Stefan Lavens: 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.
Stefan Lavens
Largest movements
- Cash +€24,071
up €24,071 (+45.3%), from €53,165 to €77,236
mainly Depreciation (+€17,504) and Net result for the year (+€9,424)
- Tangible fixed assets -€11,478
down €11,478 (-58.6%), from €19,583 to €8,105
of which Furniture and vehicles: -€15,816
- Reserves +€8,591
up €8,591 (+37.9%), from €22,693 to €31,284
- Other debts +€3,065
up €3,065 (+4.1%), from €75,646 to €78,711
- Depreciation -€1,719
down €1,719 (-8.9%), from €19,223 to €17,504
- Taxes +€573
up €573 (+18.8%), from €3,047 to €3,620
- Gross operating margin +€477
up €477 (+1.6%), from €30,564 to €31,041
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 | €112,878 | €125,297 | +€12,419 | +11.0% |
| Fixed assets | 21/28 | €50,114 | €38,636 | -€11,478 | -22.9% |
| Tangible fixed assets | 22/27 | €19,583 | €8,105 | -€11,478 | -58.6% |
| Furniture and vehicles | 24 | €16,849 | €1,033 | -€15,816 | -93.9% |
| Other tangible fixed assets | 26 | €2,735 | €7,072 | +€4,338 | +159% |
| Financial fixed assets | 28 | €30,531 | €30,531 | = | 0.0% |
| Current assets | 29/58 | €62,763 | €86,660 | +€23,897 | +38.1% |
| Amounts receivable within one year | 40/41 | €8,470 | €8,470 | = | 0.0% |
| Trade receivables | 40 | €8,470 | €8,470 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €53,165 | €77,236 | +€24,071 | +45.3% |
| Deferred charges and accrued income | 490/1 | €1,129 | €955 | -€174 | -15.4% |
| Total equity and liabilities | 10/49 | €112,878 | €125,297 | +€12,419 | +11.0% |
| Equity | 10/15 | €24,693 | €33,284 | +€8,591 | +34.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €22,693 | €31,284 | +€8,591 | +37.9% |
| Distributable reserves | 133 | €22,693 | €31,284 | +€8,591 | +37.9% |
| Amounts payable | 17/49 | €88,185 | €92,013 | +€3,828 | +4.3% |
| Amounts payable after more than one year | 17 | €8,000 | €8,000 | = | 0.0% |
| Financial debts | 170/4 | €8,000 | €8,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €80,185 | €84,013 | +€3,828 | +4.8% |
| Trade debts | 44 | - | €191 | +€191 | |
| Suppliers | 440/4 | - | €191 | +€191 | |
| Taxes, remuneration and social security | 45 | €4,539 | €5,112 | +€573 | +12.6% |
| Taxes | 450/3 | €4,539 | €5,112 | +€573 | +12.6% |
| Other amounts payable | 47/48 | €75,646 | €78,711 | +€3,065 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,223 | €17,504 | -€1,719 | -8.9% |
| Other operating charges | 640/8 | €462 | €589 | +€127 | +27.4% |
| Gross operating margin | 9900 | €30,564 | €31,041 | +€477 | +1.6% |
| Operating profit (loss) | 9901 | €10,878 | €12,948 | +€2,069 | +19.0% |
| Financial income | 75/76B | - | €136 | +€136 | |
| Recurring financial income | 75 | - | €136 | +€136 | |
| Financial charges | 65/66B | €39 | €40 | +€1 | +3.5% |
| Recurring financial charges | 65 | €39 | €40 | +€1 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €10,839 | €13,044 | +€2,204 | +20.3% |
| Income taxes | 67/77 | €3,047 | €3,620 | +€573 | +18.8% |
| Profit (loss) for the period | 9904 | €7,792 | €9,424 | +€1,632 | +20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,792 | €9,424 | +€1,632 | +20.9% |
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 28 October 2026 via checked.be.