LUDEBA: 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.
LUDEBA
Largest movements
- Tangible fixed assets +€664,025
up €664,025 (+51.8%), from €1.3m to €1.9m
of which Land and buildings: +€960,283
- Current investments -€560,000
no longer reported in 2025 (was €560,000)
- Deferred charges and accrued income -€101,892
down €101,892 (-99.5%), from €102,363 to €471
- Cash +€79,777
up €79,777 (+661.8%), from €12,055 to €91,832
mainly Current investments (+€560,000) and Deferred charges and accrued income (+€101,892)
- Other debts +€93,890
up €93,890 (+219.3%), from €42,804 to €136,693
- Trade debts +€87,981
up €87,981 (+7521.5%), from €1,170 to €89,151
- Profit (loss) carried forward -€69,793
down €69,793 (-8.5%), from €820,040 to €750,247
- Debts after one year -€40,361
down €40,361 (-16.7%), from €240,982 to €200,621
- Financial income -€30,586
down €30,586 (-88.3%), from €34,635 to €4,049
- Depreciation +€5,516
up €5,516 (+22.0%), from €25,089 to €30,605
- Gross operating margin +€4,362
up €4,362 (+11.2%), from -€39,078 to -€34,716
- Other operating charges -€3,690
down €3,690 (-68.9%), from €5,353 to €1,662
- Financial charges -€601
down €601 (-10.7%), from €5,595 to €4,994
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 | €1,968,183 | €2,040,698 | +€72,515 | +3.7% |
| Fixed assets | 21/28 | €1,292,926 | €1,946,951 | +€654,025 | +50.6% |
| Tangible fixed assets | 22/27 | €1,282,926 | €1,946,951 | +€664,025 | +51.8% |
| Land and buildings | 22 | €769,278 | €1,729,561 | +€960,283 | +124.8% |
| Plant, machinery and equipment | 23 | €15,285 | €14,052 | -€1,233 | -8.1% |
| Furniture and vehicles | 24 | €23,679 | €203,338 | +€179,659 | +758.7% |
| Assets under construction and advance payments | 27 | €474,684 | - | -€474,684 | |
| Financial fixed assets | 28 | €10,000 | - | -€10,000 | |
| Current assets | 29/58 | €675,257 | €93,747 | -€581,510 | -86.1% |
| Amounts receivable within one year | 40/41 | €839 | €1,444 | +€605 | +72.1% |
| Trade receivables | 40 | - | €605 | +€605 | |
| Other amounts receivable | 41 | €839 | €839 | = | 0.0% |
| Current investments | 50/53 | €560,000 | - | -€560,000 | |
| Cash at bank and in hand | 54/58 | €12,055 | €91,832 | +€79,777 | +661.8% |
| Deferred charges and accrued income | 490/1 | €102,363 | €471 | -€101,892 | -99.5% |
| Total equity and liabilities | 10/49 | €1,968,183 | €2,040,698 | +€72,515 | +3.7% |
| Equity | 10/15 | €1,459,276 | €1,386,976 | -€72,300 | -5.0% |
| Contributions | 10/11 | €80,714 | €80,714 | = | 0.0% |
| Reserves | 13 | €558,522 | €556,015 | -€2,507 | -0.4% |
| Non-distributable reserves | 130/1 | €1,499 | €1,499 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,499 | €1,499 | = | 0.0% |
| Tax-exempt reserves | 132 | €557,023 | €554,516 | -€2,507 | -0.5% |
| Profit (loss) carried forward | 14 | €820,040 | €750,247 | -€69,793 | -8.5% |
| Provisions and deferred taxes | 16 | €185,674 | €184,839 | -€836 | -0.5% |
| Deferred taxes | 168 | €185,674 | €184,839 | -€836 | -0.5% |
| Amounts payable | 17/49 | €323,233 | €468,884 | +€145,651 | +45.1% |
| Amounts payable after more than one year | 17 | €240,982 | €200,621 | -€40,361 | -16.7% |
| Financial debts | 170/4 | €240,982 | €200,621 | -€40,361 | -16.7% |
| Amounts payable within one year | 42/48 | €82,250 | €268,263 | +€186,012 | +226.2% |
| Current portion of amounts payable after more than one year | 42 | €36,220 | €40,361 | +€4,141 | +11.4% |
| Trade debts | 44 | €1,170 | €89,151 | +€87,981 | +7521.5% |
| Suppliers | 440/4 | €1,170 | €89,151 | +€87,981 | +7521.5% |
| Taxes, remuneration and social security | 45 | €2,057 | €2,057 | = | 0.0% |
| Taxes | 450/3 | €2,057 | €2,057 | = | 0.0% |
| Other amounts payable | 47/48 | €42,804 | €136,693 | +€93,890 | +219.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,089 | €30,605 | +€5,516 | +22.0% |
| Other operating charges | 640/8 | €5,353 | €1,662 | -€3,690 | -68.9% |
| Non-recurring operating charges | 66A | - | €5,207 | +€5,207 | |
| Gross operating margin | 9900 | -€39,078 | -€34,716 | +€4,362 | +11.2% |
| Operating profit (loss) | 9901 | -€69,520 | -€72,191 | -€2,671 | -3.8% |
| Financial income | 75/76B | €34,635 | €4,049 | -€30,586 | -88.3% |
| Recurring financial income | 75 | €34,635 | €4,049 | -€30,586 | -88.3% |
| Financial charges | 65/66B | €5,595 | €4,994 | -€601 | -10.7% |
| Recurring financial charges | 65 | €5,595 | €4,994 | -€601 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | -€40,480 | -€73,136 | -€32,656 | -80.7% |
| Transfer from deferred taxes | 780 | - | €836 | +€836 | |
| Profit (loss) for the period | 9904 | -€40,480 | -€72,300 | -€31,820 | -78.6% |
| Transfer from tax-exempt reserves | 789 | - | €2,507 | +€2,507 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,480 | -€69,793 | -€29,313 | -72.4% |
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 4 October 2026 via checked.be.