LUDOVIC NOLS: 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 NOLS
Largest movements
- Cash -€21,559
down €21,559 (-26.2%), from €82,399 to €60,840
mainly Net result for the year (-€10,870) and Investment in fixed assets (net) (-€9,812)
- Tangible fixed assets +€4,526
up €4,526 (+12.9%), from €34,976 to €39,501
of which Plant, machinery and equipment: +€5,257
- Profit (loss) carried forward -€10,870
down €10,870, from €3,750 to -€7,120
- Tax, wage and social debts -€6,151
no longer reported in 2025 (was €6,151)
- Advances received -€3,517
no longer reported in 2025 (was €3,517)
- Trade debts +€3,151
up €3,151 (+1,151%), from €274 to €3,425
- Other operating charges -€2,565
down €2,565 (-81.1%), from €3,163 to €598
- Depreciation +€420
up €420 (+8.6%), from €4,867 to €5,287
- Gross operating margin -€325
down €325 (-7.3%), from -€4,444 to -€4,769
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 | €152,293 | €133,667 | -€18,626 | -12.2% |
| Fixed assets | 21/28 | €34,977 | €39,502 | +€4,526 | +12.9% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €34,976 | €39,501 | +€4,526 | +12.9% |
| Land and buildings | 22 | €26,375 | €24,075 | -€2,300 | -8.7% |
| Plant, machinery and equipment | 23 | €5,938 | €11,194 | +€5,257 | +88.5% |
| Furniture and vehicles | 24 | €2,663 | €4,232 | +€1,569 | +58.9% |
| Current assets | 29/58 | €117,316 | €94,165 | -€23,151 | -19.7% |
| Stocks and contracts in progress | 3 | €1,295 | €1,295 | = | 0.0% |
| Stocks | 30/36 | €1,295 | €1,295 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €31,371 | €30,597 | -€774 | -2.5% |
| Trade receivables | 40 | €14,286 | €13,563 | -€723 | -5.1% |
| Other amounts receivable | 41 | €17,085 | €17,034 | -€51 | -0.3% |
| Cash at bank and in hand | 54/58 | €82,399 | €60,840 | -€21,559 | -26.2% |
| Deferred charges and accrued income | 490/1 | €2,251 | €1,433 | -€818 | -36.4% |
| Total equity and liabilities | 10/49 | €152,293 | €133,667 | -€18,626 | -12.2% |
| Equity | 10/15 | €141,402 | €130,242 | -€11,160 | -7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €115,860 | €115,860 | = | 0.0% |
| Distributable reserves | 133 | €115,860 | €115,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,750 | -€7,120 | -€10,870 | |
| Investment grants | 15 | €3,193 | €2,902 | -€290 | -9.1% |
| Amounts payable | 17/49 | €10,890 | €3,425 | -€7,466 | -68.6% |
| Amounts payable within one year | 42/48 | €10,890 | €3,425 | -€7,466 | -68.6% |
| Current portion of amounts payable after more than one year | 42 | €949 | - | -€949 | |
| Trade debts | 44 | €274 | €3,425 | +€3,151 | +1,151% |
| Suppliers | 440/4 | €274 | €3,425 | +€3,151 | +1,151% |
| Advances received on contracts in progress | 46 | €3,517 | - | -€3,517 | |
| Taxes, remuneration and social security | 45 | €6,151 | - | -€6,151 | |
| Taxes | 450/3 | €6,151 | - | -€6,151 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,867 | €5,287 | +€420 | +8.6% |
| Other operating charges | 640/8 | €3,163 | €598 | -€2,565 | -81.1% |
| Gross operating margin | 9900 | -€4,444 | -€4,769 | -€325 | -7.3% |
| Operating profit (loss) | 9901 | -€12,474 | -€10,655 | +€1,820 | +14.6% |
| Financial income | 75/76B | €290 | €324 | +€34 | +11.7% |
| Recurring financial income | 75 | €290 | €324 | +€34 | +11.7% |
| Financial charges | 65/66B | €352 | €318 | -€35 | -9.8% |
| Recurring financial charges | 65 | €352 | €318 | -€35 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | -€12,536 | -€10,648 | +€1,888 | +15.1% |
| Income taxes | 67/77 | €216 | €222 | +€5 | +2.5% |
| Profit (loss) for the period | 9904 | -€12,753 | -€10,870 | +€1,883 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,753 | -€10,870 | +€1,883 | +14.8% |
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.