LUDEM: 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.
LUDEM
Largest movements
- Cash -€344,648
down €344,648 (-79.8%), from €432,013 to €87,366
mainly Other debts (-€393,832) and Investment in fixed assets (net) (-€312,287)
- Tangible fixed assets +€251,331
up €251,331 (+173.0%), from €145,262 to €396,593
of which Land and buildings: +€232,499
- Receivables within one year -€36,523
down €36,523 (-40.5%), from €90,184 to €53,661
of which Trade receivables: -€36,523
- Deferred charges and accrued income -€11,360
down €11,360 (-23.1%), from €49,161 to €37,801
- Other debts -€393,832
down €393,832 (-96.1%), from €409,969 to €16,137
- Reserves +€143,004
up €143,004 (+170.3%), from €83,963 to €226,967
of which Distributable reserves: +€144,873
- Debts after one year +€66,214
up €66,214 (+326.0%), from €20,313 to €86,527
- Tax, wage and social debts +€41,106
up €41,106 (+122.6%), from €33,535 to €74,641
- Current portion of long-term debt +€11,193
up €11,193 (+68.9%), from €16,250 to €27,443
- Other operating charges -€377,225
down €377,225 (-99.1%), from €380,737 to €3,513
- Write-downs +€372,352
up €372,352, from -€372,352 to €0
- Gross operating margin -€47,693
down €47,693 (-13.5%), from €353,199 to €305,505
- Depreciation +€27,020
up €27,020 (+79.6%), from €33,936 to €60,956
- Taxes +€11,447
up €11,447 (+14.5%), from €78,860 to €90,308
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 | €716,621 | €575,421 | -€141,200 | -19.7% |
| Fixed assets | 21/28 | €145,262 | €396,593 | +€251,331 | +173.0% |
| Tangible fixed assets | 22/27 | €145,262 | €396,593 | +€251,331 | +173.0% |
| Land and buildings | 22 | €124,514 | €357,013 | +€232,499 | +186.7% |
| Furniture and vehicles | 24 | €20,748 | €39,580 | +€18,832 | +90.8% |
| Current assets | 29/58 | €571,359 | €178,828 | -€392,531 | -68.7% |
| Amounts receivable within one year | 40/41 | €90,184 | €53,661 | -€36,523 | -40.5% |
| Trade receivables | 40 | €90,184 | €53,661 | -€36,523 | -40.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €432,013 | €87,366 | -€344,648 | -79.8% |
| Deferred charges and accrued income | 490/1 | €49,161 | €37,801 | -€11,360 | -23.1% |
| Total equity and liabilities | 10/49 | €716,621 | €575,421 | -€141,200 | -19.7% |
| Equity | 10/15 | €223,963 | €366,967 | +€143,004 | +63.9% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Reserves | 13 | €83,963 | €226,967 | +€143,004 | +170.3% |
| Tax-exempt reserves | 132 | €2,130 | €262 | -€1,869 | -87.7% |
| Distributable reserves | 133 | €81,833 | €226,705 | +€144,873 | +177.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €1,097 | €135 | -€962 | -87.7% |
| Deferred taxes | 168 | €1,097 | €135 | -€962 | -87.7% |
| Amounts payable | 17/49 | €491,561 | €208,319 | -€283,242 | -57.6% |
| Amounts payable after more than one year | 17 | €20,313 | €86,527 | +€66,214 | +326.0% |
| Financial debts | 170/4 | €20,313 | €86,527 | +€66,214 | +326.0% |
| Amounts payable within one year | 42/48 | €471,249 | €121,792 | -€349,456 | -74.2% |
| Current portion of amounts payable after more than one year | 42 | €16,250 | €27,443 | +€11,193 | +68.9% |
| Trade debts | 44 | €11,495 | €3,572 | -€7,923 | -68.9% |
| Suppliers | 440/4 | €11,495 | €3,572 | -€7,923 | -68.9% |
| Taxes, remuneration and social security | 45 | €33,535 | €74,641 | +€41,106 | +122.6% |
| Taxes | 450/3 | €33,535 | €74,641 | +€41,106 | +122.6% |
| Other amounts payable | 47/48 | €409,969 | €16,137 | -€393,832 | -96.1% |
| Non-recurring operating income | 76A | €27,738 | €0 | -€27,738 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,936 | €60,956 | +€27,020 | +79.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€372,352 | €0 | +€372,352 | |
| Other operating charges | 640/8 | €380,737 | €3,513 | -€377,225 | -99.1% |
| Gross operating margin | 9900 | €353,199 | €305,505 | -€47,693 | -13.5% |
| Operating profit (loss) | 9901 | €310,878 | €241,037 | -€69,841 | -22.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €2,845 | €8,687 | +€5,842 | +205.4% |
| Recurring financial charges | 65 | €2,845 | €8,687 | +€5,842 | +205.4% |
| Profit (loss) for the period before taxes | 9903 | €308,033 | €232,350 | -€75,683 | -24.6% |
| Transfer from deferred taxes | 780 | €962 | €962 | -€0 | 0.0% |
| Income taxes | 67/77 | €78,860 | €90,308 | +€11,447 | +14.5% |
| Profit (loss) for the period | 9904 | €230,135 | €143,004 | -€87,131 | -37.9% |
| Transfer from tax-exempt reserves | 789 | €1,869 | €1,869 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €232,003 | €144,873 | -€87,131 | -37.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.