LUDAM: 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.
LUDAM
Largest movements
- Tangible fixed assets -€12,490
down €12,490 (-2.9%), from €436,866 to €424,376
of which Land and buildings: -€10,345
- Cash +€8,280
up €8,280 (+269%), from €3,077 to €11,357
mainly Depreciation (+€22,561) and Trade debts (+€10,257)
- Current portion of long-term debt -€12,083
down €12,083 (-100%), from €12,083 to €0
- Profit (loss) carried forward -€11,385
down €11,385 (-3.3%), from -€346,188 to -€357,573
- Trade debts +€10,257
up €10,257, from €0 to €10,257
- Other debts +€9,775
up €9,775 (+1.6%), from €625,312 to €635,086
- Gross operating margin -€25,172
down €25,172 (-47.2%), from €53,307 to €28,135
- Depreciation -€18,031
down €18,031 (-44.4%), from €40,591 to €22,561
- Other operating charges -€12,284
down €12,284 (-42.1%), from €29,160 to €16,876
- Financial charges -€639
down €639 (-88.2%), from €725 to €86
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 | €439,944 | €436,506 | -€3,437 | -0.8% |
| Fixed assets | 21/28 | €436,866 | €424,376 | -€12,490 | -2.9% |
| Tangible fixed assets | 22/27 | €436,866 | €424,376 | -€12,490 | -2.9% |
| Land and buildings | 22 | €434,721 | €424,376 | -€10,345 | -2.4% |
| Plant, machinery and equipment | 23 | €2,146 | €0 | -€2,146 | -100.0% |
| Current assets | 29/58 | €3,077 | €12,130 | +€9,053 | +294% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €3,077 | €11,357 | +€8,280 | +269% |
| Deferred charges and accrued income | 490/1 | - | €773 | +€773 | |
| Total equity and liabilities | 10/49 | €439,944 | €436,506 | -€3,437 | -0.8% |
| Equity | 10/15 | -€197,452 | -€208,837 | -€11,385 | -5.8% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€346,188 | -€357,573 | -€11,385 | -3.3% |
| Amounts payable | 17/49 | €637,395 | €645,343 | +€7,948 | +1.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €637,395 | €645,343 | +€7,948 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €12,083 | €0 | -€12,083 | -100% |
| Trade debts | 44 | €0 | €10,257 | +€10,257 | |
| Suppliers | 440/4 | €0 | €10,257 | +€10,257 | |
| Other amounts payable | 47/48 | €625,312 | €635,086 | +€9,775 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,591 | €22,561 | -€18,031 | -44.4% |
| Other operating charges | 640/8 | €29,160 | €16,876 | -€12,284 | -42.1% |
| Gross operating margin | 9900 | €53,307 | €28,135 | -€25,172 | -47.2% |
| Operating profit (loss) | 9901 | -€16,444 | -€11,301 | +€5,143 | +31.3% |
| Financial income | 75/76B | €193 | €1 | -€192 | -99.4% |
| Recurring financial income | 75 | €193 | €1 | -€192 | -99.4% |
| Non-recurring financial income | 76B | €193 | €0 | -€193 | -100% |
| Financial charges | 65/66B | €725 | €86 | -€639 | -88.2% |
| Recurring financial charges | 65 | €725 | €86 | -€639 | -88.2% |
| Profit (loss) for the period before taxes | 9903 | -€16,976 | -€11,385 | +€5,590 | +32.9% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€16,976 | -€11,385 | +€5,590 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,976 | -€11,385 | +€5,590 | +32.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.