LUDWIG: 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.
LUDWIG
Largest movements
- Cash +€10,641
up €10,641 (+77.9%), from €13,666 to €24,308
mainly Net result for the year (+€8,422) and Receivables within one year (+€5,607)
- Receivables within one year -€5,607
down €5,607 (-83.6%), from €6,705 to €1,098
- Tangible fixed assets -€1,873
down €1,873 (-45.5%), from €4,119 to €2,246
- Current portion of long-term debt -€8,891
down €8,891 (-78.0%), from €11,396 to €2,506
- Profit (loss) carried forward +€8,422
up €8,422, from -€6,588 to €1,834
- Other debts +€3,320
new in 2025: €3,320
- Depreciation -€9,339
down €9,339 (-83.3%), from €11,212 to €1,873
- Gross operating margin -€3,520
down €3,520 (-19.4%), from €18,129 to €14,609
- Taxes -€1,234
down €1,234 (-44.3%), from €2,784 to €1,550
- Other operating charges +€630
up €630 (+37.1%), from €1,697 to €2,327
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 | €25,441 | €28,488 | +€3,047 | +12.0% |
| Fixed assets | 21/28 | €4,119 | €2,246 | -€1,873 | -45.5% |
| Tangible fixed assets | 22/27 | €4,119 | €2,246 | -€1,873 | -45.5% |
| Other tangible fixed assets | 26 | €4,119 | €2,246 | -€1,873 | -45.5% |
| Current assets | 29/58 | €21,322 | €26,242 | +€4,920 | +23.1% |
| Amounts receivable within one year | 40/41 | €6,705 | €1,098 | -€5,607 | -83.6% |
| Other amounts receivable | 41 | €6,705 | €1,098 | -€5,607 | -83.6% |
| Cash at bank and in hand | 54/58 | €13,666 | €24,308 | +€10,641 | +77.9% |
| Deferred charges and accrued income | 490/1 | €951 | €837 | -€114 | -12.0% |
| Total equity and liabilities | 10/49 | €25,441 | €28,488 | +€3,047 | +12.0% |
| Equity | 10/15 | €13,872 | €22,294 | +€8,422 | +60.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,588 | €1,834 | +€8,422 | |
| Amounts payable | 17/49 | €11,569 | €6,195 | -€5,375 | -46.5% |
| Amounts payable within one year | 42/48 | €11,569 | €6,195 | -€5,375 | -46.5% |
| Current portion of amounts payable after more than one year | 42 | €11,396 | €2,506 | -€8,891 | -78.0% |
| Trade debts | 44 | €173 | €368 | +€196 | +113% |
| Suppliers | 440/4 | €173 | €368 | +€196 | +113% |
| Other amounts payable | 47/48 | - | €3,320 | +€3,320 | |
| Remuneration, social security and pensions | 62 | €196 | €126 | -€69 | -35.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,212 | €1,873 | -€9,339 | -83.3% |
| Other operating charges | 640/8 | €1,697 | €2,327 | +€630 | +37.1% |
| Gross operating margin | 9900 | €18,129 | €14,609 | -€3,520 | -19.4% |
| Operating profit (loss) | 9901 | €5,024 | €10,283 | +€5,259 | +105% |
| Financial charges | 65/66B | €360 | €310 | -€50 | -13.8% |
| Recurring financial charges | 65 | €360 | €310 | -€50 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €4,664 | €9,972 | +€5,308 | +114% |
| Income taxes | 67/77 | €2,784 | €1,550 | -€1,234 | -44.3% |
| Profit (loss) for the period | 9904 | €1,880 | €8,422 | +€6,542 | +348% |
| Profit (loss) for the period to be appropriated | 9905 | €1,880 | €8,422 | +€6,542 | +348% |
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 27 October 2026 via checked.be.