LUDEWI: 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.
LUDEWI
Largest movements
- Receivables within one year +€91,457
up €91,457 (+613.3%), from €14,913 to €106,370
of which Other amounts receivable: +€91,457
- Current investments -€85,200
down €85,200 (-41.6%), from €205,000 to €119,800
- Cash -€25,600
down €25,600 (-30.1%), from €85,115 to €59,515
mainly Receivables within one year (-€91,457) and Other debts (-€54,106)
- Tangible fixed assets +€10,792
up €10,792 (+152.9%), from €7,060 to €17,851
of which Furniture and vehicles: +€13,233
- Other debts -€54,106
down €54,106 (-60.3%), from €89,748 to €35,643
- Reserves +€43,730
up €43,730 (+9.6%), from €456,513 to €500,243
- Gross operating margin -€75,444
down €75,444 (-52.2%), from €144,466 to €69,022
- Taxes -€23,133
down €23,133 (-50.7%), from €45,632 to €22,498
- Financial income +€18,641
up €18,641 (+439.6%), from €4,241 to €22,881
- Staff costs +€15,103
up €15,103 (+481.4%), from €3,137 to €18,241
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 | €567,882 | €563,253 | -€4,629 | -0.8% |
| Fixed assets | 21/28 | €7,100 | €17,891 | +€10,792 | +152.0% |
| Tangible fixed assets | 22/27 | €7,060 | €17,851 | +€10,792 | +152.9% |
| Plant, machinery and equipment | 23 | €6,482 | €4,041 | -€2,441 | -37.7% |
| Furniture and vehicles | 24 | €578 | €13,810 | +€13,233 | +2289.9% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €560,782 | €545,362 | -€15,420 | -2.7% |
| Amounts receivable after more than one year | 29 | €250,000 | €250,000 | = | 0.0% |
| Other amounts receivable | 291 | €250,000 | €250,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,913 | €106,370 | +€91,457 | +613.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €14,913 | €106,370 | +€91,457 | +613.3% |
| Current investments | 50/53 | €205,000 | €119,800 | -€85,200 | -41.6% |
| Cash at bank and in hand | 54/58 | €85,115 | €59,515 | -€25,600 | -30.1% |
| Deferred charges and accrued income | 490/1 | €5,754 | €9,677 | +€3,923 | +68.2% |
| Total equity and liabilities | 10/49 | €567,882 | €563,253 | -€4,629 | -0.8% |
| Equity | 10/15 | €475,113 | €518,843 | +€43,730 | +9.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €456,513 | €500,243 | +€43,730 | +9.6% |
| Distributable reserves | 133 | €456,513 | €500,243 | +€43,730 | +9.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €92,769 | €44,411 | -€48,358 | -52.1% |
| Amounts payable within one year | 42/48 | €92,769 | €44,411 | -€48,358 | -52.1% |
| Financial debts | 43 | €405 | €0 | -€405 | -100.0% |
| Credit institutions | 430/8 | €405 | €0 | -€405 | -100.0% |
| Trade debts | 44 | €439 | €4,330 | +€3,891 | +885.9% |
| Suppliers | 440/4 | €439 | €4,330 | +€3,891 | +885.9% |
| Taxes, remuneration and social security | 45 | €2,177 | €4,438 | +€2,261 | +103.9% |
| Taxes | 450/3 | €461 | €1,353 | +€892 | +193.3% |
| Remuneration and social security | 454/9 | €1,716 | €3,085 | +€1,369 | +79.8% |
| Other amounts payable | 47/48 | €89,748 | €35,643 | -€54,106 | -60.3% |
| Remuneration, social security and pensions | 62 | €3,137 | €18,241 | +€15,103 | +481.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,838 | €4,899 | +€1,061 | +27.6% |
| Other operating charges | 640/8 | €1,280 | €2,278 | +€998 | +78.0% |
| Gross operating margin | 9900 | €144,466 | €69,022 | -€75,444 | -52.2% |
| Operating profit (loss) | 9901 | €136,211 | €43,605 | -€92,607 | -68.0% |
| Financial income | 75/76B | €4,241 | €22,881 | +€18,641 | +439.6% |
| Recurring financial income | 75 | €4,241 | €22,881 | +€18,641 | +439.6% |
| Financial charges | 65/66B | €534 | €258 | -€276 | -51.7% |
| Recurring financial charges | 65 | €534 | €258 | -€276 | -51.7% |
| Profit (loss) for the period before taxes | 9903 | €139,918 | €66,228 | -€73,690 | -52.7% |
| Income taxes | 67/77 | €45,632 | €22,498 | -€23,133 | -50.7% |
| Profit (loss) for the period | 9904 | €94,287 | €43,730 | -€50,557 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €94,287 | €43,730 | -€50,557 | -53.6% |
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.