Ludo Van de Peer: 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 Van de Peer
Largest movements
- Cash +€99,057
up €99,057 (+61.3%), from €161,716 to €260,774
mainly Trade debts (+€67,093) and Other debts (+€47,217)
- Stocks and contracts -€12,615
down €12,615 (-6.5%), from €195,478 to €182,863
- Trade debts +€67,093
up €67,093 (+161%), from €41,625 to €108,718
- Other debts +€47,217
up €47,217 (+103%), from €46,064 to €93,282
- Reserves -€26,585
down €26,585 (-13.8%), from €193,298 to €166,713
of which Distributable reserves: -€26,585
- Current portion of long-term debt +€5,048
new in 2025: €5,048
- Gross operating margin -€35,549
down €35,549 (-127%), from -€28,003 to -€63,552
- Financial charges -€23,783
down €23,783 (-25.6%), from -€92,928 to -€116,711
- Depreciation -€2,635
down €2,635 (-34.2%), from €7,713 to €5,079
- Taxes -€2,326
down €2,326 (-16.6%), from €13,994 to €11,668
- Other operating charges -€1,057
down €1,057 (-14.4%), from €7,344 to €6,287
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 | €379,646 | €471,820 | +€92,174 | +24.3% |
| Fixed assets | 21/28 | €13,352 | €14,872 | +€1,520 | +11.4% |
| Tangible fixed assets | 22/27 | €12,334 | €13,854 | +€1,520 | +12.3% |
| Land and buildings | 22 | €3,640 | €1,820 | -€1,820 | -50.0% |
| Plant, machinery and equipment | 23 | €8,693 | €12,034 | +€3,340 | +38.4% |
| Financial fixed assets | 28 | €1,018 | €1,018 | = | 0.0% |
| Current assets | 29/58 | €366,295 | €456,948 | +€90,653 | +24.7% |
| Stocks and contracts in progress | 3 | €195,478 | €182,863 | -€12,615 | -6.5% |
| Stocks | 30/36 | €195,478 | €182,863 | -€12,615 | -6.5% |
| Amounts receivable within one year | 40/41 | €9,100 | €13,311 | +€4,211 | +46.3% |
| Trade receivables | 40 | €8,753 | €3,787 | -€4,966 | -56.7% |
| Other amounts receivable | 41 | €347 | €9,524 | +€9,177 | +2,647% |
| Cash at bank and in hand | 54/58 | €161,716 | €260,774 | +€99,057 | +61.3% |
| Total equity and liabilities | 10/49 | €379,646 | €471,820 | +€92,174 | +24.3% |
| Equity | 10/15 | €230,482 | €203,897 | -€26,585 | -11.5% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €193,298 | €166,713 | -€26,585 | -13.8% |
| Non-distributable reserves | 130/1 | €5,057 | €5,057 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,718 | €3,718 | = | 0.0% |
| Other | 1319 | €1,339 | €1,339 | = | 0.0% |
| Distributable reserves | 133 | €188,241 | €161,656 | -€26,585 | -14.1% |
| Amounts payable | 17/49 | €149,165 | €267,923 | +€118,758 | +79.6% |
| Amounts payable after more than one year | 17 | €55,000 | €55,000 | = | 0.0% |
| Financial debts | 170/4 | €55,000 | €55,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €94,165 | €212,923 | +€118,758 | +126% |
| Current portion of amounts payable after more than one year | 42 | - | €5,048 | +€5,048 | |
| Trade debts | 44 | €41,625 | €108,718 | +€67,093 | +161% |
| Suppliers | 440/4 | €41,625 | €108,718 | +€67,093 | +161% |
| Taxes, remuneration and social security | 45 | €6,476 | €5,875 | -€600 | -9.3% |
| Taxes | 450/3 | €6,476 | €5,875 | -€600 | -9.3% |
| Other amounts payable | 47/48 | €46,064 | €93,282 | +€47,217 | +103% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,713 | €5,079 | -€2,635 | -34.2% |
| Other operating charges | 640/8 | €7,344 | €6,287 | -€1,057 | -14.4% |
| Gross operating margin | 9900 | -€28,003 | -€63,552 | -€35,549 | -127% |
| Operating profit (loss) | 9901 | -€43,061 | -€74,917 | -€31,857 | -74.0% |
| Financial income | 75/76B | €832 | €181 | -€651 | -78.2% |
| Recurring financial income | 75 | €832 | €181 | -€651 | -78.2% |
| Financial charges | 65/66B | -€92,928 | -€116,711 | -€23,783 | -25.6% |
| Recurring financial charges | 65 | -€92,928 | -€116,711 | -€23,783 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | €50,699 | €41,975 | -€8,725 | -17.2% |
| Income taxes | 67/77 | €13,994 | €11,668 | -€2,326 | -16.6% |
| Profit (loss) for the period | 9904 | €36,705 | €30,307 | -€6,399 | -17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €36,705 | €30,307 | -€6,399 | -17.4% |
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 23 October 2026 via checked.be.