LELEU - VDB: 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.
LELEU - VDB
Largest movements
- Receivables within one year +€478,379
new in 2025: €478,379
of which Trade receivables: +€320,681
- Cash +€415,902
up €415,902 (+314%), from €132,663 to €548,565
- Tangible fixed assets +€203,162
up €203,162 (+59.2%), from €343,374 to €546,536
of which Land and buildings: +€186,008
- Current investments -€124,500
down €124,500 (-69.2%), from €179,981 to €55,481
- Deferred charges and accrued income -€39,333
no longer reported in 2025 (was €39,333)
- Reserves +€742,824
up €742,824 (+173%), from €429,336 to €1.2m
of which Distributable reserves: +€742,824
- Accrued charges and deferred income +€185,460
new in 2025: €185,460
- Debts after one year -€29,223
down €29,223 (-19.4%), from €150,853 to €121,630
- Tax, wage and social debts +€20,313
up €20,313 (+36.8%), from €55,169 to €75,482
of which Taxes: +€26,072
- Gross operating margin +€945,742
up €945,742 (+342%), from €276,372 to €1.2m
- Taxes +€298,173
up €298,173 (+520%), from €57,338 to €355,511
- Depreciation +€27,085
up €27,085 (+46.2%), from €58,592 to €85,677
- Staff costs -€22,515
down €22,515 (-43.7%), from €51,501 to €28,986
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €698,171 | €1,632,801 | +€934,629 | +134% |
| Fixed assets | 21/28 | €346,194 | €550,376 | +€204,182 | +59.0% |
| Tangible fixed assets | 22/27 | €343,374 | €546,536 | +€203,162 | +59.2% |
| Land and buildings | 22 | €245,106 | €431,115 | +€186,008 | +75.9% |
| Furniture and vehicles | 24 | €43,645 | €80,939 | +€37,293 | +85.4% |
| Other tangible fixed assets | 26 | €54,623 | €34,483 | -€20,140 | -36.9% |
| Financial fixed assets | 28 | €2,820 | €3,840 | +€1,020 | +36.2% |
| Current assets | 29/58 | €351,977 | €1,082,425 | +€730,448 | +208% |
| Amounts receivable within one year | 40/41 | - | €478,379 | +€478,379 | |
| Trade receivables | 40 | - | €320,681 | +€320,681 | |
| Other amounts receivable | 41 | - | €157,698 | +€157,698 | |
| Current investments | 50/53 | €179,981 | €55,481 | -€124,500 | -69.2% |
| Cash at bank and in hand | 54/58 | €132,663 | €548,565 | +€415,902 | +314% |
| Deferred charges and accrued income | 490/1 | €39,333 | - | -€39,333 | |
| Total equity and liabilities | 10/49 | €698,171 | €1,632,801 | +€934,629 | +134% |
| Equity | 10/15 | €441,736 | €1,184,560 | +€742,824 | +168% |
| 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 | €429,336 | €1,172,160 | +€742,824 | +173% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €47,500 | €47,500 | = | 0.0% |
| Distributable reserves | 133 | €379,981 | €1,122,805 | +€742,824 | +195% |
| Amounts payable | 17/49 | €256,435 | €448,241 | +€191,806 | +74.8% |
| Amounts payable after more than one year | 17 | €150,853 | €121,630 | -€29,223 | -19.4% |
| Financial debts | 170/4 | €150,853 | €121,630 | -€29,223 | -19.4% |
| Amounts payable within one year | 42/48 | €105,582 | €141,151 | +€35,569 | +33.7% |
| Current portion of amounts payable after more than one year | 42 | €48,041 | €54,802 | +€6,761 | +14.1% |
| Financial debts | 43 | - | €7,554 | +€7,554 | |
| Credit institutions | 430/8 | - | €7,554 | +€7,554 | |
| Trade debts | 44 | €2,325 | €3,313 | +€988 | +42.5% |
| Suppliers | 440/4 | €2,325 | €3,313 | +€988 | +42.5% |
| Taxes, remuneration and social security | 45 | €55,169 | €75,482 | +€20,313 | +36.8% |
| Taxes | 450/3 | €49,411 | €75,482 | +€26,072 | +52.8% |
| Remuneration and social security | 454/9 | €5,759 | - | -€5,759 | |
| Other amounts payable | 47/48 | €47 | - | -€47 | |
| Accrued charges and deferred income | 492/3 | - | €185,460 | +€185,460 | |
| Remuneration, social security and pensions | 62 | €51,501 | €28,986 | -€22,515 | -43.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,592 | €85,677 | +€27,085 | +46.2% |
| Other operating charges | 640/8 | €6,259 | €6,774 | +€515 | +8.2% |
| Gross operating margin | 9900 | €276,372 | €1,222,113 | +€945,742 | +342% |
| Operating profit (loss) | 9901 | €160,019 | €1,100,676 | +€940,657 | +588% |
| Financial income | 75/76B | €6 | €9,606 | +€9,600 | +165,520% |
| Recurring financial income | 75 | €6 | €9,606 | +€9,600 | +165,520% |
| Financial charges | 65/66B | €7,367 | €11,947 | +€4,580 | +62.2% |
| Recurring financial charges | 65 | €7,367 | €11,947 | +€4,580 | +62.2% |
| Profit (loss) for the period before taxes | 9903 | €152,658 | €1,098,335 | +€945,677 | +619% |
| Income taxes | 67/77 | €57,338 | €355,511 | +€298,173 | +520% |
| Profit (loss) for the period | 9904 | €95,319 | €742,824 | +€647,504 | +679% |
| Profit (loss) for the period to be appropriated | 9905 | €95,319 | €742,824 | +€647,504 | +679% |
Source: filed annual accounts (NBB), financial years ended 1 January 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.