LUDRA & Co: 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.
LUDRA & Co
Largest movements
- Current investments +€279,030
up €279,030 (+34.9%), from €798,502 to €1.1m
- Cash -€219,496
down €219,496 (-44.0%), from €499,082 to €279,586
mainly Current investments (-€279,030) and Provisions (-€9,743)
- Tangible fixed assets -€42,064
down €42,064 (-4.9%), from €850,728 to €808,664
- Receivables after one year -€30,000
down €30,000 (-25.0%), from €120,000 to €90,000
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€17,724
up €17,724 (+105%), from €16,892 to €34,615
- Gross operating margin -€5,192
down €5,192 (-14.2%), from €36,532 to €31,339
- Taxes +€4,545
up €4,545 (+62.0%), from €7,331 to €11,876
- Financial charges -€1,805
down €1,805 (-30.3%), from €5,949 to €4,144
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 | €2,298,112 | €2,286,741 | -€11,371 | -0.5% |
| Fixed assets | 21/28 | €850,728 | €808,664 | -€42,064 | -4.9% |
| Tangible fixed assets | 22/27 | €850,728 | €808,664 | -€42,064 | -4.9% |
| Land and buildings | 22 | €850,728 | €808,664 | -€42,064 | -4.9% |
| Current assets | 29/58 | €1,447,384 | €1,478,077 | +€30,693 | +2.1% |
| Amounts receivable after more than one year | 29 | €120,000 | €90,000 | -€30,000 | -25.0% |
| Other amounts receivable | 291 | €120,000 | €90,000 | -€30,000 | -25.0% |
| Amounts receivable within one year | 40/41 | €29,390 | €29,665 | +€275 | +0.9% |
| Other amounts receivable | 41 | €29,390 | €29,665 | +€275 | +0.9% |
| Current investments | 50/53 | €798,502 | €1,077,532 | +€279,030 | +34.9% |
| Cash at bank and in hand | 54/58 | €499,082 | €279,586 | -€219,496 | -44.0% |
| Deferred charges and accrued income | 490/1 | €411 | €1,294 | +€884 | +215% |
| Total equity and liabilities | 10/49 | €2,298,112 | €2,286,741 | -€11,371 | -0.5% |
| Equity | 10/15 | €2,040,095 | €2,048,782 | +€8,688 | +0.4% |
| Contributions | 10/11 | €60,093 | €60,093 | = | 0.0% |
| Reserves | 13 | €1,980,002 | €1,988,690 | +€8,688 | +0.4% |
| Tax-exempt reserves | 132 | €443,519 | €414,291 | -€29,228 | -6.6% |
| Distributable reserves | 133 | €1,536,483 | €1,574,399 | +€37,916 | +2.5% |
| Provisions and deferred taxes | 16 | €147,840 | €138,097 | -€9,743 | -6.6% |
| Deferred taxes | 168 | €147,840 | €138,097 | -€9,743 | -6.6% |
| Amounts payable | 17/49 | €110,178 | €99,861 | -€10,316 | -9.4% |
| Amounts payable after more than one year | 17 | €3,570 | €3,600 | +€30 | +0.8% |
| Other amounts payable | 178/9 | €3,570 | €3,600 | +€30 | +0.8% |
| Amounts payable within one year | 42/48 | €104,638 | €94,421 | -€10,217 | -9.8% |
| Trade debts | 44 | €2,543 | €1,070 | -€1,473 | -57.9% |
| Suppliers | 440/4 | €2,543 | €1,070 | -€1,473 | -57.9% |
| Taxes, remuneration and social security | 45 | €2,418 | €2,105 | -€313 | -12.9% |
| Taxes | 450/3 | €2,418 | €2,105 | -€313 | -12.9% |
| Other amounts payable | 47/48 | €99,677 | €91,246 | -€8,431 | -8.5% |
| Accrued charges and deferred income | 492/3 | €1,970 | €1,840 | -€130 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,428 | €42,064 | -€364 | -0.9% |
| Other operating charges | 640/8 | €8,589 | €8,925 | +€336 | +3.9% |
| Gross operating margin | 9900 | €36,532 | €31,339 | -€5,192 | -14.2% |
| Operating profit (loss) | 9901 | -€14,485 | -€19,650 | -€5,165 | -35.7% |
| Financial income | 75/76B | €16,892 | €34,615 | +€17,724 | +105% |
| Recurring financial income | 75 | €16,892 | €34,615 | +€17,724 | +105% |
| Financial charges | 65/66B | €5,949 | €4,144 | -€1,805 | -30.3% |
| Recurring financial charges | 65 | €5,949 | €4,144 | -€1,805 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,543 | €10,821 | +€14,364 | |
| Transfer from deferred taxes | 780 | €9,743 | €9,743 | = | 0.0% |
| Income taxes | 67/77 | €7,331 | €11,876 | +€4,545 | +62.0% |
| Profit (loss) for the period | 9904 | -€1,131 | €8,688 | +€9,819 | |
| Transfer from tax-exempt reserves | 789 | €29,228 | €29,228 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,097 | €37,916 | +€9,819 | +34.9% |
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 24 October 2026 via checked.be.