LEDEXCO: 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.
LEDEXCO
Largest movements
- Receivables within one year +€95,312
up €95,312 (+111.9%), from €85,209 to €180,521
of which Trade receivables: +€95,227
- Tangible fixed assets -€15,277
down €15,277 (-30.8%), from €49,580 to €34,303
of which Plant, machinery and equipment: -€12,578
- Intangible fixed assets -€9,286
down €9,286 (-16.9%), from €54,926 to €45,640
- Other debts +€86,870
up €86,870 (+17.5%), from €495,801 to €582,671
- Trade debts -€76,123
down €76,123 (-40.8%), from €186,423 to €110,300
- Profit (loss) carried forward +€66,831
up €66,831 (+10.8%), from -€616,500 to -€549,669
- Tax, wage and social debts -€9,338
down €9,338 (-12.0%), from €77,853 to €68,515
of which Remuneration and social security: -€5,778
- Gross operating margin +€149,680
up €149,680 (+46.7%), from €320,797 to €470,477
- Staff costs +€40,399
up €40,399 (+12.6%), from €321,426 to €361,825
- Financial charges -€5,335
down €5,335 (-23.9%), from €22,284 to €16,948
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €211,777 | €280,017 | +€68,240 | +32.2% |
| Fixed assets | 21/28 | €104,506 | €79,943 | -€24,563 | -23.5% |
| Intangible fixed assets | 21 | €54,926 | €45,640 | -€9,286 | -16.9% |
| Tangible fixed assets | 22/27 | €49,580 | €34,303 | -€15,277 | -30.8% |
| Plant, machinery and equipment | 23 | €39,043 | €26,464 | -€12,578 | -32.2% |
| Other tangible fixed assets | 26 | €10,537 | €7,839 | -€2,699 | -25.6% |
| Current assets | 29/58 | €107,271 | €200,074 | +€92,803 | +86.5% |
| Stocks and contracts in progress | 3 | €22,062 | €19,553 | -€2,509 | -11.4% |
| Stocks | 30/36 | €22,062 | €19,553 | -€2,509 | -11.4% |
| Amounts receivable within one year | 40/41 | €85,209 | €180,521 | +€95,312 | +111.9% |
| Trade receivables | 40 | €85,169 | €180,396 | +€95,227 | +111.8% |
| Other amounts receivable | 41 | €40 | €125 | +€85 | +212.5% |
| Total equity and liabilities | 10/49 | €211,777 | €280,017 | +€68,240 | +32.2% |
| Equity | 10/15 | -€548,300 | -€481,469 | +€66,831 | +12.2% |
| 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 | -€616,500 | -€549,669 | +€66,831 | +10.8% |
| Amounts payable | 17/49 | €760,077 | €761,486 | +€1,409 | +0.2% |
| Amounts payable within one year | 42/48 | €760,077 | €761,486 | +€1,409 | +0.2% |
| Trade debts | 44 | €186,423 | €110,300 | -€76,123 | -40.8% |
| Suppliers | 440/4 | €186,423 | €110,300 | -€76,123 | -40.8% |
| Taxes, remuneration and social security | 45 | €77,853 | €68,515 | -€9,338 | -12.0% |
| Taxes | 450/3 | €20,435 | €16,874 | -€3,561 | -17.4% |
| Remuneration and social security | 454/9 | €57,418 | €51,641 | -€5,778 | -10.1% |
| Other amounts payable | 47/48 | €495,801 | €582,671 | +€86,870 | +17.5% |
| Non-recurring operating income | 76A | €7,500 | €10,000 | +€2,500 | +33.3% |
| Remuneration, social security and pensions | 62 | €321,426 | €361,825 | +€40,399 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,215 | €24,563 | +€348 | +1.4% |
| Other operating charges | 640/8 | €617 | €144 | -€472 | -76.6% |
| Gross operating margin | 9900 | €320,797 | €470,477 | +€149,680 | +46.7% |
| Operating profit (loss) | 9901 | -€25,460 | €83,945 | +€109,405 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -98.7% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -98.7% |
| Financial charges | 65/66B | €22,284 | €16,948 | -€5,335 | -23.9% |
| Recurring financial charges | 65 | €22,284 | €16,948 | -€5,335 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | -€47,743 | €66,996 | +€114,740 | |
| Income taxes | 67/77 | €160 | €165 | +€5 | +3.1% |
| Profit (loss) for the period | 9904 | -€47,903 | €66,831 | +€114,735 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,903 | €66,831 | +€114,735 |
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 9 October 2026 via checked.be.