LIEVEN VANHEULE: 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.
LIEVEN VANHEULE
Largest movements
- Tangible fixed assets +€68,990
up €68,990 (+173%), from €39,892 to €108,883
of which Furniture and vehicles: +€77,315
- Receivables within one year +€51,203
up €51,203 (+33.3%), from €153,575 to €204,779
of which Other amounts receivable: +€27,879
- Cash -€30,834
down €30,834 (-50.6%), from €60,991 to €30,157
mainly Investment in fixed assets (net) (-€100,367) and Receivables within one year (-€51,203)
- Current investments +€10,295
up €10,295 (+10.8%), from €95,000 to €105,295
- Other debts +€43,861
up €43,861 (+46.8%), from €93,784 to €137,646
- Reserves +€43,770
up €43,770 (+43.5%), from €100,578 to €144,348
of which Distributable reserves: +€43,770
- Debts after one year +€16,959
up €16,959 (+22.0%), from €77,176 to €94,135
- Trade debts -€13,857
down €13,857 (-15.3%), from €90,557 to €76,701
- Tax, wage and social debts +€5,556
up €5,556 (+69.8%), from €7,961 to €13,517
of which Remuneration and social security: +€10,800
- Gross operating margin +€46,195
up €46,195 (+61.6%), from €74,986 to €121,181
- Depreciation +€13,996
up €13,996 (+80.5%), from €17,380 to €31,377
- Financial charges +€7,858
up €7,858 (+207%), from €3,801 to €11,659
- Taxes +€3,701
up €3,701 (+21.0%), from €17,596 to €21,298
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 | €448,207 | €549,119 | +€100,912 | +22.5% |
| Fixed assets | 21/28 | €40,027 | €109,018 | +€68,990 | +172% |
| Tangible fixed assets | 22/27 | €39,892 | €108,883 | +€68,990 | +173% |
| Land and buildings | 22 | €237 | €0 | -€237 | -100% |
| Plant, machinery and equipment | 23 | €32,096 | €24,010 | -€8,087 | -25.2% |
| Furniture and vehicles | 24 | €7,559 | €84,873 | +€77,315 | +1,023% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €408,179 | €440,101 | +€31,922 | +7.8% |
| Amounts receivable after more than one year | 29 | €51,500 | €51,500 | = | 0.0% |
| Trade receivables | 290 | €51,500 | €51,500 | = | 0.0% |
| Stocks and contracts in progress | 3 | €45,968 | €45,808 | -€160 | -0.3% |
| Stocks | 30/36 | €1,800 | €1,640 | -€160 | -8.9% |
| Contracts in progress | 37 | €44,168 | €44,168 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €153,575 | €204,779 | +€51,203 | +33.3% |
| Trade receivables | 40 | €141,227 | €164,552 | +€23,325 | +16.5% |
| Other amounts receivable | 41 | €12,348 | €40,227 | +€27,879 | +226% |
| Current investments | 50/53 | €95,000 | €105,295 | +€10,295 | +10.8% |
| Cash at bank and in hand | 54/58 | €60,991 | €30,157 | -€30,834 | -50.6% |
| Deferred charges and accrued income | 490/1 | €1,145 | €2,563 | +€1,417 | +124% |
| Total equity and liabilities | 10/49 | €448,207 | €549,119 | +€100,912 | +22.5% |
| Equity | 10/15 | €137,651 | €181,421 | +€43,770 | +31.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100,578 | €144,348 | +€43,770 | +43.5% |
| 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 | €98,718 | €142,488 | +€43,770 | +44.3% |
| Profit (loss) carried forward | 14 | €18,473 | €18,473 | = | 0.0% |
| Amounts payable | 17/49 | €310,556 | €367,698 | +€57,143 | +18.4% |
| Amounts payable after more than one year | 17 | €77,176 | €94,135 | +€16,959 | +22.0% |
| Financial debts | 170/4 | €77,176 | €94,135 | +€16,959 | +22.0% |
| Amounts payable within one year | 42/48 | €233,380 | €273,564 | +€40,184 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €40,830 | €45,453 | +€4,623 | +11.3% |
| Trade debts | 44 | €90,557 | €76,701 | -€13,857 | -15.3% |
| Suppliers | 440/4 | €90,557 | €76,701 | -€13,857 | -15.3% |
| Advances received on contracts in progress | 46 | €247 | €247 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €7,961 | €13,517 | +€5,556 | +69.8% |
| Taxes | 450/3 | €7,961 | €2,717 | -€5,244 | -65.9% |
| Remuneration and social security | 454/9 | - | €10,800 | +€10,800 | |
| Other amounts payable | 47/48 | €93,784 | €137,646 | +€43,861 | +46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,380 | €31,377 | +€13,996 | +80.5% |
| Other operating charges | 640/8 | €247 | €144 | -€103 | -41.6% |
| Gross operating margin | 9900 | €74,986 | €121,181 | +€46,195 | +61.6% |
| Operating profit (loss) | 9901 | €57,359 | €89,660 | +€32,301 | +56.3% |
| Financial income | 75/76B | €14 | €296 | +€282 | +1,998% |
| Recurring financial income | 75 | €14 | €296 | +€282 | +1,998% |
| Financial charges | 65/66B | €3,801 | €11,659 | +€7,858 | +207% |
| Recurring financial charges | 65 | €3,801 | €11,659 | +€7,858 | +207% |
| Profit (loss) for the period before taxes | 9903 | €53,573 | €78,297 | +€24,725 | +46.2% |
| Income taxes | 67/77 | €17,596 | €21,298 | +€3,701 | +21.0% |
| Profit (loss) for the period | 9904 | €35,977 | €57,000 | +€21,023 | +58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,977 | €57,000 | +€21,023 | +58.4% |
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 26 October 2026 via checked.be.