| Total equity and liabilities | 10/49 | €1,871,571 | €2,021,570 | +€149,999 | +8.0% |
| Equity | 10/15 | €371,196 | €326,857 | -€44,339 | -11.9% |
| Contributions | 10/11 | €318,592 | €318,592 | = | 0.0% |
| Reserves | 13 | €186 | €186 | = | 0.0% |
| Distributable reserves | 133 | €186 | €186 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,418 | €8,079 | -€44,339 | -84.6% |
| Amounts payable | 17/49 | €1,500,375 | €1,694,713 | +€194,338 | +13.0% |
| Amounts payable after more than one year | 17 | €917,036 | €1,012,880 | +€95,844 | +10.5% |
| Financial debts | 170/4 | €917,036 | €1,012,880 | +€95,844 | +10.5% |
| Amounts payable within one year | 42/48 | €206,571 | €609,836 | +€403,266 | +195.2% |
| Current portion of amounts payable after more than one year | 42 | €152,907 | €306,244 | +€153,337 | +100.3% |
| Financial debts | 43 | €27,902 | - | -€27,902 | |
| Credit institutions | 430/8 | €27,902 | - | -€27,902 | |
| Trade debts | 44 | - | €255,292 | +€255,292 | |
| Suppliers | 440/4 | - | €255,292 | +€255,292 | |
| Taxes, remuneration and social security | 45 | €25,761 | €48,300 | +€22,539 | +87.5% |
| Taxes | 450/3 | €18,375 | €40,650 | +€22,274 | +121.2% |
| Remuneration and social security | 454/9 | €7,386 | €7,650 | +€264 | +3.6% |
| Accrued charges and deferred income | 492/3 | €376,768 | €71,996 | -€304,772 | -80.9% |
| Non-recurring operating income | 76A | - | €494 | +€494 | |
| Remuneration, social security and pensions | 62 | €59,156 | €59,772 | +€615 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174,018 | €208,619 | +€34,601 | +19.9% |
| Other operating charges | 640/8 | €6,717 | €16,819 | +€10,103 | +150.4% |
| Non-recurring operating charges | 66A | - | €70,000 | +€70,000 | |
| Gross operating margin | 9900 | €320,113 | €356,538 | +€36,425 | +11.4% |
| Operating profit (loss) | 9901 | €80,221 | €1,328 | -€78,894 | -98.3% |
| Financial income | 75/76B | €4,339 | €6,358 | +€2,018 | +46.5% |
| Recurring financial income | 75 | €4,339 | €6,358 | +€2,018 | +46.5% |
| Financial charges | 65/66B | €26,276 | €52,051 | +€25,775 | +98.1% |
| Recurring financial charges | 65 | €26,276 | €52,051 | +€25,775 | +98.1% |
| Profit (loss) for the period before taxes | 9903 | €58,285 | -€44,366 | -€102,651 | |
| Income taxes | 67/77 | €14,700 | -€27 | -€14,727 | |
| Profit (loss) for the period | 9904 | €43,584 | -€44,339 | -€87,923 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,584 | -€44,339 | -€87,923 |
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 9 October 2026 via checked.be.