Luddites: 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.
Luddites
Largest movements
- Cash -€86,978
down €86,978 (-44.4%), from €195,976 to €108,998
mainly Other debts (-€66,638) and Investment in fixed assets (net) (-€34,872)
- Stocks and contracts +€11,165
up €11,165 (+13.6%), from €82,142 to €93,307
- Tangible fixed assets -€6,057
down €6,057 (-4.5%), from €135,227 to €129,170
of which Furniture and vehicles: -€12,125
- Other debts -€66,638
down €66,638 (-20.0%), from €333,247 to €266,608
- Trade debts -€19,665
down €19,665 (-49.8%), from €39,527 to €19,862
- Reserves +€9,538
new in 2025: €9,538
- Staff costs +€7,041
up €7,041 (+6.1%), from €115,121 to €122,161
- Gross operating margin +€5,462
up €5,462 (+2.9%), from €187,140 to €192,602
- Depreciation +€4,901
up €4,901 (+13.1%), from €37,299 to €42,200
- Financial charges -€3,447
down €3,447 (-29.3%), from €11,751 to €8,304
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 | €423,474 | €346,870 | -€76,604 | -18.1% |
| Fixed assets | 21/28 | €140,401 | €133,074 | -€7,328 | -5.2% |
| Intangible fixed assets | 21 | €5,174 | €3,903 | -€1,271 | -24.6% |
| Tangible fixed assets | 22/27 | €135,227 | €129,170 | -€6,057 | -4.5% |
| Plant, machinery and equipment | 23 | €12,733 | €11,004 | -€1,729 | -13.6% |
| Furniture and vehicles | 24 | €56,388 | €44,263 | -€12,125 | -21.5% |
| Leasing and similar rights | 25 | €244 | €169 | -€75 | -30.8% |
| Other tangible fixed assets | 26 | €65,863 | €73,735 | +€7,872 | +12.0% |
| Current assets | 29/58 | €283,072 | €213,796 | -€69,276 | -24.5% |
| Stocks and contracts in progress | 3 | €82,142 | €93,307 | +€11,165 | +13.6% |
| Stocks | 30/36 | €82,142 | €93,307 | +€11,165 | +13.6% |
| Amounts receivable within one year | 40/41 | €500 | €3,598 | +€3,099 | +620% |
| Trade receivables | 40 | - | €835 | +€835 | |
| Other amounts receivable | 41 | €500 | €2,763 | +€2,264 | +453% |
| Cash at bank and in hand | 54/58 | €195,976 | €108,998 | -€86,978 | -44.4% |
| Deferred charges and accrued income | 490/1 | €4,455 | €7,893 | +€3,437 | +77.2% |
| Total equity and liabilities | 10/49 | €423,474 | €346,870 | -€76,604 | -18.1% |
| Equity | 10/15 | €20,000 | €29,538 | +€9,538 | +47.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | - | €9,538 | +€9,538 | |
| Distributable reserves | 133 | - | €9,538 | +€9,538 | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €403,474 | €317,332 | -€86,142 | -21.4% |
| Amounts payable within one year | 42/48 | €403,474 | €317,253 | -€86,220 | -21.4% |
| Financial debts | 43 | €159 | €175 | +€16 | +10.1% |
| Credit institutions | 430/8 | €159 | €175 | +€16 | +10.1% |
| Trade debts | 44 | €39,527 | €19,862 | -€19,665 | -49.8% |
| Suppliers | 440/4 | €39,527 | €19,862 | -€19,665 | -49.8% |
| Advances received on contracts in progress | 46 | - | €443 | +€443 | |
| Taxes, remuneration and social security | 45 | €30,541 | €30,165 | -€376 | -1.2% |
| Taxes | 450/3 | €17,110 | €17,945 | +€835 | +4.9% |
| Remuneration and social security | 454/9 | €13,431 | €12,219 | -€1,211 | -9.0% |
| Other amounts payable | 47/48 | €333,247 | €266,608 | -€66,638 | -20.0% |
| Accrued charges and deferred income | 492/3 | - | €78 | +€78 | |
| Non-recurring operating income | 76A | €15,143 | €4,134 | -€11,009 | -72.7% |
| Remuneration, social security and pensions | 62 | €115,121 | €122,161 | +€7,041 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,299 | €42,200 | +€4,901 | +13.1% |
| Other operating charges | 640/8 | €2,282 | €3,928 | +€1,646 | +72.1% |
| Gross operating margin | 9900 | €187,140 | €192,602 | +€5,462 | +2.9% |
| Operating profit (loss) | 9901 | €32,438 | €24,313 | -€8,126 | -25.0% |
| Financial income | 75/76B | - | €27 | +€27 | |
| Recurring financial income | 75 | - | €27 | +€27 | |
| Financial charges | 65/66B | €11,751 | €8,304 | -€3,447 | -29.3% |
| Recurring financial charges | 65 | €11,751 | €8,304 | -€3,447 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €20,687 | €16,036 | -€4,651 | -22.5% |
| Income taxes | 67/77 | €6,222 | €6,498 | +€276 | +4.4% |
| Profit (loss) for the period | 9904 | €14,466 | €9,538 | -€4,928 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,466 | €9,538 | -€4,928 | -34.1% |
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 22 October 2026 via checked.be.