LUDAK: 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.
What changed
LUDAK
NACE 47.521, Retail sale of hardware, building materials, paint and glass (general range)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€157,094
2024 · €160,788-€3,694
Equity
€437,429
2024 · €332,516+€104,912
Cash
€290,356
2024 · €188,698+€101,658
Balance sheet total
€2.2m
2024 · €2.3m-€27,379
Largest movements
Assets
- Tangible fixed assets -€163,134
down €163,134 (-17.6%), from €927,569 to €764,435
of which Land and buildings: -€147,281
- Cash +€101,658
up €101,658 (+53.9%), from €188,698 to €290,356
mainly Depreciation (+€163,134) and Net result for the year (+€157,094)
- Receivables within one year +€43,359
up €43,359 (+133%), from €32,705 to €76,064
of which Other amounts receivable: +€52,196
Equity and liabilities
- Debts after one year -€151,532
down €151,532 (-9.8%), from €1.5m to €1.4m
- Reserves +€104,912
up €104,912 (+33.4%), from €313,916 to €418,829
Income statement
- Staff costs +€48,952
up €48,952 (+15.1%), from €323,301 to €372,254
- Gross operating margin +€32,115
up €32,115 (+4.1%), from €776,005 to €808,121
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.
Result 2024
€160,788
Gross operating margin
+€32,115
Staff costs
-€48,952
Depreciation
+€3,018
Other operating charges
-€406
Financial income
+€1,488
Financial charges
+€8,012
Taxes
+€1,030
Result 2025
€157,094
raises the resultlowers the result
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.
From operations
+€298,605
Investment
€0
Financing
-€196,947
Cash 2024
€188,698
From operations (derived)
+€298,605
Net result for the year
+€157,094
Depreciation
+€163,134
Stocks and contracts
+€2,590
Receivables within one year
-€43,359
Deferred charges and accrued income
+€6,672
Trade debts
+€14,559
Tax, wage and social debts
-€6,357
Advances received
+€419
Other debts
+€3,824
Accrued charges and deferred income
+€28
Financing
-€196,947
Debts after one year
-€151,532
Current portion of long-term debt
+€6,767
Contributions, distributions and other
-€52,181
Cash 2025
€290,356
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,277,253 | €2,249,874 | -€27,379 | -1.2% |
| Fixed assets | 21/28 | €927,743 | €764,609 | -€163,134 | -17.6% |
| Tangible fixed assets | 22/27 | €927,569 | €764,435 | -€163,134 | -17.6% |
| Land and buildings | 22 | €904,914 | €757,633 | -€147,281 | -16.3% |
| Plant, machinery and equipment | 23 | €3,740 | €1,609 | -€2,130 | -57.0% |
| Furniture and vehicles | 24 | €18,915 | €5,192 | -€13,723 | -72.5% |
| Financial fixed assets | 28 | €174 | €174 | = | 0.0% |
| Current assets | 29/58 | €1,349,510 | €1,485,265 | +€135,755 | +10.1% |
| Stocks and contracts in progress | 3 | €1,094,012 | €1,091,421 | -€2,590 | -0.2% |
| Stocks | 30/36 | €1,094,012 | €1,091,421 | -€2,590 | -0.2% |
| Amounts receivable within one year | 40/41 | €32,705 | €76,064 | +€43,359 | +133% |
| Trade receivables | 40 | €32,705 | €23,868 | -€8,836 | -27.0% |
| Other amounts receivable | 41 | - | €52,196 | +€52,196 | |
| Cash at bank and in hand | 54/58 | €188,698 | €290,356 | +€101,658 | +53.9% |
| Deferred charges and accrued income | 490/1 | €34,096 | €27,424 | -€6,672 | -19.6% |
| Total equity and liabilities | 10/49 | €2,277,253 | €2,249,874 | -€27,379 | -1.2% |
| Equity | 10/15 | €332,516 | €437,429 | +€104,912 | +31.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €313,916 | €418,829 | +€104,912 | +33.4% |
| Distributable reserves | 133 | €313,916 | €418,829 | +€104,912 | +33.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,944,736 | €1,812,445 | -€132,291 | -6.8% |
| Amounts payable after more than one year | 17 | €1,545,502 | €1,393,969 | -€151,532 | -9.8% |
| Financial debts | 170/4 | €1,545,502 | €1,393,969 | -€151,532 | -9.8% |
| Amounts payable within one year | 42/48 | €399,064 | €418,278 | +€19,213 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €155,452 | €162,219 | +€6,767 | +4.4% |
| Trade debts | 44 | €125,817 | €140,377 | +€14,559 | +11.6% |
| Suppliers | 440/4 | €125,817 | €140,377 | +€14,559 | +11.6% |
| Advances received on contracts in progress | 46 | €13,057 | €13,477 | +€419 | +3.2% |
| Taxes, remuneration and social security | 45 | €51,719 | €45,362 | -€6,357 | -12.3% |
| Taxes | 450/3 | €19,814 | €8,834 | -€10,979 | -55.4% |
| Remuneration and social security | 454/9 | €31,905 | €36,527 | +€4,622 | +14.5% |
| Other amounts payable | 47/48 | €53,019 | €56,843 | +€3,824 | +7.2% |
| Accrued charges and deferred income | 492/3 | €170 | €198 | +€28 | +16.6% |
| Remuneration, social security and pensions | 62 | €323,301 | €372,254 | +€48,952 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,152 | €163,134 | -€3,018 | -1.8% |
| Other operating charges | 640/8 | €19,417 | €19,822 | +€406 | +2.1% |
| Gross operating margin | 9900 | €776,005 | €808,121 | +€32,115 | +4.1% |
| Operating profit (loss) | 9901 | €267,135 | €252,911 | -€14,224 | -5.3% |
| Financial income | 75/76B | €26,616 | €28,104 | +€1,488 | +5.6% |
| Recurring financial income | 75 | €26,616 | €28,104 | +€1,488 | +5.6% |
| Financial charges | 65/66B | €76,392 | €68,380 | -€8,012 | -10.5% |
| Recurring financial charges | 65 | €76,392 | €68,380 | -€8,012 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €217,359 | €212,636 | -€4,724 | -2.2% |
| Income taxes | 67/77 | €56,571 | €55,542 | -€1,030 | -1.8% |
| Profit (loss) for the period | 9904 | €160,788 | €157,094 | -€3,694 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €160,788 | €157,094 | -€3,694 | -2.3% |
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 18 October 2026 via checked.be.