LEDOUX: 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.
LEDOUX
Largest movements
- Cash +€120,442
up €120,442 (+87.8%), from €137,103 to €257,545
mainly Trade debts (+€70,470) and Net result for the year (+€53,597)
- Stocks and contracts -€35,872
down €35,872 (-70.0%), from €51,218 to €15,345
- Receivables within one year +€26,872
up €26,872 (+33.1%), from €81,127 to €107,999
of which Trade receivables: +€43,527
- Tangible fixed assets -€25,774
down €25,774 (-33.1%), from €77,818 to €52,044
of which Furniture and vehicles: -€19,340
- Trade debts +€70,470
up €70,470 (+1177.8%), from €5,983 to €76,453
- Reserves +€53,597
up €53,597 (+26.9%), from €199,451 to €253,048
of which Distributable reserves: +€53,597
- Tax, wage and social debts -€27,311
down €27,311 (-53.9%), from €50,669 to €23,357
of which Remuneration and social security: -€21,600
- Current portion of long-term debt -€6,849
down €6,849 (-50.9%), from €13,451 to €6,603
- Debts after one year -€6,603
no longer reported in 2025 (was €6,603)
- Gross operating margin +€67,832
up €67,832 (+180.0%), from €37,691 to €105,523
- Taxes +€24,790
up €24,790 (+608.4%), from €4,075 to €28,865
- Financial income +€3,413
up €3,413 (+77.8%), from €4,388 to €7,800
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 | €351,299 | €435,128 | +€83,830 | +23.9% |
| Fixed assets | 21/28 | €77,818 | €52,044 | -€25,774 | -33.1% |
| Tangible fixed assets | 22/27 | €77,818 | €52,044 | -€25,774 | -33.1% |
| Land and buildings | 22 | €20,933 | €16,228 | -€4,705 | -22.5% |
| Plant, machinery and equipment | 23 | €8,275 | €6,546 | -€1,729 | -20.9% |
| Furniture and vehicles | 24 | €48,610 | €29,271 | -€19,340 | -39.8% |
| Current assets | 29/58 | €273,481 | €383,084 | +€109,603 | +40.1% |
| Stocks and contracts in progress | 3 | €51,218 | €15,345 | -€35,872 | -70.0% |
| Stocks | 30/36 | €51,218 | €15,345 | -€35,872 | -70.0% |
| Amounts receivable within one year | 40/41 | €81,127 | €107,999 | +€26,872 | +33.1% |
| Trade receivables | 40 | €63,945 | €107,473 | +€43,527 | +68.1% |
| Other amounts receivable | 41 | €17,182 | €527 | -€16,655 | -96.9% |
| Cash at bank and in hand | 54/58 | €137,103 | €257,545 | +€120,442 | +87.8% |
| Deferred charges and accrued income | 490/1 | €4,033 | €2,195 | -€1,838 | -45.6% |
| Total equity and liabilities | 10/49 | €351,299 | €435,128 | +€83,830 | +23.9% |
| Equity | 10/15 | €268,971 | €322,569 | +€53,597 | +19.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | - | €12,400 | +€12,400 | |
| Other | 1109/19 | - | €12,400 | +€12,400 | |
| Reserves | 13 | €199,451 | €253,048 | +€53,597 | +26.9% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,240 | €1,240 | = | 0.0% |
| Distributable reserves | 133 | €198,211 | €251,808 | +€53,597 | +27.0% |
| Profit (loss) carried forward | 14 | €57,120 | €57,120 | +€0 | 0.0% |
| Amounts payable | 17/49 | €82,328 | €112,560 | +€30,232 | +36.7% |
| Amounts payable after more than one year | 17 | €6,603 | - | -€6,603 | |
| Financial debts | 170/4 | €6,603 | - | -€6,603 | |
| Amounts payable within one year | 42/48 | €75,725 | €112,560 | +€36,835 | +48.6% |
| Current portion of amounts payable after more than one year | 42 | €13,451 | €6,603 | -€6,849 | -50.9% |
| Trade debts | 44 | €5,983 | €76,453 | +€70,470 | +1177.8% |
| Suppliers | 440/4 | €5,983 | €76,453 | +€70,470 | +1177.8% |
| Advances received on contracts in progress | 46 | - | €3,301 | +€3,301 | |
| Taxes, remuneration and social security | 45 | €50,669 | €23,357 | -€27,311 | -53.9% |
| Taxes | 450/3 | €29,069 | €23,357 | -€5,711 | -19.6% |
| Remuneration and social security | 454/9 | €21,600 | - | -€21,600 | |
| Other amounts payable | 47/48 | €5,621 | €2,845 | -€2,776 | -49.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,813 | €27,514 | -€299 | -1.1% |
| Other operating charges | 640/8 | €2,350 | €2,440 | +€90 | +3.8% |
| Gross operating margin | 9900 | €37,691 | €105,523 | +€67,832 | +180.0% |
| Operating profit (loss) | 9901 | €7,528 | €75,569 | +€68,041 | +903.8% |
| Financial income | 75/76B | €4,388 | €7,800 | +€3,413 | +77.8% |
| Recurring financial income | 75 | €4,388 | €7,800 | +€3,413 | +77.8% |
| Financial charges | 65/66B | €1,066 | €907 | -€158 | -14.9% |
| Recurring financial charges | 65 | €1,066 | €907 | -€158 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €10,850 | €82,462 | +€71,612 | +660.0% |
| Income taxes | 67/77 | €4,075 | €28,865 | +€24,790 | +608.4% |
| Profit (loss) for the period | 9904 | €6,775 | €53,597 | +€46,822 | +691.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,775 | €53,597 | +€46,822 | +691.1% |
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 9 October 2026 via checked.be.