LUDEL: 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.
LUDEL
Largest movements
- Receivables within one year +€460,748
up €460,748 (+24.1%), from €1.9m to €2.4m
of which Other amounts receivable: +€459,895
- Tangible fixed assets -€49,032
down €49,032 (-31.5%), from €155,526 to €106,494
of which Plant, machinery and equipment: -€48,115
- Cash -€37,913
down €37,913 (-30.4%), from €124,602 to €86,689
mainly Receivables within one year (-€460,748) and Other debts (-€21,100)
- Reserves +€396,447
up €396,447 (+16.4%), from €2.4m to €2.8m
of which Distributable reserves: +€396,447
- Financial charges -€220,336
down €220,336 (-95.7%), from €230,253 to €9,917
of which Non-recurring financial charges: -€222,378
- Staff costs +€54,073
up €54,073 (+20.4%), from €265,191 to €319,264
- Taxes +€52,429
up €52,429 (+64.4%), from €81,457 to €133,886
- Gross operating margin +€47,690
up €47,690 (+5.5%), from €865,726 to €913,416
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 | €2,531,613 | €2,887,072 | +€355,460 | +14.0% |
| Fixed assets | 21/28 | €163,026 | €113,994 | -€49,032 | -30.1% |
| Tangible fixed assets | 22/27 | €155,526 | €106,494 | -€49,032 | -31.5% |
| Plant, machinery and equipment | 23 | €152,401 | €104,286 | -€48,115 | -31.6% |
| Furniture and vehicles | 24 | €133 | €78 | -€54 | -40.8% |
| Other tangible fixed assets | 26 | €2,993 | €2,130 | -€863 | -28.8% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €2,368,586 | €2,773,078 | +€404,492 | +17.1% |
| Amounts receivable after more than one year | 29 | €124,995 | €124,995 | = | 0.0% |
| Other amounts receivable | 291 | €124,995 | €124,995 | = | 0.0% |
| Stocks and contracts in progress | 3 | €64,068 | €49,793 | -€14,276 | -22.3% |
| Stocks | 30/36 | €64,068 | €49,793 | -€14,276 | -22.3% |
| Amounts receivable within one year | 40/41 | €1,915,062 | €2,375,810 | +€460,748 | +24.1% |
| Trade receivables | 40 | - | €853 | +€853 | |
| Other amounts receivable | 41 | €1,915,062 | €2,374,957 | +€459,895 | +24.0% |
| Current investments | 50/53 | €125,005 | €125,005 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €124,602 | €86,689 | -€37,913 | -30.4% |
| Deferred charges and accrued income | 490/1 | €14,854 | €10,786 | -€4,068 | -27.4% |
| Total equity and liabilities | 10/49 | €2,531,613 | €2,887,072 | +€355,460 | +14.0% |
| Equity | 10/15 | €2,433,843 | €2,830,290 | +€396,447 | +16.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,415,251 | €2,811,698 | +€396,447 | +16.4% |
| Tax-exempt reserves | 132 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €2,340,251 | €2,736,698 | +€396,447 | +16.9% |
| Amounts payable | 17/49 | €97,769 | €56,782 | -€40,987 | -41.9% |
| Amounts payable within one year | 42/48 | €97,769 | €56,782 | -€40,987 | -41.9% |
| Trade debts | 44 | €25,501 | €20,163 | -€5,338 | -20.9% |
| Suppliers | 440/4 | €25,501 | €20,163 | -€5,338 | -20.9% |
| Advances received on contracts in progress | 46 | €20,476 | - | -€20,476 | |
| Taxes, remuneration and social security | 45 | €27,574 | €33,502 | +€5,927 | +21.5% |
| Taxes | 450/3 | €6,457 | €160 | -€6,298 | -97.5% |
| Remuneration and social security | 454/9 | €21,117 | €33,342 | +€12,225 | +57.9% |
| Other amounts payable | 47/48 | €24,218 | €3,118 | -€21,100 | -87.1% |
| Remuneration, social security and pensions | 62 | €265,191 | €319,264 | +€54,073 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,054 | €68,079 | +€1,025 | +1.5% |
| Other operating charges | 640/8 | €7,075 | €7,548 | +€472 | +6.7% |
| Gross operating margin | 9900 | €865,726 | €913,416 | +€47,690 | +5.5% |
| Operating profit (loss) | 9901 | €526,405 | €518,526 | -€7,880 | -1.5% |
| Financial income | 75/76B | €22,837 | €21,724 | -€1,113 | -4.9% |
| Recurring financial income | 75 | €22,837 | €21,724 | -€1,113 | -4.9% |
| Financial charges | 65/66B | €230,253 | €9,917 | -€220,336 | -95.7% |
| Recurring financial charges | 65 | €7,876 | €9,917 | +€2,041 | +25.9% |
| Non-recurring financial charges | 66B | €222,378 | - | -€222,378 | |
| Profit (loss) for the period before taxes | 9903 | €318,989 | €530,333 | +€211,344 | +66.3% |
| Income taxes | 67/77 | €81,457 | €133,886 | +€52,429 | +64.4% |
| Profit (loss) for the period | 9904 | €237,532 | €396,447 | +€158,915 | +66.9% |
| Profit (loss) for the period to be appropriated | 9905 | €237,532 | €396,447 | +€158,915 | +66.9% |
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 29 October 2026 via checked.be.