LUDEC: 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.
LUDEC
Largest movements
- Stocks and contracts +€189,336
up €189,336 (+79.5%), from €238,086 to €427,421
- Cash +€180,777
up €180,777 (+125.6%), from €143,931 to €324,707
mainly Advances received (+€300,947) and Net result for the year (+€115,382)
- Receivables within one year +€58,424
up €58,424 (+108.8%), from €53,706 to €112,130
of which Trade receivables: +€63,863
- Current investments +€32,683
new in 2025: €32,683
- Tangible fixed assets -€24,308
down €24,308 (-23.7%), from €102,471 to €78,164
of which Other tangible fixed assets: -€25,032
- Advances received +€300,947
up €300,947 (+132.5%), from €227,132 to €528,079
- Reserves +€163,146
new in 2025: €163,146
- Profit (loss) carried forward -€47,764
down €47,764 (-100.0%), from €47,764 to €0
- Tax, wage and social debts +€44,015
up €44,015 (+191.8%), from €22,951 to €66,966
of which Taxes: +€33,444
- Debts after one year -€30,579
down €30,579 (-17.7%), from €173,183 to €142,604
of which Financial debts: -€30,579
- Gross operating margin +€77,111
up €77,111 (+33.6%), from €229,230 to €306,341
- Taxes +€21,627
up €21,627 (+159.0%), from €13,599 to €35,226
- Financial charges -€11,782
down €11,782 (-47.3%), from €24,890 to €13,108
of which Non-recurring financial charges: -€10,823
- Staff costs -€5,934
down €5,934 (-4.3%), from €138,484 to €132,551
- Other operating charges +€3,846
up €3,846 (+273.6%), from €1,406 to €5,252
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 | €539,684 | €975,106 | +€435,422 | +80.7% |
| Fixed assets | 21/28 | €102,471 | €78,164 | -€24,308 | -23.7% |
| Tangible fixed assets | 22/27 | €102,471 | €78,164 | -€24,308 | -23.7% |
| Plant, machinery and equipment | 23 | €2,345 | €1,806 | -€540 | -23.0% |
| Furniture and vehicles | 24 | - | €1,264 | +€1,264 | |
| Other tangible fixed assets | 26 | €100,126 | €75,095 | -€25,032 | -25.0% |
| Current assets | 29/58 | €437,213 | €896,942 | +€459,729 | +105.1% |
| Stocks and contracts in progress | 3 | €238,086 | €427,421 | +€189,336 | +79.5% |
| Stocks | 30/36 | €238,086 | €427,421 | +€189,336 | +79.5% |
| Amounts receivable within one year | 40/41 | €53,706 | €112,130 | +€58,424 | +108.8% |
| Trade receivables | 40 | €27,038 | €90,901 | +€63,863 | +236.2% |
| Other amounts receivable | 41 | €26,667 | €21,229 | -€5,439 | -20.4% |
| Current investments | 50/53 | - | €32,683 | +€32,683 | |
| Cash at bank and in hand | 54/58 | €143,931 | €324,707 | +€180,777 | +125.6% |
| Deferred charges and accrued income | 490/1 | €1,491 | €0 | -€1,491 | -100.0% |
| Total equity and liabilities | 10/49 | €539,684 | €975,106 | +€435,422 | +80.7% |
| Equity | 10/15 | €67,764 | €183,146 | +€115,382 | +170.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | - | €163,146 | +€163,146 | |
| Distributable reserves | 133 | - | €163,146 | +€163,146 | |
| Profit (loss) carried forward | 14 | €47,764 | €0 | -€47,764 | -100.0% |
| Amounts payable | 17/49 | €471,920 | €791,959 | +€320,040 | +67.8% |
| Amounts payable after more than one year | 17 | €173,183 | €142,604 | -€30,579 | -17.7% |
| Financial debts | 170/4 | €113,183 | €82,604 | -€30,579 | -27.0% |
| Other amounts payable | 178/9 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €298,643 | €649,355 | +€350,712 | +117.4% |
| Current portion of amounts payable after more than one year | 42 | €29,262 | €30,579 | +€1,317 | +4.5% |
| Trade debts | 44 | €19,298 | €23,731 | +€4,433 | +23.0% |
| Suppliers | 440/4 | €19,298 | €23,731 | +€4,433 | +23.0% |
| Advances received on contracts in progress | 46 | €227,132 | €528,079 | +€300,947 | +132.5% |
| Taxes, remuneration and social security | 45 | €22,951 | €66,966 | +€44,015 | +191.8% |
| Taxes | 450/3 | €21,023 | €54,467 | +€33,444 | +159.1% |
| Remuneration and social security | 454/9 | €1,928 | €12,499 | +€10,571 | +548.2% |
| Accrued charges and deferred income | 492/3 | €94 | €0 | -€94 | -100.0% |
| Remuneration, social security and pensions | 62 | €138,484 | €132,551 | -€5,934 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,384 | €25,572 | +€188 | +0.7% |
| Other operating charges | 640/8 | €1,406 | €5,252 | +€3,846 | +273.6% |
| Gross operating margin | 9900 | €229,230 | €306,341 | +€77,111 | +33.6% |
| Operating profit (loss) | 9901 | €63,956 | €142,966 | +€79,010 | +123.5% |
| Financial income | 75/76B | €22,297 | €20,749 | -€1,547 | -6.9% |
| Recurring financial income | 75 | €16,395 | €20,749 | +€4,354 | +26.6% |
| Non-recurring financial income | 76B | €5,901 | €0 | -€5,901 | -100.0% |
| Financial charges | 65/66B | €24,890 | €13,108 | -€11,782 | -47.3% |
| Recurring financial charges | 65 | €14,067 | €13,108 | -€959 | -6.8% |
| Non-recurring financial charges | 66B | €10,823 | €0 | -€10,823 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €61,363 | €150,608 | +€89,245 | +145.4% |
| Income taxes | 67/77 | €13,599 | €35,226 | +€21,627 | +159.0% |
| Profit (loss) for the period | 9904 | €47,764 | €115,382 | +€67,618 | +141.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,764 | €115,382 | +€67,618 | +141.6% |
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 6 October 2026 via checked.be.