LUDAN: 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.
LUDAN
Largest movements
- Receivables within one year -€17,326
down €17,326 (-24.1%), from €71,963 to €54,638
of which Trade receivables: -€24,674
- Cash +€15,515
up €15,515 (+36.9%), from €42,088 to €57,603
mainly Receivables within one year (+€17,326) and Stocks and contracts (+€13,868)
- Stocks and contracts -€13,868
down €13,868 (-22.4%), from €61,817 to €47,950
- Trade debts -€25,519
down €25,519 (-66.1%), from €38,614 to €13,094
- Profit (loss) carried forward +€12,529
up €12,529 (+86.6%), from -€14,466 to -€1,936
- Write-downs +€10,406
up €10,406 (+215.0%), from €4,841 to €15,247
- Gross operating margin -€6,275
down €6,275 (-7.0%), from €89,362 to €83,087
- Staff costs +€1,987
up €1,987 (+4.2%), from €47,508 to €49,495
- Taxes +€1,688
up €1,688 (+65.7%), from €2,568 to €4,256
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.
Cash bridge derived
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 | €194,930 | €178,440 | -€16,489 | -8.5% |
| Fixed assets | 21/28 | €8,281 | €7,035 | -€1,246 | -15.0% |
| Tangible fixed assets | 22/27 | €7,163 | €5,917 | -€1,246 | -17.4% |
| Other tangible fixed assets | 26 | €7,163 | €5,917 | -€1,246 | -17.4% |
| Financial fixed assets | 28 | €1,118 | €1,118 | = | 0.0% |
| Current assets | 29/58 | €186,649 | €171,405 | -€15,244 | -8.2% |
| Stocks and contracts in progress | 3 | €61,817 | €47,950 | -€13,868 | -22.4% |
| Stocks | 30/36 | €61,817 | €47,950 | -€13,868 | -22.4% |
| Amounts receivable within one year | 40/41 | €71,963 | €54,638 | -€17,326 | -24.1% |
| Trade receivables | 40 | €59,233 | €34,559 | -€24,674 | -41.7% |
| Other amounts receivable | 41 | €12,730 | €20,079 | +€7,349 | +57.7% |
| Current investments | 50/53 | €2,000 | €2,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €42,088 | €57,603 | +€15,515 | +36.9% |
| Deferred charges and accrued income | 490/1 | €8,780 | €9,215 | +€435 | +5.0% |
| Total equity and liabilities | 10/49 | €194,930 | €178,440 | -€16,489 | -8.5% |
| Equity | 10/15 | €145,914 | €156,584 | +€10,670 | +7.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €141,788 | €139,929 | -€1,859 | -1.3% |
| Distributable reserves | 133 | €141,788 | €139,929 | -€1,859 | -1.3% |
| Profit (loss) carried forward | 14 | -€14,466 | -€1,936 | +€12,529 | +86.6% |
| Amounts payable | 17/49 | €49,016 | €21,856 | -€27,160 | -55.4% |
| Amounts payable within one year | 42/48 | €49,016 | €21,856 | -€27,160 | -55.4% |
| Trade debts | 44 | €38,614 | €13,094 | -€25,519 | -66.1% |
| Suppliers | 440/4 | €38,614 | €13,094 | -€25,519 | -66.1% |
| Taxes, remuneration and social security | 45 | €10,402 | €8,762 | -€1,640 | -15.8% |
| Taxes | 450/3 | €3,073 | €4,256 | +€1,182 | +38.5% |
| Remuneration and social security | 454/9 | €7,329 | €4,506 | -€2,823 | -38.5% |
| Non-recurring operating income | 76A | €3,200 | - | -€3,200 | |
| Remuneration, social security and pensions | 62 | €47,508 | €49,495 | +€1,987 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,246 | €1,246 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,841 | €15,247 | +€10,406 | +215.0% |
| Other operating charges | 640/8 | €4,251 | €3,911 | -€341 | -8.0% |
| Gross operating margin | 9900 | €89,362 | €83,087 | -€6,275 | -7.0% |
| Operating profit (loss) | 9901 | €31,517 | €13,190 | -€18,327 | -58.1% |
| Financial income | 75/76B | €1,231 | €1,804 | +€573 | +46.6% |
| Recurring financial income | 75 | €1,231 | €1,804 | +€573 | +46.6% |
| Financial charges | 65/66B | €75 | €68 | -€7 | -9.0% |
| Recurring financial charges | 65 | €75 | €68 | -€7 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €32,673 | €14,926 | -€17,747 | -54.3% |
| Income taxes | 67/77 | €2,568 | €4,256 | +€1,688 | +65.7% |
| Profit (loss) for the period | 9904 | €30,105 | €10,670 | -€19,435 | -64.6% |
| Profit (loss) for the period to be appropriated | 9905 | €30,105 | €10,670 | -€19,435 | -64.6% |
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 9 October 2026 via checked.be.