LUD'EAU THERM: 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.
LUD'EAU THERM
Largest movements
- Cash +€31,998
up €31,998 (+183%), from €17,524 to €49,522
mainly Advances received (+€13,365) and Net result for the year (+€11,464)
- Tangible fixed assets -€9,201
down €9,201 (-43.1%), from €21,341 to €12,140
of which Furniture and vehicles: -€7,826
- Stocks and contracts -€3,567
down €3,567 (-37.1%), from €9,603 to €6,036
- Receivables within one year -€1,485
down €1,485 (-23.5%), from €6,312 to €4,827
of which Other amounts receivable: -€1,577
- Advances received +€13,365
up €13,365 (+101%), from €13,213 to €26,578
- Profit (loss) carried forward +€11,464
up €11,464 (+170%), from €6,738 to €18,202
- Debts after one year -€6,168
down €6,168 (-74.8%), from €8,247 to €2,079
- Other debts -€1,552
down €1,552 (-43.7%), from €3,552 to €2,000
- Gross operating margin +€6,152
up €6,152 (+17.4%), from €35,397 to €41,549
- Depreciation -€2,079
down €2,079 (-18.0%), from €11,558 to €9,479
- Staff costs +€661
up €661 (+3.5%), from €18,749 to €19,410
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 | €55,876 | €73,423 | +€17,547 | +31.4% |
| Formation expenses | 20 | €277 | - | -€277 | |
| Fixed assets | 21/28 | €21,341 | €12,140 | -€9,201 | -43.1% |
| Tangible fixed assets | 22/27 | €21,341 | €12,140 | -€9,201 | -43.1% |
| Plant, machinery and equipment | 23 | €3,052 | €1,677 | -€1,375 | -45.1% |
| Furniture and vehicles | 24 | €18,289 | €10,463 | -€7,826 | -42.8% |
| Current assets | 29/58 | €34,258 | €61,283 | +€27,025 | +78.9% |
| Stocks and contracts in progress | 3 | €9,603 | €6,036 | -€3,567 | -37.1% |
| Stocks | 30/36 | €9,603 | €6,036 | -€3,567 | -37.1% |
| Amounts receivable within one year | 40/41 | €6,312 | €4,827 | -€1,485 | -23.5% |
| Trade receivables | 40 | - | €92 | +€92 | |
| Other amounts receivable | 41 | €6,312 | €4,735 | -€1,577 | -25.0% |
| Cash at bank and in hand | 54/58 | €17,524 | €49,522 | +€31,998 | +183% |
| Deferred charges and accrued income | 490/1 | €819 | €898 | +€79 | +9.6% |
| Total equity and liabilities | 10/49 | €55,876 | €73,423 | +€17,547 | +31.4% |
| Equity | 10/15 | €8,738 | €20,202 | +€11,464 | +131% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,738 | €18,202 | +€11,464 | +170% |
| Provisions and deferred taxes | 16 | €5,000 | €5,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €5,000 | €5,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable | 17/49 | €42,138 | €48,221 | +€6,083 | +14.4% |
| Amounts payable after more than one year | 17 | €8,247 | €2,079 | -€6,168 | -74.8% |
| Financial debts | 170/4 | €8,247 | €2,079 | -€6,168 | -74.8% |
| Amounts payable within one year | 42/48 | €33,891 | €46,142 | +€12,251 | +36.1% |
| Current portion of amounts payable after more than one year | 42 | €6,066 | €6,168 | +€102 | +1.7% |
| Trade debts | 44 | €6,692 | €7,251 | +€559 | +8.4% |
| Suppliers | 440/4 | €6,692 | €7,251 | +€559 | +8.4% |
| Advances received on contracts in progress | 46 | €13,213 | €26,578 | +€13,365 | +101% |
| Taxes, remuneration and social security | 45 | €4,368 | €4,145 | -€223 | -5.1% |
| Taxes | 450/3 | €1,495 | €1,193 | -€302 | -20.2% |
| Remuneration and social security | 454/9 | €2,873 | €2,952 | +€79 | +2.7% |
| Other amounts payable | 47/48 | €3,552 | €2,000 | -€1,552 | -43.7% |
| Remuneration, social security and pensions | 62 | €18,749 | €19,410 | +€661 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,558 | €9,479 | -€2,079 | -18.0% |
| Other operating charges | 640/8 | €813 | €777 | -€36 | -4.4% |
| Gross operating margin | 9900 | €35,397 | €41,549 | +€6,152 | +17.4% |
| Operating profit (loss) | 9901 | €4,277 | €11,883 | +€7,606 | +178% |
| Financial income | 75/76B | €657 | €545 | -€112 | -17.0% |
| Recurring financial income | 75 | €657 | €545 | -€112 | -17.0% |
| Financial charges | 65/66B | €361 | €294 | -€67 | -18.6% |
| Recurring financial charges | 65 | €361 | €294 | -€67 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €4,573 | €12,134 | +€7,561 | +165% |
| Income taxes | 67/77 | €327 | €670 | +€343 | +105% |
| Profit (loss) for the period | 9904 | €4,246 | €11,464 | +€7,218 | +170% |
| Profit (loss) for the period to be appropriated | 9905 | €4,246 | €11,464 | +€7,218 | +170% |
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 29 October 2026 via checked.be.