LUDIAM: 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.
LUDIAM
Largest movements
- Tangible fixed assets -€346,979
down €346,979 (-20.8%), from €1.7m to €1.3m
of which Land and buildings: -€356,231
- Current investments +€100,000
new in 2025: €100,000
- Other debts -€84,500
down €84,500 (-77.8%), from €108,625 to €24,125
- Debts after one year -€70,531
down €70,531 (-40.7%), from €173,392 to €102,861
of which Financial debts: -€70,531
- Reserves -€41,140
down €41,140 (-3.2%), from €1.3m to €1.2m
of which Tax-exempt reserves: -€24,648
- Trade debts -€28,257
down €28,257 (-87.7%), from €32,216 to €3,960
- Depreciation +€52,184
up €52,184 (+100%), from €52,149 to €104,333
- Financial income -€36,406
down €36,406 (-91.5%), from €39,775 to €3,370
- Taxes -€10,057
down €10,057 (-95.4%), from €10,541 to €484
- Gross operating margin +€9,975
up €9,975 (+14.3%), from €69,722 to €79,696
- Other operating charges +€8,229
up €8,229 (+172%), from €4,793 to €13,022
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,790,706 | €1,555,443 | -€235,263 | -13.1% |
| Fixed assets | 21/28 | €1,770,726 | €1,423,747 | -€346,979 | -19.6% |
| Tangible fixed assets | 22/27 | €1,670,726 | €1,323,747 | -€346,979 | -20.8% |
| Land and buildings | 22 | €599,249 | €243,018 | -€356,231 | -59.4% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Leasing and similar rights | 25 | €31,953 | €90,039 | +€58,087 | +182% |
| Other tangible fixed assets | 26 | €1,039,525 | €990,690 | -€48,835 | -4.7% |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €19,980 | €131,695 | +€111,716 | +559% |
| Amounts receivable within one year | 40/41 | €6,076 | €2,941 | -€3,135 | -51.6% |
| Trade receivables | 40 | €1,178 | €10 | -€1,168 | -99.2% |
| Other amounts receivable | 41 | €4,898 | €2,931 | -€1,967 | -40.2% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €9,145 | €24,316 | +€15,170 | +166% |
| Deferred charges and accrued income | 490/1 | €4,758 | €4,439 | -€320 | -6.7% |
| Total equity and liabilities | 10/49 | €1,790,706 | €1,555,443 | -€235,263 | -13.1% |
| Equity | 10/15 | €1,343,388 | €1,301,490 | -€41,899 | -3.1% |
| Contributions | 10/11 | €62,221 | €62,221 | = | 0.0% |
| Capital | 10 | €62,221 | €62,221 | = | 0.0% |
| Issued capital | 100 | €62,221 | €62,221 | = | 0.0% |
| Reserves | 13 | €1,280,409 | €1,239,268 | -€41,140 | -3.2% |
| Non-distributable reserves | 130/1 | €6,222 | €6,222 | = | 0.0% |
| Legal reserve | 130 | €6,222 | €6,222 | = | 0.0% |
| Tax-exempt reserves | 132 | €215,238 | €190,590 | -€24,648 | -11.5% |
| Distributable reserves | 133 | €1,058,949 | €1,042,456 | -€16,492 | -1.6% |
| Profit (loss) carried forward | 14 | €758 | €0 | -€758 | -100% |
| Provisions and deferred taxes | 16 | €87,914 | €77,847 | -€10,068 | -11.5% |
| Deferred taxes | 168 | €87,914 | €77,847 | -€10,068 | -11.5% |
| Amounts payable | 17/49 | €359,403 | €176,106 | -€183,297 | -51.0% |
| Amounts payable after more than one year | 17 | €173,392 | €102,861 | -€70,531 | -40.7% |
| Financial debts | 170/4 | €103,392 | €32,861 | -€70,531 | -68.2% |
| Other amounts payable | 178/9 | €70,000 | €70,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €178,880 | €65,127 | -€113,753 | -63.6% |
| Current portion of amounts payable after more than one year | 42 | €26,493 | €35,401 | +€8,908 | +33.6% |
| Trade debts | 44 | €32,216 | €3,960 | -€28,257 | -87.7% |
| Suppliers | 440/4 | €32,216 | €3,960 | -€28,257 | -87.7% |
| Taxes, remuneration and social security | 45 | €11,545 | €1,641 | -€9,904 | -85.8% |
| Taxes | 450/3 | €10,648 | €1,641 | -€9,006 | -84.6% |
| Remuneration and social security | 454/9 | €897 | €0 | -€897 | -100% |
| Other amounts payable | 47/48 | €108,625 | €24,125 | -€84,500 | -77.8% |
| Accrued charges and deferred income | 492/3 | €7,132 | €8,118 | +€986 | +13.8% |
| Non-recurring operating income | 76A | €46,410 | €4 | -€46,406 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,367 | €582 | -€785 | -57.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,149 | €104,333 | +€52,184 | +100% |
| Other operating charges | 640/8 | €4,793 | €13,022 | +€8,229 | +172% |
| Gross operating margin | 9900 | €69,722 | €79,696 | +€9,975 | +14.3% |
| Operating profit (loss) | 9901 | €11,413 | -€38,240 | -€49,653 | |
| Financial income | 75/76B | €39,775 | €3,370 | -€36,406 | -91.5% |
| Recurring financial income | 75 | €39,775 | €3,370 | -€36,406 | -91.5% |
| Financial charges | 65/66B | €11,356 | €16,612 | +€5,255 | +46.3% |
| Recurring financial charges | 65 | €11,356 | €16,612 | +€5,255 | +46.3% |
| Profit (loss) for the period before taxes | 9903 | €39,832 | -€51,482 | -€91,314 | |
| Transfer from deferred taxes | 780 | €6,712 | €10,068 | +€3,356 | +50.0% |
| Income taxes | 67/77 | €10,541 | €484 | -€10,057 | -95.4% |
| Profit (loss) for the period | 9904 | €36,003 | -€41,899 | -€77,901 | |
| Transfer from tax-exempt reserves | 789 | €16,432 | €24,648 | +€8,216 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,435 | -€17,251 | -€69,685 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.