Lieven Vanbuel: what changed
What changed
Lieven Vanbuel
filed annual accounts (NBB)
Net result for the year
€41,667
2024 · €61,350-€19,683
Equity
€106,016
2024 · €64,350+€41,667
Cash
€81,294
2024 · €58,183+€23,111
Balance sheet total
€117,946
2024 · €80,892+€37,055
Largest movements
Assets
- Cash +€23,111
up €23,111 (+39.7%), from €58,183 to €81,294
mainly Net result for the year (+€41,667) and Depreciation (+€4,898)
- Current investments +€19,948
new in 2025: €19,948
- Tangible fixed assets -€4,898
down €4,898 (-41.5%), from €11,809 to €6,911
Equity and liabilities
- Reserves +€41,667
up €41,667 (+67.9%), from €61,350 to €103,016
- Tax, wage and social debts -€4,810
down €4,810 (-30.6%), from €15,719 to €10,908
Income statement
- Gross operating margin -€28,464
down €28,464 (-32.8%), from €86,886 to €58,422
- Taxes -€4,727
down €4,727 (-30.1%), from €15,719 to €10,992
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.
Result 2024
€61,350
Gross operating margin
-€28,464
Depreciation
-€217
Other operating charges
+€725
Other operating items
+€3,600
Financial income
+€279
Financial charges
-€334
Taxes
+€4,727
Result 2025
€41,667
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€43,059
Investment
-€19,948
Financing
€0
Cash 2024
€58,183
From operations (derived)
+€43,059
Net result for the year
+€41,667
Depreciation
+€4,898
Receivables within one year
+€1,064
Smaller working-capital items
+€46
Trade debts
+€194
Tax, wage and social debts
-€4,810
Investment (derived)
-€19,948
Current investments
-€19,948
Cash 2025
€81,294
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €80,892 | €117,946 | +€37,055 | +45.8% |
| Fixed assets | 21/28 | €11,809 | €6,911 | -€4,898 | -41.5% |
| Tangible fixed assets | 22/27 | €11,809 | €6,911 | -€4,898 | -41.5% |
| Furniture and vehicles | 24 | €11,809 | €6,911 | -€4,898 | -41.5% |
| Current assets | 29/58 | €69,083 | €111,036 | +€41,953 | +60.7% |
| Amounts receivable within one year | 40/41 | €10,290 | €9,226 | -€1,064 | -10.3% |
| Trade receivables | 40 | €10,290 | €9,226 | -€1,064 | -10.3% |
| Current investments | 50/53 | - | €19,948 | +€19,948 | |
| Cash at bank and in hand | 54/58 | €58,183 | €81,294 | +€23,111 | +39.7% |
| Deferred charges and accrued income | 490/1 | €610 | €568 | -€42 | -6.8% |
| Total equity and liabilities | 10/49 | €80,892 | €117,946 | +€37,055 | +45.8% |
| Equity | 10/15 | €64,350 | €106,016 | +€41,667 | +64.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €61,350 | €103,016 | +€41,667 | +67.9% |
| Distributable reserves | 133 | €61,350 | €103,016 | +€41,667 | +67.9% |
| Amounts payable | 17/49 | €16,542 | €11,930 | -€4,612 | -27.9% |
| Amounts payable within one year | 42/48 | €16,542 | €11,930 | -€4,612 | -27.9% |
| Trade debts | 44 | €795 | €990 | +€194 | +24.4% |
| Suppliers | 440/4 | €795 | €990 | +€194 | +24.4% |
| Taxes, remuneration and social security | 45 | €15,719 | €10,908 | -€4,810 | -30.6% |
| Taxes | 450/3 | €15,719 | €10,908 | -€4,810 | -30.6% |
| Other amounts payable | 47/48 | €28 | €32 | +€5 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,681 | €4,898 | +€217 | +4.6% |
| Other operating charges | 640/8 | €1,477 | €752 | -€725 | -49.1% |
| Non-recurring operating charges | 66A | €3,600 | €0 | -€3,600 | -100% |
| Gross operating margin | 9900 | €86,886 | €58,422 | -€28,464 | -32.8% |
| Operating profit (loss) | 9901 | €77,127 | €52,772 | -€24,355 | -31.6% |
| Financial income | 75/76B | - | €279 | +€279 | |
| Recurring financial income | 75 | - | €279 | +€279 | |
| Financial charges | 65/66B | €58 | €392 | +€334 | +573% |
| Recurring financial charges | 65 | €58 | €392 | +€334 | +573% |
| Profit (loss) for the period before taxes | 9903 | €77,069 | €52,659 | -€24,410 | -31.7% |
| Income taxes | 67/77 | €15,719 | €10,992 | -€4,727 | -30.1% |
| Profit (loss) for the period | 9904 | €61,350 | €41,667 | -€19,683 | -32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €61,350 | €41,667 | -€19,683 | -32.1% |
Next steps
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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 5 November 2026 via checked.be.