Ludovica: 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.
Ludovica
Largest movements
- Receivables within one year +€75,256
up €75,256 (+38.5%), from €195,449 to €270,704
of which Other amounts receivable: +€89,594
- Tangible fixed assets -€24,183
down €24,183 (-37.3%), from €64,891 to €40,708
of which Leasing and similar rights: -€31,625
- Cash -€20,099
down €20,099 (-10.0%), from €201,370 to €181,271
mainly Receivables within one year (-€75,256) and Debts after one year (-€19,582)
- Reserves +€87,311
up €87,311 (+33.0%), from €264,224 to €351,535
- Debts after one year -€19,582
down €19,582 (-100%), from €19,582 to €0
- Tax, wage and social debts -€17,551
down €17,551 (-16.2%), from €108,129 to €90,579
of which Taxes: -€24,475
- Trade debts -€16,138
down €16,138 (-25.5%), from €63,307 to €47,169
- Current portion of long-term debt -€7,098
down €7,098 (-100%), from €7,098 to €0
- Staff costs +€23,881
up €23,881 (+10.3%), from €231,540 to €255,422
- Gross operating margin -€20,250
down €20,250 (-4.6%), from €435,606 to €415,356
- Taxes -€16,855
down €16,855 (-29.5%), from €57,063 to €40,207
- Depreciation -€10,911
down €10,911 (-46.3%), from €23,564 to €12,653
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 | €479,056 | €506,472 | +€27,416 | +5.7% |
| Fixed assets | 21/28 | €64,941 | €40,758 | -€24,183 | -37.2% |
| Tangible fixed assets | 22/27 | €64,891 | €40,708 | -€24,183 | -37.3% |
| Land and buildings | 22 | €7,341 | €21,068 | +€13,727 | +187% |
| Plant, machinery and equipment | 23 | €13,198 | €11,911 | -€1,286 | -9.7% |
| Furniture and vehicles | 24 | €9,993 | €6,193 | -€3,800 | -38.0% |
| Leasing and similar rights | 25 | €31,625 | €0 | -€31,625 | -100% |
| Other tangible fixed assets | 26 | €2,735 | €1,536 | -€1,199 | -43.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €414,115 | €465,714 | +€51,600 | +12.5% |
| Stocks and contracts in progress | 3 | €10,000 | €10,000 | = | 0.0% |
| Stocks | 30/36 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €195,449 | €270,704 | +€75,256 | +38.5% |
| Trade receivables | 40 | €15,184 | €846 | -€14,338 | -94.4% |
| Other amounts receivable | 41 | €180,265 | €269,859 | +€89,594 | +49.7% |
| Cash at bank and in hand | 54/58 | €201,370 | €181,271 | -€20,099 | -10.0% |
| Deferred charges and accrued income | 490/1 | €7,296 | €3,739 | -€3,557 | -48.7% |
| Total equity and liabilities | 10/49 | €479,056 | €506,472 | +€27,416 | +5.7% |
| Equity | 10/15 | €276,624 | €363,935 | +€87,311 | +31.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €264,224 | €351,535 | +€87,311 | +33.0% |
| Distributable reserves | 133 | €264,224 | €351,535 | +€87,311 | +33.0% |
| Amounts payable | 17/49 | €202,432 | €142,537 | -€59,895 | -29.6% |
| Amounts payable after more than one year | 17 | €19,582 | €0 | -€19,582 | -100% |
| Financial debts | 170/4 | €19,582 | €0 | -€19,582 | -100% |
| Amounts payable within one year | 42/48 | €178,865 | €138,079 | -€40,787 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €7,098 | €0 | -€7,098 | -100% |
| Trade debts | 44 | €63,307 | €47,169 | -€16,138 | -25.5% |
| Suppliers | 440/4 | €63,307 | €47,169 | -€16,138 | -25.5% |
| Taxes, remuneration and social security | 45 | €108,129 | €90,579 | -€17,551 | -16.2% |
| Taxes | 450/3 | €74,378 | €49,903 | -€24,475 | -32.9% |
| Remuneration and social security | 454/9 | €33,751 | €40,676 | +€6,924 | +20.5% |
| Other amounts payable | 47/48 | €331 | €331 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,986 | €4,459 | +€473 | +11.9% |
| Remuneration, social security and pensions | 62 | €231,540 | €255,422 | +€23,881 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,564 | €12,653 | -€10,911 | -46.3% |
| Other operating charges | 640/8 | €4,704 | €5,317 | +€613 | +13.0% |
| Non-recurring operating charges | 66A | - | €6,541 | +€6,541 | |
| Gross operating margin | 9900 | €435,606 | €415,356 | -€20,250 | -4.6% |
| Operating profit (loss) | 9901 | €175,798 | €135,424 | -€40,374 | -23.0% |
| Financial income | 75/76B | €7 | €81 | +€73 | +1,024% |
| Recurring financial income | 75 | €7 | €81 | +€73 | +1,024% |
| Financial charges | 65/66B | €4,375 | €7,986 | +€3,612 | +82.6% |
| Recurring financial charges | 65 | €4,375 | €7,986 | +€3,612 | +82.6% |
| Profit (loss) for the period before taxes | 9903 | €171,431 | €127,518 | -€43,912 | -25.6% |
| Income taxes | 67/77 | €57,063 | €40,207 | -€16,855 | -29.5% |
| Profit (loss) for the period | 9904 | €114,368 | €87,311 | -€27,057 | -23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €114,368 | €87,311 | -€27,057 | -23.7% |
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 29 October 2026 via checked.be.