LUDO: 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.
What changed
LUDO
NACE 46.495, Wholesale trade
financial year 2024 against 2025not consecutivefiled annual accounts (NBB)
Net result for the year
-€2.3m
2024 · €1.6m-€3.9m
Equity
€8.6m
2024 · €11.0m-€2.3m
Cash
€174,411
2024 · €337,113-€162,702
Balance sheet total
€20.0m
2024 · €30.5m-€10.5m
Largest movements
Assets
- Stocks and contracts -€8.9m
down €8.9m (-48.0%), from €18.5m to €9.6m
- Receivables within one year -€1.8m
down €1.8m (-16.0%), from €11.3m to €9.5m
of which Other amounts receivable: -€1.5m
- Deferred charges and accrued income +€309,401
up €309,401 (+214.3%), from €144,388 to €453,789
Equity and liabilities
- Trade debts -€6.1m
down €6.1m (-58.4%), from €10.5m to €4.4m
- Reserves -€2.3m
down €2.3m (-23.6%), from €9.8m to €7.5m
of which Distributable reserves: -€2.1m
- Other debts -€1.9m
down €1.9m (-100.0%), from €1.9m to €0
Income statement
- Turnover +€16.3m
up €16.3m (+59.0%), from €27.6m to €43.8m
- Goods and materials +€10.6m
up €10.6m (+45.1%), from €23.4m to €34.0m
of which Change in stocks: decrease (increase): +€7.4m
- Services and other goods +€1.3m
up €1.3m (+48.7%), from €2.6m to €3.8m
- Staff costs +€513,504
up €513,504 (+38.0%), from €1.4m to €1.9m
- Taxes -€466,541
down €466,541 (-99.4%), from €469,349 to €2,808
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.
Result 2024
€1.6m
Turnover
+€16.3m
Other operating income
+€254,867
Goods and materials
-€10.6m
Services and other goods
-€1.3m
Staff costs
-€513,504
Depreciation
-€81,159
Write-downs
+€70,013
Other operating charges
-€111,661
Other operating items
-€8.3m
Financial income
+€177,996
Financial charges
-€361,863
Taxes
+€466,541
Result 2025
-€2.3m
Cash bridge derived
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 | €30,487,935 | €20,017,519 | -€10.5m | -34.3% |
| Fixed assets | 21/28 | €199,233 | €262,674 | +€63,441 | +31.8% |
| Intangible fixed assets | 21 | €139,546 | €143,084 | +€3,538 | +2.5% |
| Tangible fixed assets | 22/27 | €59,016 | €118,920 | +€59,904 | +101.5% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €59,016 | €82,561 | +€23,545 | +39.9% |
| Furniture and vehicles | 24 | - | €36,359 | +€36,359 | |
| Financial fixed assets | 28 | €670 | €670 | = | 0.0% |
| Other financial fixed assets | 284/8 | €670 | €670 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €670 | €670 | = | 0.0% |
| Current assets | 29/58 | €30,288,702 | €19,754,845 | -€10.5m | -34.8% |
| Stocks and contracts in progress | 3 | €18,493,934 | €9,619,440 | -€8.9m | -48.0% |
| Stocks | 30/36 | €18,493,934 | €9,619,440 | -€8.9m | -48.0% |
| Raw materials and consumables | 30/31 | €13,414,127 | €6,475,338 | -€6.9m | -51.7% |
| Work in progress | 32 | €396,448 | €0 | -€396,448 | -100.0% |
| Finished goods | 33 | €2,103,042 | €1,012,576 | -€1.1m | -51.9% |
| Goods purchased for resale | 34 | €2,580,317 | €2,131,526 | -€448,790 | -17.4% |
| Amounts receivable within one year | 40/41 | €11,313,267 | €9,507,205 | -€1.8m | -16.0% |
| Trade receivables | 40 | €5,781,714 | €5,477,562 | -€304,152 | -5.3% |
| Other amounts receivable | 41 | €5,531,553 | €4,029,643 | -€1.5m | -27.2% |
| Cash at bank and in hand | 54/58 | €337,113 | €174,411 | -€162,702 | -48.3% |
| Deferred charges and accrued income | 490/1 | €144,388 | €453,789 | +€309,401 | +214.3% |
| Total equity and liabilities | 10/49 | €30,487,935 | €20,017,519 | -€10.5m | -34.3% |
| Equity | 10/15 | €10,958,338 | €8,633,992 | -€2.3m | -21.2% |
| Contributions | 10/11 | €1,115,521 | €1,115,521 | = | 0.0% |
| Capital | 10 | €1,115,521 | €1,115,521 | = | 0.0% |
| Issued capital | 100 | €1,115,521 | €1,115,521 | = | 0.0% |
| Reserves | 13 | €9,842,817 | €7,518,471 | -€2.3m | -23.6% |
| Non-distributable reserves | 130/1 | €111,552 | €111,552 | = | 0.0% |
| Legal reserve | 130 | €111,552 | €111,552 | = | 0.0% |
| Tax-exempt reserves | 132 | €229,819 | €48,789 | -€181,030 | -78.8% |
| Distributable reserves | 133 | €9,501,446 | €7,358,130 | -€2.1m | -22.6% |
| Amounts payable | 17/49 | €19,529,597 | €11,383,526 | -€8.1m | -41.7% |
| Amounts payable after more than one year | 17 | €1,500,000 | €1,500,000 | = | 0.0% |
| Other amounts payable | 178/9 | €1,500,000 | €1,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €17,997,645 | €9,732,453 | -€8.3m | -45.9% |
| Financial debts | 43 | €5,000,000 | €5,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €5,000,000 | €5,000,000 | = | 0.0% |
| Trade debts | 44 | €10,457,638 | €4,350,138 | -€6.1m | -58.4% |
| Suppliers | 440/4 | €10,457,638 | €4,350,138 | -€6.1m | -58.4% |
| Taxes, remuneration and social security | 45 | €680,006 | €382,315 | -€297,691 | -43.8% |
| Taxes | 450/3 | €483,484 | €208,333 | -€275,151 | -56.9% |
| Remuneration and social security | 454/9 | €196,523 | €173,982 | -€22,541 | -11.5% |
| Other amounts payable | 47/48 | €1,860,000 | €0 | -€1.9m | -100.0% |
| Accrued charges and deferred income | 492/3 | €31,952 | €151,073 | +€119,121 | +372.8% |
| Operating income | 70/76A | €29,033,973 | €37,295,470 | +€8.3m | +28.5% |
| Turnover | 70 | €27,576,373 | €43,836,126 | +€16.3m | +59.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€368,785 | -€7,455,475 | -€7.1m | -1921.6% |
| Other operating income | 74 | €659,952 | €914,819 | +€254,867 | +38.6% |
| Non-recurring operating income | 76A | €1,166,433 | €0 | -€1.2m | -100.0% |
| Operating charges | 60/66A | €26,880,997 | €39,321,982 | +€12.4m | +46.3% |
| Goods for resale, raw materials and consumables | 60 | €23,406,495 | €33,957,800 | +€10.6m | +45.1% |
| Purchases | 600/8 | €28,758,516 | €31,916,920 | +€3.2m | +11.0% |
| Change in stocks: decrease (increase) | 609 | -€5,352,021 | €2,040,880 | +€7.4m | |
| Services and other goods | 61 | €2,572,033 | €3,825,402 | +€1.3m | +48.7% |
| Remuneration, social security and pensions | 62 | €1,352,807 | €1,866,311 | +€513,504 | +38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,364 | €123,523 | +€81,159 | +191.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€551,847 | -€621,861 | -€70,013 | -12.7% |
| Other operating charges | 640/8 | €59,145 | €170,806 | +€111,661 | +188.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €2,152,976 | -€2,026,512 | -€4.2m | |
| Financial income | 75/76B | €273,040 | €451,036 | +€177,996 | +65.2% |
| Recurring financial income | 75 | €273,040 | €451,036 | +€177,996 | +65.2% |
| Income from current assets | 751 | €143,568 | €233,319 | +€89,751 | +62.5% |
| Other financial income | 752/9 | €129,473 | €217,718 | +€88,245 | +68.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €384,199 | €746,062 | +€361,863 | +94.2% |
| Recurring financial charges | 65 | €384,199 | €746,062 | +€361,863 | +94.2% |
| Debt charges | 650 | €201,527 | €337,337 | +€135,810 | +67.4% |
| Other financial charges | 652/9 | €182,672 | €408,725 | +€226,053 | +123.7% |
| Profit (loss) for the period before taxes | 9903 | €2,041,817 | -€2,321,538 | -€4.4m | |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €469,349 | €2,808 | -€466,541 | -99.4% |
| Taxes | 670/3 | €469,349 | €2,808 | -€466,541 | -99.4% |
| Profit (loss) for the period | 9904 | €1,572,468 | -€2,324,346 | -€3.9m | |
| Transfer from tax-exempt reserves | 789 | €455,751 | €227,340 | -€228,411 | -50.1% |
| Transfer to tax-exempt reserves | 689 | - | €46,310 | +€46,310 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,028,219 | -€2,143,316 | -€4.2m |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.