VENS LUDWIG: what changed
What changed
VENS LUDWIG
NACE 43.130, Specialised construction activities
filed annual accounts (NBB)
Net result for the year
€181,862
2024 · €189,497-€7,635
Equity
€1.9m
2024 · €1.7m+€156,862
Cash
€1.7m
2024 · €1.6m+€110,820
Balance sheet total
€1.9m
2024 · €1.8m+€147,207
Largest movements
Assets
- Cash +€110,820
up €110,820 (+6.9%), from €1.6m to €1.7m
mainly Net result for the year (+€181,862) and Depreciation (+€1,183)
- Receivables within one year +€37,570
up €37,570 (+33.4%), from €112,406 to €149,976
of which Trade receivables: +€29,150
Equity and liabilities
- Reserves +€156,862
up €156,862 (+9.2%), from €1.7m to €1.9m
of which Non-distributable reserves: +€156,818
Income statement
- Taxes -€68,260
down €68,260 (-54.6%), from €124,979 to €56,719
- Gross operating margin -€63,857
down €63,857 (-21.1%), from €302,647 to €238,790
- Financial income -€19,200
down €19,200 (-79.0%), from €24,306 to €5,107
- Other operating charges -€5,792
down €5,792 (-63.2%), from €9,158 to €3,366
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€189,497
Gross operating margin
-€63,857
Depreciation
+€1,458
Other operating charges
+€5,792
Financial income
-€19,200
Financial charges
-€89
Taxes
+€68,260
Result 2025
€181,862
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€135,820
Investment
€0
Financing
-€25,000
Cash 2024
€1.6m
From operations (derived)
+€135,820
Net result for the year
+€181,862
Depreciation
+€1,183
Receivables within one year
-€37,570
Trade debts
-€5,767
Tax, wage and social debts
-€3,227
Advances received
-€595
Other debts
-€66
Financing
-€25,000
Contributions, distributions and other
-€25,000
Cash 2025
€1.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,759,466 | €1,906,673 | +€147,207 | +8.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,723 | €540 | -€1,183 | -68.7% |
| Tangible fixed assets | 22/27 | €1,183 | €0 | -€1,183 | -100% |
| Land and buildings | 22 | €891 | €0 | -€891 | -100% |
| Plant, machinery and equipment | 23 | €292 | €0 | -€292 | -100% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €540 | €540 | = | 0.0% |
| Current assets | 29/58 | €1,757,743 | €1,906,133 | +€148,390 | +8.4% |
| Stocks and contracts in progress | 3 | €30,000 | €30,000 | = | 0.0% |
| Stocks | 30/36 | €30,000 | €30,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €112,406 | €149,976 | +€37,570 | +33.4% |
| Trade receivables | 40 | €86,406 | €115,556 | +€29,150 | +33.7% |
| Other amounts receivable | 41 | €26,000 | €34,420 | +€8,420 | +32.4% |
| Cash at bank and in hand | 54/58 | €1,615,337 | €1,726,157 | +€110,820 | +6.9% |
| Total equity and liabilities | 10/49 | €1,759,466 | €1,906,673 | +€147,207 | +8.4% |
| Equity | 10/15 | €1,721,677 | €1,878,539 | +€156,862 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,703,077 | €1,859,939 | +€156,862 | +9.2% |
| Non-distributable reserves | 130/1 | €1,650,305 | €1,807,124 | +€156,818 | +9.5% |
| Reserves not available under the articles | 1311 | €1,650,305 | €1,807,124 | +€156,818 | +9.5% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €15,272 | €15,316 | +€44 | +0.3% |
| Amounts payable | 17/49 | €37,789 | €28,134 | -€9,655 | -25.5% |
| Amounts payable within one year | 42/48 | €37,789 | €28,134 | -€9,655 | -25.5% |
| Trade debts | 44 | €11,709 | €5,942 | -€5,767 | -49.3% |
| Suppliers | 440/4 | €11,709 | €5,942 | -€5,767 | -49.3% |
| Advances received on contracts in progress | 46 | €595 | - | -€595 | |
| Taxes, remuneration and social security | 45 | €24,221 | €20,993 | -€3,227 | -13.3% |
| Taxes | 450/3 | €24,221 | €20,993 | -€3,227 | -13.3% |
| Other amounts payable | 47/48 | €1,264 | €1,198 | -€66 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,641 | €1,183 | -€1,458 | -55.2% |
| Other operating charges | 640/8 | €9,158 | €3,366 | -€5,792 | -63.2% |
| Gross operating margin | 9900 | €302,647 | €238,790 | -€63,857 | -21.1% |
| Operating profit (loss) | 9901 | €290,847 | €234,241 | -€56,607 | -19.5% |
| Financial income | 75/76B | €24,306 | €5,107 | -€19,200 | -79.0% |
| Recurring financial income | 75 | €24,306 | €5,107 | -€19,200 | -79.0% |
| Financial charges | 65/66B | €678 | €767 | +€89 | +13.2% |
| Recurring financial charges | 65 | €678 | €767 | +€89 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €314,476 | €238,581 | -€75,896 | -24.1% |
| Income taxes | 67/77 | €124,979 | €56,719 | -€68,260 | -54.6% |
| Profit (loss) for the period | 9904 | €189,497 | €181,862 | -€7,635 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €189,497 | €181,862 | -€7,635 | -4.0% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.