Ledif: 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.
Ledif
Largest movements
- Stocks and contracts +€94,906
up €94,906 (+69.9%), from €135,695 to €230,601
- Current investments +€29,243
new in 2025: €29,243
- Cash +€28,961
up €28,961 (+22.6%), from €127,878 to €156,839
mainly Net result for the year (+€178,090) and Tax, wage and social debts (+€14,883)
- Profit (loss) carried forward +€175,690
up €175,690 (+193.7%), from €90,718 to €266,408
- Other debts -€30,256
down €30,256 (-34.5%), from €87,736 to €57,481
- Tax, wage and social debts +€14,883
up €14,883 (+24.6%), from €60,547 to €75,430
of which Remuneration and social security: +€14,934
- Trade debts -€4,962
down €4,962 (-9.0%), from €55,133 to €50,171
- Gross operating margin +€216,203
up €216,203 (+145.9%), from €148,222 to €364,425
- Staff costs +€79,820
up €79,820 (+267.0%), from €29,895 to €109,715
- Taxes +€33,267
up €33,267 (+129.3%), from €25,733 to €59,000
- Other operating charges +€20,289
up €20,289 (+7194.5%), from €282 to €20,571
- Financial income +€9,004
up €9,004 (+10798.6%), from €83 to €9,087
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 | €306,222 | €457,420 | +€151,198 | +49.4% |
| Fixed assets | 21/28 | €6,424 | €4,974 | -€1,450 | -22.6% |
| Intangible fixed assets | 21 | €921 | €721 | -€200 | -21.7% |
| Tangible fixed assets | 22/27 | €4,503 | €3,253 | -€1,250 | -27.8% |
| Furniture and vehicles | 24 | €4,503 | €3,253 | -€1,250 | -27.8% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €299,798 | €452,446 | +€152,648 | +50.9% |
| Stocks and contracts in progress | 3 | €135,695 | €230,601 | +€94,906 | +69.9% |
| Stocks | 30/36 | €135,695 | €230,601 | +€94,906 | +69.9% |
| Amounts receivable within one year | 40/41 | €20,134 | €20,426 | +€292 | +1.5% |
| Trade receivables | 40 | €6,134 | €19,360 | +€13,226 | +215.6% |
| Other amounts receivable | 41 | €14,000 | €1,066 | -€12,934 | -92.4% |
| Current investments | 50/53 | - | €29,243 | +€29,243 | |
| Cash at bank and in hand | 54/58 | €127,878 | €156,839 | +€28,961 | +22.6% |
| Deferred charges and accrued income | 490/1 | €16,091 | €15,338 | -€753 | -4.7% |
| Total equity and liabilities | 10/49 | €306,222 | €457,420 | +€151,198 | +49.4% |
| Equity | 10/15 | €93,718 | €269,408 | +€175,690 | +187.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,718 | €266,408 | +€175,690 | +193.7% |
| Amounts payable | 17/49 | €212,504 | €188,012 | -€24,491 | -11.5% |
| Amounts payable within one year | 42/48 | €203,416 | €183,082 | -€20,334 | -10.0% |
| Trade debts | 44 | €55,133 | €50,171 | -€4,962 | -9.0% |
| Suppliers | 440/4 | €55,133 | €50,171 | -€4,962 | -9.0% |
| Taxes, remuneration and social security | 45 | €60,547 | €75,430 | +€14,883 | +24.6% |
| Taxes | 450/3 | €56,190 | €56,140 | -€50 | -0.1% |
| Remuneration and social security | 454/9 | €4,356 | €19,290 | +€14,934 | +342.8% |
| Other amounts payable | 47/48 | €87,736 | €57,481 | -€30,256 | -34.5% |
| Accrued charges and deferred income | 492/3 | €9,088 | €4,930 | -€4,158 | -45.7% |
| Remuneration, social security and pensions | 62 | €29,895 | €109,715 | +€79,820 | +267.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €576 | €1,450 | +€874 | +151.7% |
| Other operating charges | 640/8 | €282 | €20,571 | +€20,289 | +7194.5% |
| Gross operating margin | 9900 | €148,222 | €364,425 | +€216,203 | +145.9% |
| Operating profit (loss) | 9901 | €117,469 | €232,689 | +€115,220 | +98.1% |
| Financial income | 75/76B | €83 | €9,087 | +€9,004 | +10798.6% |
| Recurring financial income | 75 | €83 | €9,087 | +€9,004 | +10798.6% |
| Financial charges | 65/66B | €1,101 | €4,687 | +€3,585 | +325.5% |
| Recurring financial charges | 65 | €1,101 | €4,687 | +€3,585 | +325.5% |
| Profit (loss) for the period before taxes | 9903 | €116,451 | €237,090 | +€120,639 | +103.6% |
| Income taxes | 67/77 | €25,733 | €59,000 | +€33,267 | +129.3% |
| Profit (loss) for the period | 9904 | €90,718 | €178,090 | +€87,372 | +96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €90,718 | €178,090 | +€87,372 | +96.3% |
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 10 October 2026 via checked.be.