LUDWIG’S PITSTOP: 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’S PITSTOP
Largest movements
- Cash +€49,217
up €49,217 (+46.2%), from €106,454 to €155,671
mainly Net result for the year (+€38,891) and Other debts (+€17,602)
- Receivables within one year -€12,415
down €12,415 (-44.4%), from €27,940 to €15,524
of which Other amounts receivable: -€11,554
- Tangible fixed assets +€3,881
up €3,881 (+24.5%), from €15,818 to €19,699
of which Furniture and vehicles: +€6,614
- Profit (loss) carried forward +€38,891
up €38,891 (+81.3%), from €47,839 to €86,730
- Reserves -€18,979
down €18,979 (-41.4%), from €45,801 to €26,822
- Other debts +€17,602
up €17,602 (+77.5%), from €22,700 to €40,302
- Debts after one year -€4,687
down €4,687 (-68.0%), from €6,895 to €2,208
- Trade debts +€3,816
up €3,816 (+28.8%), from €13,232 to €17,048
- Gross operating margin +€21,943
up €21,943 (+61.1%), from €35,933 to €57,876
- Taxes +€4,414
up €4,414 (+78.2%), from €5,645 to €10,059
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 | €162,093 | €201,100 | +€39,008 | +24.1% |
| Fixed assets | 21/28 | €15,818 | €19,699 | +€3,881 | +24.5% |
| Tangible fixed assets | 22/27 | €15,818 | €19,699 | +€3,881 | +24.5% |
| Plant, machinery and equipment | 23 | €13,567 | €10,834 | -€2,733 | -20.1% |
| Furniture and vehicles | 24 | €2,252 | €8,866 | +€6,614 | +294% |
| Current assets | 29/58 | €146,274 | €181,401 | +€35,127 | +24.0% |
| Stocks and contracts in progress | 3 | €11,512 | €10,205 | -€1,307 | -11.4% |
| Stocks | 30/36 | €11,512 | €10,205 | -€1,307 | -11.4% |
| Amounts receivable within one year | 40/41 | €27,940 | €15,524 | -€12,415 | -44.4% |
| Trade receivables | 40 | €7,586 | €6,725 | -€861 | -11.4% |
| Other amounts receivable | 41 | €20,353 | €8,800 | -€11,554 | -56.8% |
| Cash at bank and in hand | 54/58 | €106,454 | €155,671 | +€49,217 | +46.2% |
| Deferred charges and accrued income | 490/1 | €368 | - | -€368 | |
| Total equity and liabilities | 10/49 | €162,093 | €201,100 | +€39,008 | +24.1% |
| Equity | 10/15 | €114,100 | €134,012 | +€19,912 | +17.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €45,801 | €26,822 | -€18,979 | -41.4% |
| Distributable reserves | 133 | €45,801 | €26,822 | -€18,979 | -41.4% |
| Profit (loss) carried forward | 14 | €47,839 | €86,730 | +€38,891 | +81.3% |
| Amounts payable | 17/49 | €47,992 | €67,088 | +€19,096 | +39.8% |
| Amounts payable after more than one year | 17 | €6,895 | €2,208 | -€4,687 | -68.0% |
| Financial debts | 170/4 | €6,895 | €2,208 | -€4,687 | -68.0% |
| Amounts payable within one year | 42/48 | €41,097 | €64,880 | +€23,783 | +57.9% |
| Current portion of amounts payable after more than one year | 42 | €5,160 | €5,284 | +€125 | +2.4% |
| Trade debts | 44 | €13,232 | €17,048 | +€3,816 | +28.8% |
| Suppliers | 440/4 | €13,232 | €17,048 | +€3,816 | +28.8% |
| Taxes, remuneration and social security | 45 | €5 | €2,245 | +€2,240 | +46,089% |
| Taxes | 450/3 | €5 | €2,245 | +€2,240 | +46,089% |
| Other amounts payable | 47/48 | €22,700 | €40,302 | +€17,602 | +77.5% |
| Non-recurring operating income | 76A | €18,400 | €2,326 | -€16,074 | -87.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,185 | €3,965 | -€221 | -5.3% |
| Other operating charges | 640/8 | €866 | €732 | -€134 | -15.5% |
| Non-recurring operating charges | 66A | €121 | - | -€121 | |
| Gross operating margin | 9900 | €35,933 | €57,876 | +€21,943 | +61.1% |
| Operating profit (loss) | 9901 | €30,760 | €53,179 | +€22,419 | +72.9% |
| Financial income | 75/76B | €63 | €190 | +€127 | +202% |
| Recurring financial income | 75 | €63 | €190 | +€127 | +202% |
| Financial charges | 65/66B | €4,514 | €4,418 | -€96 | -2.1% |
| Recurring financial charges | 65 | €4,514 | €4,418 | -€96 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €26,309 | €48,950 | +€22,641 | +86.1% |
| Income taxes | 67/77 | €5,645 | €10,059 | +€4,414 | +78.2% |
| Profit (loss) for the period | 9904 | €20,664 | €38,891 | +€18,227 | +88.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,664 | €38,891 | +€18,227 | +88.2% |
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 23 October 2026 via checked.be.