LAVAERT STEVEN: 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 STEVEN
Largest movements
- Current investments +€99,542
new in 2025: €99,542
- Receivables within one year -€39,839
down €39,839 (-42.6%), from €93,466 to €53,627
of which Trade receivables: -€39,339
- Tangible fixed assets -€15,846
down €15,846 (-32.3%), from €49,081 to €33,235
of which Plant, machinery and equipment: -€12,460
- Cash +€7,257
up €7,257 (+3.5%), from €209,918 to €217,175
mainly Net result for the year (+€45,634) and Receivables within one year (+€39,839)
- Reserves +€45,634
up €45,634 (+16.4%), from €278,813 to €324,447
of which Distributable reserves: +€45,634
- Tax, wage and social debts +€11,191
up €11,191 (+101%), from €11,042 to €22,234
- Other debts -€6,617
down €6,617 (-15.4%), from €43,047 to €36,429
- Depreciation -€15,548
down €15,548 (-46.6%), from €33,331 to €17,783
- Gross operating margin +€13,375
up €13,375 (+18.7%), from €71,482 to €84,857
- Taxes +€8,252
up €8,252 (+74.8%), from €11,034 to €19,286
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 | €352,465 | €403,579 | +€51,114 | +14.5% |
| Fixed assets | 21/28 | €49,081 | €33,235 | -€15,846 | -32.3% |
| Tangible fixed assets | 22/27 | €49,081 | €33,235 | -€15,846 | -32.3% |
| Land and buildings | 22 | €1,376 | €918 | -€459 | -33.3% |
| Plant, machinery and equipment | 23 | €29,296 | €16,835 | -€12,460 | -42.5% |
| Furniture and vehicles | 24 | €13,033 | €12,095 | -€938 | -7.2% |
| Other tangible fixed assets | 26 | €5,375 | €3,387 | -€1,988 | -37.0% |
| Current assets | 29/58 | €303,384 | €370,343 | +€66,960 | +22.1% |
| Amounts receivable within one year | 40/41 | €93,466 | €53,627 | -€39,839 | -42.6% |
| Trade receivables | 40 | €92,665 | €53,325 | -€39,339 | -42.5% |
| Other amounts receivable | 41 | €801 | €301 | -€500 | -62.4% |
| Current investments | 50/53 | - | €99,542 | +€99,542 | |
| Cash at bank and in hand | 54/58 | €209,918 | €217,175 | +€7,257 | +3.5% |
| Total equity and liabilities | 10/49 | €352,465 | €403,579 | +€51,114 | +14.5% |
| Equity | 10/15 | €297,413 | €343,047 | +€45,634 | +15.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €278,813 | €324,447 | +€45,634 | +16.4% |
| 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 | €276,953 | €322,587 | +€45,634 | +16.5% |
| Amounts payable | 17/49 | €55,052 | €60,532 | +€5,481 | +10.0% |
| Amounts payable within one year | 42/48 | €55,052 | €60,532 | +€5,481 | +10.0% |
| Trade debts | 44 | €963 | €1,869 | +€906 | +94.1% |
| Suppliers | 440/4 | €963 | €1,869 | +€906 | +94.1% |
| Taxes, remuneration and social security | 45 | €11,042 | €22,234 | +€11,191 | +101% |
| Taxes | 450/3 | €11,042 | €22,234 | +€11,191 | +101% |
| Other amounts payable | 47/48 | €43,047 | €36,429 | -€6,617 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,331 | €17,783 | -€15,548 | -46.6% |
| Other operating charges | 640/8 | €1,845 | €2,099 | +€254 | +13.8% |
| Gross operating margin | 9900 | €71,482 | €84,857 | +€13,375 | +18.7% |
| Operating profit (loss) | 9901 | €36,306 | €64,975 | +€28,668 | +79.0% |
| Financial charges | 65/66B | €105 | €55 | -€50 | -47.3% |
| Recurring financial charges | 65 | €105 | €55 | -€50 | -47.3% |
| Profit (loss) for the period before taxes | 9903 | €36,202 | €64,920 | +€28,718 | +79.3% |
| Income taxes | 67/77 | €11,034 | €19,286 | +€8,252 | +74.8% |
| Profit (loss) for the period | 9904 | €25,168 | €45,634 | +€20,466 | +81.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,168 | €45,634 | +€20,466 | +81.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.