LUDO LIEVENS: 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 LIEVENS
Largest movements
- Cash -€59,650
down €59,650 (-83.8%), from €71,173 to €11,523
mainly Debts after one year (-€212,544) and Tax, wage and social debts (-€61,681)
- Receivables within one year +€25,774
up €25,774 (+185%), from €13,957 to €39,731
of which Other amounts receivable: +€25,774
- Other debts +€259,819
up €259,819 (+380%), from €68,424 to €328,243
- Debts after one year -€212,544
down €212,544 (-27.7%), from €767,544 to €555,000
of which Financial debts: -€212,544
- Tax, wage and social debts -€61,681
down €61,681 (-99.1%), from €62,239 to €558
- Reserves -€28,940
down €28,940 (-6.8%), from €427,602 to €398,662
- Gross operating margin -€41,019
down €41,019, from €40,602 to -€417
- Depreciation -€32,390
down €32,390 (-75.4%), from €42,932 to €10,541
- Financial charges -€14,182
down €14,182 (-51.6%), from €27,474 to €13,292
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 | €1,639,262 | €1,595,384 | -€43,878 | -2.7% |
| Fixed assets | 21/28 | €1,553,989 | €1,543,448 | -€10,541 | -0.7% |
| Tangible fixed assets | 22/27 | €1,553,989 | €1,543,448 | -€10,541 | -0.7% |
| Land and buildings | 22 | €1,514,766 | €1,514,766 | = | 0.0% |
| Furniture and vehicles | 24 | €39,223 | €28,682 | -€10,541 | -26.9% |
| Current assets | 29/58 | €85,273 | €51,936 | -€33,337 | -39.1% |
| Amounts receivable within one year | 40/41 | €13,957 | €39,731 | +€25,774 | +185% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €13,957 | €39,731 | +€25,774 | +185% |
| Cash at bank and in hand | 54/58 | €71,173 | €11,523 | -€59,650 | -83.8% |
| Deferred charges and accrued income | 490/1 | €144 | €683 | +€539 | +374% |
| Total equity and liabilities | 10/49 | €1,639,262 | €1,595,384 | -€43,878 | -2.7% |
| Equity | 10/15 | €527,602 | €498,662 | -€28,940 | -5.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €427,602 | €398,662 | -€28,940 | -6.8% |
| Distributable reserves | 133 | €427,602 | €398,662 | -€28,940 | -6.8% |
| Amounts payable | 17/49 | €1,111,661 | €1,096,722 | -€14,939 | -1.3% |
| Amounts payable after more than one year | 17 | €767,544 | €555,000 | -€212,544 | -27.7% |
| Financial debts | 170/4 | €212,544 | €0 | -€212,544 | -100% |
| Other amounts payable | 178/9 | €555,000 | €555,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €344,117 | €541,722 | +€197,605 | +57.4% |
| Current portion of amounts payable after more than one year | 42 | €213,171 | €212,544 | -€627 | -0.3% |
| Trade debts | 44 | €283 | €378 | +€95 | +33.4% |
| Suppliers | 440/4 | €283 | €378 | +€95 | +33.4% |
| Taxes, remuneration and social security | 45 | €62,239 | €558 | -€61,681 | -99.1% |
| Taxes | 450/3 | €62,239 | €558 | -€61,681 | -99.1% |
| Other amounts payable | 47/48 | €68,424 | €328,243 | +€259,819 | +380% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,932 | €10,541 | -€32,390 | -75.4% |
| Other operating charges | 640/8 | €4,254 | €4,544 | +€289 | +6.8% |
| Gross operating margin | 9900 | €40,602 | -€417 | -€41,019 | |
| Operating profit (loss) | 9901 | -€6,584 | -€15,502 | -€8,918 | -135% |
| Financial charges | 65/66B | €27,474 | €13,292 | -€14,182 | -51.6% |
| Recurring financial charges | 65 | €27,474 | €13,292 | -€14,182 | -51.6% |
| Profit (loss) for the period before taxes | 9903 | -€34,058 | -€28,794 | +€5,264 | +15.5% |
| Income taxes | 67/77 | €126 | €146 | +€20 | +15.7% |
| Profit (loss) for the period | 9904 | -€34,184 | -€28,940 | +€5,245 | +15.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,184 | -€28,940 | +€5,245 | +15.3% |
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 26 October 2026 via checked.be.