STUDIEBUREAU LDW: 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.
STUDIEBUREAU LDW
Largest movements
- Tangible fixed assets -€58,801
down €58,801 (-13.6%), from €432,539 to €373,739
of which Land and buildings: -€36,860
- Stocks and contracts -€38,567
down €38,567 (-24.4%), from €157,995 to €119,428
- Cash -€16,508
down €16,508 (-84.2%), from €19,609 to €3,101
mainly Debts after one year (-€54,135) and Advances received (-€43,930)
- Debts after one year -€54,135
down €54,135 (-15.4%), from €351,288 to €297,152
- Advances received -€43,930
down €43,930 (-100%), from €43,930 to €0
- Tax, wage and social debts -€20,505
down €20,505 (-82.2%), from €24,939 to €4,433
of which Taxes: -€13,605
- Other debts -€16,270
down €16,270 (-3.8%), from €426,773 to €410,503
- Gross operating margin -€16,452
down €16,452 (-16.0%), from €103,008 to €86,555
- Other operating charges -€11,161
down €11,161 (-63.0%), from €17,723 to €6,562
- Depreciation -€4,180
down €4,180 (-6.6%), from €62,980 to €58,801
- Taxes -€3,660
down €3,660, from €2,933 to -€727
- Financial charges +€1,889
up €1,889 (+9.6%), from €19,718 to €21,608
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 | €1,174,806 | €1,052,068 | -€122,738 | -10.4% |
| Fixed assets | 21/28 | €750,626 | €691,690 | -€58,936 | -7.9% |
| Tangible fixed assets | 22/27 | €432,539 | €373,739 | -€58,801 | -13.6% |
| Land and buildings | 22 | €390,748 | €353,888 | -€36,860 | -9.4% |
| Plant, machinery and equipment | 23 | €14,161 | €3,010 | -€11,151 | -78.7% |
| Furniture and vehicles | 24 | €27,631 | €16,842 | -€10,789 | -39.0% |
| Financial fixed assets | 28 | €318,086 | €317,951 | -€135 | 0.0% |
| Current assets | 29/58 | €424,180 | €360,378 | -€63,802 | -15.0% |
| Stocks and contracts in progress | 3 | €157,995 | €119,428 | -€38,567 | -24.4% |
| Contracts in progress | 37 | €157,995 | €119,428 | -€38,567 | -24.4% |
| Amounts receivable within one year | 40/41 | €239,959 | €234,895 | -€5,064 | -2.1% |
| Trade receivables | 40 | €52,624 | €41,633 | -€10,991 | -20.9% |
| Other amounts receivable | 41 | €187,335 | €193,262 | +€5,928 | +3.2% |
| Cash at bank and in hand | 54/58 | €19,609 | €3,101 | -€16,508 | -84.2% |
| Deferred charges and accrued income | 490/1 | €6,617 | €2,954 | -€3,663 | -55.4% |
| Total equity and liabilities | 10/49 | €1,174,806 | €1,052,068 | -€122,738 | -10.4% |
| Equity | 10/15 | €127,267 | €127,340 | +€73 | +0.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €177,923 | €177,923 | = | 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% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €157,313 | €157,313 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,856 | -€56,783 | +€73 | +0.1% |
| Amounts payable | 17/49 | €1,047,539 | €924,728 | -€122,811 | -11.7% |
| Amounts payable after more than one year | 17 | €351,288 | €297,152 | -€54,135 | -15.4% |
| Financial debts | 170/4 | €351,288 | €297,152 | -€54,135 | -15.4% |
| Amounts payable within one year | 42/48 | €695,951 | €627,082 | -€68,870 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €52,475 | €54,135 | +€1,661 | +3.2% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €47,835 | €58,010 | +€10,175 | +21.3% |
| Suppliers | 440/4 | €47,835 | €58,010 | +€10,175 | +21.3% |
| Advances received on contracts in progress | 46 | €43,930 | €0 | -€43,930 | -100% |
| Taxes, remuneration and social security | 45 | €24,939 | €4,433 | -€20,505 | -82.2% |
| Taxes | 450/3 | €18,039 | €4,433 | -€13,605 | -75.4% |
| Remuneration and social security | 454/9 | €6,900 | €0 | -€6,900 | -100% |
| Other amounts payable | 47/48 | €426,773 | €410,503 | -€16,270 | -3.8% |
| Accrued charges and deferred income | 492/3 | €300 | €494 | +€194 | +64.7% |
| Non-recurring operating income | 76A | €8,251 | €0 | -€8,251 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,980 | €58,801 | -€4,180 | -6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €240 | +€240 | |
| Other operating charges | 640/8 | €17,723 | €6,562 | -€11,161 | -63.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €103,008 | €86,555 | -€16,452 | -16.0% |
| Operating profit (loss) | 9901 | €22,305 | €20,953 | -€1,351 | -6.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €19,718 | €21,608 | +€1,889 | +9.6% |
| Recurring financial charges | 65 | €19,718 | €21,608 | +€1,889 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €2,586 | -€654 | -€3,240 | |
| Income taxes | 67/77 | €2,933 | -€727 | -€3,660 | |
| Profit (loss) for the period | 9904 | -€346 | €73 | +€419 | |
| Profit (loss) for the period to be appropriated | 9905 | -€346 | €73 | +€419 |
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 1 November 2026 via checked.be.