LUDWIG: 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.
LUDWIG
Largest movements
- Receivables within one year +€15,713
up €15,713 (+22.0%), from €71,500 to €87,212
of which Trade receivables: +€16,248
- Stocks and contracts -€2,653
down €2,653 (-3.7%), from €72,383 to €69,730
- Tangible fixed assets -€1,593
down €1,593 (-71.7%), from €2,221 to €628
of which Plant, machinery and equipment: -€1,260
- Other debts +€13,236
up €13,236 (+29.5%), from €44,919 to €58,155
- Tax, wage and social debts +€10,000
up €10,000 (+20.4%), from €49,000 to €59,000
- Profit (loss) carried forward -€8,493
down €8,493 (-42.8%), from -€19,820 to -€28,313
- Current portion of long-term debt -€4,794
no longer reported in 2025 (was €4,794)
- Gross operating margin -€3,226
down €3,226 (-119.7%), from -€2,695 to -€5,921
- Depreciation -€284
down €284 (-15.1%), from €1,877 to €1,593
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 | €148,327 | €159,098 | +€10,771 | +7.3% |
| Fixed assets | 21/28 | €2,221 | €628 | -€1,593 | -71.7% |
| Tangible fixed assets | 22/27 | €2,221 | €628 | -€1,593 | -71.7% |
| Plant, machinery and equipment | 23 | €1,771 | €511 | -€1,260 | -71.2% |
| Furniture and vehicles | 24 | €450 | €117 | -€333 | -74.0% |
| Current assets | 29/58 | €146,107 | €158,470 | +€12,364 | +8.5% |
| Stocks and contracts in progress | 3 | €72,383 | €69,730 | -€2,653 | -3.7% |
| Stocks | 30/36 | €72,383 | €69,730 | -€2,653 | -3.7% |
| Amounts receivable within one year | 40/41 | €71,500 | €87,212 | +€15,713 | +22.0% |
| Trade receivables | 40 | €68,636 | €84,885 | +€16,248 | +23.7% |
| Other amounts receivable | 41 | €2,863 | €2,328 | -€536 | -18.7% |
| Cash at bank and in hand | 54/58 | €1,445 | €467 | -€978 | -67.7% |
| Deferred charges and accrued income | 490/1 | €779 | €1,061 | +€282 | +36.1% |
| Total equity and liabilities | 10/49 | €148,327 | €159,098 | +€10,771 | +7.3% |
| Equity | 10/15 | €31,429 | €22,936 | -€8,493 | -27.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,649 | €32,649 | = | 0.0% |
| Distributable reserves | 133 | €32,649 | €32,649 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,820 | -€28,313 | -€8,493 | -42.8% |
| Amounts payable | 17/49 | €116,899 | €136,162 | +€19,264 | +16.5% |
| Amounts payable within one year | 42/48 | €116,899 | €136,162 | +€19,264 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €4,794 | - | -€4,794 | |
| Trade debts | 44 | €18,186 | €19,007 | +€821 | +4.5% |
| Suppliers | 440/4 | €18,186 | €19,007 | +€821 | +4.5% |
| Taxes, remuneration and social security | 45 | €49,000 | €59,000 | +€10,000 | +20.4% |
| Remuneration and social security | 454/9 | €49,000 | €59,000 | +€10,000 | +20.4% |
| Other amounts payable | 47/48 | €44,919 | €58,155 | +€13,236 | +29.5% |
| Non-recurring operating income | 76A | - | €1,736 | +€1,736 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,877 | €1,593 | -€284 | -15.1% |
| Other operating charges | 640/8 | €763 | €815 | +€52 | +6.8% |
| Non-recurring operating charges | 66A | €800 | - | -€800 | |
| Gross operating margin | 9900 | -€2,695 | -€5,921 | -€3,226 | -119.7% |
| Operating profit (loss) | 9901 | -€6,135 | -€8,329 | -€2,194 | -35.8% |
| Financial charges | 65/66B | €209 | €164 | -€45 | -21.6% |
| Recurring financial charges | 65 | €209 | €164 | -€45 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,344 | -€8,493 | -€2,149 | -33.9% |
| Profit (loss) for the period | 9904 | -€6,344 | -€8,493 | -€2,149 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,344 | -€8,493 | -€2,149 | -33.9% |
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 3 October 2026 via checked.be.