LUDO PICARD: 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 PICARD
Largest movements
- Current investments -€99,009
down €99,009 (-100%), from €99,009 to €0
- Cash -€28,077
down €28,077 (-57.2%), from €49,048 to €20,972
mainly Contributions, distributions and other (-€244,186) and Investment in fixed assets (net) (-€16,820)
- Tangible fixed assets -€12,999
down €12,999 (-5.2%), from €251,591 to €238,592
of which Land and buildings: -€8,400
- Profit (loss) carried forward -€256,081
down €256,081 (-90.0%), from €284,530 to €28,449
- Other debts +€120,329
up €120,329 (+23,909%), from €503 to €120,832
- Debts after one year -€12,563
down €12,563 (-14.6%), from €85,999 to €73,435
- Tax, wage and social debts +€6,356
up €6,356 (+67,330%), from €9 to €6,365
- Gross operating margin +€14,580
up €14,580 (+276%), from €5,289 to €19,869
- Financial income +€4,454
up €4,454 (+887%), from €502 to €4,956
- Other operating charges -€1,531
down €1,531 (-59.8%), from €2,562 to €1,030
- Taxes +€1,196
up €1,196 (+23.1%), from €5,170 to €6,366
- Depreciation -€756
down €756 (-2.5%), from €30,575 to €29,819
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 | €399,648 | €259,564 | -€140,085 | -35.1% |
| Fixed assets | 21/28 | €251,591 | €238,592 | -€12,999 | -5.2% |
| Tangible fixed assets | 22/27 | €251,591 | €238,592 | -€12,999 | -5.2% |
| Land and buildings | 22 | €78,400 | €70,000 | -€8,400 | -10.7% |
| Other tangible fixed assets | 26 | €173,191 | €168,592 | -€4,599 | -2.7% |
| Current assets | 29/58 | €148,057 | €20,972 | -€127,086 | -85.8% |
| Current investments | 50/53 | €99,009 | €0 | -€99,009 | -100% |
| Cash at bank and in hand | 54/58 | €49,048 | €20,972 | -€28,077 | -57.2% |
| Total equity and liabilities | 10/49 | €399,648 | €259,564 | -€140,085 | -35.1% |
| Equity | 10/15 | €304,990 | €48,909 | -€256,081 | -84.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €0 | = | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €284,530 | €28,449 | -€256,081 | -90.0% |
| Amounts payable | 17/49 | €94,658 | €210,655 | +€115,997 | +123% |
| Amounts payable after more than one year | 17 | €85,999 | €73,435 | -€12,563 | -14.6% |
| Financial debts | 170/4 | €85,999 | €73,435 | -€12,563 | -14.6% |
| Amounts payable within one year | 42/48 | €8,660 | €137,220 | +€128,560 | +1,485% |
| Current portion of amounts payable after more than one year | 42 | €7,239 | €9,063 | +€1,824 | +25.2% |
| Trade debts | 44 | €908 | €959 | +€51 | +5.6% |
| Suppliers | 440/4 | €908 | €959 | +€51 | +5.6% |
| Taxes, remuneration and social security | 45 | €9 | €6,365 | +€6,356 | +67,330% |
| Taxes | 450/3 | €9 | €6,365 | +€6,356 | +67,330% |
| Other amounts payable | 47/48 | €503 | €120,832 | +€120,329 | +23,909% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,575 | €29,819 | -€756 | -2.5% |
| Other operating charges | 640/8 | €2,562 | €1,030 | -€1,531 | -59.8% |
| Gross operating margin | 9900 | €5,289 | €19,869 | +€14,580 | +276% |
| Operating profit (loss) | 9901 | -€27,847 | -€10,980 | +€16,868 | +60.6% |
| Financial income | 75/76B | €502 | €4,956 | +€4,454 | +887% |
| Recurring financial income | 75 | €502 | €4,956 | +€4,454 | +887% |
| Financial charges | 65/66B | €61 | -€495 | -€556 | |
| Recurring financial charges | 65 | €61 | -€495 | -€556 | |
| Profit (loss) for the period before taxes | 9903 | -€27,407 | -€5,529 | +€21,877 | +79.8% |
| Income taxes | 67/77 | €5,170 | €6,366 | +€1,196 | +23.1% |
| Profit (loss) for the period | 9904 | -€32,577 | -€11,895 | +€20,682 | +63.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,577 | -€11,895 | +€20,682 | +63.5% |
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 30 October 2026 via checked.be.