Ludovicus: what changed
Two fiscal 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.
Ludovicus
Largest movements
- Tangible fixed assets -€16,061
down €16,061 (-17.9%), from €89,952 to €73,891
of which Land and buildings: -€15,135
- Receivables within one year -€10,284
down €10,284 (-28.3%), from €36,276 to €25,992
of which Trade receivables: -€10,312
- Cash -€7,172
down €7,172 (-22.3%), from €32,146 to €24,974
mainly Net result for the year (-€29,298) and Deferred charges and accrued income (-€4,921)
- Deferred charges and accrued income +€4,921
up €4,921, from €0 to €4,921
- Profit (loss) carried forward -€29,298
down €29,298, from €0 to -€29,298
- Tax, wage and social debts -€1,842
down €1,842 (-29.3%), from €6,297 to €4,454
of which Taxes: -€1,842
- Gross operating margin -€40,221
down €40,221 (-99.4%), from €40,459 to €239
- Financial charges +€2,372
up €2,372 (+391.2%), from €606 to €2,978
- Taxes -€850
down €850 (-78.8%), from €1,079 to €229
- Other operating charges +€781
up €781 (+12.6%), from €6,199 to €6,981
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.
Cash bridge derived
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 | €158,374 | €129,778 | -€28,596 | -18.1% |
| Fixed assets | 21/28 | €89,952 | €73,891 | -€16,061 | -17.9% |
| Tangible fixed assets | 22/27 | €89,952 | €73,891 | -€16,061 | -17.9% |
| Land and buildings | 22 | €86,634 | €71,500 | -€15,135 | -17.5% |
| Plant, machinery and equipment | 23 | €2,932 | €2,391 | -€541 | -18.4% |
| Other tangible fixed assets | 26 | €386 | €0 | -€386 | -100.0% |
| Current assets | 29/58 | €68,422 | €55,888 | -€12,534 | -18.3% |
| Amounts receivable within one year | 40/41 | €36,276 | €25,992 | -€10,284 | -28.3% |
| Trade receivables | 40 | €36,276 | €25,963 | -€10,312 | -28.4% |
| Other amounts receivable | 41 | €0 | €29 | +€29 | |
| Cash at bank and in hand | 54/58 | €32,146 | €24,974 | -€7,172 | -22.3% |
| Deferred charges and accrued income | 490/1 | €0 | €4,921 | +€4,921 | |
| Total equity and liabilities | 10/49 | €158,374 | €129,778 | -€28,596 | -18.1% |
| Equity | 10/15 | €132,257 | €102,959 | -€29,298 | -22.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €70,284 | €70,284 | = | 0.0% |
| Distributable reserves | 133 | €70,284 | €70,284 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€29,298 | -€29,298 | |
| Amounts payable | 17/49 | €26,117 | €26,819 | +€703 | +2.7% |
| Amounts payable within one year | 42/48 | €26,117 | €26,819 | +€703 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €585 | €1,666 | +€1,080 | +184.6% |
| Suppliers | 440/4 | €585 | €1,666 | +€1,080 | +184.6% |
| Taxes, remuneration and social security | 45 | €6,297 | €4,454 | -€1,842 | -29.3% |
| Taxes | 450/3 | €4,038 | €2,196 | -€1,842 | -45.6% |
| Remuneration and social security | 454/9 | €2,259 | €2,259 | = | 0.0% |
| Other amounts payable | 47/48 | €19,235 | €20,699 | +€1,465 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,289 | €19,401 | +€112 | +0.6% |
| Other operating charges | 640/8 | €6,199 | €6,981 | +€781 | +12.6% |
| Gross operating margin | 9900 | €40,459 | €239 | -€40,221 | -99.4% |
| Operating profit (loss) | 9901 | €14,971 | -€26,143 | -€41,114 | |
| Financial income | 75/76B | €57 | €51 | -€6 | -10.0% |
| Recurring financial income | 75 | €57 | €51 | -€6 | -10.0% |
| Financial charges | 65/66B | €606 | €2,978 | +€2,372 | +391.2% |
| Recurring financial charges | 65 | €606 | €2,978 | +€2,372 | +391.2% |
| Profit (loss) for the period before taxes | 9903 | €14,422 | -€29,070 | -€43,491 | |
| Income taxes | 67/77 | €1,079 | €229 | -€850 | -78.8% |
| Profit (loss) for the period | 9904 | €13,343 | -€29,298 | -€42,642 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,343 | -€29,298 | -€42,642 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.