Lode Van Sande: what changed
Two fiscal 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.
Lode Van Sande
Largest movements
- Receivables within one year +€152,411
up €152,411 (+110.4%), from €138,073 to €290,484
- Tangible fixed assets -€80,023
down €80,023 (-5.9%), from €1.3m to €1.3m
of which Other tangible fixed assets: -€46,278
- Cash +€54,315
up €54,315 (+69.2%), from €78,484 to €132,799
mainly Depreciation (+€305,199) and Net result for the year (+€120,244)
- Reserves +€120,244
up €120,244 (+57.2%), from €210,193 to €330,437
- Debts after one year -€95,824
down €95,824 (-10.9%), from €878,672 to €782,848
- Current portion of long-term debt +€41,254
up €41,254 (+17.1%), from €240,745 to €281,999
- Trade debts +€35,685
up €35,685 (+76.5%), from €46,637 to €82,322
- Tax, wage and social debts +€26,743
up €26,743 (+53.7%), from €49,828 to €76,572
of which Taxes: +€20,568
- Gross operating margin +€155,627
up €155,627 (+35.1%), from €443,895 to €599,523
- Depreciation +€39,406
up €39,406 (+14.8%), from €265,793 to €305,199
- Staff costs +€30,885
up €30,885 (+61.9%), from €49,901 to €80,786
- Taxes +€17,853
up €17,853 (+175.4%), from €10,177 to €28,031
- Write-downs +€10,713
new in 2025: €10,713
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.
Cash bridge derived
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 | €1,582,185 | €1,694,707 | +€112,522 | +7.1% |
| Fixed assets | 21/28 | €1,352,010 | €1,271,424 | -€80,586 | -6.0% |
| Intangible fixed assets | 21 | €2,486 | €1,923 | -€563 | -22.6% |
| Tangible fixed assets | 22/27 | €1,349,524 | €1,269,501 | -€80,023 | -5.9% |
| Plant, machinery and equipment | 23 | €512,055 | €486,574 | -€25,480 | -5.0% |
| Furniture and vehicles | 24 | €144,124 | €170,509 | +€26,385 | +18.3% |
| Leasing and similar rights | 25 | €190,790 | €156,140 | -€34,650 | -18.2% |
| Other tangible fixed assets | 26 | €502,555 | €456,277 | -€46,278 | -9.2% |
| Current assets | 29/58 | €230,176 | €423,283 | +€193,107 | +83.9% |
| Amounts receivable within one year | 40/41 | €138,073 | €290,484 | +€152,411 | +110.4% |
| Trade receivables | 40 | €138,073 | €290,484 | +€152,411 | +110.4% |
| Cash at bank and in hand | 54/58 | €78,484 | €132,799 | +€54,315 | +69.2% |
| Deferred charges and accrued income | 490/1 | €13,618 | - | -€13,618 | |
| Total equity and liabilities | 10/49 | €1,582,185 | €1,694,707 | +€112,522 | +7.1% |
| Equity | 10/15 | €242,193 | €362,437 | +€120,244 | +49.6% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €210,193 | €330,437 | +€120,244 | +57.2% |
| Distributable reserves | 133 | €210,193 | €330,437 | +€120,244 | +57.2% |
| Amounts payable | 17/49 | €1,339,992 | €1,332,270 | -€7,722 | -0.6% |
| Amounts payable after more than one year | 17 | €878,672 | €782,848 | -€95,824 | -10.9% |
| Financial debts | 170/4 | €878,672 | €782,848 | -€95,824 | -10.9% |
| Amounts payable within one year | 42/48 | €461,173 | €549,422 | +€88,249 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €240,745 | €281,999 | +€41,254 | +17.1% |
| Trade debts | 44 | €46,637 | €82,322 | +€35,685 | +76.5% |
| Suppliers | 440/4 | €46,637 | €82,322 | +€35,685 | +76.5% |
| Taxes, remuneration and social security | 45 | €49,828 | €76,572 | +€26,743 | +53.7% |
| Taxes | 450/3 | €42,863 | €63,431 | +€20,568 | +48.0% |
| Remuneration and social security | 454/9 | €6,965 | €13,140 | +€6,176 | +88.7% |
| Other amounts payable | 47/48 | €123,962 | €108,529 | -€15,434 | -12.5% |
| Accrued charges and deferred income | 492/3 | €147 | - | -€147 | |
| Non-recurring operating income | 76A | - | €56,414 | +€56,414 | |
| Remuneration, social security and pensions | 62 | €49,901 | €80,786 | +€30,885 | +61.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €265,793 | €305,199 | +€39,406 | +14.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,713 | +€10,713 | |
| Other operating charges | 640/8 | €8,413 | €4,599 | -€3,814 | -45.3% |
| Non-recurring operating charges | 66A | €0 | €849 | +€849 | |
| Gross operating margin | 9900 | €443,895 | €599,523 | +€155,627 | +35.1% |
| Operating profit (loss) | 9901 | €119,788 | €197,376 | +€77,588 | +64.8% |
| Financial income | 75/76B | €674 | €1,807 | +€1,132 | +167.9% |
| Recurring financial income | 75 | €674 | €1,807 | +€1,132 | +167.9% |
| Financial charges | 65/66B | €44,700 | €50,909 | +€6,209 | +13.9% |
| Recurring financial charges | 65 | €44,700 | €50,909 | +€6,209 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €75,763 | €148,274 | +€72,511 | +95.7% |
| Income taxes | 67/77 | €10,177 | €28,031 | +€17,853 | +175.4% |
| Profit (loss) for the period | 9904 | €65,586 | €120,244 | +€54,658 | +83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €65,586 | €120,244 | +€54,658 | +83.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.