LUC VAEL: 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.
LUC VAEL
Largest movements
- Receivables within one year +€95,036
up €95,036 (+1,342%), from €7,082 to €102,118
of which Trade receivables: +€100,279
- Cash +€31,623
up €31,623 (+160%), from €19,746 to €51,368
mainly Net result for the year (+€127,213) and Other debts (+€121,771)
- Tangible fixed assets -€1,898
down €1,898 (-71.1%), from €2,669 to €771
- Other debts +€121,771
up €121,771 (+2,238%), from €5,442 to €127,213
- Tax, wage and social debts +€2,629
up €2,629 (+49.6%), from €5,300 to €7,928
of which Remuneration and social security: +€2,373
- Gross operating margin +€155,872
up €155,872 (+1,628%), from €9,573 to €165,445
- Taxes +€34,246
up €34,246 (+2,227%), from €1,538 to €35,784
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 | €29,760 | €154,542 | +€124,781 | +419% |
| Fixed assets | 21/28 | €2,669 | €771 | -€1,898 | -71.1% |
| Tangible fixed assets | 22/27 | €2,669 | €771 | -€1,898 | -71.1% |
| Furniture and vehicles | 24 | €2,669 | €771 | -€1,898 | -71.1% |
| Current assets | 29/58 | €27,091 | €153,771 | +€126,679 | +468% |
| Amounts receivable within one year | 40/41 | €7,082 | €102,118 | +€95,036 | +1,342% |
| Trade receivables | 40 | €0 | €100,279 | +€100,279 | |
| Other amounts receivable | 41 | €7,082 | €1,839 | -€5,243 | -74.0% |
| Cash at bank and in hand | 54/58 | €19,746 | €51,368 | +€31,623 | +160% |
| Deferred charges and accrued income | 490/1 | €264 | €284 | +€20 | +7.7% |
| Total equity and liabilities | 10/49 | €29,760 | €154,542 | +€124,781 | +419% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €11,160 | €135,942 | +€124,781 | +1,118% |
| Amounts payable within one year | 42/48 | €11,092 | €135,890 | +€124,799 | +1,125% |
| Trade debts | 44 | €350 | €749 | +€399 | +114% |
| Suppliers | 440/4 | €350 | €749 | +€399 | +114% |
| Taxes, remuneration and social security | 45 | €5,300 | €7,928 | +€2,629 | +49.6% |
| Taxes | 450/3 | €5,300 | €5,555 | +€256 | +4.8% |
| Remuneration and social security | 454/9 | €0 | €2,373 | +€2,373 | |
| Other amounts payable | 47/48 | €5,442 | €127,213 | +€121,771 | +2,238% |
| Accrued charges and deferred income | 492/3 | €68 | €51 | -€17 | -25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,081 | €1,898 | -€183 | -8.8% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €9,573 | €165,445 | +€155,872 | +1,628% |
| Operating profit (loss) | 9901 | €7,105 | €163,147 | +€156,043 | +2,196% |
| Financial income | 75/76B | €60 | €51 | -€9 | -15.5% |
| Recurring financial income | 75 | €60 | €51 | -€9 | -15.5% |
| Financial charges | 65/66B | €185 | €201 | +€16 | +8.7% |
| Recurring financial charges | 65 | €185 | €201 | +€16 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €6,980 | €162,997 | +€156,017 | +2,235% |
| Income taxes | 67/77 | €1,538 | €35,784 | +€34,246 | +2,227% |
| Profit (loss) for the period | 9904 | €5,442 | €127,213 | +€121,771 | +2,238% |
| Profit (loss) for the period to be appropriated | 9905 | €5,442 | €127,213 | +€121,771 | +2,238% |
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 21 October 2026 via checked.be.