LUDEAU CHAUFFAGE: 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.
LUDEAU CHAUFFAGE
Largest movements
- Cash +€37,372
up €37,372 (+33.4%), from €112,038 to €149,410
mainly Net result for the year (+€94,009) and Tax, wage and social debts (+€20,907)
- Receivables within one year +€27,645
up €27,645 (+99.1%), from €27,885 to €55,530
of which Trade receivables: +€32,066
- Tangible fixed assets +€18,308
up €18,308 (+26.9%), from €68,177 to €86,485
of which Other tangible fixed assets: +€35,223
- Deferred charges and accrued income -€11,800
down €11,800 (-58.8%), from €20,082 to €8,282
- Reserves +€68,314
up €68,314 (+54.1%), from €126,300 to €194,614
of which Distributable reserves: +€68,314
- Trade debts -€23,966
down €23,966 (-57.6%), from €41,575 to €17,609
- Tax, wage and social debts +€20,907
up €20,907 (+94.5%), from €22,118 to €43,025
of which Taxes: +€19,498
- Profit (loss) carried forward +€13,695
no longer reported in 2025 (was -€13,695)
- Debts after one year -€5,348
down €5,348 (-28.6%), from €18,668 to €13,320
- Staff costs +€15,973
up €15,973 (+30.1%), from €53,030 to €69,003
- Depreciation +€4,644
up €4,644 (+31.7%), from €14,648 to €19,292
- Financial income +€3,038
up €3,038 (+111%), from €2,731 to €5,769
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 | €228,182 | €299,707 | +€71,526 | +31.3% |
| Fixed assets | 21/28 | €68,177 | €86,485 | +€18,308 | +26.9% |
| Tangible fixed assets | 22/27 | €68,177 | €86,485 | +€18,308 | +26.9% |
| Plant, machinery and equipment | 23 | €16,092 | €12,307 | -€3,785 | -23.5% |
| Furniture and vehicles | 24 | €52,085 | €38,955 | -€13,130 | -25.2% |
| Other tangible fixed assets | 26 | - | €35,223 | +€35,223 | |
| Current assets | 29/58 | €160,005 | €213,222 | +€53,217 | +33.3% |
| Amounts receivable within one year | 40/41 | €27,885 | €55,530 | +€27,645 | +99.1% |
| Trade receivables | 40 | €16,470 | €48,536 | +€32,066 | +195% |
| Other amounts receivable | 41 | €11,415 | €6,994 | -€4,420 | -38.7% |
| Cash at bank and in hand | 54/58 | €112,038 | €149,410 | +€37,372 | +33.4% |
| Deferred charges and accrued income | 490/1 | €20,082 | €8,282 | -€11,800 | -58.8% |
| Total equity and liabilities | 10/49 | €228,182 | €299,707 | +€71,526 | +31.3% |
| Equity | 10/15 | €132,605 | €214,614 | +€82,009 | +61.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €126,300 | €194,614 | +€68,314 | +54.1% |
| Tax-exempt reserves | 132 | €126,300 | €126,300 | = | 0.0% |
| Distributable reserves | 133 | - | €68,314 | +€68,314 | |
| Profit (loss) carried forward | 14 | -€13,695 | - | +€13,695 | |
| Amounts payable | 17/49 | €95,577 | €85,093 | -€10,484 | -11.0% |
| Amounts payable after more than one year | 17 | €18,668 | €13,320 | -€5,348 | -28.6% |
| Financial debts | 170/4 | €18,668 | €13,320 | -€5,348 | -28.6% |
| Amounts payable within one year | 42/48 | €76,908 | €71,773 | -€5,135 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €5,065 | €5,321 | +€256 | +5.1% |
| Trade debts | 44 | €41,575 | €17,609 | -€23,966 | -57.6% |
| Suppliers | 440/4 | €41,575 | €17,609 | -€23,966 | -57.6% |
| Taxes, remuneration and social security | 45 | €22,118 | €43,025 | +€20,907 | +94.5% |
| Taxes | 450/3 | €20,183 | €39,681 | +€19,498 | +96.6% |
| Remuneration and social security | 454/9 | €1,935 | €3,344 | +€1,409 | +72.8% |
| Other amounts payable | 47/48 | €8,151 | €5,818 | -€2,332 | -28.6% |
| Remuneration, social security and pensions | 62 | €53,030 | €69,003 | +€15,973 | +30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,648 | €19,292 | +€4,644 | +31.7% |
| Other operating charges | 640/8 | €1,852 | €425 | -€1,427 | -77.0% |
| Gross operating margin | 9900 | €210,847 | €209,465 | -€1,383 | -0.7% |
| Operating profit (loss) | 9901 | €141,318 | €120,745 | -€20,573 | -14.6% |
| Financial income | 75/76B | €2,731 | €5,769 | +€3,038 | +111% |
| Recurring financial income | 75 | €2,731 | €5,769 | +€3,038 | +111% |
| Financial charges | 65/66B | €960 | €1,207 | +€247 | +25.7% |
| Recurring financial charges | 65 | €960 | €1,207 | +€247 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | €143,088 | €125,307 | -€17,781 | -12.4% |
| Income taxes | 67/77 | €30,483 | €31,298 | +€815 | +2.7% |
| Profit (loss) for the period | 9904 | €112,605 | €94,009 | -€18,596 | -16.5% |
| Transfer to tax-exempt reserves | 689 | €126,300 | - | -€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,695 | €94,009 | +€107,704 |
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 15 October 2026 via checked.be.