L&E VERVAEKE: 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.
L&E VERVAEKE
Largest movements
- Receivables within one year -€5,339
down €5,339 (-13.8%), from €38,764 to €33,425
of which Other amounts receivable: -€3,291
- Cash -€2,372
down €2,372 (-46.9%), from €5,057 to €2,685
mainly Investment in fixed assets (net) (-€5,465) and Trade debts (-€3,967)
- Tangible fixed assets +€2,177
up €2,177 (+26.8%), from €8,112 to €10,289
of which Furniture and vehicles: +€7,613
- Stocks and contracts -€1,500
down €1,500 (-50.0%), from €3,000 to €1,500
- Trade debts -€3,967
down €3,967 (-43.4%), from €9,133 to €5,166
- Tax, wage and social debts -€2,124
down €2,124 (-21.7%), from €9,787 to €7,663
of which Taxes: -€1,105
- Reserves -€2,088
down €2,088 (-6.6%), from €31,553 to €29,465
- Other debts +€1,230
up €1,230 (+62.0%), from €1,984 to €3,214
- Gross operating margin -€10,637
down €10,637 (-16.9%), from €62,771 to €52,134
- Staff costs +€9,102
up €9,102 (+23.5%), from €38,793 to €47,895
- Other operating charges -€6,477
down €6,477 (-80.2%), from €8,081 to €1,604
- Depreciation -€4,081
down €4,081 (-55.4%), from €7,370 to €3,288
- Taxes -€1,185
down €1,185 (-71.7%), from €1,654 to €469
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 | €57,458 | €50,508 | -€6,949 | -12.1% |
| Fixed assets | 21/28 | €8,610 | €10,787 | +€2,177 | +25.3% |
| Tangible fixed assets | 22/27 | €8,112 | €10,289 | +€2,177 | +26.8% |
| Plant, machinery and equipment | 23 | €3,083 | €1,367 | -€1,716 | -55.7% |
| Furniture and vehicles | 24 | €840 | €8,453 | +€7,613 | +906.7% |
| Other tangible fixed assets | 26 | €4,190 | €470 | -€3,720 | -88.8% |
| Financial fixed assets | 28 | €498 | €498 | = | 0.0% |
| Current assets | 29/58 | €48,847 | €39,721 | -€9,126 | -18.7% |
| Stocks and contracts in progress | 3 | €3,000 | €1,500 | -€1,500 | -50.0% |
| Stocks | 30/36 | €3,000 | €1,500 | -€1,500 | -50.0% |
| Amounts receivable within one year | 40/41 | €38,764 | €33,425 | -€5,339 | -13.8% |
| Trade receivables | 40 | €17,924 | €15,877 | -€2,048 | -11.4% |
| Other amounts receivable | 41 | €20,839 | €17,548 | -€3,291 | -15.8% |
| Cash at bank and in hand | 54/58 | €5,057 | €2,685 | -€2,372 | -46.9% |
| Deferred charges and accrued income | 490/1 | €2,027 | €2,112 | +€85 | +4.2% |
| Total equity and liabilities | 10/49 | €57,458 | €50,508 | -€6,949 | -12.1% |
| Equity | 10/15 | €36,553 | €34,465 | -€2,088 | -5.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €31,553 | €29,465 | -€2,088 | -6.6% |
| Distributable reserves | 133 | €31,553 | €29,465 | -€2,088 | -6.6% |
| Amounts payable | 17/49 | €20,905 | €16,044 | -€4,861 | -23.3% |
| Amounts payable within one year | 42/48 | €20,905 | €16,044 | -€4,861 | -23.3% |
| Trade debts | 44 | €9,133 | €5,166 | -€3,967 | -43.4% |
| Suppliers | 440/4 | €9,133 | €5,166 | -€3,967 | -43.4% |
| Taxes, remuneration and social security | 45 | €9,787 | €7,663 | -€2,124 | -21.7% |
| Taxes | 450/3 | €3,854 | €2,750 | -€1,105 | -28.7% |
| Remuneration and social security | 454/9 | €5,933 | €4,914 | -€1,019 | -17.2% |
| Other amounts payable | 47/48 | €1,984 | €3,214 | +€1,230 | +62.0% |
| Non-recurring operating income | 76A | - | €2,400 | +€2,400 | |
| Remuneration, social security and pensions | 62 | €38,793 | €47,895 | +€9,102 | +23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,370 | €3,288 | -€4,081 | -55.4% |
| Other operating charges | 640/8 | €8,081 | €1,604 | -€6,477 | -80.2% |
| Non-recurring operating charges | 66A | - | €2,000 | +€2,000 | |
| Gross operating margin | 9900 | €62,771 | €52,134 | -€10,637 | -16.9% |
| Operating profit (loss) | 9901 | €8,529 | -€2,653 | -€11,181 | |
| Financial income | 75/76B | €1,235 | €1,220 | -€15 | -1.2% |
| Recurring financial income | 75 | €1,235 | €1,220 | -€15 | -1.2% |
| Financial charges | 65/66B | €201 | €187 | -€14 | -7.0% |
| Recurring financial charges | 65 | €201 | €187 | -€14 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €9,563 | -€1,619 | -€11,182 | |
| Income taxes | 67/77 | €1,654 | €469 | -€1,185 | -71.7% |
| Profit (loss) for the period | 9904 | €7,909 | -€2,088 | -€9,997 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,909 | -€2,088 | -€9,997 |
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 10 October 2026 via checked.be.