LUC VANNESTE: 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 VANNESTE
Largest movements
- Cash -€178,860
down €178,860 (-89.5%), from €199,882 to €21,021
mainly Contributions, distributions and other (-€221,378) and Other debts (-€99,050)
- Current investments -€22,728
down €22,728 (-1.8%), from €1.2m to €1.2m
- Receivables within one year +€20,576
up €20,576 (+329%), from €6,257 to €26,833
- Other debts -€99,050
down €99,050 (-49.4%), from €200,556 to €101,506
- Reserves -€98,812
down €98,812 (-8.1%), from €1.2m to €1.1m
- Gross operating margin -€101,615
down €101,615 (-31.9%), from €318,754 to €217,139
- Taxes -€28,858
down €28,858 (-33.1%), from €87,249 to €58,391
- Financial charges +€16,605
up €16,605 (+334%), from €4,979 to €21,584
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 | €1,481,859 | €1,296,394 | -€185,465 | -12.5% |
| Fixed assets | 21/28 | €31,215 | €25,737 | -€5,478 | -17.5% |
| Tangible fixed assets | 22/27 | €31,215 | €25,737 | -€5,478 | -17.5% |
| Land and buildings | 22 | €1,624 | €1,576 | -€48 | -3.0% |
| Plant, machinery and equipment | 23 | €3,231 | €8,037 | +€4,806 | +149% |
| Furniture and vehicles | 24 | €26,360 | €16,125 | -€10,235 | -38.8% |
| Current assets | 29/58 | €1,450,644 | €1,270,657 | -€179,987 | -12.4% |
| Amounts receivable within one year | 40/41 | €6,257 | €26,833 | +€20,576 | +329% |
| Other amounts receivable | 41 | €6,257 | €26,833 | +€20,576 | +329% |
| Current investments | 50/53 | €1,243,120 | €1,220,392 | -€22,728 | -1.8% |
| Cash at bank and in hand | 54/58 | €199,882 | €21,021 | -€178,860 | -89.5% |
| Deferred charges and accrued income | 490/1 | €1,386 | €2,411 | +€1,025 | +74.0% |
| Total equity and liabilities | 10/49 | €1,481,859 | €1,296,394 | -€185,465 | -12.5% |
| Equity | 10/15 | €1,233,681 | €1,134,870 | -€98,812 | -8.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,215,081 | €1,116,270 | -€98,812 | -8.1% |
| Distributable reserves | 133 | €1,215,081 | €1,116,270 | -€98,812 | -8.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €248,178 | €161,525 | -€86,653 | -34.9% |
| Amounts payable within one year | 42/48 | €246,889 | €161,517 | -€85,372 | -34.6% |
| Trade debts | 44 | €533 | €806 | +€273 | +51.1% |
| Suppliers | 440/4 | €533 | €806 | +€273 | +51.1% |
| Taxes, remuneration and social security | 45 | €45,800 | €59,206 | +€13,405 | +29.3% |
| Taxes | 450/3 | €45,800 | €59,206 | +€13,405 | +29.3% |
| Other amounts payable | 47/48 | €200,556 | €101,506 | -€99,050 | -49.4% |
| Accrued charges and deferred income | 492/3 | €1,288 | €7 | -€1,281 | -99.4% |
| Non-recurring operating income | 76A | €9,596 | €0 | -€9,596 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,402 | €11,719 | +€316 | +2.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €23 | +€23 | |
| Other operating charges | 640/8 | €3,004 | €2,964 | -€40 | -1.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €318,754 | €217,139 | -€101,615 | -31.9% |
| Operating profit (loss) | 9901 | €304,347 | €202,433 | -€101,914 | -33.5% |
| Financial income | 75/76B | €872 | €107 | -€764 | -87.7% |
| Recurring financial income | 75 | €872 | €107 | -€764 | -87.7% |
| Financial charges | 65/66B | €4,979 | €21,584 | +€16,605 | +334% |
| Recurring financial charges | 65 | €4,979 | €21,584 | +€16,605 | +334% |
| Profit (loss) for the period before taxes | 9903 | €300,240 | €180,957 | -€119,283 | -39.7% |
| Income taxes | 67/77 | €87,249 | €58,391 | -€28,858 | -33.1% |
| Profit (loss) for the period | 9904 | €212,992 | €122,567 | -€90,425 | -42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €212,992 | €122,567 | -€90,425 | -42.5% |
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 16 October 2026 via checked.be.