LUDANY: what changed
Two fiscal 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.
LUDANY
Largest movements
- Tangible fixed assets -€145,918
down €145,918 (-11.8%), from €1.2m to €1.1m
of which Land and buildings: -€133,253
- Receivables within one year +€134,010
up €134,010 (+130.9%), from €102,339 to €236,349
of which Other amounts receivable: +€134,010
No liability line moved by more than 1% of the balance sheet total.
- Depreciation +€14,743
up €14,743 (+11.2%), from €131,175 to €145,918
- Financial charges +€6,467
up €6,467 (+207.3%), from €3,119 to €9,586
- Taxes -€5,331
down €5,331, from €3,904 to -€1,427
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 | €3,140,409 | €3,131,281 | -€9,128 | -0.3% |
| Fixed assets | 21/28 | €3,003,965 | €2,858,047 | -€145,918 | -4.9% |
| Tangible fixed assets | 22/27 | €1,235,540 | €1,089,623 | -€145,918 | -11.8% |
| Land and buildings | 22 | €1,129,396 | €996,143 | -€133,253 | -11.8% |
| Plant, machinery and equipment | 23 | €103,984 | €92,458 | -€11,526 | -11.1% |
| Furniture and vehicles | 24 | €2,160 | €1,022 | -€1,138 | -52.7% |
| Financial fixed assets | 28 | €1,768,424 | €1,768,424 | = | 0.0% |
| Current assets | 29/58 | €136,444 | €273,233 | +€136,789 | +100.3% |
| Amounts receivable within one year | 40/41 | €102,339 | €236,349 | +€134,010 | +130.9% |
| Trade receivables | 40 | €22,000 | €22,000 | = | 0.0% |
| Other amounts receivable | 41 | €80,339 | €214,349 | +€134,010 | +166.8% |
| Cash at bank and in hand | 54/58 | €29,298 | €36,443 | +€7,144 | +24.4% |
| Deferred charges and accrued income | 490/1 | €4,806 | €442 | -€4,365 | -90.8% |
| Total equity and liabilities | 10/49 | €3,140,409 | €3,131,281 | -€9,128 | -0.3% |
| Equity | 10/15 | €2,661,993 | €2,688,273 | +€26,280 | +1.0% |
| Contributions | 10/11 | €1,801,580 | €1,801,580 | = | 0.0% |
| Revaluation surpluses | 12 | €215,942 | €215,942 | = | 0.0% |
| Reserves | 13 | €644,471 | €670,751 | +€26,280 | +4.1% |
| Non-distributable reserves | 130/1 | €4,680 | €4,680 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,680 | €4,680 | = | 0.0% |
| Distributable reserves | 133 | €639,791 | €666,071 | +€26,280 | +4.1% |
| Amounts payable | 17/49 | €478,416 | €443,008 | -€35,408 | -7.4% |
| Amounts payable after more than one year | 17 | €431,432 | €402,977 | -€28,456 | -6.6% |
| Financial debts | 170/4 | €431,432 | €402,977 | -€28,456 | -6.6% |
| Amounts payable within one year | 42/48 | €46,983 | €40,031 | -€6,952 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €27,443 | €28,456 | +€1,012 | +3.7% |
| Trade debts | 44 | €6,961 | €6,308 | -€653 | -9.4% |
| Suppliers | 440/4 | €6,961 | €6,308 | -€653 | -9.4% |
| Taxes, remuneration and social security | 45 | €12,578 | €5,226 | -€7,352 | -58.4% |
| Taxes | 450/3 | €7,358 | €0 | -€7,358 | -100.0% |
| Remuneration and social security | 454/9 | €5,220 | €5,226 | +€6 | +0.1% |
| Other amounts payable | 47/48 | €1 | €41 | +€40 | +7017.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,175 | €145,918 | +€14,743 | +11.2% |
| Other operating charges | 640/8 | €2,219 | €2,115 | -€104 | -4.7% |
| Gross operating margin | 9900 | €182,923 | €182,471 | -€452 | -0.2% |
| Operating profit (loss) | 9901 | €49,529 | €34,438 | -€15,091 | -30.5% |
| Financial income | 75/76B | €50 | €0 | -€50 | -99.8% |
| Recurring financial income | 75 | €50 | €0 | -€50 | -99.8% |
| Financial charges | 65/66B | €3,119 | €9,586 | +€6,467 | +207.3% |
| Recurring financial charges | 65 | €3,119 | €9,586 | +€6,467 | +207.3% |
| Profit (loss) for the period before taxes | 9903 | €46,460 | €24,852 | -€21,608 | -46.5% |
| Income taxes | 67/77 | €3,904 | -€1,427 | -€5,331 | |
| Profit (loss) for the period | 9904 | €42,556 | €26,280 | -€16,277 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,556 | €26,280 | -€16,277 | -38.2% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.