Ludwig Sol: 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 Sol
Largest movements
- Cash +€22,051
up €22,051 (+2.3%), from €956,147 to €978,198
mainly Net result for the year (+€44,624) and Deferred charges and accrued income (+€20,837)
- Deferred charges and accrued income -€20,837
down €20,837 (-60.9%), from €34,191 to €13,354
- Tangible fixed assets -€15,576
down €15,576 (-22.2%), from €70,031 to €54,455
of which Furniture and vehicles: -€15,389
- Reserves +€42,958
up €42,958 (+4.3%), from €990,254 to €1.0m
- Other debts -€40,090
down €40,090 (-80.5%), from €49,817 to €9,727
- Gross operating margin -€46,954
down €46,954 (-40.2%), from €116,925 to €69,971
- Taxes -€21,208
down €21,208 (-49.6%), from €42,736 to €21,528
- Financial income -€11,457
down €11,457 (-44.8%), from €25,580 to €14,123
- Depreciation +€7,071
up €7,071 (+83.1%), from €8,505 to €15,576
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 | €1,066,077 | €1,061,186 | -€4,891 | -0.5% |
| Fixed assets | 21/28 | €70,031 | €54,455 | -€15,576 | -22.2% |
| Tangible fixed assets | 22/27 | €70,031 | €54,455 | -€15,576 | -22.2% |
| Furniture and vehicles | 24 | €68,279 | €52,890 | -€15,389 | -22.5% |
| Other tangible fixed assets | 26 | €1,752 | €1,565 | -€187 | -10.7% |
| Current assets | 29/58 | €996,046 | €1,006,731 | +€10,684 | +1.1% |
| Amounts receivable within one year | 40/41 | €5,709 | €15,180 | +€9,471 | +165.9% |
| Trade receivables | 40 | €5,709 | €5,775 | +€66 | +1.2% |
| Other amounts receivable | 41 | €0 | €9,405 | +€9,405 | |
| Cash at bank and in hand | 54/58 | €956,147 | €978,198 | +€22,051 | +2.3% |
| Deferred charges and accrued income | 490/1 | €34,191 | €13,354 | -€20,837 | -60.9% |
| Total equity and liabilities | 10/49 | €1,066,077 | €1,061,186 | -€4,891 | -0.5% |
| Equity | 10/15 | €1,002,654 | €1,045,611 | +€42,958 | +4.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €990,254 | €1,033,211 | +€42,958 | +4.3% |
| Distributable reserves | 133 | €990,254 | €1,033,211 | +€42,958 | +4.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €63,424 | €15,574 | -€47,849 | -75.4% |
| Amounts payable within one year | 42/48 | €61,776 | €14,983 | -€46,793 | -75.7% |
| Trade debts | 44 | €1,480 | €1,870 | +€389 | +26.3% |
| Suppliers | 440/4 | €1,480 | €1,870 | +€389 | +26.3% |
| Taxes, remuneration and social security | 45 | €10,479 | €3,387 | -€7,092 | -67.7% |
| Taxes | 450/3 | €10,479 | €3,387 | -€7,092 | -67.7% |
| Other amounts payable | 47/48 | €49,817 | €9,727 | -€40,090 | -80.5% |
| Accrued charges and deferred income | 492/3 | €1,648 | €591 | -€1,057 | -64.1% |
| Non-recurring operating income | 76A | €1,500 | €0 | -€1,500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,505 | €15,576 | +€7,071 | +83.1% |
| Other operating charges | 640/8 | €1,290 | €1,208 | -€82 | -6.4% |
| Gross operating margin | 9900 | €116,925 | €69,971 | -€46,954 | -40.2% |
| Operating profit (loss) | 9901 | €107,130 | €53,187 | -€53,942 | -50.4% |
| Financial income | 75/76B | €25,580 | €14,123 | -€11,457 | -44.8% |
| Recurring financial income | 75 | €25,580 | €14,123 | -€11,457 | -44.8% |
| Financial charges | 65/66B | €2,144 | €1,159 | -€985 | -45.9% |
| Recurring financial charges | 65 | €2,144 | €1,159 | -€985 | -45.9% |
| Profit (loss) for the period before taxes | 9903 | €130,566 | €66,152 | -€64,414 | -49.3% |
| Income taxes | 67/77 | €42,736 | €21,528 | -€21,208 | -49.6% |
| Profit (loss) for the period | 9904 | €87,831 | €44,624 | -€43,207 | -49.2% |
| Profit (loss) for the period to be appropriated | 9905 | €87,831 | €44,624 | -€43,207 | -49.2% |
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 4 October 2026 via checked.be.