LUDOVIC DE BLOCK: 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.
LUDOVIC DE BLOCK
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+862%), from €126,373 to €1.2m
of which Land and buildings: +€1.1m
- Receivables within one year +€152,219
up €152,219 (+93.2%), from €163,283 to €315,502
of which Other amounts receivable: +€77,963
- Cash +€23,992
up €23,992 (+12.8%), from €188,001 to €211,993
mainly Debts after one year (+€1.0m) and Net result for the year (+€255,745)
- Debts after one year +€1.0m
new in 2025: €1.0m
- Trade debts +€150,082
up €150,082 (+666%), from €22,550 to €172,632
- Reserves +€128,268
up €128,268 (+38.1%), from €336,260 to €464,528
of which Tax-exempt reserves: +€69,668
- Provisions +€23,223
new in 2025: €23,223
- Gross operating margin +€290,372
up €290,372 (+161%), from €180,802 to €471,174
- Other operating charges +€46,393
up €46,393 (+816%), from €5,684 to €52,077
- Taxes +€40,132
up €40,132 (+90.2%), from €44,476 to €84,607
- Staff costs +€19,760
up €19,760 (+214%), from €9,230 to €28,990
- Financial charges +€11,284
up €11,284 (+1,051%), from €1,074 to €12,358
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 | €492,996 | €1,765,298 | +€1.3m | +258% |
| Fixed assets | 21/28 | €126,522 | €1,215,485 | +€1.1m | +861% |
| Tangible fixed assets | 22/27 | €126,373 | €1,215,335 | +€1.1m | +862% |
| Land and buildings | 22 | €103,008 | €1,200,668 | +€1.1m | +1,066% |
| Plant, machinery and equipment | 23 | €20,812 | €11,475 | -€9,338 | -44.9% |
| Furniture and vehicles | 24 | €2,552 | €3,193 | +€641 | +25.1% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €366,473 | €549,813 | +€183,340 | +50.0% |
| Amounts receivable within one year | 40/41 | €163,283 | €315,502 | +€152,219 | +93.2% |
| Trade receivables | 40 | €80,593 | €154,849 | +€74,256 | +92.1% |
| Other amounts receivable | 41 | €82,690 | €160,653 | +€77,963 | +94.3% |
| Current investments | 50/53 | €15,190 | €19,190 | +€4,000 | +26.3% |
| Cash at bank and in hand | 54/58 | €188,001 | €211,993 | +€23,992 | +12.8% |
| Deferred charges and accrued income | 490/1 | - | €3,129 | +€3,129 | |
| Total equity and liabilities | 10/49 | €492,996 | €1,765,298 | +€1.3m | +258% |
| Equity | 10/15 | €361,775 | €490,120 | +€128,345 | +35.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €336,260 | €464,528 | +€128,268 | +38.1% |
| Tax-exempt reserves | 132 | - | €69,668 | +€69,668 | |
| Distributable reserves | 133 | €336,260 | €394,860 | +€58,600 | +17.4% |
| Profit (loss) carried forward | 14 | €13,115 | €13,191 | +€76 | +0.6% |
| Provisions and deferred taxes | 16 | - | €23,223 | +€23,223 | |
| Deferred taxes | 168 | - | €23,223 | +€23,223 | |
| Amounts payable | 17/49 | €131,220 | €1,251,955 | +€1.1m | +854% |
| Amounts payable after more than one year | 17 | - | €1,007,203 | +€1.0m | |
| Financial debts | 170/4 | - | €1,007,203 | +€1.0m | |
| Amounts payable within one year | 42/48 | €131,220 | €244,752 | +€113,532 | +86.5% |
| Current portion of amounts payable after more than one year | 42 | €10,758 | - | -€10,758 | |
| Trade debts | 44 | €22,550 | €172,632 | +€150,082 | +666% |
| Suppliers | 440/4 | €22,550 | €172,632 | +€150,082 | +666% |
| Taxes, remuneration and social security | 45 | €77,412 | €64,394 | -€13,018 | -16.8% |
| Taxes | 450/3 | €75,202 | €59,824 | -€15,378 | -20.4% |
| Remuneration and social security | 454/9 | €2,211 | €4,570 | +€2,360 | +107% |
| Other amounts payable | 47/48 | €20,500 | €7,726 | -€12,774 | -62.3% |
| Remuneration, social security and pensions | 62 | €9,230 | €28,990 | +€19,760 | +214% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,902 | €14,856 | -€6,046 | -28.9% |
| Other operating charges | 640/8 | €5,684 | €52,077 | +€46,393 | +816% |
| Gross operating margin | 9900 | €180,802 | €471,174 | +€290,372 | +161% |
| Operating profit (loss) | 9901 | €144,986 | €375,251 | +€230,265 | +159% |
| Financial income | 75/76B | €4,881 | €682 | -€4,199 | -86.0% |
| Recurring financial income | 75 | €4,881 | €682 | -€4,199 | -86.0% |
| Financial charges | 65/66B | €1,074 | €12,358 | +€11,284 | +1,051% |
| Recurring financial charges | 65 | €1,074 | €12,358 | +€11,284 | +1,051% |
| Profit (loss) for the period before taxes | 9903 | €148,793 | €363,575 | +€214,782 | +144% |
| Transfer to deferred taxes | 680 | - | €23,223 | +€23,223 | |
| Income taxes | 67/77 | €44,476 | €84,607 | +€40,132 | +90.2% |
| Profit (loss) for the period | 9904 | €104,317 | €255,745 | +€151,427 | +145% |
| Transfer to tax-exempt reserves | 689 | - | €69,668 | +€69,668 | |
| Profit (loss) for the period to be appropriated | 9905 | €104,317 | €186,076 | +€81,759 | +78.4% |
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 22 October 2026 via checked.be.