LUDION: 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.
LUDION
Largest movements
- Financial fixed assets -€249,280
down €249,280 (-100.0%), from €249,280 to €0
- Tangible fixed assets -€210,843
down €210,843 (-27.8%), from €759,048 to €548,205
of which Land and buildings: -€211,840
- Stocks and contracts +€183,055
new in 2025: €183,055
- Receivables within one year +€127,066
up €127,066 (+39079.1%), from €325 to €127,391
of which Trade receivables: +€118,001
- Cash +€87,110
up €87,110 (+30074.4%), from €290 to €87,400
mainly Investment in fixed assets (net) (+€395,034) and Trade debts (+€103,777)
- Trade debts +€103,777
up €103,777 (+29574.5%), from €351 to €104,128
- Debts after one year -€56,479
down €56,479 (-28.3%), from €199,607 to €143,129
- Reserves -€55,616
down €55,616 (-9.9%), from €562,844 to €507,228
of which Tax-exempt reserves: -€73,451
- Provisions -€24,484
down €24,484 (-26.7%), from €91,528 to €67,044
- Current portion of long-term debt -€17,537
down €17,537 (-100.0%), from €17,537 to €0
- Gross operating margin +€197,034
up €197,034 (+1294.2%), from €15,224 to €212,259
- Taxes +€68,066
new in 2025: €68,066
- Write-downs +€19,108
new in 2025: €19,108
- Financial charges +€7,945
up €7,945 (+63.4%), from €12,524 to €20,470
- Financial income +€5,680
up €5,680 (+71.6%), from €7,936 to €13,616
of which Non-recurring financial income: +€13,572
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 | €1,017,730 | €973,296 | -€44,434 | -4.4% |
| Fixed assets | 21/28 | €1,008,328 | €573,206 | -€435,122 | -43.2% |
| Intangible fixed assets | 21 | - | €25,000 | +€25,000 | |
| Tangible fixed assets | 22/27 | €759,048 | €548,205 | -€210,843 | -27.8% |
| Land and buildings | 22 | €756,127 | €544,287 | -€211,840 | -28.0% |
| Furniture and vehicles | 24 | €2,921 | €3,918 | +€997 | +34.1% |
| Financial fixed assets | 28 | €249,280 | €0 | -€249,280 | -100.0% |
| Current assets | 29/58 | €9,403 | €400,091 | +€390,688 | +4155.1% |
| Stocks and contracts in progress | 3 | - | €183,055 | +€183,055 | |
| Stocks | 30/36 | - | €183,055 | +€183,055 | |
| Amounts receivable within one year | 40/41 | €325 | €127,391 | +€127,066 | +39079.1% |
| Trade receivables | 40 | - | €118,001 | +€118,001 | |
| Other amounts receivable | 41 | €325 | €9,390 | +€9,065 | +2787.9% |
| Cash at bank and in hand | 54/58 | €290 | €87,400 | +€87,110 | +30074.4% |
| Deferred charges and accrued income | 490/1 | €8,788 | €2,245 | -€6,543 | -74.5% |
| Total equity and liabilities | 10/49 | €1,017,730 | €973,296 | -€44,434 | -4.4% |
| Equity | 10/15 | €696,644 | €641,028 | -€55,616 | -8.0% |
| Contributions | 10/11 | €133,800 | €133,800 | = | 0.0% |
| Reserves | 13 | €562,844 | €507,228 | -€55,616 | -9.9% |
| Tax-exempt reserves | 132 | €274,584 | €201,133 | -€73,451 | -26.7% |
| Distributable reserves | 133 | €288,260 | €306,095 | +€17,835 | +6.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €91,528 | €67,044 | -€24,484 | -26.7% |
| Deferred taxes | 168 | €91,528 | €67,044 | -€24,484 | -26.7% |
| Amounts payable | 17/49 | €229,558 | €265,224 | +€35,666 | +15.5% |
| Amounts payable after more than one year | 17 | €199,607 | €143,129 | -€56,479 | -28.3% |
| Financial debts | 170/4 | €199,607 | €143,129 | -€56,479 | -28.3% |
| Amounts payable within one year | 42/48 | €19,014 | €112,885 | +€93,871 | +493.7% |
| Current portion of amounts payable after more than one year | 42 | €17,537 | €0 | -€17,537 | -100.0% |
| Trade debts | 44 | €351 | €104,128 | +€103,777 | +29574.5% |
| Suppliers | 440/4 | €351 | €104,128 | +€103,777 | +29574.5% |
| Taxes, remuneration and social security | 45 | €1,126 | €8,757 | +€7,632 | +677.8% |
| Taxes | 450/3 | €1,126 | €8,757 | +€7,632 | +677.8% |
| Accrued charges and deferred income | 492/3 | €10,937 | €9,210 | -€1,727 | -15.8% |
| Non-recurring operating income | 76A | - | €98,477 | +€98,477 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,866 | €40,088 | +€5,222 | +15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €19,108 | +€19,108 | |
| Other operating charges | 640/8 | €12,734 | €11,094 | -€1,640 | -12.9% |
| Gross operating margin | 9900 | €15,224 | €212,259 | +€197,034 | +1294.2% |
| Operating profit (loss) | 9901 | -€32,375 | €141,969 | +€174,344 | |
| Financial income | 75/76B | €7,936 | €13,616 | +€5,680 | +71.6% |
| Recurring financial income | 75 | €7,936 | €43 | -€7,893 | -99.5% |
| Non-recurring financial income | 76B | - | €13,572 | +€13,572 | |
| Financial charges | 65/66B | €12,524 | €20,470 | +€7,945 | +63.4% |
| Recurring financial charges | 65 | €12,524 | €20,470 | +€7,945 | +63.4% |
| Profit (loss) for the period before taxes | 9903 | -€36,963 | €135,115 | +€172,078 | |
| Transfer from deferred taxes | 780 | €6,302 | €24,484 | +€18,182 | +288.5% |
| Income taxes | 67/77 | - | €68,066 | +€68,066 | |
| Profit (loss) for the period | 9904 | -€30,661 | €91,533 | +€122,194 | |
| Transfer from tax-exempt reserves | 789 | €18,906 | €73,451 | +€54,545 | +288.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,755 | €164,984 | +€176,739 |
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 10 October 2026 via checked.be.