LUDO GEYSELS: 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.
LUDO GEYSELS
Largest movements
- Current investments +€107,033
up €107,033 (+29.6%), from €362,059 to €469,091
- Stocks and contracts -€40,653
down €40,653 (-31.5%), from €128,979 to €88,326
- Receivables within one year +€25,072
up €25,072 (+156%), from €16,035 to €41,107
of which Trade receivables: +€19,136
- Tangible fixed assets -€20,033
down €20,033 (-9.0%), from €223,108 to €203,075
of which Furniture and vehicles: -€30,256
- Cash +€14,517
up €14,517 (+9.3%), from €156,409 to €170,926
mainly Net result for the year (+€92,960) and Depreciation (+€54,764)
- Reserves +€92,960
up €92,960 (+11.1%), from €836,815 to €929,775
- Gross operating margin +€41,838
up €41,838 (+30.2%), from €138,693 to €180,531
- Taxes +€14,274
up €14,274 (+52.3%), from €27,275 to €41,549
- Financial income +€8,603
up €8,603 (+573%), from €1,502 to €10,105
- Financial charges +€6,509
up €6,509, from -€6,220 to €289
- Depreciation +€6,091
up €6,091 (+12.5%), from €48,673 to €54,764
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 | €895,838 | €982,079 | +€86,240 | +9.6% |
| Fixed assets | 21/28 | €223,108 | €203,075 | -€20,033 | -9.0% |
| Tangible fixed assets | 22/27 | €223,108 | €203,075 | -€20,033 | -9.0% |
| Land and buildings | 22 | €109,507 | €111,130 | +€1,622 | +1.5% |
| Plant, machinery and equipment | 23 | €25,236 | €33,836 | +€8,600 | +34.1% |
| Furniture and vehicles | 24 | €88,365 | €58,109 | -€30,256 | -34.2% |
| Current assets | 29/58 | €672,730 | €779,004 | +€106,274 | +15.8% |
| Stocks and contracts in progress | 3 | €128,979 | €88,326 | -€40,653 | -31.5% |
| Stocks | 30/36 | €128,979 | €88,326 | -€40,653 | -31.5% |
| Amounts receivable within one year | 40/41 | €16,035 | €41,107 | +€25,072 | +156% |
| Trade receivables | 40 | €15,371 | €34,507 | +€19,136 | +124% |
| Other amounts receivable | 41 | €664 | €6,600 | +€5,936 | +894% |
| Current investments | 50/53 | €362,059 | €469,091 | +€107,033 | +29.6% |
| Cash at bank and in hand | 54/58 | €156,409 | €170,926 | +€14,517 | +9.3% |
| Deferred charges and accrued income | 490/1 | €9,249 | €9,554 | +€305 | +3.3% |
| Total equity and liabilities | 10/49 | €895,838 | €982,079 | +€86,240 | +9.6% |
| Equity | 10/15 | €849,215 | €942,175 | +€92,960 | +10.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €836,815 | €929,775 | +€92,960 | +11.1% |
| Distributable reserves | 133 | €836,815 | €929,775 | +€92,960 | +11.1% |
| Amounts payable | 17/49 | €46,623 | €39,904 | -€6,720 | -14.4% |
| Amounts payable within one year | 42/48 | €46,623 | €39,904 | -€6,720 | -14.4% |
| Trade debts | 44 | €8,529 | €594 | -€7,935 | -93.0% |
| Suppliers | 440/4 | €8,529 | €594 | -€7,935 | -93.0% |
| Taxes, remuneration and social security | 45 | €7,152 | €9,520 | +€2,368 | +33.1% |
| Taxes | 450/3 | €7,152 | €9,520 | +€2,368 | +33.1% |
| Other amounts payable | 47/48 | €30,942 | €29,790 | -€1,152 | -3.7% |
| Non-recurring operating income | 76A | €32,217 | €7,400 | -€24,817 | -77.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,673 | €54,764 | +€6,091 | +12.5% |
| Other operating charges | 640/8 | €1,067 | €1,074 | +€8 | +0.7% |
| Gross operating margin | 9900 | €138,693 | €180,531 | +€41,838 | +30.2% |
| Operating profit (loss) | 9901 | €88,953 | €124,693 | +€35,740 | +40.2% |
| Financial income | 75/76B | €1,502 | €10,105 | +€8,603 | +573% |
| Recurring financial income | 75 | €1,502 | €10,105 | +€8,603 | +573% |
| Financial charges | 65/66B | -€6,220 | €289 | +€6,509 | |
| Recurring financial charges | 65 | -€6,220 | €289 | +€6,509 | |
| Profit (loss) for the period before taxes | 9903 | €96,675 | €134,509 | +€37,833 | +39.1% |
| Income taxes | 67/77 | €27,275 | €41,549 | +€14,274 | +52.3% |
| Profit (loss) for the period | 9904 | €69,401 | €92,960 | +€23,559 | +33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €69,401 | €92,960 | +€23,559 | +33.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.