LUDGORD: 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.
LUDGORD
Largest movements
- Receivables within one year +€11,677
new in 2025: €11,677
- Cash +€9,019
up €9,019 (+102%), from €8,801 to €17,820
mainly Trade debts (+€17,467) and Debts after one year (+€5,314)
- Tangible fixed assets +€7,823
up €7,823 (+2,097%), from €373 to €8,196
- Trade debts +€17,467
up €17,467 (+94.7%), from €18,439 to €35,906
- Debts after one year +€5,314
new in 2025: €5,314
- Current portion of long-term debt +€3,667
new in 2025: €3,667
- Gross operating margin +€14,269
up €14,269 (+27.5%), from €51,847 to €66,116
- Staff costs +€9,264
up €9,264 (+18.3%), from €50,501 to €59,765
- Taxes +€3,864
no longer reported in 2025 (was -€3,864)
- Depreciation +€821
up €821 (+151%), from €545 to €1,366
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 | €116,911 | €145,950 | +€29,039 | +24.8% |
| Fixed assets | 21/28 | €373 | €8,196 | +€7,823 | +2,097% |
| Tangible fixed assets | 22/27 | €373 | €8,196 | +€7,823 | +2,097% |
| Furniture and vehicles | 24 | €373 | €8,196 | +€7,823 | +2,097% |
| Current assets | 29/58 | €116,538 | €137,754 | +€21,216 | +18.2% |
| Stocks and contracts in progress | 3 | €106,872 | €108,257 | +€1,385 | +1.3% |
| Stocks | 30/36 | €106,872 | €108,257 | +€1,385 | +1.3% |
| Amounts receivable within one year | 40/41 | - | €11,677 | +€11,677 | |
| Trade receivables | 40 | - | €11,677 | +€11,677 | |
| Cash at bank and in hand | 54/58 | €8,801 | €17,820 | +€9,019 | +102% |
| Deferred charges and accrued income | 490/1 | €865 | - | -€865 | |
| Total equity and liabilities | 10/49 | €116,911 | €145,950 | +€29,039 | +24.8% |
| Equity | 10/15 | €59,858 | €60,978 | +€1,120 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,100 | €14,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,240 | €12,240 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,158 | €28,278 | +€1,120 | +4.1% |
| Amounts payable | 17/49 | €57,053 | €84,972 | +€27,919 | +48.9% |
| Amounts payable after more than one year | 17 | - | €5,314 | +€5,314 | |
| Financial debts | 170/4 | - | €5,314 | +€5,314 | |
| Amounts payable within one year | 42/48 | €57,053 | €79,658 | +€22,605 | +39.6% |
| Current portion of amounts payable after more than one year | 42 | - | €3,667 | +€3,667 | |
| Financial debts | 43 | €12,509 | €12,893 | +€384 | +3.1% |
| Credit institutions | 430/8 | €12,509 | €12,893 | +€384 | +3.1% |
| Trade debts | 44 | €18,439 | €35,906 | +€17,467 | +94.7% |
| Suppliers | 440/4 | €18,439 | €35,906 | +€17,467 | +94.7% |
| Taxes, remuneration and social security | 45 | €21,536 | €21,665 | +€129 | +0.6% |
| Taxes | 450/3 | €9,337 | €10,911 | +€1,574 | +16.9% |
| Remuneration and social security | 454/9 | €12,199 | €10,754 | -€1,445 | -11.8% |
| Other amounts payable | 47/48 | €4,569 | €5,527 | +€958 | +21.0% |
| Remuneration, social security and pensions | 62 | €50,501 | €59,765 | +€9,264 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €545 | €1,366 | +€821 | +151% |
| Other operating charges | 640/8 | €2,175 | €1,908 | -€267 | -12.3% |
| Gross operating margin | 9900 | €51,847 | €66,116 | +€14,269 | +27.5% |
| Operating profit (loss) | 9901 | -€1,374 | €3,077 | +€4,451 | |
| Financial income | 75/76B | €15 | €46 | +€31 | +207% |
| Recurring financial income | 75 | €15 | €46 | +€31 | +207% |
| Financial charges | 65/66B | €1,894 | €2,003 | +€109 | +5.8% |
| Recurring financial charges | 65 | €1,894 | €2,003 | +€109 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,253 | €1,120 | +€4,373 | |
| Income taxes | 67/77 | -€3,864 | - | +€3,864 | |
| Profit (loss) for the period | 9904 | €611 | €1,120 | +€509 | +83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €611 | €1,120 | +€509 | +83.3% |
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 28 October 2026 via checked.be.