LUDAMUR: 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.
LUDAMUR
Largest movements
- Stocks and contracts +€82,455
up €82,455 (+118%), from €69,643 to €152,098
- Receivables within one year -€7,665
down €7,665 (-7.4%), from €103,185 to €95,520
of which Trade receivables: -€9,015
- Cash +€7,099
up €7,099 (+73.5%), from €9,661 to €16,760
mainly Trade debts (+€66,365) and Net result for the year (+€16,103)
- Trade debts +€66,365
up €66,365 (+58.9%), from €112,617 to €178,981
of which Suppliers: +€65,030
- Profit (loss) carried forward +€16,103
up €16,103 (+104%), from €15,554 to €31,657
- Debts after one year -€9,702
down €9,702 (-43.4%), from €22,369 to €12,667
- Tax, wage and social debts +€5,385
up €5,385 (+48.9%), from €11,015 to €16,400
of which Taxes: +€2,919
- Staff costs +€47,917
up €47,917 (+5,169%), from €927 to €48,844
- Gross operating margin +€44,163
up €44,163 (+131%), from €33,638 to €77,801
- Other operating charges +€2,989
up €2,989 (+516%), from €580 to €3,569
- Depreciation -€1,469
down €1,469 (-59.5%), from €2,469 to €1,001
- Financial charges +€907
up €907 (+26.6%), from €3,414 to €4,321
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 | €192,693 | €273,582 | +€80,889 | +42.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €10,205 | €9,204 | -€1,001 | -9.8% |
| Intangible fixed assets | 21 | €4,563 | €4,313 | -€250 | -5.5% |
| Tangible fixed assets | 22/27 | €2,442 | €1,691 | -€751 | -30.7% |
| Furniture and vehicles | 24 | €2,030 | €1,406 | -€624 | -30.7% |
| Other tangible fixed assets | 26 | €412 | €285 | -€127 | -30.9% |
| Financial fixed assets | 28 | €3,200 | €3,200 | = | 0.0% |
| Current assets | 29/58 | €182,489 | €264,378 | +€81,890 | +44.9% |
| Stocks and contracts in progress | 3 | €69,643 | €152,098 | +€82,455 | +118% |
| Stocks | 30/36 | €69,643 | €152,098 | +€82,455 | +118% |
| Amounts receivable within one year | 40/41 | €103,185 | €95,520 | -€7,665 | -7.4% |
| Trade receivables | 40 | €103,185 | €94,170 | -€9,015 | -8.7% |
| Other amounts receivable | 41 | - | €1,350 | +€1,350 | |
| Cash at bank and in hand | 54/58 | €9,661 | €16,760 | +€7,099 | +73.5% |
| Total equity and liabilities | 10/49 | €192,693 | €273,582 | +€80,889 | +42.0% |
| Equity | 10/15 | €25,554 | €41,657 | +€16,103 | +63.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,554 | €31,657 | +€16,103 | +104% |
| Amounts payable | 17/49 | €167,139 | €231,925 | +€64,786 | +38.8% |
| Amounts payable after more than one year | 17 | €22,369 | €12,667 | -€9,702 | -43.4% |
| Financial debts | 170/4 | €22,369 | €12,667 | -€9,702 | -43.4% |
| Amounts payable within one year | 42/48 | €144,664 | €219,258 | +€74,595 | +51.6% |
| Current portion of amounts payable after more than one year | 42 | €9,342 | €9,702 | +€361 | +3.9% |
| Financial debts | 43 | €788 | €788 | = | 0.0% |
| Credit institutions | 430/8 | €788 | €788 | = | 0.0% |
| Trade debts | 44 | €112,617 | €178,981 | +€66,365 | +58.9% |
| Suppliers | 440/4 | €112,617 | €177,646 | +€65,030 | +57.7% |
| Bills of exchange payable | 441 | - | €1,335 | +€1,335 | |
| Taxes, remuneration and social security | 45 | €11,015 | €16,400 | +€5,385 | +48.9% |
| Taxes | 450/3 | €10,316 | €13,236 | +€2,919 | +28.3% |
| Remuneration and social security | 454/9 | €699 | €3,165 | +€2,465 | +353% |
| Other amounts payable | 47/48 | €10,903 | €13,387 | +€2,485 | +22.8% |
| Accrued charges and deferred income | 492/3 | €106 | €0 | -€106 | -100% |
| Remuneration, social security and pensions | 62 | €927 | €48,844 | +€47,917 | +5,169% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,469 | €1,001 | -€1,469 | -59.5% |
| Other operating charges | 640/8 | €580 | €3,569 | +€2,989 | +516% |
| Gross operating margin | 9900 | €33,638 | €77,801 | +€44,163 | +131% |
| Operating profit (loss) | 9901 | €29,662 | €24,387 | -€5,275 | -17.8% |
| Financial income | 75/76B | €508 | €858 | +€350 | +69.0% |
| Recurring financial income | 75 | €508 | €858 | +€350 | +69.0% |
| Financial charges | 65/66B | €3,414 | €4,321 | +€907 | +26.6% |
| Recurring financial charges | 65 | €3,414 | €4,321 | +€907 | +26.6% |
| Profit (loss) for the period before taxes | 9903 | €26,756 | €20,924 | -€5,832 | -21.8% |
| Income taxes | 67/77 | €4,085 | €4,821 | +€736 | +18.0% |
| Profit (loss) for the period | 9904 | €22,670 | €16,103 | -€6,568 | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,670 | €16,103 | -€6,568 | -29.0% |
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.