Ledo: 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.
What changed
Ledo
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€10,662
2024 · €4,744-€15,406
Equity
€3.9m
2024 · €3.9m-€10,662
Cash
€212
2024 · €50+€162
Balance sheet total
€4.5m
2024 · €4.5m+€8,143
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€16,073
down €16,073, from €12,521 to -€3,552
- Depreciation +€2,075
up €2,075 (+2131.7%), from €97 to €2,172
- Financial charges -€2,004
down €2,004 (-33.6%), from €5,971 to €3,967
- Taxes -€1,740
no longer reported in 2025 (was €1,740)
- Financial income -€970
down €970 (-86.9%), from €1,117 to €146
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.
Result 2024
€4,744
Gross operating margin
-€16,073
Depreciation
-€2,075
Other operating charges
-€33
Financial income
-€970
Financial charges
+€2,004
Taxes
+€1,740
Result 2025
-€10,662
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.
From operations
+€21,206
Investment
-€3,669
Financing
-€17,376
Cash 2024
€50
From operations (derived)
+€21,206
Net result for the year
-€10,662
Depreciation
+€2,172
Receivables within one year
+€2,728
Deferred charges and accrued income
-€9,213
Trade debts
+€39,871
Accrued charges and deferred income
-€3,690
Investment (derived)
-€3,669
Investment in fixed assets (net)
-€3,669
Financing
-€17,376
Debts after one year
-€17,376
Cash 2025
€212
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,460,212 | €4,468,355 | +€8,143 | +0.2% |
| Fixed assets | 21/28 | €4,072,086 | €4,073,583 | +€1,497 | 0.0% |
| Tangible fixed assets | 22/27 | €7,998 | €9,495 | +€1,497 | +18.7% |
| Land and buildings | 22 | - | €3,116 | +€3,116 | |
| Plant, machinery and equipment | 23 | €7,998 | €6,379 | -€1,619 | -20.2% |
| Financial fixed assets | 28 | €4,064,088 | €4,064,088 | = | 0.0% |
| Current assets | 29/58 | €388,126 | €394,772 | +€6,646 | +1.7% |
| Amounts receivable within one year | 40/41 | €368,587 | €365,859 | -€2,728 | -0.7% |
| Trade receivables | 40 | €12,002 | €15,192 | +€3,190 | +26.6% |
| Other amounts receivable | 41 | €356,585 | €350,667 | -€5,918 | -1.7% |
| Cash at bank and in hand | 54/58 | €50 | €212 | +€162 | +321.3% |
| Deferred charges and accrued income | 490/1 | €19,488 | €28,701 | +€9,213 | +47.3% |
| Total equity and liabilities | 10/49 | €4,460,212 | €4,468,355 | +€8,143 | +0.2% |
| Equity | 10/15 | €3,879,974 | €3,869,312 | -€10,662 | -0.3% |
| Contributions | 10/11 | €2,346,000 | €2,346,000 | = | 0.0% |
| Capital | 10 | €2,346,000 | €2,346,000 | = | 0.0% |
| Issued capital | 100 | €2,346,000 | €2,346,000 | = | 0.0% |
| Reserves | 13 | €1,514,797 | €1,514,797 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,500 | €31,500 | = | 0.0% |
| Legal reserve | 130 | €31,500 | €31,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,483,297 | €1,483,297 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,178 | €8,515 | -€10,662 | -55.6% |
| Provisions and deferred taxes | 16 | €494,432 | €494,432 | = | 0.0% |
| Deferred taxes | 168 | €494,432 | €494,432 | = | 0.0% |
| Amounts payable | 17/49 | €85,805 | €104,611 | +€18,806 | +21.9% |
| Amounts payable after more than one year | 17 | €24,615 | €7,240 | -€17,376 | -70.6% |
| Financial debts | 170/4 | €24,615 | €7,240 | -€17,376 | -70.6% |
| Amounts payable within one year | 42/48 | €31,139 | €71,010 | +€39,871 | +128.0% |
| Current portion of amounts payable after more than one year | 42 | €17,376 | €17,376 | = | 0.0% |
| Trade debts | 44 | €1,322 | €41,193 | +€39,871 | +3016.2% |
| Suppliers | 440/4 | €1,322 | €41,193 | +€39,871 | +3016.2% |
| Taxes, remuneration and social security | 45 | €1,441 | €1,441 | = | 0.0% |
| Taxes | 450/3 | €1,441 | €1,441 | = | 0.0% |
| Other amounts payable | 47/48 | €11,000 | €11,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €30,051 | €26,361 | -€3,690 | -12.3% |
| Non-recurring operating income | 76A | €264 | - | -€264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97 | €2,172 | +€2,075 | +2131.7% |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€33 | +3.0% |
| Gross operating margin | 9900 | €12,521 | -€3,552 | -€16,073 | |
| Operating profit (loss) | 9901 | €11,338 | -€6,842 | -€18,180 | |
| Financial income | 75/76B | €1,117 | €146 | -€970 | -86.9% |
| Recurring financial income | 75 | €1,117 | €146 | -€970 | -86.9% |
| Financial charges | 65/66B | €5,971 | €3,967 | -€2,004 | -33.6% |
| Recurring financial charges | 65 | €5,971 | €3,967 | -€2,004 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €6,484 | -€10,662 | -€17,147 | |
| Income taxes | 67/77 | €1,740 | - | -€1,740 | |
| Profit (loss) for the period | 9904 | €4,744 | -€10,662 | -€15,406 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,744 | -€10,662 | -€15,406 |
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 30 September 2026 via checked.be.