LEDENT PROJECTS: 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.
LEDENT PROJECTS
Largest movements
- Deferred charges and accrued income -€20,408
down €20,408 (-85.4%), from €23,901 to €3,492
- Cash -€15,065
down €15,065 (-27.8%), from €54,126 to €39,061
mainly Debts after one year (-€180,521) and Investment in fixed assets (net) (-€42,519)
- Tangible fixed assets -€14,405
down €14,405 (-1.8%), from €795,076 to €780,671
of which Furniture and vehicles: -€23,950
- Debts after one year -€180,521
down €180,521 (-31.0%), from €582,559 to €402,038
- Current portion of long-term debt +€120,160
up €120,160 (+189.1%), from €63,532 to €183,693
- Reserves +€21,716
up €21,716 (+6.9%), from €312,765 to €334,481
of which Distributable reserves: +€26,375
- Other debts -€14,199
down €14,199 (-42.2%), from €33,678 to €19,479
- Short-term financial debts +€11,931
new in 2025: €11,931
- Write-downs +€30,080
new in 2025: €30,080
- Gross operating margin +€28,898
up €28,898 (+23.9%), from €121,091 to €149,989
- Depreciation +€26,767
up €26,767 (+80.8%), from €33,112 to €59,879
- Financial charges +€6,930
up €6,930 (+45.8%), from €15,135 to €22,065
- Taxes +€5,255
up €5,255 (+41.8%), from €12,570 to €17,824
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 | €1,155,906 | €1,119,292 | -€36,613 | -3.2% |
| Fixed assets | 21/28 | €798,081 | €780,721 | -€17,360 | -2.2% |
| Tangible fixed assets | 22/27 | €795,076 | €780,671 | -€14,405 | -1.8% |
| Land and buildings | 22 | €675,779 | €676,409 | +€629 | +0.1% |
| Plant, machinery and equipment | 23 | €1,361 | €1,898 | +€537 | +39.5% |
| Furniture and vehicles | 24 | €117,935 | €93,985 | -€23,950 | -20.3% |
| Other tangible fixed assets | 26 | - | €8,379 | +€8,379 | |
| Financial fixed assets | 28 | €3,005 | €50 | -€2,955 | -98.3% |
| Current assets | 29/58 | €357,825 | €338,571 | -€19,253 | -5.4% |
| Amounts receivable after more than one year | 29 | €195,000 | €195,000 | = | 0.0% |
| Trade receivables | 290 | - | €195,000 | +€195,000 | |
| Other amounts receivable | 291 | €195,000 | - | -€195,000 | |
| Amounts receivable within one year | 40/41 | €23,097 | €33,317 | +€10,220 | +44.2% |
| Trade receivables | 40 | €23,051 | €33,275 | +€10,224 | +44.4% |
| Other amounts receivable | 41 | €46 | €42 | -€4 | -9.1% |
| Current investments | 50/53 | €61,701 | €67,701 | +€6,000 | +9.7% |
| Cash at bank and in hand | 54/58 | €54,126 | €39,061 | -€15,065 | -27.8% |
| Deferred charges and accrued income | 490/1 | €23,901 | €3,492 | -€20,408 | -85.4% |
| Total equity and liabilities | 10/49 | €1,155,906 | €1,119,292 | -€36,613 | -3.2% |
| Equity | 10/15 | €374,078 | €395,794 | +€21,716 | +5.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €312,765 | €334,481 | +€21,716 | +6.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €177,949 | €173,291 | -€4,659 | -2.6% |
| Distributable reserves | 133 | €132,956 | €159,331 | +€26,375 | +19.8% |
| Profit (loss) carried forward | 14 | €55,113 | €55,113 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €66,054 | €64,501 | -€1,553 | -2.4% |
| Deferred taxes | 168 | €66,054 | €64,501 | -€1,553 | -2.4% |
| Amounts payable | 17/49 | €715,773 | €658,997 | -€56,777 | -7.9% |
| Amounts payable after more than one year | 17 | €582,559 | €402,038 | -€180,521 | -31.0% |
| Financial debts | 170/4 | €582,559 | €402,038 | -€180,521 | -31.0% |
| Amounts payable within one year | 42/48 | €128,567 | €253,803 | +€125,236 | +97.4% |
| Current portion of amounts payable after more than one year | 42 | €63,532 | €183,693 | +€120,160 | +189.1% |
| Financial debts | 43 | - | €11,931 | +€11,931 | |
| Credit institutions | 430/8 | - | €11,931 | +€11,931 | |
| Trade debts | 44 | €14,035 | €10,698 | -€3,336 | -23.8% |
| Suppliers | 440/4 | €14,035 | €10,698 | -€3,336 | -23.8% |
| Taxes, remuneration and social security | 45 | €17,322 | €28,002 | +€10,680 | +61.7% |
| Taxes | 450/3 | €17,322 | €28,002 | +€10,680 | +61.7% |
| Other amounts payable | 47/48 | €33,678 | €19,479 | -€14,199 | -42.2% |
| Accrued charges and deferred income | 492/3 | €4,648 | €3,155 | -€1,493 | -32.1% |
| Non-recurring operating income | 76A | €22,836 | - | -€22,836 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,112 | €59,879 | +€26,767 | +80.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €30,080 | +€30,080 | |
| Other operating charges | 640/8 | €8,493 | €6,184 | -€2,309 | -27.2% |
| Non-recurring operating charges | 66A | €44,108 | - | -€44,108 | |
| Gross operating margin | 9900 | €121,091 | €149,989 | +€28,898 | +23.9% |
| Operating profit (loss) | 9901 | €35,378 | €53,847 | +€18,469 | +52.2% |
| Financial income | 75/76B | €6,028 | €6,206 | +€179 | +3.0% |
| Recurring financial income | 75 | €6,028 | €6,206 | +€179 | +3.0% |
| Financial charges | 65/66B | €15,135 | €22,065 | +€6,930 | +45.8% |
| Recurring financial charges | 65 | €15,135 | €22,065 | +€6,930 | +45.8% |
| Profit (loss) for the period before taxes | 9903 | €26,271 | €37,988 | +€11,717 | +44.6% |
| Transfer from deferred taxes | 780 | €1,553 | €1,553 | = | 0.0% |
| Income taxes | 67/77 | €12,570 | €17,824 | +€5,255 | +41.8% |
| Profit (loss) for the period | 9904 | €15,254 | €21,716 | +€6,463 | +42.4% |
| Transfer from tax-exempt reserves | 789 | €4,659 | €4,659 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,912 | €26,375 | +€6,463 | +32.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.