LAURENT VOYAGES: what changed
LAURENT VOYAGES
Largest movements
- Tangible fixed assets +€150,918
up €150,918 (+14.2%), from €1.1m to €1.2m
of which Plant, machinery and equipment: +€206,062
- Cash -€31,496
down €31,496 (-40.6%), from €77,665 to €46,170
mainly Investment in fixed assets (net) (-€214,289) and Net result for the year (-€27,357)
- Receivables within one year -€23,014
down €23,014 (-95.2%), from €24,172 to €1,158
- Other debts +€103,278
up €103,278 (+2,110%), from €4,895 to €108,173
- Trade debts +€20,071
up €20,071 (+281%), from €7,134 to €27,206
- Reserves -€16,668
down €16,668 (-2.0%), from €843,881 to €827,213
of which Tax-exempt reserves: -€32,068
- Other operating charges -€19,538
down €19,538 (-71.0%), from €27,520 to €7,982
- Depreciation +€10,463
up €10,463 (+19.8%), from €52,908 to €63,372
- Taxes -€2,694
down €2,694 (-27.1%), from €9,939 to €7,245
- Gross operating margin -€1,485
down €1,485 (-2.8%), from €52,893 to €51,408
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,169,485 | €1,265,477 | +€95,992 | +8.2% |
| Fixed assets | 21/28 | €1,064,931 | €1,215,849 | +€150,918 | +14.2% |
| Tangible fixed assets | 22/27 | €1,064,931 | €1,215,849 | +€150,918 | +14.2% |
| Land and buildings | 22 | €936,450 | €897,839 | -€38,611 | -4.1% |
| Plant, machinery and equipment | 23 | €80,085 | €286,147 | +€206,062 | +257% |
| Furniture and vehicles | 24 | €48,395 | €31,863 | -€16,533 | -34.2% |
| Current assets | 29/58 | €104,554 | €49,629 | -€54,925 | -52.5% |
| Amounts receivable within one year | 40/41 | €24,172 | €1,158 | -€23,014 | -95.2% |
| Other amounts receivable | 41 | €24,172 | €1,158 | -€23,014 | -95.2% |
| Cash at bank and in hand | 54/58 | €77,665 | €46,170 | -€31,496 | -40.6% |
| Deferred charges and accrued income | 490/1 | €2,717 | €2,301 | -€416 | -15.3% |
| Total equity and liabilities | 10/49 | €1,169,485 | €1,265,477 | +€95,992 | +8.2% |
| Equity | 10/15 | €1,101,266 | €1,084,599 | -€16,668 | -1.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | - | -€12,400 | |
| Other | 1109/19 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €843,881 | €827,213 | -€16,668 | -2.0% |
| 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 | €784,921 | €752,853 | -€32,068 | -4.1% |
| Distributable reserves | 133 | €57,100 | €72,500 | +€15,400 | +27.0% |
| Profit (loss) carried forward | 14 | €232,605 | €232,606 | +€0 | 0.0% |
| Investment grants | 15 | €12,380 | €12,380 | = | 0.0% |
| Provisions and deferred taxes | 16 | €56,189 | €45,500 | -€10,689 | -19.0% |
| Deferred taxes | 168 | €56,189 | €45,500 | -€10,689 | -19.0% |
| Amounts payable | 17/49 | €12,029 | €135,379 | +€123,349 | +1,025% |
| Amounts payable within one year | 42/48 | €12,029 | €135,379 | +€123,349 | +1,025% |
| Trade debts | 44 | €7,134 | €27,206 | +€20,071 | +281% |
| Suppliers | 440/4 | €7,134 | €27,206 | +€20,071 | +281% |
| Other amounts payable | 47/48 | €4,895 | €108,173 | +€103,278 | +2,110% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,908 | €63,372 | +€10,463 | +19.8% |
| Other operating charges | 640/8 | €27,520 | €7,982 | -€19,538 | -71.0% |
| Gross operating margin | 9900 | €52,893 | €51,408 | -€1,485 | -2.8% |
| Operating profit (loss) | 9901 | -€27,535 | -€19,946 | +€7,589 | +27.6% |
| Financial charges | 65/66B | €153 | €166 | +€13 | +8.3% |
| Recurring financial charges | 65 | €153 | €166 | +€13 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | -€27,688 | -€20,112 | +€7,577 | +27.4% |
| Income taxes | 67/77 | €9,939 | €7,245 | -€2,694 | -27.1% |
| Profit (loss) for the period | 9904 | -€37,627 | -€27,357 | +€10,270 | +27.3% |
| Transfer from tax-exempt reserves | 789 | €94,732 | €42,757 | -€51,975 | -54.9% |
| Profit (loss) for the period to be appropriated | 9905 | €57,105 | €15,400 | -€41,705 | -73.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.