LUDO TRADING: 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 TRADING
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€49,339
2024 · -€46,329-€3,010
Equity
-€459,854
2024 · -€410,516-€49,339
Cash
€349,440
2024 · €106,789+€242,651
Balance sheet total
€2.5m
2024 · €2.2m+€312,380
Largest movements
Assets
- Cash +€242,651
up €242,651 (+227%), from €106,789 to €349,440
mainly Other debts (+€506,337) and Depreciation (+€124,804)
- Tangible fixed assets +€68,750
up €68,750 (+3.6%), from €1.9m to €2.0m
of which Land and buildings: +€156,259
- Receivables after one year +€28,747
up €28,747 (+60.1%), from €47,809 to €76,556
Equity and liabilities
- Other debts +€506,337
up €506,337 (+21.7%), from €2.3m to €2.8m
- Advances received -€112,104
down €112,104 (-100%), from €112,104 to €0
- Profit (loss) carried forward -€39,811
down €39,811 (-7.0%), from -€569,212 to -€609,023
Income statement
- Other operating charges +€2,215
up €2,215 (+11.4%), from €19,510 to €21,726
- Write-downs -€1,115
down €1,115 (-100%), from €1,115 to €0
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
-€46,329
Gross operating margin
-€745
Depreciation
-€369
Write-downs
+€1,115
Other operating charges
-€2,215
Financial income
-€592
Financial charges
+€454
Taxes
-€658
Result 2025
-€49,339
raises the resultlowers the result
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.
From operations
+€457,588
Investment
-€193,332
Financing
-€21,606
Cash 2024
€106,789
From operations (derived)
+€457,588
Net result for the year
-€49,339
Depreciation
+€124,804
Receivables after one year
-€28,747
Stocks and contracts
+€20,140
Receivables within one year
+€6,696
Deferred charges and accrued income
+€709
Provisions
-€4,908
Trade debts
-€9,763
Tax, wage and social debts
+€3,764
Advances received
-€112,104
Other debts
+€506,337
Investment (derived)
-€193,332
Investment in fixed assets (net)
-€193,554
Current investments
+€223
Financing
-€21,606
Debts after one year
-€22,480
Current portion of long-term debt
+€886
Short-term financial debts
-€12
Cash 2025
€349,440
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,207,354 | €2,519,734 | +€312,380 | +14.2% |
| Fixed assets | 21/28 | €1,918,616 | €1,987,367 | +€68,750 | +3.6% |
| Tangible fixed assets | 22/27 | €1,918,566 | €1,987,317 | +€68,750 | +3.6% |
| Land and buildings | 22 | €1,503,403 | €1,659,662 | +€156,259 | +10.4% |
| Plant, machinery and equipment | 23 | €317,512 | €254,144 | -€63,368 | -20.0% |
| Furniture and vehicles | 24 | €4,126 | €2,577 | -€1,548 | -37.5% |
| Leasing and similar rights | 25 | €93,526 | €70,933 | -€22,592 | -24.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €288,737 | €532,367 | +€243,630 | +84.4% |
| Amounts receivable after more than one year | 29 | €47,809 | €76,556 | +€28,747 | +60.1% |
| Other amounts receivable | 291 | €47,809 | €76,556 | +€28,747 | +60.1% |
| Stocks and contracts in progress | 3 | €37,132 | €16,992 | -€20,140 | -54.2% |
| Stocks | 30/36 | €37,132 | €16,992 | -€20,140 | -54.2% |
| Amounts receivable within one year | 40/41 | €95,424 | €88,727 | -€6,696 | -7.0% |
| Trade receivables | 40 | €35,794 | €54,571 | +€18,777 | +52.5% |
| Other amounts receivable | 41 | €59,629 | €34,156 | -€25,473 | -42.7% |
| Current investments | 50/53 | €223 | €0 | -€223 | -100% |
| Cash at bank and in hand | 54/58 | €106,789 | €349,440 | +€242,651 | +227% |
| Deferred charges and accrued income | 490/1 | €1,360 | €652 | -€709 | -52.1% |
| Total equity and liabilities | 10/49 | €2,207,354 | €2,519,734 | +€312,380 | +14.2% |
| Equity | 10/15 | -€410,516 | -€459,854 | -€49,339 | -12.0% |
| Contributions | 10/11 | €19,444 | €19,444 | = | 0.0% |
| Reserves | 13 | €139,252 | €129,724 | -€9,528 | -6.8% |
| Non-distributable reserves | 130/1 | €1,327 | €1,327 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,327 | €1,327 | = | 0.0% |
| Tax-exempt reserves | 132 | €114,330 | €104,803 | -€9,528 | -8.3% |
| Distributable reserves | 133 | €23,595 | €23,595 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€569,212 | -€609,023 | -€39,811 | -7.0% |
| Provisions and deferred taxes | 16 | €58,897 | €53,989 | -€4,908 | -8.3% |
| Deferred taxes | 168 | €58,897 | €53,989 | -€4,908 | -8.3% |
| Amounts payable | 17/49 | €2,558,972 | €2,925,599 | +€366,627 | +14.3% |
| Amounts payable after more than one year | 17 | €72,322 | €49,842 | -€22,480 | -31.1% |
| Financial debts | 170/4 | €72,322 | €49,842 | -€22,480 | -31.1% |
| Amounts payable within one year | 42/48 | €2,486,650 | €2,875,757 | +€389,107 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €21,594 | €22,480 | +€886 | +4.1% |
| Financial debts | 43 | €12 | €0 | -€12 | -100% |
| Credit institutions | 430/8 | €12 | €0 | -€12 | -100% |
| Trade debts | 44 | €16,110 | €6,347 | -€9,763 | -60.6% |
| Suppliers | 440/4 | €16,110 | €6,347 | -€9,763 | -60.6% |
| Advances received on contracts in progress | 46 | €112,104 | €0 | -€112,104 | -100% |
| Taxes, remuneration and social security | 45 | €7,294 | €11,058 | +€3,764 | +51.6% |
| Taxes | 450/3 | €7,294 | €11,058 | +€3,764 | +51.6% |
| Other amounts payable | 47/48 | €2,329,536 | €2,835,872 | +€506,337 | +21.7% |
| Non-recurring operating income | 76A | €6,558 | €0 | -€6,558 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,436 | €124,804 | +€369 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,115 | €0 | -€1,115 | -100% |
| Other operating charges | 640/8 | €19,510 | €21,726 | +€2,215 | +11.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €90,899 | €90,154 | -€745 | -0.8% |
| Operating profit (loss) | 9901 | -€54,162 | -€56,375 | -€2,214 | -4.1% |
| Financial income | 75/76B | €9,187 | €8,595 | -€592 | -6.4% |
| Recurring financial income | 75 | €9,187 | €8,595 | -€592 | -6.4% |
| Financial charges | 65/66B | €6,179 | €5,725 | -€454 | -7.3% |
| Recurring financial charges | 65 | €6,179 | €5,725 | -€454 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | -€51,154 | -€53,506 | -€2,352 | -4.6% |
| Transfer from deferred taxes | 780 | €4,908 | €4,908 | = | 0.0% |
| Income taxes | 67/77 | €83 | €741 | +€658 | +792% |
| Profit (loss) for the period | 9904 | -€46,329 | -€49,339 | -€3,010 | -6.5% |
| Transfer from tax-exempt reserves | 789 | €9,528 | €9,528 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,801 | -€39,811 | -€3,010 | -8.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.