Lavaert Philip: 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.
Lavaert Philip
Largest movements
- Receivables within one year +€35,210
up €35,210 (+37.7%), from €93,322 to €128,532
of which Trade receivables: +€41,995
- Tangible fixed assets -€11,569
down €11,569 (-23.2%), from €49,835 to €38,267
of which Plant, machinery and equipment: -€8,582
- Stocks and contracts +€5,789
up €5,789 (+11.4%), from €50,663 to €56,451
- Trade debts +€53,848
up €53,848 (+147%), from €36,571 to €90,419
- Profit (loss) carried forward -€21,104
down €21,104 (-500%), from -€4,225 to -€25,329
- Short-term financial debts +€20,000
up €20,000 (+66.7%), from €30,000 to €50,000
- Debts after one year -€14,274
down €14,274 (-9.7%), from €147,645 to €133,370
- Tax, wage and social debts -€11,333
down €11,333 (-94.9%), from €11,937 to €604
of which Taxes: -€11,333
- Gross operating margin +€29,572
up €29,572, from -€8,382 to €21,190
- Write-downs -€20,184
down €20,184 (-66.7%), from €30,277 to €10,092
- Other operating charges +€11,227
up €11,227 (+297%), from €3,775 to €15,002
- Staff costs +€6,429
up €6,429, from -€6,429 to €0
- Depreciation -€5,181
down €5,181 (-26.3%), from €19,718 to €14,538
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 | €242,388 | €270,025 | +€27,637 | +11.4% |
| Fixed assets | 21/28 | €50,299 | €38,467 | -€11,832 | -23.5% |
| Intangible fixed assets | 21 | €328 | €65 | -€263 | -80.2% |
| Tangible fixed assets | 22/27 | €49,835 | €38,267 | -€11,569 | -23.2% |
| Land and buildings | 22 | €624 | €468 | -€156 | -25.0% |
| Plant, machinery and equipment | 23 | €39,322 | €30,739 | -€8,582 | -21.8% |
| Furniture and vehicles | 24 | €9,889 | €7,059 | -€2,830 | -28.6% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €192,089 | €231,558 | +€39,469 | +20.5% |
| Stocks and contracts in progress | 3 | €50,663 | €56,451 | +€5,789 | +11.4% |
| Stocks | 30/36 | €50,663 | €56,451 | +€5,789 | +11.4% |
| Amounts receivable within one year | 40/41 | €93,322 | €128,532 | +€35,210 | +37.7% |
| Trade receivables | 40 | €86,537 | €128,532 | +€41,995 | +48.5% |
| Other amounts receivable | 41 | €6,786 | €0 | -€6,786 | -100% |
| Cash at bank and in hand | 54/58 | €47,347 | €45,758 | -€1,589 | -3.4% |
| Deferred charges and accrued income | 490/1 | €758 | €816 | +€59 | +7.7% |
| Total equity and liabilities | 10/49 | €242,388 | €270,025 | +€27,637 | +11.4% |
| Equity | 10/15 | €16,235 | -€4,869 | -€21,104 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€4,225 | -€25,329 | -€21,104 | -500% |
| Amounts payable | 17/49 | €226,153 | €274,894 | +€48,741 | +21.6% |
| Amounts payable after more than one year | 17 | €147,645 | €133,370 | -€14,274 | -9.7% |
| Other amounts payable | 178/9 | €147,645 | €133,370 | -€14,274 | -9.7% |
| Amounts payable within one year | 42/48 | €78,508 | €141,523 | +€63,015 | +80.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €30,000 | €50,000 | +€20,000 | +66.7% |
| Credit institutions | 430/8 | €30,000 | €50,000 | +€20,000 | +66.7% |
| Trade debts | 44 | €36,571 | €90,419 | +€53,848 | +147% |
| Suppliers | 440/4 | €36,571 | €90,419 | +€53,848 | +147% |
| Advances received on contracts in progress | 46 | - | €500 | +€500 | |
| Taxes, remuneration and social security | 45 | €11,937 | €604 | -€11,333 | -94.9% |
| Taxes | 450/3 | €11,937 | €604 | -€11,333 | -94.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €2,100 | €8,000 | +€5,900 | +281% |
| Remuneration, social security and pensions | 62 | -€6,429 | €0 | +€6,429 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,718 | €14,538 | -€5,181 | -26.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,277 | €10,092 | -€20,184 | -66.7% |
| Other operating charges | 640/8 | €3,775 | €15,002 | +€11,227 | +297% |
| Gross operating margin | 9900 | -€8,382 | €21,190 | +€29,572 | |
| Operating profit (loss) | 9901 | -€55,723 | -€18,443 | +€37,281 | +66.9% |
| Financial income | 75/76B | €4 | €750 | +€747 | +20,981% |
| Recurring financial income | 75 | €4 | €750 | +€747 | +20,981% |
| Financial charges | 65/66B | €3,775 | €3,267 | -€509 | -13.5% |
| Recurring financial charges | 65 | €3,775 | €3,267 | -€509 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | -€59,495 | -€20,959 | +€38,536 | +64.8% |
| Income taxes | 67/77 | €385 | €145 | -€240 | -62.3% |
| Profit (loss) for the period | 9904 | -€59,880 | -€21,104 | +€38,776 | +64.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€59,880 | -€21,104 | +€38,776 | +64.8% |
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 27 October 2026 via checked.be.