Ludecon: 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.
Ludecon
Largest movements
- Current investments +€238,461
new in 2025: €238,461
- Cash -€46,559
down €46,559 (-58.9%), from €78,987 to €32,429
mainly Current investments (-€238,461) and Investment in fixed assets (net) (-€4,106)
- Reserves +€144,760
up €144,760 (+300.7%), from €48,135 to €192,895
- Tax, wage and social debts +€43,426
up €43,426 (+187.9%), from €23,110 to €66,536
- Other debts +€6,899
up €6,899 (+89.0%), from €7,751 to €14,650
- Gross operating margin +€129,429
up €129,429 (+193.1%), from €67,042 to €196,470
- Taxes +€30,385
up €30,385 (+238.8%), from €12,726 to €43,111
- Financial charges +€3,332
up €3,332 (+185.5%), from €1,796 to €5,128
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 | €121,543 | €315,996 | +€194,453 | +160.0% |
| Fixed assets | 21/28 | €5,267 | €6,713 | +€1,446 | +27.5% |
| Tangible fixed assets | 22/27 | €5,267 | €6,713 | +€1,446 | +27.5% |
| Plant, machinery and equipment | 23 | €2,032 | €1,600 | -€433 | -21.3% |
| Furniture and vehicles | 24 | €3,234 | €5,113 | +€1,879 | +58.1% |
| Current assets | 29/58 | €116,276 | €309,283 | +€193,007 | +166.0% |
| Stocks and contracts in progress | 3 | - | €4 | +€4 | |
| Stocks | 30/36 | - | €4 | +€4 | |
| Amounts receivable within one year | 40/41 | €35,035 | €35,935 | +€900 | +2.6% |
| Trade receivables | 40 | €35,035 | €35,935 | +€900 | +2.6% |
| Current investments | 50/53 | - | €238,461 | +€238,461 | |
| Cash at bank and in hand | 54/58 | €78,987 | €32,429 | -€46,559 | -58.9% |
| Deferred charges and accrued income | 490/1 | €2,254 | €2,455 | +€201 | +8.9% |
| Total equity and liabilities | 10/49 | €121,543 | €315,996 | +€194,453 | +160.0% |
| Equity | 10/15 | €88,135 | €232,895 | +€144,760 | +164.2% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €48,135 | €192,895 | +€144,760 | +300.7% |
| Distributable reserves | 133 | €48,135 | €192,895 | +€144,760 | +300.7% |
| Amounts payable | 17/49 | €33,408 | €83,101 | +€49,693 | +148.7% |
| Amounts payable within one year | 42/48 | €33,236 | €82,483 | +€49,246 | +148.2% |
| Trade debts | 44 | €2,375 | €1,297 | -€1,078 | -45.4% |
| Suppliers | 440/4 | €2,375 | €1,297 | -€1,078 | -45.4% |
| Taxes, remuneration and social security | 45 | €23,110 | €66,536 | +€43,426 | +187.9% |
| Taxes | 450/3 | €23,110 | €66,536 | +€43,426 | +187.9% |
| Other amounts payable | 47/48 | €7,751 | €14,650 | +€6,899 | +89.0% |
| Accrued charges and deferred income | 492/3 | €171 | €618 | +€447 | +260.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,091 | €2,660 | +€569 | +27.2% |
| Other operating charges | 640/8 | €577 | €738 | +€161 | +28.0% |
| Gross operating margin | 9900 | €67,042 | €196,470 | +€129,429 | +193.1% |
| Operating profit (loss) | 9901 | €64,374 | €193,072 | +€128,698 | +199.9% |
| Financial income | 75/76B | €0 | €1,593 | +€1,593 | +7963350.0% |
| Recurring financial income | 75 | €0 | €1,593 | +€1,593 | +7963350.0% |
| Financial charges | 65/66B | €1,796 | €5,128 | +€3,332 | +185.5% |
| Recurring financial charges | 65 | €1,796 | €5,128 | +€3,332 | +185.5% |
| Profit (loss) for the period before taxes | 9903 | €62,578 | €189,537 | +€126,959 | +202.9% |
| Income taxes | 67/77 | €12,726 | €43,111 | +€30,385 | +238.8% |
| Profit (loss) for the period | 9904 | €49,853 | €146,426 | +€96,574 | +193.7% |
| Profit (loss) for the period to be appropriated | 9905 | €49,853 | €146,426 | +€96,574 | +193.7% |
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 11 October 2026 via checked.be.