LUDENS: 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.
LUDENS
Largest movements
- Tangible fixed assets +€34,552
new in 2025: €34,552
of which Other tangible fixed assets: +€20,575
- Current investments +€30,349
up €30,349 (+75.9%), from €40,000 to €70,349
- Deferred charges and accrued income -€19,104
down €19,104 (-100%), from €19,104 to €0
- Cash -€17,710
down €17,710 (-42.6%), from €41,587 to €23,877
mainly Investment in fixed assets (net) (-€40,027) and Current investments (-€30,349)
- Reserves +€58,800
up €58,800 (+93.1%), from €63,189 to €121,989
- Tax, wage and social debts -€26,469
down €26,469 (-69.3%), from €38,216 to €11,747
- Other debts -€3,933
down €3,933 (-100%), from €3,933 to €0
- Accrued charges and deferred income -€3,475
down €3,475 (-60.6%), from €5,731 to €2,256
- Trade debts +€1,965
up €1,965 (+62.5%), from €3,141 to €5,106
- Depreciation +€5,474
new in 2025: €5,474
- Gross operating margin +€1,018
up €1,018 (+1.2%), from €84,745 to €85,764
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 | €115,211 | €142,098 | +€26,888 | +23.3% |
| Fixed assets | 21/28 | - | €34,552 | +€34,552 | |
| Tangible fixed assets | 22/27 | - | €34,552 | +€34,552 | |
| Furniture and vehicles | 24 | - | €13,977 | +€13,977 | |
| Other tangible fixed assets | 26 | - | €20,575 | +€20,575 | |
| Current assets | 29/58 | €115,211 | €107,546 | -€7,665 | -6.7% |
| Amounts receivable within one year | 40/41 | €14,520 | €13,320 | -€1,200 | -8.3% |
| Trade receivables | 40 | €14,520 | €6,189 | -€8,331 | -57.4% |
| Other amounts receivable | 41 | - | €7,131 | +€7,131 | |
| Current investments | 50/53 | €40,000 | €70,349 | +€30,349 | +75.9% |
| Cash at bank and in hand | 54/58 | €41,587 | €23,877 | -€17,710 | -42.6% |
| Deferred charges and accrued income | 490/1 | €19,104 | €0 | -€19,104 | -100% |
| Total equity and liabilities | 10/49 | €115,211 | €142,098 | +€26,888 | +23.3% |
| Equity | 10/15 | €64,189 | €122,989 | +€58,800 | +91.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €63,189 | €121,989 | +€58,800 | +93.1% |
| Distributable reserves | 133 | €63,189 | €121,989 | +€58,800 | +93.1% |
| Amounts payable | 17/49 | €51,022 | €19,109 | -€31,912 | -62.5% |
| Amounts payable within one year | 42/48 | €45,291 | €16,853 | -€28,437 | -62.8% |
| Trade debts | 44 | €3,141 | €5,106 | +€1,965 | +62.5% |
| Suppliers | 440/4 | €3,141 | €5,106 | +€1,965 | +62.5% |
| Taxes, remuneration and social security | 45 | €38,216 | €11,747 | -€26,469 | -69.3% |
| Taxes | 450/3 | €38,216 | €11,747 | -€26,469 | -69.3% |
| Other amounts payable | 47/48 | €3,933 | €0 | -€3,933 | -100% |
| Accrued charges and deferred income | 492/3 | €5,731 | €2,256 | -€3,475 | -60.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €5,474 | +€5,474 | |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €84,745 | €85,764 | +€1,018 | +1.2% |
| Operating profit (loss) | 9901 | €84,745 | €80,170 | -€4,576 | -5.4% |
| Financial income | 75/76B | €0 | €689 | +€689 | +163,995% |
| Recurring financial income | 75 | €0 | €689 | +€689 | +163,995% |
| Financial charges | 65/66B | €129 | €189 | +€60 | +47.0% |
| Recurring financial charges | 65 | €129 | €189 | +€60 | +47.0% |
| Profit (loss) for the period before taxes | 9903 | €84,617 | €80,670 | -€3,947 | -4.7% |
| Income taxes | 67/77 | €21,428 | €21,870 | +€442 | +2.1% |
| Profit (loss) for the period | 9904 | €63,189 | €58,800 | -€4,389 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €63,189 | €58,800 | -€4,389 | -6.9% |
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 13 October 2026 via checked.be.