LEDOUX: 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.
LEDOUX
Largest movements
- Cash +€28,463
up €28,463 (+646.7%), from €4,401 to €32,864
mainly Depreciation (+€45,088) and Net result for the year (+€45,012)
- Tangible fixed assets -€23,259
down €23,259 (-28.2%), from €82,465 to €59,206
of which Furniture and vehicles: -€19,751
- Intangible fixed assets -€16,000
down €16,000 (-14.3%), from €112,000 to €96,000
- Deferred charges and accrued income +€2,332
new in 2025: €2,332
- Profit (loss) carried forward +€45,889
up €45,889 (+83.9%), from -€54,678 to -€8,789
- Debts after one year -€22,870
down €22,870 (-32.1%), from €71,288 to €48,418
- Other debts -€14,394
down €14,394 (-12.0%), from €119,698 to €105,304
- Trade debts -€12,927
down €12,927 (-85.6%), from €15,104 to €2,177
- Tax, wage and social debts -€4,968
down €4,968 (-48.1%), from €10,332 to €5,364
of which Remuneration and social security: -€3,547
- Gross operating margin +€53,136
up €53,136 (+56.9%), from €93,457 to €146,593
- Staff costs -€29,192
down €29,192 (-38.8%), from €75,245 to €46,053
- Taxes +€3,992
up €3,992 (+1412.8%), from €283 to €4,275
- Other operating charges -€3,193
down €3,193 (-64.1%), from €4,979 to €1,787
- Depreciation +€1,812
up €1,812 (+4.2%), from €43,276 to €45,088
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 | €214,995 | €205,611 | -€9,384 | -4.4% |
| Fixed assets | 21/28 | €194,465 | €155,206 | -€39,259 | -20.2% |
| Intangible fixed assets | 21 | €112,000 | €96,000 | -€16,000 | -14.3% |
| Tangible fixed assets | 22/27 | €82,465 | €59,206 | -€23,259 | -28.2% |
| Plant, machinery and equipment | 23 | €4,059 | €7,529 | +€3,470 | +85.5% |
| Furniture and vehicles | 24 | €65,890 | €46,139 | -€19,751 | -30.0% |
| Other tangible fixed assets | 26 | €12,515 | €5,538 | -€6,977 | -55.8% |
| Current assets | 29/58 | €20,531 | €50,405 | +€29,875 | +145.5% |
| Stocks and contracts in progress | 3 | €4,150 | €5,325 | +€1,175 | +28.3% |
| Stocks | 30/36 | €4,150 | €5,325 | +€1,175 | +28.3% |
| Amounts receivable within one year | 40/41 | €11,979 | €9,884 | -€2,095 | -17.5% |
| Trade receivables | 40 | €59 | - | -€59 | |
| Other amounts receivable | 41 | €11,921 | €9,884 | -€2,037 | -17.1% |
| Cash at bank and in hand | 54/58 | €4,401 | €32,864 | +€28,463 | +646.7% |
| Deferred charges and accrued income | 490/1 | - | €2,332 | +€2,332 | |
| Total equity and liabilities | 10/49 | €214,995 | €205,611 | -€9,384 | -4.4% |
| Equity | 10/15 | -€25,288 | €19,724 | +€45,012 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €10,790 | €9,914 | -€877 | -8.1% |
| Tax-exempt reserves | 132 | €8,930 | €8,054 | -€877 | -9.8% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,678 | -€8,789 | +€45,889 | +83.9% |
| Provisions and deferred taxes | 16 | €2,046 | €1,753 | -€292 | -14.3% |
| Deferred taxes | 168 | €2,046 | €1,753 | -€292 | -14.3% |
| Amounts payable | 17/49 | €238,237 | €184,133 | -€54,104 | -22.7% |
| Amounts payable after more than one year | 17 | €71,288 | €48,418 | -€22,870 | -32.1% |
| Financial debts | 170/4 | €71,288 | €48,418 | -€22,870 | -32.1% |
| Amounts payable within one year | 42/48 | €166,950 | €135,715 | -€31,234 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €21,816 | €22,870 | +€1,054 | +4.8% |
| Trade debts | 44 | €15,104 | €2,177 | -€12,927 | -85.6% |
| Suppliers | 440/4 | €15,104 | €2,177 | -€12,927 | -85.6% |
| Taxes, remuneration and social security | 45 | €10,332 | €5,364 | -€4,968 | -48.1% |
| Taxes | 450/3 | €2,839 | €1,419 | -€1,421 | -50.0% |
| Remuneration and social security | 454/9 | €7,493 | €3,946 | -€3,547 | -47.3% |
| Other amounts payable | 47/48 | €119,698 | €105,304 | -€14,394 | -12.0% |
| Remuneration, social security and pensions | 62 | €75,245 | €46,053 | -€29,192 | -38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,276 | €45,088 | +€1,812 | +4.2% |
| Other operating charges | 640/8 | €4,979 | €1,787 | -€3,193 | -64.1% |
| Gross operating margin | 9900 | €93,457 | €146,593 | +€53,136 | +56.9% |
| Operating profit (loss) | 9901 | -€30,043 | €53,665 | +€83,708 | |
| Financial income | 75/76B | €2 | €42 | +€40 | +2125.0% |
| Recurring financial income | 75 | €2 | €42 | +€40 | +2125.0% |
| Financial charges | 65/66B | €5,708 | €4,711 | -€997 | -17.5% |
| Recurring financial charges | 65 | €5,708 | €4,711 | -€997 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | -€35,749 | €48,995 | +€84,744 | |
| Transfer from deferred taxes | 780 | €292 | €292 | = | 0.0% |
| Income taxes | 67/77 | €283 | €4,275 | +€3,992 | +1412.8% |
| Profit (loss) for the period | 9904 | -€35,740 | €45,012 | +€80,752 | |
| Transfer from tax-exempt reserves | 789 | €877 | €877 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,863 | €45,889 | +€80,752 |
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 29 September 2026 via checked.be.