L. DE VOS: 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.
What changed
L. DE VOS
NACE 46.831, Wholesale of construction materials, general range
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€123,464
2024 · €176,286-€52,822
Equity
€1.8m
2024 · €1.9m-€91,536
Cash
€128,417
2024 · €337,319-€208,902
Balance sheet total
€3.0m
2024 · €3.4m-€386,596
Largest movements
Assets
- Cash -€208,902
down €208,902 (-61.9%), from €337,319 to €128,417
mainly Contributions, distributions and other (-€215,000) and Trade debts (-€198,697)
- Receivables within one year -€113,796
down €113,796 (-14.8%), from €766,594 to €652,798
of which Other amounts receivable: -€94,661
- Stocks and contracts -€42,962
down €42,962 (-2.4%), from €1.8m to €1.7m
Equity and liabilities
- Trade debts -€198,697
down €198,697 (-39.0%), from €509,423 to €310,726
- Current portion of long-term debt -€172,385
down €172,385 (-67.9%), from €253,737 to €81,352
- Short-term financial debts +€150,000
new in 2025: €150,000
- Profit (loss) carried forward -€91,536
down €91,536 (-6.7%), from €1.4m to €1.3m
- Debts after one year -€77,685
down €77,685 (-42.9%), from €180,989 to €103,304
Income statement
- Staff costs +€99,360
up €99,360 (+17.1%), from €580,907 to €680,268
- Gross operating margin -€79,193
down €79,193 (-7.2%), from €1.1m to €1.0m
- Write-downs -€47,458
down €47,458, from €33,799 to -€13,659
- Other operating charges -€44,022
down €44,022 (-90.0%), from €48,888 to €4,866
- Financial charges -€35,330
down €35,330 (-26.3%), from €134,544 to €99,214
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.
Result 2024
€176,286
Gross operating margin
-€79,193
Staff costs
-€99,360
Depreciation
-€19,201
Write-downs
+€47,458
Other operating charges
+€44,022
Financial income
+€270
Financial charges
+€35,330
Taxes
+€17,852
Result 2025
€123,464
raises the resultlowers the result
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.
From operations
+€226,037
Investment
-€119,868
Financing
-€315,071
Cash 2024
€337,319
From operations (derived)
+€226,037
Net result for the year
+€123,464
Depreciation
+€144,447
Stocks and contracts
+€42,962
Receivables within one year
+€113,796
Deferred charges and accrued income
-€3,643
Trade debts
-€198,697
Tax, wage and social debts
+€68,838
Other debts
-€65,000
Accrued charges and deferred income
-€130
Investment (derived)
-€119,868
Investment in fixed assets (net)
-€119,868
Financing
-€315,071
Debts after one year
-€77,685
Current portion of long-term debt
-€172,385
Short-term financial debts
+€150,000
Contributions, distributions and other
-€215,000
Cash 2025
€128,417
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,378,108 | €2,991,512 | -€386,596 | -11.4% |
| Fixed assets | 21/28 | €510,427 | €485,848 | -€24,579 | -4.8% |
| Intangible fixed assets | 21 | €22,095 | €14,141 | -€7,954 | -36.0% |
| Tangible fixed assets | 22/27 | €467,652 | €451,027 | -€16,625 | -3.6% |
| Plant, machinery and equipment | 23 | €28,237 | €21,905 | -€6,332 | -22.4% |
| Furniture and vehicles | 24 | €233,548 | €211,343 | -€22,205 | -9.5% |
| Leasing and similar rights | 25 | €49,072 | €11,554 | -€37,518 | -76.5% |
| Other tangible fixed assets | 26 | €156,795 | €206,225 | +€49,430 | +31.5% |
| Financial fixed assets | 28 | €20,680 | €20,680 | = | 0.0% |
| Current assets | 29/58 | €2,867,681 | €2,505,664 | -€362,017 | -12.6% |
| Stocks and contracts in progress | 3 | €1,754,876 | €1,711,914 | -€42,962 | -2.4% |
| Stocks | 30/36 | €1,754,876 | €1,711,914 | -€42,962 | -2.4% |
| Amounts receivable within one year | 40/41 | €766,594 | €652,798 | -€113,796 | -14.8% |
| Trade receivables | 40 | €645,655 | €626,520 | -€19,135 | -3.0% |
| Other amounts receivable | 41 | €120,939 | €26,279 | -€94,661 | -78.3% |
| Cash at bank and in hand | 54/58 | €337,319 | €128,417 | -€208,902 | -61.9% |
| Deferred charges and accrued income | 490/1 | €8,891 | €12,534 | +€3,643 | +41.0% |
| Total equity and liabilities | 10/49 | €3,378,108 | €2,991,512 | -€386,596 | -11.4% |
| Equity | 10/15 | €1,935,312 | €1,843,776 | -€91,536 | -4.7% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €316,721 | €316,721 | = | 0.0% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,020 | €1,020 | = | 0.0% |
| Distributable reserves | 133 | €290,913 | €290,913 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,370,697 | €1,279,161 | -€91,536 | -6.7% |
| Amounts payable | 17/49 | €1,442,796 | €1,147,736 | -€295,060 | -20.5% |
| Amounts payable after more than one year | 17 | €180,989 | €103,304 | -€77,685 | -42.9% |
| Financial debts | 170/4 | €180,989 | €103,304 | -€77,685 | -42.9% |
| Amounts payable within one year | 42/48 | €1,261,057 | €1,043,813 | -€217,244 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €253,737 | €81,352 | -€172,385 | -67.9% |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €509,423 | €310,726 | -€198,697 | -39.0% |
| Suppliers | 440/4 | €509,423 | €310,726 | -€198,697 | -39.0% |
| Taxes, remuneration and social security | 45 | €132,651 | €201,490 | +€68,838 | +51.9% |
| Taxes | 450/3 | €67,653 | €93,631 | +€25,978 | +38.4% |
| Remuneration and social security | 454/9 | €64,998 | €107,859 | +€42,860 | +65.9% |
| Other amounts payable | 47/48 | €365,245 | €300,245 | -€65,000 | -17.8% |
| Accrued charges and deferred income | 492/3 | €750 | €620 | -€130 | -17.4% |
| Non-recurring operating income | 76A | €39,374 | €0 | -€39,374 | -100% |
| Remuneration, social security and pensions | 62 | €580,907 | €680,268 | +€99,360 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,247 | €144,447 | +€19,201 | +15.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €33,799 | -€13,659 | -€47,458 | |
| Other operating charges | 640/8 | €48,888 | €4,866 | -€44,022 | -90.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,102,335 | €1,023,143 | -€79,193 | -7.2% |
| Operating profit (loss) | 9901 | €313,494 | €207,221 | -€106,274 | -33.9% |
| Financial income | 75/76B | €60,622 | €60,892 | +€270 | +0.4% |
| Recurring financial income | 75 | €60,622 | €60,892 | +€270 | +0.4% |
| Financial charges | 65/66B | €134,544 | €99,214 | -€35,330 | -26.3% |
| Recurring financial charges | 65 | €134,544 | €99,214 | -€35,330 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €239,572 | €168,899 | -€70,673 | -29.5% |
| Income taxes | 67/77 | €63,286 | €45,435 | -€17,852 | -28.2% |
| Profit (loss) for the period | 9904 | €176,286 | €123,464 | -€52,822 | -30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €176,286 | €123,464 | -€52,822 | -30.0% |
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 14 October 2026 via checked.be.