LUDIMA: 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.
LUDIMA
Largest movements
- Receivables within one year -€39,359
down €39,359 (-23.6%), from €166,575 to €127,216
of which Other amounts receivable: -€23,045
- Debts after one year -€44,614
down €44,614 (-18.3%), from €243,360 to €198,746
- Gross operating margin -€53,653
down €53,653 (-54.6%), from €98,306 to €44,653
- Taxes -€14,601
down €14,601 (-87.8%), from €16,629 to €2,029
- Depreciation +€7,392
up €7,392 (+34.6%), from €21,347 to €28,739
- Financial charges -€2,506
down €2,506 (-15.4%), from €16,308 to €13,802
- Financial income -€1,052
no longer reported in 2025 (was €1,052)
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 | €931,027 | €883,424 | -€47,603 | -5.1% |
| Fixed assets | 21/28 | €755,893 | €751,157 | -€4,736 | -0.6% |
| Tangible fixed assets | 22/27 | €737,479 | €732,743 | -€4,736 | -0.6% |
| Land and buildings | 22 | €724,351 | €724,085 | -€266 | 0.0% |
| Furniture and vehicles | 24 | €13,128 | €8,658 | -€4,470 | -34.0% |
| Financial fixed assets | 28 | €18,414 | €18,414 | = | 0.0% |
| Current assets | 29/58 | €175,134 | €132,267 | -€42,867 | -24.5% |
| Amounts receivable within one year | 40/41 | €166,575 | €127,216 | -€39,359 | -23.6% |
| Trade receivables | 40 | €24,944 | €8,630 | -€16,314 | -65.4% |
| Other amounts receivable | 41 | €141,631 | €118,586 | -€23,045 | -16.3% |
| Cash at bank and in hand | 54/58 | €6,410 | €2,877 | -€3,533 | -55.1% |
| Deferred charges and accrued income | 490/1 | €2,149 | €2,174 | +€25 | +1.2% |
| Total equity and liabilities | 10/49 | €931,027 | €883,424 | -€47,603 | -5.1% |
| Equity | 10/15 | €618,776 | €611,595 | -€7,182 | -1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €202,996 | €198,907 | -€4,089 | -2.0% |
| Reserves | 13 | €367,863 | €371,952 | +€4,089 | +1.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €366,003 | €370,092 | +€4,089 | +1.1% |
| Profit (loss) carried forward | 14 | €29,317 | €22,135 | -€7,182 | -24.5% |
| Amounts payable | 17/49 | €312,250 | €271,830 | -€40,421 | -12.9% |
| Amounts payable after more than one year | 17 | €243,360 | €198,746 | -€44,614 | -18.3% |
| Financial debts | 170/4 | €243,360 | €198,746 | -€44,614 | -18.3% |
| Amounts payable within one year | 42/48 | €68,862 | €73,083 | +€4,221 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €42,494 | €44,614 | +€2,120 | +5.0% |
| Trade debts | 44 | €12,494 | €15,723 | +€3,229 | +25.8% |
| Suppliers | 440/4 | €12,494 | €15,723 | +€3,229 | +25.8% |
| Taxes, remuneration and social security | 45 | €12,269 | €12,513 | +€244 | +2.0% |
| Taxes | 450/3 | €7,000 | €7,244 | +€245 | +3.5% |
| Remuneration and social security | 454/9 | €5,269 | €5,268 | -€1 | 0.0% |
| Other amounts payable | 47/48 | €1,605 | €234 | -€1,371 | -85.4% |
| Accrued charges and deferred income | 492/3 | €28 | - | -€28 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,347 | €28,739 | +€7,392 | +34.6% |
| Other operating charges | 640/8 | €7,113 | €7,265 | +€152 | +2.1% |
| Gross operating margin | 9900 | €98,306 | €44,653 | -€53,653 | -54.6% |
| Operating profit (loss) | 9901 | €69,846 | €8,649 | -€61,197 | -87.6% |
| Financial income | 75/76B | €1,052 | - | -€1,052 | |
| Recurring financial income | 75 | €1,052 | - | -€1,052 | |
| Financial charges | 65/66B | €16,308 | €13,802 | -€2,506 | -15.4% |
| Recurring financial charges | 65 | €16,308 | €13,802 | -€2,506 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €54,590 | -€5,153 | -€59,743 | |
| Income taxes | 67/77 | €16,629 | €2,029 | -€14,601 | -87.8% |
| Profit (loss) for the period | 9904 | €37,960 | -€7,182 | -€45,142 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,960 | -€7,182 | -€45,142 |
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 9 October 2026 via checked.be.