LEDCOM: 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.
LEDCOM
Largest movements
- Cash -€67,780
down €67,780 (-53.6%), from €126,462 to €58,682
mainly Trade debts (-€103,422) and Receivables within one year (-€34,302)
- Receivables within one year +€34,302
up €34,302 (+8.4%), from €406,967 to €441,270
of which Trade receivables: +€34,302
- Tangible fixed assets -€12,831
down €12,831 (-26.6%), from €48,197 to €35,366
of which Plant, machinery and equipment: -€14,146
- Trade debts -€103,422
down €103,422 (-24.6%), from €420,785 to €317,363
- Tax, wage and social debts +€40,866
up €40,866 (+71.8%), from €56,905 to €97,771
of which Taxes: +€30,514
- Other debts +€21,429
up €21,429 (+19.9%), from €107,897 to €129,326
- Advances received -€15,659
down €15,659 (-35.0%), from €44,769 to €29,110
- Profit (loss) carried forward +€10,540
up €10,540 (+8.1%), from -€129,532 to -€118,992
- Staff costs +€37,119
up €37,119 (+9.0%), from €413,155 to €450,273
- Gross operating margin +€13,170
up €13,170 (+2.7%), from €495,586 to €508,756
- Financial charges -€10,967
down €10,967 (-40.5%), from €27,069 to €16,101
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 | €755,946 | €705,311 | -€50,635 | -6.7% |
| Fixed assets | 21/28 | €54,433 | €38,943 | -€15,489 | -28.5% |
| Intangible fixed assets | 21 | €6,236 | €3,577 | -€2,658 | -42.6% |
| Tangible fixed assets | 22/27 | €48,197 | €35,366 | -€12,831 | -26.6% |
| Plant, machinery and equipment | 23 | €22,572 | €8,426 | -€14,146 | -62.7% |
| Furniture and vehicles | 24 | €17,033 | €19,363 | +€2,330 | +13.7% |
| Other tangible fixed assets | 26 | €8,592 | €7,577 | -€1,015 | -11.8% |
| Current assets | 29/58 | €701,513 | €666,367 | -€35,146 | -5.0% |
| Amounts receivable after more than one year | 29 | €22,480 | €23,117 | +€637 | +2.8% |
| Other amounts receivable | 291 | €22,480 | €23,117 | +€637 | +2.8% |
| Stocks and contracts in progress | 3 | €138,037 | €134,080 | -€3,957 | -2.9% |
| Stocks | 30/36 | €138,037 | €134,080 | -€3,957 | -2.9% |
| Amounts receivable within one year | 40/41 | €406,967 | €441,270 | +€34,302 | +8.4% |
| Trade receivables | 40 | €406,967 | €441,270 | +€34,302 | +8.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €126,462 | €58,682 | -€67,780 | -53.6% |
| Deferred charges and accrued income | 490/1 | €7,566 | €9,219 | +€1,653 | +21.8% |
| Total equity and liabilities | 10/49 | €755,946 | €705,311 | -€50,635 | -6.7% |
| Equity | 10/15 | -€61,332 | -€50,792 | +€10,540 | +17.2% |
| 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 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€129,532 | -€118,992 | +€10,540 | +8.1% |
| Amounts payable | 17/49 | €817,277 | €756,103 | -€61,174 | -7.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €809,615 | €756,060 | -€53,555 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €6,259 | €0 | -€6,259 | -100.0% |
| Financial debts | 43 | €173,000 | €182,490 | +€9,490 | +5.5% |
| Credit institutions | 430/8 | €173,000 | €182,490 | +€9,490 | +5.5% |
| Trade debts | 44 | €420,785 | €317,363 | -€103,422 | -24.6% |
| Suppliers | 440/4 | €420,785 | €317,363 | -€103,422 | -24.6% |
| Advances received on contracts in progress | 46 | €44,769 | €29,110 | -€15,659 | -35.0% |
| Taxes, remuneration and social security | 45 | €56,905 | €97,771 | +€40,866 | +71.8% |
| Taxes | 450/3 | €9,312 | €39,826 | +€30,514 | +327.7% |
| Remuneration and social security | 454/9 | €47,593 | €57,946 | +€10,352 | +21.8% |
| Other amounts payable | 47/48 | €107,897 | €129,326 | +€21,429 | +19.9% |
| Accrued charges and deferred income | 492/3 | €7,662 | €42 | -€7,620 | -99.4% |
| Remuneration, social security and pensions | 62 | €413,155 | €450,273 | +€37,119 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,811 | €29,940 | -€3,871 | -11.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €7,323 | €3,616 | -€3,706 | -50.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €495,586 | €508,756 | +€13,170 | +2.7% |
| Operating profit (loss) | 9901 | €41,297 | €24,926 | -€16,371 | -39.6% |
| Financial income | 75/76B | €2,099 | €2,779 | +€680 | +32.4% |
| Recurring financial income | 75 | €2,099 | €2,779 | +€680 | +32.4% |
| Financial charges | 65/66B | €27,069 | €16,101 | -€10,967 | -40.5% |
| Recurring financial charges | 65 | €27,069 | €16,101 | -€10,967 | -40.5% |
| Profit (loss) for the period before taxes | 9903 | €16,327 | €11,604 | -€4,723 | -28.9% |
| Income taxes | 67/77 | €982 | €1,064 | +€82 | +8.4% |
| Profit (loss) for the period | 9904 | €15,345 | €10,540 | -€4,806 | -31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,345 | €10,540 | -€4,806 | -31.3% |
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 1 October 2026 via checked.be.