LUDISO: what changed
What changed
LUDISO
NACE 43.230, Insulation installation
filed annual accounts (NBB)
Net result for the year
-€205,085
2024 · €133,048-€338,133
Equity
€2.6m
2024 · €2.8m-€205,085
Cash
€33,259
2024 · €86,972-€53,712
Balance sheet total
€4.9m
2024 · €4.9m+€8,819
Largest movements
Assets
- Receivables within one year +€898,764
up €898,764 (+74.5%), from €1.2m to €2.1m
of which Other amounts receivable: +€1.0m
- Deferred charges and accrued income -€874,118
down €874,118 (-97.1%), from €899,813 to €25,694
- Current investments -€60,000
no longer reported in 2025 (was €60,000)
- Cash -€53,712
down €53,712 (-61.8%), from €86,972 to €33,259
mainly Receivables within one year (-€898,764) and Investment in fixed assets (net) (-€360,209)
Equity and liabilities
- Profit (loss) carried forward -€2.7m
no longer reported in 2025 (was €2.7m)
- Reserves +€2.5m
up €2.5m (+12,556%), from €20,195 to €2.6m
- Short-term financial debts +€500,000
new in 2025: €500,000
- Current portion of long-term debt -€283,362
down €283,362 (-60.7%), from €467,190 to €183,828
- Trade debts -€135,883
down €135,883 (-38.8%), from €350,522 to €214,639
Income statement
- Gross operating margin -€540,284
down €540,284 (-50.8%), from €1.1m to €523,967
- Taxes -€126,967
down €126,967 (-70.3%), from €180,512 to €53,545
- Financial income +€118,406
new in 2025: €118,406
- Financial charges +€37,251
up €37,251 (+71.4%), from €52,149 to €89,400
- Staff costs +€14,565
up €14,565 (+4.3%), from €341,455 to €356,020
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€133,048
Gross operating margin
-€540,284
Staff costs
-€14,565
Depreciation
+€10,859
Other operating charges
-€117
Other operating items
-€2,148
Financial income
+€118,406
Financial charges
-€37,251
Taxes
+€126,967
Result 2025
-€205,085
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€60,521
Investment
-€300,209
Financing
+€307,018
Cash 2024
€86,972
From operations (derived)
-€60,521
Net result for the year
-€205,085
Depreciation
+€308,032
Stocks and contracts
-€45,709
Receivables within one year
-€898,764
Deferred charges and accrued income
+€874,118
Trade debts
-€135,883
Tax, wage and social debts
+€26,260
Accrued charges and deferred income
+€16,509
Investment (derived)
-€300,209
Investment in fixed assets (net)
-€360,209
Current investments
+€60,000
Financing
+€307,018
Debts after one year
+€90,380
Current portion of long-term debt
-€283,362
Short-term financial debts
+€500,000
Cash 2025
€33,259
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,933,465 | €4,942,284 | +€8,819 | +0.2% |
| Fixed assets | 21/28 | €2,680,341 | €2,732,518 | +€52,177 | +1.9% |
| Intangible fixed assets | 21 | - | €3,830 | +€3,830 | |
| Tangible fixed assets | 22/27 | €2,680,341 | €2,728,689 | +€48,348 | +1.8% |
| Land and buildings | 22 | €1,743,642 | €1,612,523 | -€131,119 | -7.5% |
| Plant, machinery and equipment | 23 | €881,286 | €787,863 | -€93,424 | -10.6% |
| Furniture and vehicles | 24 | €55,413 | €54,710 | -€703 | -1.3% |
| Leasing and similar rights | 25 | - | €273,593 | +€273,593 | |
| Current assets | 29/58 | €2,253,125 | €2,209,766 | -€43,358 | -1.9% |
| Stocks and contracts in progress | 3 | - | €45,709 | +€45,709 | |
| Stocks | 30/36 | - | €45,709 | +€45,709 | |
| Amounts receivable within one year | 40/41 | €1,206,340 | €2,105,104 | +€898,764 | +74.5% |
| Trade receivables | 40 | €207,697 | €104,031 | -€103,666 | -49.9% |
| Other amounts receivable | 41 | €998,644 | €2,001,073 | +€1.0m | +100% |
| Current investments | 50/53 | €60,000 | - | -€60,000 | |
| Cash at bank and in hand | 54/58 | €86,972 | €33,259 | -€53,712 | -61.8% |
| Deferred charges and accrued income | 490/1 | €899,813 | €25,694 | -€874,118 | -97.1% |
| Total equity and liabilities | 10/49 | €4,933,465 | €4,942,284 | +€8,819 | +0.2% |
| Equity | 10/15 | €2,785,617 | €2,580,531 | -€205,085 | -7.4% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €20,195 | €2,555,742 | +€2.5m | +12,556% |
| Distributable reserves | 133 | €20,195 | €2,555,742 | +€2.5m | +12,556% |
| Profit (loss) carried forward | 14 | €2,740,633 | - | -€2.7m | |
| Provisions and deferred taxes | 16 | €120,238 | €120,238 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €120,238 | €120,238 | = | 0.0% |
| Pensions and similar obligations | 160 | €120,238 | €120,238 | = | 0.0% |
| Amounts payable | 17/49 | €2,027,611 | €2,241,515 | +€213,904 | +10.5% |
| Amounts payable after more than one year | 17 | €1,159,899 | €1,250,278 | +€90,380 | +7.8% |
| Financial debts | 170/4 | €1,159,899 | €1,250,278 | +€90,380 | +7.8% |
| Amounts payable within one year | 42/48 | €817,712 | €924,727 | +€107,015 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €467,190 | €183,828 | -€283,362 | -60.7% |
| Financial debts | 43 | - | €500,000 | +€500,000 | |
| Credit institutions | 430/8 | - | €500,000 | +€500,000 | |
| Trade debts | 44 | €350,522 | €214,639 | -€135,883 | -38.8% |
| Suppliers | 440/4 | €350,522 | €214,639 | -€135,883 | -38.8% |
| Taxes, remuneration and social security | 45 | - | €26,260 | +€26,260 | |
| Taxes | 450/3 | - | €1,577 | +€1,577 | |
| Remuneration and social security | 454/9 | - | €24,683 | +€24,683 | |
| Accrued charges and deferred income | 492/3 | €50,000 | €66,509 | +€16,509 | +33.0% |
| Remuneration, social security and pensions | 62 | €341,455 | €356,020 | +€14,565 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €318,891 | €308,032 | -€10,859 | -3.4% |
| Other operating charges | 640/8 | €38,196 | €38,313 | +€117 | +0.3% |
| Non-recurring operating charges | 66A | - | €2,148 | +€2,148 | |
| Gross operating margin | 9900 | €1,064,251 | €523,967 | -€540,284 | -50.8% |
| Operating profit (loss) | 9901 | €365,709 | -€180,546 | -€546,256 | |
| Financial income | 75/76B | - | €118,406 | +€118,406 | |
| Recurring financial income | 75 | - | €118,406 | +€118,406 | |
| Financial charges | 65/66B | €52,149 | €89,400 | +€37,251 | +71.4% |
| Recurring financial charges | 65 | €52,149 | €89,400 | +€37,251 | +71.4% |
| Profit (loss) for the period before taxes | 9903 | €313,560 | -€151,540 | -€465,100 | |
| Income taxes | 67/77 | €180,512 | €53,545 | -€126,967 | -70.3% |
| Profit (loss) for the period | 9904 | €133,048 | -€205,085 | -€338,133 | |
| Profit (loss) for the period to be appropriated | 9905 | €133,048 | -€205,085 | -€338,133 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.