LUDI: 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.
LUDI
Largest movements
- Tangible fixed assets +€20,545
up €20,545 (+60.9%), from €33,722 to €54,267
of which Land and buildings: +€29,750
- Cash +€10,544
up €10,544 (+45.2%), from €23,343 to €33,888
mainly Net result for the year (+€26,378) and Debts after one year (+€13,463)
- Receivables within one year +€2,484
up €2,484 (+24.2%), from €10,254 to €12,738
of which Other amounts receivable: +€6,984
- Debts after one year +€13,463
up €13,463 (+58.3%), from €23,075 to €36,538
- Reserves +€6,378
up €6,378 (+43.1%), from €14,798 to €21,176
- Short-term financial debts +€4,925
new in 2025: €4,925
- Other debts +€3,886
up €3,886 (+1,041%), from €373 to €4,259
- Tax, wage and social debts +€3,146
up €3,146 (+18.6%), from €16,935 to €20,081
- Other operating charges +€4,006
up €4,006 (+538%), from €744 to €4,750
- Gross operating margin +€2,604
up €2,604 (+5.3%), from €49,010 to €51,614
- Financial charges +€876
up €876 (+51.6%), from €1,697 to €2,573
of which Non-recurring financial charges: +€523
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 | €67,610 | €101,195 | +€33,585 | +49.7% |
| Fixed assets | 21/28 | €33,722 | €54,267 | +€20,545 | +60.9% |
| Tangible fixed assets | 22/27 | €33,722 | €54,267 | +€20,545 | +60.9% |
| Land and buildings | 22 | - | €29,750 | +€29,750 | |
| Plant, machinery and equipment | 23 | €347 | €42 | -€306 | -87.9% |
| Furniture and vehicles | 24 | €33,375 | €24,475 | -€8,900 | -26.7% |
| Current assets | 29/58 | €33,888 | €46,928 | +€13,040 | +38.5% |
| Amounts receivable within one year | 40/41 | €10,254 | €12,738 | +€2,484 | +24.2% |
| Trade receivables | 40 | €9,200 | €4,700 | -€4,500 | -48.9% |
| Other amounts receivable | 41 | €1,054 | €8,038 | +€6,984 | +663% |
| Cash at bank and in hand | 54/58 | €23,343 | €33,888 | +€10,544 | +45.2% |
| Deferred charges and accrued income | 490/1 | €291 | €302 | +€12 | +4.1% |
| Total equity and liabilities | 10/49 | €67,610 | €101,195 | +€33,585 | +49.7% |
| Equity | 10/15 | €15,798 | €22,176 | +€6,378 | +40.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €14,798 | €21,176 | +€6,378 | +43.1% |
| Distributable reserves | 133 | €14,798 | €21,176 | +€6,378 | +43.1% |
| Amounts payable | 17/49 | €51,812 | €79,019 | +€27,207 | +52.5% |
| Amounts payable after more than one year | 17 | €23,075 | €36,538 | +€13,463 | +58.3% |
| Financial debts | 170/4 | €23,075 | €36,538 | +€13,463 | +58.3% |
| Amounts payable within one year | 42/48 | €28,737 | €42,482 | +€13,744 | +47.8% |
| Current portion of amounts payable after more than one year | 42 | €7,071 | €7,420 | +€349 | +4.9% |
| Financial debts | 43 | - | €4,925 | +€4,925 | |
| Credit institutions | 430/8 | - | €4,925 | +€4,925 | |
| Trade debts | 44 | €4,358 | €5,797 | +€1,439 | +33.0% |
| Suppliers | 440/4 | €4,358 | €5,797 | +€1,439 | +33.0% |
| Taxes, remuneration and social security | 45 | €16,935 | €20,081 | +€3,146 | +18.6% |
| Taxes | 450/3 | €16,935 | €20,081 | +€3,146 | +18.6% |
| Other amounts payable | 47/48 | €373 | €4,259 | +€3,886 | +1,041% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,206 | €9,456 | +€250 | +2.7% |
| Other operating charges | 640/8 | €744 | €4,750 | +€4,006 | +538% |
| Gross operating margin | 9900 | €49,010 | €51,614 | +€2,604 | +5.3% |
| Operating profit (loss) | 9901 | €39,060 | €37,409 | -€1,652 | -4.2% |
| Financial income | 75/76B | - | €80 | +€80 | |
| Recurring financial income | 75 | - | €21 | +€21 | |
| Non-recurring financial income | 76B | - | €58 | +€58 | |
| Financial charges | 65/66B | €1,697 | €2,573 | +€876 | +51.6% |
| Recurring financial charges | 65 | €1,697 | €2,051 | +€353 | +20.8% |
| Non-recurring financial charges | 66B | - | €523 | +€523 | |
| Profit (loss) for the period before taxes | 9903 | €37,363 | €34,915 | -€2,448 | -6.6% |
| Income taxes | 67/77 | €8,404 | €8,537 | +€133 | +1.6% |
| Profit (loss) for the period | 9904 | €28,959 | €26,378 | -€2,581 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €28,959 | €26,378 | -€2,581 | -8.9% |
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 19 October 2026 via checked.be.