Ludibundus: 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.
Ludibundus
Largest movements
- Intangible fixed assets -€210,000
down €210,000 (-18.4%), from €1.1m to €932,600
- Receivables within one year -€127,572
down €127,572 (-27.0%), from €472,920 to €345,348
of which Trade receivables: -€121,517
- Financial fixed assets -€103,644
down €103,644 (-99.1%), from €104,607 to €963
- Cash -€42,164
down €42,164 (-38.4%), from €109,824 to €67,661
mainly Debts after one year (-€485,857) and Trade debts (-€276,434)
- Debts after one year -€485,857
down €485,857 (-100%), from €485,857 to €0
of which Other amounts payable: -€474,857
- Trade debts -€276,434
down €276,434 (-15.9%), from €1.7m to €1.5m
- Profit (loss) carried forward +€202,901
up €202,901 (+50.2%), from -€403,915 to -€201,014
- Other debts +€69,150
up €69,150, from €0 to €69,150
- Gross operating margin +€158,278
up €158,278 (+58.2%), from €271,738 to €430,016
- Financial charges +€7,318
up €7,318 (+843%), from €868 to €8,186
- Depreciation +€4,710
up €4,710 (+2.2%), from €217,142 to €221,852
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 | €1,878,430 | €1,387,466 | -€490,963 | -26.1% |
| Fixed assets | 21/28 | €1,294,769 | €971,758 | -€323,010 | -24.9% |
| Intangible fixed assets | 21 | €1,142,600 | €932,600 | -€210,000 | -18.4% |
| Tangible fixed assets | 22/27 | €47,562 | €38,195 | -€9,367 | -19.7% |
| Plant, machinery and equipment | 23 | €600 | €803 | +€202 | +33.7% |
| Furniture and vehicles | 24 | €43,902 | €35,186 | -€8,716 | -19.9% |
| Other tangible fixed assets | 26 | €3,059 | €2,206 | -€853 | -27.9% |
| Financial fixed assets | 28 | €104,607 | €963 | -€103,644 | -99.1% |
| Current assets | 29/58 | €583,661 | €415,708 | -€167,953 | -28.8% |
| Amounts receivable within one year | 40/41 | €472,920 | €345,348 | -€127,572 | -27.0% |
| Trade receivables | 40 | €433,727 | €312,210 | -€121,517 | -28.0% |
| Other amounts receivable | 41 | €39,192 | €33,138 | -€6,055 | -15.4% |
| Cash at bank and in hand | 54/58 | €109,824 | €67,661 | -€42,164 | -38.4% |
| Deferred charges and accrued income | 490/1 | €917 | €2,700 | +€1,783 | +194% |
| Total equity and liabilities | 10/49 | €1,878,430 | €1,387,466 | -€490,963 | -26.1% |
| Equity | 10/15 | -€348,790 | -€145,889 | +€202,901 | +58.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €36,525 | €36,525 | = | 0.0% |
| Distributable reserves | 133 | €36,525 | €36,525 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€403,915 | -€201,014 | +€202,901 | +50.2% |
| Amounts payable | 17/49 | €2,227,219 | €1,533,355 | -€693,864 | -31.2% |
| Amounts payable after more than one year | 17 | €485,857 | €0 | -€485,857 | -100% |
| Financial debts | 170/4 | €11,000 | €0 | -€11,000 | -100% |
| Other amounts payable | 178/9 | €474,857 | €0 | -€474,857 | -100% |
| Amounts payable within one year | 42/48 | €1,740,012 | €1,532,005 | -€208,007 | -12.0% |
| Trade debts | 44 | €1,739,037 | €1,462,603 | -€276,434 | -15.9% |
| Suppliers | 440/4 | €1,739,037 | €1,462,603 | -€276,434 | -15.9% |
| Taxes, remuneration and social security | 45 | €975 | €252 | -€722 | -74.1% |
| Taxes | 450/3 | €975 | €252 | -€722 | -74.1% |
| Other amounts payable | 47/48 | €0 | €69,150 | +€69,150 | |
| Accrued charges and deferred income | 492/3 | €1,350 | €1,350 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,142 | €221,852 | +€4,710 | +2.2% |
| Other operating charges | 640/8 | €1,218 | €1,215 | -€3 | -0.3% |
| Gross operating margin | 9900 | €271,738 | €430,016 | +€158,278 | +58.2% |
| Operating profit (loss) | 9901 | €53,378 | €206,949 | +€153,571 | +288% |
| Financial income | 75/76B | €4,462 | €4,369 | -€94 | -2.1% |
| Recurring financial income | 75 | €4,462 | €4,369 | -€94 | -2.1% |
| Financial charges | 65/66B | €868 | €8,186 | +€7,318 | +843% |
| Recurring financial charges | 65 | €868 | €8,186 | +€7,318 | +843% |
| Profit (loss) for the period before taxes | 9903 | €56,972 | €203,131 | +€146,160 | +257% |
| Income taxes | 67/77 | €254 | €230 | -€24 | -9.3% |
| Profit (loss) for the period | 9904 | €56,718 | €202,901 | +€146,183 | +258% |
| Profit (loss) for the period to be appropriated | 9905 | €56,718 | €202,901 | +€146,183 | +258% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.