Luc van Aert: 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 van Aert
Largest movements
- Cash +€22,819
up €22,819 (+17.9%), from €127,662 to €150,481
mainly Other debts (+€32,454) and Depreciation (+€15,356)
- Tangible fixed assets -€17,675
down €17,675 (-100%), from €17,675 to €0
of which Furniture and vehicles: -€15,356
- Receivables within one year +€4,246
up €4,246 (+12.7%), from €33,455 to €37,702
of which Trade receivables: +€5,871
- Other debts +€32,454
up €32,454 (+104%), from €31,307 to €63,761
- Reserves -€18,904
down €18,904 (-15.8%), from €119,469 to €100,565
of which Distributable reserves: -€18,904
- Tax, wage and social debts -€5,758
down €5,758 (-56.0%), from €10,284 to €4,526
- Depreciation -€7,486
down €7,486 (-32.8%), from €22,841 to €15,356
- Gross operating margin +€7,108
up €7,108 (+24.3%), from €29,308 to €36,415
- Taxes +€3,401
up €3,401 (+476%), from €714 to €4,115
- Financial income +€699
up €699 (+3,406%), from €21 to €719
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 | €187,792 | €197,592 | +€9,800 | +5.2% |
| Fixed assets | 21/28 | €26,675 | €9,000 | -€17,675 | -66.3% |
| Tangible fixed assets | 22/27 | €17,675 | €0 | -€17,675 | -100% |
| Land and buildings | 22 | €2,319 | €0 | -€2,319 | -100% |
| Furniture and vehicles | 24 | €15,356 | €0 | -€15,356 | -100% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €161,117 | €188,592 | +€27,475 | +17.1% |
| Amounts receivable within one year | 40/41 | €33,455 | €37,702 | +€4,246 | +12.7% |
| Trade receivables | 40 | €29,438 | €35,309 | +€5,871 | +19.9% |
| Other amounts receivable | 41 | €4,017 | €2,393 | -€1,625 | -40.4% |
| Cash at bank and in hand | 54/58 | €127,662 | €150,481 | +€22,819 | +17.9% |
| Deferred charges and accrued income | 490/1 | - | €409 | +€409 | |
| Total equity and liabilities | 10/49 | €187,792 | €197,592 | +€9,800 | +5.2% |
| Equity | 10/15 | €128,549 | €110,481 | -€18,069 | -14.1% |
| Contributions | 10/11 | €9,916 | €9,916 | = | 0.0% |
| Reserves | 13 | €119,469 | €100,565 | -€18,904 | -15.8% |
| Tax-exempt reserves | 132 | €42,000 | €42,000 | = | 0.0% |
| Distributable reserves | 133 | €77,469 | €58,565 | -€18,904 | -24.4% |
| Profit (loss) carried forward | 14 | -€836 | €0 | +€836 | |
| Amounts payable | 17/49 | €59,243 | €87,111 | +€27,869 | +47.0% |
| Amounts payable within one year | 42/48 | €59,243 | €87,111 | +€27,869 | +47.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €221 | €248 | +€26 | +11.8% |
| Credit institutions | 430/8 | €221 | €248 | +€26 | +11.8% |
| Trade debts | 44 | €17,430 | €18,576 | +€1,146 | +6.6% |
| Suppliers | 440/4 | €17,430 | €18,576 | +€1,146 | +6.6% |
| Taxes, remuneration and social security | 45 | €10,284 | €4,526 | -€5,758 | -56.0% |
| Taxes | 450/3 | €10,284 | €4,526 | -€5,758 | -56.0% |
| Other amounts payable | 47/48 | €31,307 | €63,761 | +€32,454 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,841 | €15,356 | -€7,486 | -32.8% |
| Other operating charges | 640/8 | €3,754 | €3,996 | +€241 | +6.4% |
| Non-recurring operating charges | 66A | - | €2,319 | +€2,319 | |
| Gross operating margin | 9900 | €29,308 | €36,415 | +€7,108 | +24.3% |
| Operating profit (loss) | 9901 | €2,712 | €14,745 | +€12,033 | +444% |
| Financial income | 75/76B | €21 | €719 | +€699 | +3,406% |
| Recurring financial income | 75 | €21 | €719 | +€699 | +3,406% |
| Financial charges | 65/66B | €2,854 | €2,865 | +€11 | +0.4% |
| Recurring financial charges | 65 | €2,854 | €2,865 | +€11 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | -€122 | €12,599 | +€12,721 | |
| Income taxes | 67/77 | €714 | €4,115 | +€3,401 | +476% |
| Profit (loss) for the period | 9904 | -€836 | €8,484 | +€9,320 | |
| Profit (loss) for the period to be appropriated | 9905 | -€836 | €8,484 | +€9,320 |
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 18 October 2026 via checked.be.