LUDY EXPLOITATION: 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.
LUDY EXPLOITATION
Largest movements
- Tangible fixed assets -€42,446
down €42,446 (-12.5%), from €340,592 to €298,146
of which Other tangible fixed assets: -€42,050
- Stocks and contracts +€41,223
up €41,223 (+9.5%), from €432,328 to €473,551
- Receivables within one year +€19,747
up €19,747 (+206%), from €9,594 to €29,341
of which Trade receivables: +€23,449
- Debts after one year -€48,391
down €48,391 (-15.6%), from €310,875 to €262,484
- Short-term financial debts +€33,667
up €33,667 (+23.1%), from €146,000 to €179,667
- Trade debts -€32,204
down €32,204 (-80.9%), from €39,806 to €7,602
- Tax, wage and social debts +€30,956
up €30,956 (+74.0%), from €41,828 to €72,783
of which Taxes: +€21,088
- Profit (loss) carried forward +€23,317
up €23,317 (+9.2%), from -€252,448 to -€229,130
- Gross operating margin +€29,013
up €29,013 (+7.4%), from €390,303 to €419,316
- Financial income +€10,596
up €10,596 (+1,098%), from €965 to €11,561
- Staff costs +€8,102
up €8,102 (+2.6%), from €307,350 to €315,452
- Financial charges +€6,109
up €6,109 (+30.3%), from €20,132 to €26,241
- Depreciation +€4,899
up €4,899 (+8.5%), from €57,817 to €62,716
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 | €814,081 | €830,980 | +€16,900 | +2.1% |
| Formation expenses | 20 | €14,407 | €10,805 | -€3,602 | -25.0% |
| Fixed assets | 21/28 | €342,592 | €299,646 | -€42,946 | -12.5% |
| Tangible fixed assets | 22/27 | €340,592 | €298,146 | -€42,446 | -12.5% |
| Furniture and vehicles | 24 | €43,691 | €43,294 | -€396 | -0.9% |
| Other tangible fixed assets | 26 | €296,901 | €254,851 | -€42,050 | -14.2% |
| Financial fixed assets | 28 | €2,000 | €1,500 | -€500 | -25.0% |
| Current assets | 29/58 | €457,082 | €520,530 | +€63,448 | +13.9% |
| Stocks and contracts in progress | 3 | €432,328 | €473,551 | +€41,223 | +9.5% |
| Stocks | 30/36 | €432,328 | €473,551 | +€41,223 | +9.5% |
| Amounts receivable within one year | 40/41 | €9,594 | €29,341 | +€19,747 | +206% |
| Trade receivables | 40 | €5,892 | €29,341 | +€23,449 | +398% |
| Other amounts receivable | 41 | €3,702 | - | -€3,702 | |
| Cash at bank and in hand | 54/58 | €15,160 | €17,638 | +€2,478 | +16.3% |
| Total equity and liabilities | 10/49 | €814,081 | €830,980 | +€16,900 | +2.1% |
| Equity | 10/15 | -€231,988 | -€208,670 | +€23,317 | +10.1% |
| Contributions | 10/11 | €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% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€252,448 | -€229,130 | +€23,317 | +9.2% |
| Amounts payable | 17/49 | €1,046,069 | €1,039,651 | -€6,418 | -0.6% |
| Amounts payable after more than one year | 17 | €310,875 | €262,484 | -€48,391 | -15.6% |
| Financial debts | 170/4 | €310,875 | €262,484 | -€48,391 | -15.6% |
| Amounts payable within one year | 42/48 | €735,194 | €777,167 | +€41,973 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €47,391 | €48,079 | +€688 | +1.5% |
| Financial debts | 43 | €146,000 | €179,667 | +€33,667 | +23.1% |
| Credit institutions | 430/8 | €146,000 | €179,667 | +€33,667 | +23.1% |
| Trade debts | 44 | €39,806 | €7,602 | -€32,204 | -80.9% |
| Suppliers | 440/4 | €39,806 | €7,602 | -€32,204 | -80.9% |
| Taxes, remuneration and social security | 45 | €41,828 | €72,783 | +€30,956 | +74.0% |
| Taxes | 450/3 | €4,704 | €25,791 | +€21,088 | +448% |
| Remuneration and social security | 454/9 | €37,124 | €46,992 | +€9,868 | +26.6% |
| Other amounts payable | 47/48 | €460,169 | €469,035 | +€8,867 | +1.9% |
| Remuneration, social security and pensions | 62 | €307,350 | €315,452 | +€8,102 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,817 | €62,716 | +€4,899 | +8.5% |
| Other operating charges | 640/8 | €1,950 | €2,700 | +€750 | +38.5% |
| Gross operating margin | 9900 | €390,303 | €419,316 | +€29,013 | +7.4% |
| Operating profit (loss) | 9901 | €23,186 | €38,447 | +€15,261 | +65.8% |
| Financial income | 75/76B | €965 | €11,561 | +€10,596 | +1,098% |
| Recurring financial income | 75 | €965 | €11,561 | +€10,596 | +1,098% |
| Financial charges | 65/66B | €20,132 | €26,241 | +€6,109 | +30.3% |
| Recurring financial charges | 65 | €20,132 | €26,241 | +€6,109 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | €4,019 | €23,767 | +€19,748 | +491% |
| Income taxes | 67/77 | €441 | €449 | +€8 | +1.9% |
| Profit (loss) for the period | 9904 | €3,578 | €23,317 | +€19,739 | +552% |
| Profit (loss) for the period to be appropriated | 9905 | €3,578 | €23,317 | +€19,739 | +552% |
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 31 October 2026 via checked.be.