Ledsol: 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.
Ledsol
Largest movements
- Receivables within one year -€37,570
down €37,570 (-62.2%), from €60,372 to €22,802
of which Trade receivables: -€48,951
- Stocks and contracts +€20,847
up €20,847 (+18.6%), from €112,142 to €132,989
- Tangible fixed assets -€12,723
down €12,723 (-92.6%), from €13,740 to €1,018
- Deferred charges and accrued income -€9,917
down €9,917 (-100%), from €9,917 to €0
- Cash -€9,552
down €9,552 (-19.3%), from €49,609 to €40,058
mainly Trade debts (-€34,370) and Other debts (-€21,021)
- Trade debts -€34,370
down €34,370 (-80.3%), from €42,803 to €8,433
- Other debts -€21,021
down €21,021 (-46.6%), from €45,130 to €24,109
- Tax, wage and social debts -€16,081
down €16,081 (-78.0%), from €20,624 to €4,544
of which Taxes: -€16,081
- Reserves +€15,891
up €15,891 (+13.4%), from €118,624 to €134,514
- Short-term financial debts +€6,667
new in 2025: €6,667
- Gross operating margin -€28,248
down €28,248 (-36.8%), from €76,661 to €48,413
- Depreciation +€9,486
up €9,486 (+293%), from €3,236 to €12,723
- Taxes -€5,391
down €5,391 (-26.7%), from €20,181 to €14,790
- Financial income +€1,052
up €1,052, from €0 to €1,052
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.
Derived cash bridge
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 | €245,781 | €196,867 | -€48,915 | -19.9% |
| Fixed assets | 21/28 | €13,740 | €1,018 | -€12,723 | -92.6% |
| Tangible fixed assets | 22/27 | €13,740 | €1,018 | -€12,723 | -92.6% |
| Furniture and vehicles | 24 | €13,740 | €1,018 | -€12,723 | -92.6% |
| Current assets | 29/58 | €232,041 | €195,849 | -€36,192 | -15.6% |
| Stocks and contracts in progress | 3 | €112,142 | €132,989 | +€20,847 | +18.6% |
| Stocks | 30/36 | €112,142 | €132,989 | +€20,847 | +18.6% |
| Amounts receivable within one year | 40/41 | €60,372 | €22,802 | -€37,570 | -62.2% |
| Trade receivables | 40 | €59,433 | €10,481 | -€48,951 | -82.4% |
| Other amounts receivable | 41 | €940 | €12,321 | +€11,381 | +1,211% |
| Cash at bank and in hand | 54/58 | €49,609 | €40,058 | -€9,552 | -19.3% |
| Deferred charges and accrued income | 490/1 | €9,917 | €0 | -€9,917 | -100% |
| Total equity and liabilities | 10/49 | €245,781 | €196,867 | -€48,915 | -19.9% |
| Equity | 10/15 | €137,224 | €153,114 | +€15,891 | +11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €118,624 | €134,514 | +€15,891 | +13.4% |
| Distributable reserves | 133 | €118,624 | €134,514 | +€15,891 | +13.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €108,558 | €43,753 | -€64,805 | -59.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €108,558 | €43,753 | -€64,805 | -59.7% |
| Financial debts | 43 | - | €6,667 | +€6,667 | |
| Credit institutions | 430/8 | - | €6,667 | +€6,667 | |
| Trade debts | 44 | €42,803 | €8,433 | -€34,370 | -80.3% |
| Suppliers | 440/4 | €42,803 | €8,433 | -€34,370 | -80.3% |
| Taxes, remuneration and social security | 45 | €20,624 | €4,544 | -€16,081 | -78.0% |
| Taxes | 450/3 | €20,624 | €4,544 | -€16,081 | -78.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €45,130 | €24,109 | -€21,021 | -46.6% |
| Non-recurring operating income | 76A | €1,446 | €0 | -€1,446 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,236 | €12,723 | +€9,486 | +293% |
| Other operating charges | 640/8 | €2,591 | €1,952 | -€639 | -24.7% |
| Gross operating margin | 9900 | €76,661 | €48,413 | -€28,248 | -36.8% |
| Operating profit (loss) | 9901 | €70,833 | €33,738 | -€37,096 | -52.4% |
| Financial income | 75/76B | €0 | €1,052 | +€1,052 | |
| Recurring financial income | 75 | €0 | €1,052 | +€1,052 | |
| Financial charges | 65/66B | €3,811 | €4,109 | +€298 | +7.8% |
| Recurring financial charges | 65 | €3,811 | €4,109 | +€298 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €67,022 | €30,681 | -€36,341 | -54.2% |
| Income taxes | 67/77 | €20,181 | €14,790 | -€5,391 | -26.7% |
| Profit (loss) for the period | 9904 | €46,840 | €15,891 | -€30,950 | -66.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,840 | €15,891 | -€30,950 | -66.1% |
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 25 October 2026 via checked.be.