LUDWIG CALUWE: 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 CALUWE
Largest movements
- Current investments +€540,509
up €540,509 (+5,405%), from €10,000 to €550,509
- Financial fixed assets +€306,475
new in 2025: €306,475
- Cash -€278,109
down €278,109 (-81.0%), from €343,517 to €65,408
mainly Current investments (-€540,509) and Investment in fixed assets (net) (-€314,745)
- Receivables after one year -€232,448
down €232,448 (-60.8%), from €382,448 to €150,000
- Receivables within one year -€228,875
down €228,875 (-62.6%), from €365,339 to €136,464
of which Other amounts receivable: -€137,285
- Reserves +€55,892
up €55,892 (+7.0%), from €797,392 to €853,285
of which Distributable reserves: +€55,892
- Debts after one year -€49,386
down €49,386 (-14.4%), from €342,762 to €293,376
- Tax, wage and social debts +€30,370
up €30,370 (+165%), from €18,458 to €48,828
- Trade debts +€19,365
up €19,365 (+125%), from €15,540 to €34,905
- Other debts +€15,036
new in 2025: €15,036
- Gross operating margin +€292,537
up €292,537 (+460%), from €63,623 to €356,160
- Write-downs +€168,675
new in 2025: €168,675
- Other operating charges +€43,459
up €43,459 (+1,369%), from €3,174 to €46,633
- Taxes +€22,330
up €22,330 (+158%), from €14,143 to €36,473
- Financial charges +€16,505
up €16,505 (+149%), from €11,080 to €27,584
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 | €1,368,802 | €1,457,527 | +€88,726 | +6.5% |
| Fixed assets | 21/28 | €257,247 | €554,188 | +€296,941 | +115% |
| Tangible fixed assets | 22/27 | €257,247 | €247,713 | -€9,534 | -3.7% |
| Land and buildings | 22 | €210,341 | €202,901 | -€7,441 | -3.5% |
| Plant, machinery and equipment | 23 | €7,814 | €5,008 | -€2,806 | -35.9% |
| Furniture and vehicles | 24 | €28,606 | €26,923 | -€1,683 | -5.9% |
| Other tangible fixed assets | 26 | €10,485 | €12,881 | +€2,396 | +22.8% |
| Financial fixed assets | 28 | - | €306,475 | +€306,475 | |
| Current assets | 29/58 | €1,111,555 | €903,339 | -€208,215 | -18.7% |
| Amounts receivable after more than one year | 29 | €382,448 | €150,000 | -€232,448 | -60.8% |
| Other amounts receivable | 291 | €382,448 | €150,000 | -€232,448 | -60.8% |
| Amounts receivable within one year | 40/41 | €365,339 | €136,464 | -€228,875 | -62.6% |
| Trade receivables | 40 | €185,755 | €94,166 | -€91,590 | -49.3% |
| Other amounts receivable | 41 | €179,584 | €42,299 | -€137,285 | -76.4% |
| Current investments | 50/53 | €10,000 | €550,509 | +€540,509 | +5,405% |
| Cash at bank and in hand | 54/58 | €343,517 | €65,408 | -€278,109 | -81.0% |
| Deferred charges and accrued income | 490/1 | €10,251 | €959 | -€9,293 | -90.6% |
| Total equity and liabilities | 10/49 | €1,368,802 | €1,457,527 | +€88,726 | +6.5% |
| Equity | 10/15 | €817,392 | €873,285 | +€55,892 | +6.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €797,392 | €853,285 | +€55,892 | +7.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €795,392 | €851,285 | +€55,892 | +7.0% |
| Amounts payable | 17/49 | €551,409 | €584,243 | +€32,833 | +6.0% |
| Amounts payable after more than one year | 17 | €342,762 | €293,376 | -€49,386 | -14.4% |
| Financial debts | 170/4 | €342,762 | €293,376 | -€49,386 | -14.4% |
| Amounts payable within one year | 42/48 | €208,647 | €283,101 | +€74,454 | +35.7% |
| Current portion of amounts payable after more than one year | 42 | €48,912 | €49,386 | +€473 | +1.0% |
| Financial debts | 43 | €125,737 | €134,947 | +€9,210 | +7.3% |
| Credit institutions | 430/8 | €125,737 | €134,947 | +€9,210 | +7.3% |
| Trade debts | 44 | €15,540 | €34,905 | +€19,365 | +125% |
| Suppliers | 440/4 | €15,540 | €34,905 | +€19,365 | +125% |
| Taxes, remuneration and social security | 45 | €18,458 | €48,828 | +€30,370 | +165% |
| Taxes | 450/3 | €18,458 | €48,828 | +€30,370 | +165% |
| Other amounts payable | 47/48 | - | €15,036 | +€15,036 | |
| Accrued charges and deferred income | 492/3 | - | €7,765 | +€7,765 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,114 | €17,804 | +€2,690 | +17.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €168,675 | +€168,675 | |
| Other operating charges | 640/8 | €3,174 | €46,633 | +€43,459 | +1,369% |
| Gross operating margin | 9900 | €63,623 | €356,160 | +€292,537 | +460% |
| Operating profit (loss) | 9901 | €45,335 | €123,048 | +€77,713 | +171% |
| Financial income | 75/76B | €7,903 | €11,938 | +€4,034 | +51.0% |
| Recurring financial income | 75 | €7,903 | €11,938 | +€4,034 | +51.0% |
| Financial charges | 65/66B | €11,080 | €27,584 | +€16,505 | +149% |
| Recurring financial charges | 65 | €11,080 | €27,584 | +€16,505 | +149% |
| Profit (loss) for the period before taxes | 9903 | €42,159 | €107,401 | +€65,243 | +155% |
| Income taxes | 67/77 | €14,143 | €36,473 | +€22,330 | +158% |
| Profit (loss) for the period | 9904 | €28,016 | €70,928 | +€42,912 | +153% |
| Profit (loss) for the period to be appropriated | 9905 | €28,016 | €70,928 | +€42,912 | +153% |
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 1 November 2026 via checked.be.