MIKE 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.
MIKE LUDWIG
Largest movements
- Receivables within one year +€36,409
up €36,409 (+983%), from €3,705 to €40,113
of which Trade receivables: +€38,328
- Stocks and contracts +€32,794
up €32,794 (+62.2%), from €52,716 to €85,510
- Tangible fixed assets -€31,003
down €31,003 (-11.3%), from €274,822 to €243,820
of which Furniture and vehicles: -€42,994
- Cash +€5,520
up €5,520 (+24.7%), from €22,348 to €27,868
mainly Net result for the year (+€65,097) and Depreciation (+€51,684)
- Profit (loss) carried forward +€65,097
up €65,097 (+48,195%), from €135 to €65,232
- Debts after one year -€31,722
down €31,722 (-23.5%), from €134,730 to €103,009
of which Financial debts: -€31,722
- Tax, wage and social debts +€7,136
up €7,136 (+27.1%), from €26,367 to €33,503
of which Taxes: +€11,748
- Other debts +€5,839
up €5,839 (+11.0%), from €52,896 to €58,735
- Gross operating margin +€36,679
up €36,679 (+30.2%), from €121,443 to €158,122
- Staff costs -€28,471
down €28,471 (-79.8%), from €35,688 to €7,216
- Taxes +€11,637
up €11,637 (+167%), from €6,988 to €18,625
- Depreciation +€5,467
up €5,467 (+11.8%), from €46,217 to €51,684
- Financial charges -€2,669
down €2,669 (-21.4%), from €12,463 to €9,794
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 | €369,133 | €414,235 | +€45,102 | +12.2% |
| Fixed assets | 21/28 | €282,422 | €251,420 | -€31,003 | -11.0% |
| Tangible fixed assets | 22/27 | €274,822 | €243,820 | -€31,003 | -11.3% |
| Land and buildings | 22 | €132,667 | €148,323 | +€15,655 | +11.8% |
| Plant, machinery and equipment | 23 | €24,853 | €21,189 | -€3,664 | -14.7% |
| Furniture and vehicles | 24 | €117,302 | €74,308 | -€42,994 | -36.7% |
| Financial fixed assets | 28 | €7,600 | €7,600 | = | 0.0% |
| Current assets | 29/58 | €86,711 | €162,815 | +€76,105 | +87.8% |
| Stocks and contracts in progress | 3 | €52,716 | €85,510 | +€32,794 | +62.2% |
| Stocks | 30/36 | €52,716 | €85,510 | +€32,794 | +62.2% |
| Amounts receivable within one year | 40/41 | €3,705 | €40,113 | +€36,409 | +983% |
| Trade receivables | 40 | - | €38,328 | +€38,328 | |
| Other amounts receivable | 41 | €3,705 | €1,785 | -€1,920 | -51.8% |
| Cash at bank and in hand | 54/58 | €22,348 | €27,868 | +€5,520 | +24.7% |
| Deferred charges and accrued income | 490/1 | €7,942 | €9,324 | +€1,382 | +17.4% |
| Total equity and liabilities | 10/49 | €369,133 | €414,235 | +€45,102 | +12.2% |
| Equity | 10/15 | €108,485 | €173,582 | +€65,097 | +60.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €107,350 | €107,350 | = | 0.0% |
| Distributable reserves | 133 | €107,350 | €107,350 | = | 0.0% |
| Profit (loss) carried forward | 14 | €135 | €65,232 | +€65,097 | +48,195% |
| Amounts payable | 17/49 | €260,648 | €240,653 | -€19,995 | -7.7% |
| Amounts payable after more than one year | 17 | €134,730 | €103,009 | -€31,722 | -23.5% |
| Financial debts | 170/4 | €130,730 | €99,009 | -€31,722 | -24.3% |
| Other amounts payable | 178/9 | €4,000 | €4,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €119,285 | €131,733 | +€12,448 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €30,138 | €31,722 | +€1,584 | +5.3% |
| Trade debts | 44 | €9,884 | €7,773 | -€2,111 | -21.4% |
| Suppliers | 440/4 | €9,884 | €7,773 | -€2,111 | -21.4% |
| Taxes, remuneration and social security | 45 | €26,367 | €33,503 | +€7,136 | +27.1% |
| Taxes | 450/3 | €21,152 | €32,899 | +€11,748 | +55.5% |
| Remuneration and social security | 454/9 | €5,215 | €604 | -€4,612 | -88.4% |
| Other amounts payable | 47/48 | €52,896 | €58,735 | +€5,839 | +11.0% |
| Accrued charges and deferred income | 492/3 | €6,632 | €5,911 | -€721 | -10.9% |
| Remuneration, social security and pensions | 62 | €35,688 | €7,216 | -€28,471 | -79.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,217 | €51,684 | +€5,467 | +11.8% |
| Other operating charges | 640/8 | €5,254 | €5,710 | +€457 | +8.7% |
| Gross operating margin | 9900 | €121,443 | €158,122 | +€36,679 | +30.2% |
| Operating profit (loss) | 9901 | €34,285 | €93,511 | +€59,226 | +173% |
| Financial income | 75/76B | €200 | €5 | -€196 | -97.7% |
| Recurring financial income | 75 | €200 | €5 | -€196 | -97.7% |
| Financial charges | 65/66B | €12,463 | €9,794 | -€2,669 | -21.4% |
| Recurring financial charges | 65 | €12,463 | €9,794 | -€2,669 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €22,022 | €83,722 | +€61,700 | +280% |
| Income taxes | 67/77 | €6,988 | €18,625 | +€11,637 | +167% |
| Profit (loss) for the period | 9904 | €15,034 | €65,097 | +€50,063 | +333% |
| Profit (loss) for the period to be appropriated | 9905 | €15,034 | €65,097 | +€50,063 | +333% |
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 15 October 2026 via checked.be.