LUDUM: 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.
LUDUM
Largest movements
- Tangible fixed assets +€141,579
up €141,579 (+14.2%), from €997,763 to €1.1m
of which Other tangible fixed assets: +€171,409
- Reserves +€69,853
up €69,853 (+61.8%), from €113,039 to €182,892
of which Distributable reserves: +€69,853
- Other debts +€25,847
up €25,847 (+22.6%), from €114,368 to €140,215
- Current portion of long-term debt +€18,166
up €18,166 (+20.3%), from €89,597 to €107,763
- Tax, wage and social debts +€17,267
up €17,267 (+33.7%), from €51,189 to €68,455
of which Taxes: +€10,779
- Staff costs +€43,918
up €43,918 (+53.1%), from €82,746 to €126,664
- Depreciation -€25,659
down €25,659 (-29.2%), from €87,832 to €62,173
- Financial charges +€12,995
up €12,995 (+38.1%), from €34,094 to €47,089
of which Non-recurring financial charges: +€17,291
- Taxes -€12,699
down €12,699 (-36.1%), from €35,183 to €22,484
- Gross operating margin -€9,258
down €9,258 (-2.6%), from €355,477 to €346,218
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 | €1,307,993 | €1,454,882 | +€146,890 | +11.2% |
| Fixed assets | 21/28 | €1,142,809 | €1,286,667 | +€143,858 | +12.6% |
| Intangible fixed assets | 21 | - | €2,279 | +€2,279 | |
| Tangible fixed assets | 22/27 | €997,763 | €1,139,342 | +€141,579 | +14.2% |
| Land and buildings | 22 | €963,668 | €914,988 | -€48,680 | -5.1% |
| Plant, machinery and equipment | 23 | €2,278 | €19,447 | +€17,168 | +754% |
| Furniture and vehicles | 24 | €3,210 | €11,881 | +€8,672 | +270% |
| Leasing and similar rights | 25 | €22,427 | €15,436 | -€6,990 | -31.2% |
| Other tangible fixed assets | 26 | €6,181 | €177,590 | +€171,409 | +2,773% |
| Financial fixed assets | 28 | €145,046 | €145,046 | = | 0.0% |
| Current assets | 29/58 | €165,184 | €168,216 | +€3,032 | +1.8% |
| Stocks and contracts in progress | 3 | €59,308 | €73,510 | +€14,203 | +23.9% |
| Stocks | 30/36 | €59,308 | €73,510 | +€14,203 | +23.9% |
| Amounts receivable within one year | 40/41 | €15,923 | €18,980 | +€3,057 | +19.2% |
| Trade receivables | 40 | €328 | €17,079 | +€16,751 | +5,111% |
| Other amounts receivable | 41 | €15,595 | €1,902 | -€13,693 | -87.8% |
| Cash at bank and in hand | 54/58 | €85,428 | €71,471 | -€13,957 | -16.3% |
| Deferred charges and accrued income | 490/1 | €4,524 | €4,253 | -€271 | -6.0% |
| Total equity and liabilities | 10/49 | €1,307,993 | €1,454,882 | +€146,890 | +11.2% |
| Equity | 10/15 | €125,045 | €194,899 | +€69,853 | +55.9% |
| Contributions | 10/11 | €12,006 | €12,006 | = | 0.0% |
| Reserves | 13 | €113,039 | €182,892 | +€69,853 | +61.8% |
| Tax-exempt reserves | 132 | €2,740 | €2,740 | = | 0.0% |
| Distributable reserves | 133 | €110,299 | €180,152 | +€69,853 | +63.3% |
| Amounts payable | 17/49 | €1,182,947 | €1,259,984 | +€77,036 | +6.5% |
| Amounts payable after more than one year | 17 | €866,912 | €877,589 | +€10,676 | +1.2% |
| Financial debts | 170/4 | €866,912 | €877,589 | +€10,676 | +1.2% |
| Amounts payable within one year | 42/48 | €315,732 | €377,971 | +€62,239 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €89,597 | €107,763 | +€18,166 | +20.3% |
| Financial debts | 43 | €164 | €280 | +€116 | +70.9% |
| Credit institutions | 430/8 | €164 | €280 | +€116 | +70.9% |
| Trade debts | 44 | €45,045 | €45,888 | +€843 | +1.9% |
| Suppliers | 440/4 | €45,045 | €45,888 | +€843 | +1.9% |
| Advances received on contracts in progress | 46 | €15,370 | €15,370 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €51,189 | €68,455 | +€17,267 | +33.7% |
| Taxes | 450/3 | €28,379 | €39,158 | +€10,779 | +38.0% |
| Remuneration and social security | 454/9 | €22,810 | €29,298 | +€6,488 | +28.4% |
| Other amounts payable | 47/48 | €114,368 | €140,215 | +€25,847 | +22.6% |
| Accrued charges and deferred income | 492/3 | €303 | €4,424 | +€4,121 | +1,358% |
| Non-recurring operating income | 76A | €23,594 | - | -€23,594 | |
| Remuneration, social security and pensions | 62 | €82,746 | €126,664 | +€43,918 | +53.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,832 | €62,173 | -€25,659 | -29.2% |
| Other operating charges | 640/8 | €21,453 | €17,484 | -€3,969 | -18.5% |
| Gross operating margin | 9900 | €355,477 | €346,218 | -€9,258 | -2.6% |
| Operating profit (loss) | 9901 | €163,446 | €139,897 | -€23,549 | -14.4% |
| Financial income | 75/76B | €97 | €1,579 | +€1,482 | +1,535% |
| Recurring financial income | 75 | €97 | €1,579 | +€1,482 | +1,535% |
| Financial charges | 65/66B | €34,094 | €47,089 | +€12,995 | +38.1% |
| Recurring financial charges | 65 | €34,094 | €29,799 | -€4,295 | -12.6% |
| Non-recurring financial charges | 66B | - | €17,291 | +€17,291 | |
| Profit (loss) for the period before taxes | 9903 | €129,449 | €94,387 | -€35,061 | -27.1% |
| Income taxes | 67/77 | €35,183 | €22,484 | -€12,699 | -36.1% |
| Profit (loss) for the period | 9904 | €94,266 | €71,903 | -€22,363 | -23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €94,266 | €71,903 | -€22,363 | -23.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.