LEDEWI: 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.
LEDEWI
Largest movements
- Cash +€623,122
up €623,122 (+118.6%), from €525,351 to €1.1m
mainly Net result for the year (+€562,841) and Depreciation (+€124,519)
- Tangible fixed assets -€75,330
down €75,330 (-11.0%), from €686,963 to €611,632
of which Plant, machinery and equipment: -€44,411
- Stocks and contracts -€43,325
down €43,325 (-29.4%), from €147,295 to €103,970
- Deferred charges and accrued income -€27,971
down €27,971 (-55.3%), from €50,573 to €22,601
- Current investments +€27,792
up €27,792 (+102.3%), from €27,157 to €54,949
- Reserves +€562,841
up €562,841 (+54.4%), from €1.0m to €1.6m
of which Distributable reserves: +€562,841
- Other debts -€49,667
down €49,667 (-100.0%), from €49,667 to €0
- Accrued charges and deferred income +€29,938
up €29,938 (+269.8%), from €11,096 to €41,034
- Debts after one year -€23,756
down €23,756 (-17.7%), from €134,005 to €110,249
- Gross operating margin +€121,981
up €121,981 (+8.6%), from €1.4m to €1.5m
- Taxes +€34,712
up €34,712 (+16.0%), from €216,426 to €251,139
- Staff costs +€24,121
up €24,121 (+3.9%), from €612,286 to €636,407
- Financial charges -€17,172
down €17,172 (-72.7%), from €23,625 to €6,453
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 | €1,509,700 | €1,998,746 | +€489,046 | +32.4% |
| Fixed assets | 21/28 | €689,596 | €614,266 | -€75,330 | -10.9% |
| Tangible fixed assets | 22/27 | €686,963 | €611,632 | -€75,330 | -11.0% |
| Land and buildings | 22 | €348,564 | €322,544 | -€26,020 | -7.5% |
| Plant, machinery and equipment | 23 | €333,150 | €288,739 | -€44,411 | -13.3% |
| Furniture and vehicles | 24 | €5,249 | €349 | -€4,900 | -93.3% |
| Financial fixed assets | 28 | €2,633 | €2,633 | = | 0.0% |
| Current assets | 29/58 | €820,104 | €1,384,480 | +€564,376 | +68.8% |
| Stocks and contracts in progress | 3 | €147,295 | €103,970 | -€43,325 | -29.4% |
| Stocks | 30/36 | €147,295 | €103,970 | -€43,325 | -29.4% |
| Amounts receivable within one year | 40/41 | €69,728 | €54,487 | -€15,241 | -21.9% |
| Trade receivables | 40 | €40,713 | €23,129 | -€17,584 | -43.2% |
| Other amounts receivable | 41 | €29,015 | €31,358 | +€2,343 | +8.1% |
| Current investments | 50/53 | €27,157 | €54,949 | +€27,792 | +102.3% |
| Cash at bank and in hand | 54/58 | €525,351 | €1,148,473 | +€623,122 | +118.6% |
| Deferred charges and accrued income | 490/1 | €50,573 | €22,601 | -€27,971 | -55.3% |
| Total equity and liabilities | 10/49 | €1,509,700 | €1,998,746 | +€489,046 | +32.4% |
| Equity | 10/15 | €1,170,467 | €1,716,891 | +€546,424 | +46.7% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €1,034,596 | €1,597,437 | +€562,841 | +54.4% |
| Tax-exempt reserves | 132 | €231,550 | €231,550 | = | 0.0% |
| Distributable reserves | 133 | €803,046 | €1,365,887 | +€562,841 | +70.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €65,871 | €49,454 | -€16,417 | -24.9% |
| Provisions and deferred taxes | 16 | €3,467 | €2,603 | -€864 | -24.9% |
| Deferred taxes | 168 | €3,467 | €2,603 | -€864 | -24.9% |
| Amounts payable | 17/49 | €335,767 | €279,252 | -€56,514 | -16.8% |
| Amounts payable after more than one year | 17 | €134,005 | €110,249 | -€23,756 | -17.7% |
| Financial debts | 170/4 | €134,005 | €110,249 | -€23,756 | -17.7% |
| Amounts payable within one year | 42/48 | €190,666 | €127,969 | -€62,697 | -32.9% |
| Current portion of amounts payable after more than one year | 42 | €23,756 | €23,756 | = | 0.0% |
| Trade debts | 44 | €52,593 | €41,885 | -€10,708 | -20.4% |
| Suppliers | 440/4 | €52,593 | €41,885 | -€10,708 | -20.4% |
| Taxes, remuneration and social security | 45 | €64,650 | €62,329 | -€2,322 | -3.6% |
| Taxes | 450/3 | €40,660 | €41,835 | +€1,175 | +2.9% |
| Remuneration and social security | 454/9 | €23,990 | €20,494 | -€3,496 | -14.6% |
| Other amounts payable | 47/48 | €49,667 | €0 | -€49,667 | -100.0% |
| Accrued charges and deferred income | 492/3 | €11,096 | €41,034 | +€29,938 | +269.8% |
| Remuneration, social security and pensions | 62 | €612,286 | €636,407 | +€24,121 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,061 | €124,519 | -€11,542 | -8.5% |
| Other operating charges | 640/8 | €11,929 | €11,458 | -€471 | -3.9% |
| Non-recurring operating charges | 66A | €2,793 | €0 | -€2,793 | -100.0% |
| Gross operating margin | 9900 | €1,425,668 | €1,547,649 | +€121,981 | +8.6% |
| Operating profit (loss) | 9901 | €662,600 | €775,266 | +€112,666 | +17.0% |
| Financial income | 75/76B | €53,093 | €44,303 | -€8,791 | -16.6% |
| Recurring financial income | 75 | €53,093 | €44,303 | -€8,791 | -16.6% |
| Financial charges | 65/66B | €23,625 | €6,453 | -€17,172 | -72.7% |
| Recurring financial charges | 65 | €23,625 | €6,453 | -€17,172 | -72.7% |
| Profit (loss) for the period before taxes | 9903 | €692,068 | €813,116 | +€121,048 | +17.5% |
| Transfer from deferred taxes | 780 | €1,047 | €864 | -€183 | -17.5% |
| Income taxes | 67/77 | €216,426 | €251,139 | +€34,712 | +16.0% |
| Profit (loss) for the period | 9904 | €476,689 | €562,841 | +€86,152 | +18.1% |
| Transfer from tax-exempt reserves | 789 | €168,400 | €0 | -€168,400 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €0 | -€126,300 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €518,789 | €562,841 | +€44,052 | +8.5% |
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 7 October 2026 via checked.be.