LUDO PANIS: 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 PANIS
Largest movements
- Receivables within one year -€409,865
down €409,865 (-94.2%), from €435,000 to €25,135
- Current investments +€400,000
new in 2025: €400,000
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€6,149
down €6,149 (-71.3%), from €8,627 to €2,478
- Financial charges -€1,951
down €1,951 (-97.9%), from €1,993 to €42
- Taxes -€1,908
no longer reported in 2025 (was €1,908)
- Depreciation +€290
up €290 (+136%), from €213 to €503
- Gross operating margin -€158
down €158 (-6.7%), from -€2,352 to -€2,511
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 | €9,133,950 | €9,130,864 | -€3,086 | 0.0% |
| Fixed assets | 21/28 | €8,679,100 | €8,679,847 | +€747 | 0.0% |
| Tangible fixed assets | 22/27 | €2,304 | €1,800 | -€503 | -21.9% |
| Furniture and vehicles | 24 | €2,304 | €1,800 | -€503 | -21.9% |
| Financial fixed assets | 28 | €8,676,796 | €8,678,046 | +€1,250 | 0.0% |
| Current assets | 29/58 | €454,850 | €451,017 | -€3,832 | -0.8% |
| Amounts receivable within one year | 40/41 | €435,000 | €25,135 | -€409,865 | -94.2% |
| Other amounts receivable | 41 | €435,000 | €25,135 | -€409,865 | -94.2% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €18,208 | €25,882 | +€7,674 | +42.1% |
| Deferred charges and accrued income | 490/1 | €1,641 | - | -€1,641 | |
| Total equity and liabilities | 10/49 | €9,133,950 | €9,130,864 | -€3,086 | 0.0% |
| Equity | 10/15 | €9,023,795 | €9,021,993 | -€1,802 | 0.0% |
| Contributions | 10/11 | €6,945,336 | €6,945,336 | = | 0.0% |
| Reserves | 13 | €2,078,459 | €2,078,459 | = | 0.0% |
| Distributable reserves | 133 | €2,078,459 | €2,078,459 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€1,802 | -€1,802 | |
| Amounts payable | 17/49 | €110,154 | €108,871 | -€1,283 | -1.2% |
| Amounts payable within one year | 42/48 | €108,234 | €106,951 | -€1,283 | -1.2% |
| Taxes, remuneration and social security | 45 | €1,283 | - | -€1,283 | |
| Taxes | 450/3 | €1,283 | - | -€1,283 | |
| Other amounts payable | 47/48 | €106,951 | €106,951 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,920 | €1,920 | = | 0.0% |
| Non-recurring operating income | 76A | €1,697 | - | -€1,697 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €213 | €503 | +€290 | +136% |
| Other operating charges | 640/8 | €1,291 | €1,224 | -€67 | -5.2% |
| Gross operating margin | 9900 | -€2,352 | -€2,511 | -€158 | -6.7% |
| Operating profit (loss) | 9901 | -€3,856 | -€4,238 | -€381 | -9.9% |
| Financial income | 75/76B | €8,627 | €2,478 | -€6,149 | -71.3% |
| Recurring financial income | 75 | €8,627 | €2,478 | -€6,149 | -71.3% |
| Financial charges | 65/66B | €1,993 | €42 | -€1,951 | -97.9% |
| Recurring financial charges | 65 | €1,993 | €42 | -€1,951 | -97.9% |
| Profit (loss) for the period before taxes | 9903 | €2,777 | -€1,802 | -€4,579 | |
| Income taxes | 67/77 | €1,908 | - | -€1,908 | |
| Profit (loss) for the period | 9904 | €869 | -€1,802 | -€2,671 | |
| Profit (loss) for the period to be appropriated | 9905 | €869 | -€1,802 | -€2,671 |
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 25 October 2026 via checked.be.