LAVAERT-DELAERE: what changed
LAVAERT-DELAERE
Largest movements
- Receivables within one year -€117,671
down €117,671 (-18.5%), from €635,482 to €517,811
of which Other amounts receivable: -€123,856
- Current investments +€49,995
new in 2025: €49,995
- Cash +€36,553
up €36,553 (+17.0%), from €214,902 to €251,455
mainly Other debts (+€176,040) and Receivables within one year (+€117,671)
- Tangible fixed assets -€20,827
down €20,827 (-28.3%), from €73,630 to €52,803
of which Furniture and vehicles: -€18,637
- Other debts +€176,040
up €176,040 (+195%), from €90,176 to €266,215
- Reserves -€125,163
down €125,163 (-11.8%), from €1.1m to €940,048
of which Distributable reserves: -€125,163
- Advances received -€44,454
no longer reported in 2025 (was €44,454)
- Debts after one year -€28,424
down €28,424 (-14.2%), from €199,663 to €171,239
of which Financial debts: -€28,424
- Gross operating margin -€132,159
down €132,159 (-45.1%), from €293,350 to €161,191
- Taxes -€45,539
down €45,539 (-51.4%), from €88,511 to €42,973
- Depreciation -€4,327
down €4,327 (-17.2%), from €25,154 to €20,827
- Financial charges +€3,167
up €3,167 (+65.5%), from €4,832 to €8,000
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 | €1,533,296 | €1,481,346 | -€51,950 | -3.4% |
| Fixed assets | 21/28 | €682,912 | €662,085 | -€20,827 | -3.0% |
| Tangible fixed assets | 22/27 | €73,630 | €52,803 | -€20,827 | -28.3% |
| Land and buildings | 22 | €12,685 | €10,895 | -€1,790 | -14.1% |
| Plant, machinery and equipment | 23 | €400 | - | -€400 | |
| Furniture and vehicles | 24 | €60,545 | €41,908 | -€18,637 | -30.8% |
| Financial fixed assets | 28 | €609,282 | €609,282 | = | 0.0% |
| Current assets | 29/58 | €850,384 | €819,261 | -€31,123 | -3.7% |
| Amounts receivable within one year | 40/41 | €635,482 | €517,811 | -€117,671 | -18.5% |
| Trade receivables | 40 | €15,000 | €21,185 | +€6,185 | +41.2% |
| Other amounts receivable | 41 | €620,482 | €496,626 | -€123,856 | -20.0% |
| Current investments | 50/53 | - | €49,995 | +€49,995 | |
| Cash at bank and in hand | 54/58 | €214,902 | €251,455 | +€36,553 | +17.0% |
| Total equity and liabilities | 10/49 | €1,533,296 | €1,481,346 | -€51,950 | -3.4% |
| Equity | 10/15 | €1,131,239 | €1,006,075 | -€125,163 | -11.1% |
| Contributions | 10/11 | €66,028 | €66,028 | = | 0.0% |
| Reserves | 13 | €1,065,211 | €940,048 | -€125,163 | -11.8% |
| Tax-exempt reserves | 132 | €6,923 | €6,923 | = | 0.0% |
| Distributable reserves | 133 | €1,058,289 | €933,125 | -€125,163 | -11.8% |
| Amounts payable | 17/49 | €402,057 | €475,271 | +€73,214 | +18.2% |
| Amounts payable after more than one year | 17 | €199,663 | €171,239 | -€28,424 | -14.2% |
| Financial debts | 170/4 | €49,663 | €21,239 | -€28,424 | -57.2% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €183,500 | €298,191 | +€114,691 | +62.5% |
| Current portion of amounts payable after more than one year | 42 | €31,910 | €28,424 | -€3,485 | -10.9% |
| Trade debts | 44 | €1,901 | €1,682 | -€219 | -11.5% |
| Suppliers | 440/4 | €1,901 | €1,682 | -€219 | -11.5% |
| Advances received on contracts in progress | 46 | €44,454 | - | -€44,454 | |
| Taxes, remuneration and social security | 45 | €15,059 | €1,869 | -€13,190 | -87.6% |
| Taxes | 450/3 | €15,059 | €1,869 | -€13,190 | -87.6% |
| Other amounts payable | 47/48 | €90,176 | €266,215 | +€176,040 | +195% |
| Accrued charges and deferred income | 492/3 | €18,894 | €5,841 | -€13,053 | -69.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,154 | €20,827 | -€4,327 | -17.2% |
| Other operating charges | 640/8 | €2,598 | €2,500 | -€98 | -3.8% |
| Gross operating margin | 9900 | €293,350 | €161,191 | -€132,159 | -45.1% |
| Operating profit (loss) | 9901 | €265,597 | €137,864 | -€127,733 | -48.1% |
| Financial income | 75/76B | - | €1,522 | +€1,522 | |
| Recurring financial income | 75 | - | €1,522 | +€1,522 | |
| Financial charges | 65/66B | €4,832 | €8,000 | +€3,167 | +65.5% |
| Recurring financial charges | 65 | €4,832 | €8,000 | +€3,167 | +65.5% |
| Profit (loss) for the period before taxes | 9903 | €260,765 | €131,387 | -€129,378 | -49.6% |
| Income taxes | 67/77 | €88,511 | €42,973 | -€45,539 | -51.4% |
| Profit (loss) for the period | 9904 | €172,254 | €88,414 | -€83,840 | -48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €172,254 | €88,414 | -€83,840 | -48.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.