VAES LIEVEN: 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.
VAES LIEVEN
Largest movements
- Receivables within one year +€19,246
up €19,246 (+63.4%), from €30,374 to €49,619
of which Other amounts receivable: +€13,567
- Cash +€5,760
up €5,760 (+66.3%), from €8,686 to €14,446
mainly Net result for the year (+€12,266) and Trade debts (+€6,448)
- Stocks and contracts +€2,559
up €2,559 (+59.2%), from €4,321 to €6,880
- Deferred charges and accrued income +€1,324
up €1,324 (+6,124%), from €22 to €1,346
- Profit (loss) carried forward +€9,582
up €9,582, from -€9,582 to €0
- Trade debts +€6,448
up €6,448 (+37.8%), from €17,069 to €23,517
- Debts after one year +€5,368
new in 2025: €5,368
- Reserves +€2,685
up €2,685 (+31.7%), from €8,457 to €11,142
- Tax, wage and social debts +€1,508
up €1,508 (+9.1%), from €16,598 to €18,106
of which Taxes: +€1,288
- Gross operating margin +€25,951
up €25,951 (+38.7%), from €67,045 to €92,996
- Staff costs +€15,054
up €15,054 (+27.0%), from €55,824 to €70,879
- Depreciation -€9,744
down €9,744 (-67.8%), from €14,369 to €4,625
- Other operating charges -€2,554
down €2,554 (-33.3%), from €7,664 to €5,110
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 | €57,998 | €86,393 | +€28,396 | +49.0% |
| Fixed assets | 21/28 | €14,596 | €14,102 | -€493 | -3.4% |
| Tangible fixed assets | 22/27 | €14,596 | €14,102 | -€493 | -3.4% |
| Plant, machinery and equipment | 23 | €2,218 | €1,199 | -€1,020 | -46.0% |
| Furniture and vehicles | 24 | €1,886 | €1,136 | -€750 | -39.8% |
| Other tangible fixed assets | 26 | €10,491 | €11,768 | +€1,277 | +12.2% |
| Current assets | 29/58 | €43,402 | €72,291 | +€28,889 | +66.6% |
| Stocks and contracts in progress | 3 | €4,321 | €6,880 | +€2,559 | +59.2% |
| Stocks | 30/36 | €4,321 | €6,880 | +€2,559 | +59.2% |
| Amounts receivable within one year | 40/41 | €30,374 | €49,619 | +€19,246 | +63.4% |
| Trade receivables | 40 | €8,645 | €14,324 | +€5,679 | +65.7% |
| Other amounts receivable | 41 | €21,729 | €35,296 | +€13,567 | +62.4% |
| Cash at bank and in hand | 54/58 | €8,686 | €14,446 | +€5,760 | +66.3% |
| Deferred charges and accrued income | 490/1 | €22 | €1,346 | +€1,324 | +6,124% |
| Total equity and liabilities | 10/49 | €57,998 | €86,393 | +€28,396 | +49.0% |
| Equity | 10/15 | €17,468 | €29,734 | +€12,266 | +70.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €8,457 | €11,142 | +€2,685 | +31.7% |
| Distributable reserves | 133 | €8,457 | €11,142 | +€2,685 | +31.7% |
| Profit (loss) carried forward | 14 | -€9,582 | €0 | +€9,582 | |
| Amounts payable | 17/49 | €40,530 | €56,659 | +€16,129 | +39.8% |
| Amounts payable after more than one year | 17 | - | €5,368 | +€5,368 | |
| Financial debts | 170/4 | - | €5,368 | +€5,368 | |
| Amounts payable within one year | 42/48 | €40,464 | €51,225 | +€10,760 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | - | €1,428 | +€1,428 | |
| Financial debts | 43 | - | €18 | +€18 | |
| Credit institutions | 430/8 | - | €18 | +€18 | |
| Trade debts | 44 | €17,069 | €23,517 | +€6,448 | +37.8% |
| Suppliers | 440/4 | €17,069 | €23,517 | +€6,448 | +37.8% |
| Advances received on contracts in progress | 46 | €6,798 | €8,157 | +€1,359 | +20.0% |
| Taxes, remuneration and social security | 45 | €16,598 | €18,106 | +€1,508 | +9.1% |
| Taxes | 450/3 | €8,938 | €10,226 | +€1,288 | +14.4% |
| Remuneration and social security | 454/9 | €7,660 | €7,879 | +€220 | +2.9% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Remuneration, social security and pensions | 62 | €55,824 | €70,879 | +€15,054 | +27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,369 | €4,625 | -€9,744 | -67.8% |
| Other operating charges | 640/8 | €7,664 | €5,110 | -€2,554 | -33.3% |
| Gross operating margin | 9900 | €67,045 | €92,996 | +€25,951 | +38.7% |
| Operating profit (loss) | 9901 | -€10,812 | €12,383 | +€23,195 | |
| Financial income | 75/76B | €2,000 | €1,589 | -€411 | -20.6% |
| Recurring financial income | 75 | €2,000 | €1,589 | -€411 | -20.6% |
| Financial charges | 65/66B | €769 | €1,437 | +€667 | +86.7% |
| Recurring financial charges | 65 | €769 | €1,437 | +€667 | +86.7% |
| Profit (loss) for the period before taxes | 9903 | -€9,582 | €12,535 | +€22,117 | |
| Income taxes | 67/77 | - | €268 | +€268 | |
| Profit (loss) for the period | 9904 | -€9,582 | €12,266 | +€21,848 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,582 | €12,266 | +€21,848 |
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.