LUDAS: 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.
LUDAS
Largest movements
- Stocks and contracts +€72,523
up €72,523 (+22.1%), from €327,753 to €400,275
- Receivables within one year +€36,593
up €36,593 (+61.5%), from €59,540 to €96,134
of which Trade receivables: +€45,150
- Cash +€11,039
up €11,039 (+31.2%), from €35,434 to €46,473
mainly Other debts (+€75,376) and Trade debts (+€34,042)
- Other debts +€75,376
up €75,376 (+472.0%), from €15,970 to €91,346
- Trade debts +€34,042
up €34,042 (+10.6%), from €319,871 to €353,912
- Tax, wage and social debts +€6,049
up €6,049 (+60.3%), from €10,031 to €16,080
of which Remuneration and social security: +€6,127
- Gross operating margin -€72,697
down €72,697 (-75.8%), from €95,932 to €23,235
- Other operating charges -€54,012
down €54,012 (-92.4%), from €58,433 to €4,421
- Staff costs -€17,841
down €17,841 (-85.9%), from €20,769 to €2,928
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 | €432,381 | €547,916 | +€115,535 | +26.7% |
| Fixed assets | 21/28 | €7,952 | €3,235 | -€4,717 | -59.3% |
| Tangible fixed assets | 22/27 | €7,952 | €3,235 | -€4,717 | -59.3% |
| Furniture and vehicles | 24 | €7,952 | €3,235 | -€4,717 | -59.3% |
| Current assets | 29/58 | €424,429 | €544,681 | +€120,252 | +28.3% |
| Stocks and contracts in progress | 3 | €327,753 | €400,275 | +€72,523 | +22.1% |
| Stocks | 30/36 | €327,753 | €400,275 | +€72,523 | +22.1% |
| Amounts receivable within one year | 40/41 | €59,540 | €96,134 | +€36,593 | +61.5% |
| Trade receivables | 40 | €44,086 | €89,236 | +€45,150 | +102.4% |
| Other amounts receivable | 41 | €15,455 | €6,898 | -€8,557 | -55.4% |
| Cash at bank and in hand | 54/58 | €35,434 | €46,473 | +€11,039 | +31.2% |
| Deferred charges and accrued income | 490/1 | €1,702 | €1,799 | +€97 | +5.7% |
| Total equity and liabilities | 10/49 | €432,381 | €547,916 | +€115,535 | +26.7% |
| Equity | 10/15 | €36,525 | €36,593 | +€68 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,925 | €17,993 | +€68 | +0.4% |
| Amounts payable | 17/49 | €395,856 | €511,323 | +€115,467 | +29.2% |
| Amounts payable within one year | 42/48 | €395,856 | €511,323 | +€115,467 | +29.2% |
| Financial debts | 43 | €49,985 | €49,985 | = | 0.0% |
| Credit institutions | 430/8 | €49,985 | €49,985 | = | 0.0% |
| Trade debts | 44 | €319,871 | €353,912 | +€34,042 | +10.6% |
| Suppliers | 440/4 | €319,871 | €353,912 | +€34,042 | +10.6% |
| Taxes, remuneration and social security | 45 | €10,031 | €16,080 | +€6,049 | +60.3% |
| Taxes | 450/3 | €77 | - | -€77 | |
| Remuneration and social security | 454/9 | €9,953 | €16,080 | +€6,127 | +61.6% |
| Other amounts payable | 47/48 | €15,970 | €91,346 | +€75,376 | +472.0% |
| Remuneration, social security and pensions | 62 | €20,769 | €2,928 | -€17,841 | -85.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,262 | €4,717 | -€544 | -10.3% |
| Other operating charges | 640/8 | €58,433 | €4,421 | -€54,012 | -92.4% |
| Gross operating margin | 9900 | €95,932 | €23,235 | -€72,697 | -75.8% |
| Operating profit (loss) | 9901 | €11,468 | €11,169 | -€300 | -2.6% |
| Financial income | 75/76B | €8 | €0 | -€8 | -99.9% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -99.9% |
| Financial charges | 65/66B | €7,747 | €7,247 | -€500 | -6.5% |
| Recurring financial charges | 65 | €7,747 | €7,247 | -€500 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €3,730 | €3,922 | +€192 | +5.1% |
| Income taxes | 67/77 | €3,565 | €3,854 | +€289 | +8.1% |
| Profit (loss) for the period | 9904 | €165 | €68 | -€97 | -59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €165 | €68 | -€97 | -59.0% |
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 7 October 2026 via checked.be.