LERDOS: 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.
LERDOS
Largest movements
- Tangible fixed assets -€32,903
down €32,903 (-14.7%), from €223,744 to €190,841
of which Plant, machinery and equipment: -€40,521
- Stocks and contracts +€6,079
up €6,079 (+10.8%), from €56,540 to €62,618
- Cash +€4,450
up €4,450 (+173%), from €2,577 to €7,026
mainly Depreciation (+€43,047) and Trade debts (+€8,503)
- Debts after one year -€23,822
down €23,822 (-12.5%), from €190,517 to €166,694
- Trade debts +€8,503
up €8,503 (+28.9%), from €29,452 to €37,955
- Short-term financial debts -€5,474
down €5,474 (-100%), from €5,474 to €0
- Profit (loss) carried forward +€4,552
up €4,552 (+3.9%), from -€115,281 to -€110,729
- Other debts -€4,501
down €4,501 (-69.1%), from €6,510 to €2,009
- Gross operating margin +€49,237
up €49,237 (+102%), from €48,422 to €97,658
- Financial charges -€2,585
down €2,585 (-24.4%), from €10,602 to €8,017
- Staff costs +€2,476
up €2,476 (+6.6%), from €37,636 to €40,113
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 | €375,512 | €352,821 | -€22,690 | -6.0% |
| Fixed assets | 21/28 | €231,390 | €198,487 | -€32,903 | -14.2% |
| Tangible fixed assets | 22/27 | €223,744 | €190,841 | -€32,903 | -14.7% |
| Plant, machinery and equipment | 23 | €218,477 | €177,955 | -€40,521 | -18.5% |
| Furniture and vehicles | 24 | €5,268 | €12,886 | +€7,618 | +145% |
| Financial fixed assets | 28 | €7,646 | €7,646 | = | 0.0% |
| Current assets | 29/58 | €144,121 | €154,334 | +€10,213 | +7.1% |
| Stocks and contracts in progress | 3 | €56,540 | €62,618 | +€6,079 | +10.8% |
| Stocks | 30/36 | €56,540 | €62,618 | +€6,079 | +10.8% |
| Amounts receivable within one year | 40/41 | €84,472 | €84,689 | +€217 | +0.3% |
| Trade receivables | 40 | €3,395 | €2,565 | -€830 | -24.5% |
| Other amounts receivable | 41 | €81,077 | €82,125 | +€1,048 | +1.3% |
| Cash at bank and in hand | 54/58 | €2,577 | €7,026 | +€4,450 | +173% |
| Deferred charges and accrued income | 490/1 | €533 | €0 | -€533 | -100% |
| Total equity and liabilities | 10/49 | €375,512 | €352,821 | -€22,690 | -6.0% |
| Equity | 10/15 | €113,121 | €117,672 | +€4,552 | +4.0% |
| Contributions | 10/11 | €205,000 | €205,000 | = | 0.0% |
| Reserves | 13 | €23,402 | €23,402 | = | 0.0% |
| Distributable reserves | 133 | €23,402 | €23,402 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€115,281 | -€110,729 | +€4,552 | +3.9% |
| Amounts payable | 17/49 | €262,391 | €235,149 | -€27,242 | -10.4% |
| Amounts payable after more than one year | 17 | €190,517 | €166,694 | -€23,822 | -12.5% |
| Financial debts | 170/4 | €190,517 | €166,694 | -€23,822 | -12.5% |
| Amounts payable within one year | 42/48 | €71,874 | €68,455 | -€3,419 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €25,547 | €23,822 | -€1,725 | -6.8% |
| Financial debts | 43 | €5,474 | €0 | -€5,474 | -100% |
| Credit institutions | 430/8 | €5,474 | €0 | -€5,474 | -100% |
| Trade debts | 44 | €29,452 | €37,955 | +€8,503 | +28.9% |
| Suppliers | 440/4 | €29,452 | €37,955 | +€8,503 | +28.9% |
| Taxes, remuneration and social security | 45 | €4,892 | €4,669 | -€223 | -4.6% |
| Remuneration and social security | 454/9 | €4,892 | €4,669 | -€223 | -4.6% |
| Other amounts payable | 47/48 | €6,510 | €2,009 | -€4,501 | -69.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €37,636 | €40,113 | +€2,476 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,051 | €43,047 | -€4 | 0.0% |
| Other operating charges | 640/8 | €1,193 | €1,781 | +€589 | +49.4% |
| Gross operating margin | 9900 | €48,422 | €97,658 | +€49,237 | +102% |
| Operating profit (loss) | 9901 | -€33,458 | €12,718 | +€46,176 | |
| Financial income | 75/76B | €75 | €40 | -€35 | -46.3% |
| Recurring financial income | 75 | €75 | €40 | -€35 | -46.3% |
| Financial charges | 65/66B | €10,602 | €8,017 | -€2,585 | -24.4% |
| Recurring financial charges | 65 | €10,602 | €8,017 | -€2,585 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | -€43,985 | €4,741 | +€48,726 | |
| Income taxes | 67/77 | €190 | €189 | -€0 | -0.1% |
| Profit (loss) for the period | 9904 | -€44,175 | €4,552 | +€48,727 | |
| Profit (loss) for the period to be appropriated | 9905 | -€44,175 | €4,552 | +€48,727 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.