VINCENT LADEUZE: what changed
What changed
VINCENT LADEUZE
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€32,514
2024 · €36,751-€4,237
Equity
€293,496
2024 · €260,982+€32,514
Cash
€173,414
2024 · €169,712+€3,702
Balance sheet total
€463,152
2024 · €497,540-€34,387
Largest movements
Assets
- Tangible fixed assets -€33,061
down €33,061 (-16.4%), from €201,007 to €167,946
of which Furniture and vehicles: -€24,135
- Receivables within one year -€6,642
down €6,642 (-6.9%), from €95,797 to €89,155
of which Other amounts receivable: -€28,732
Equity and liabilities
- Debts after one year -€42,983
down €42,983 (-27.2%), from €158,070 to €115,087
- Reserves +€32,514
up €32,514 (+13.4%), from €242,382 to €274,896
- Trade debts -€18,303
no longer reported in 2025 (was €18,303)
- Current portion of long-term debt -€7,923
down €7,923 (-15.6%), from €50,906 to €42,983
Income statement
- Gross operating margin -€31,537
down €31,537 (-20.4%), from €154,733 to €123,196
- Depreciation -€21,258
down €21,258 (-27.8%), from €76,587 to €55,328
- Staff costs -€4,343
down €4,343 (-24.8%), from €17,502 to €13,159
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
€36,751
Gross operating margin
-€31,537
Staff costs
+€4,343
Depreciation
+€21,258
Other operating charges
+€355
Financial income
+€1,228
Financial charges
+€1,229
Taxes
-€1,112
Result 2025
€32,514
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
+€76,906
Investment
-€22,268
Financing
-€50,936
Cash 2024
€169,712
From operations (derived)
+€76,906
Net result for the year
+€32,514
Depreciation
+€55,328
Receivables within one year
+€6,642
Deferred charges and accrued income
-€1,613
Trade debts
-€18,303
Tax, wage and social debts
+€1,821
Other debts
+€517
Investment (derived)
-€22,268
Investment in fixed assets (net)
-€22,268
Financing
-€50,936
Debts after one year
-€42,983
Current portion of long-term debt
-€7,923
Short-term financial debts
-€31
Cash 2025
€173,414
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €497,540 | €463,152 | -€34,387 | -6.9% |
| Fixed assets | 21/28 | €201,382 | €168,321 | -€33,061 | -16.4% |
| Tangible fixed assets | 22/27 | €201,007 | €167,946 | -€33,061 | -16.4% |
| Land and buildings | 22 | €118,436 | €130,951 | +€12,515 | +10.6% |
| Plant, machinery and equipment | 23 | €54,089 | €32,648 | -€21,441 | -39.6% |
| Furniture and vehicles | 24 | €28,482 | €4,348 | -€24,135 | -84.7% |
| Financial fixed assets | 28 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €296,158 | €294,831 | -€1,327 | -0.4% |
| Amounts receivable after more than one year | 29 | €30,000 | €30,000 | = | 0.0% |
| Other amounts receivable | 291 | €30,000 | €30,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €95,797 | €89,155 | -€6,642 | -6.9% |
| Trade receivables | 40 | €63,449 | €85,539 | +€22,090 | +34.8% |
| Other amounts receivable | 41 | €32,347 | €3,615 | -€28,732 | -88.8% |
| Cash at bank and in hand | 54/58 | €169,712 | €173,414 | +€3,702 | +2.2% |
| Deferred charges and accrued income | 490/1 | €649 | €2,262 | +€1,613 | +248% |
| Total equity and liabilities | 10/49 | €497,540 | €463,152 | -€34,387 | -6.9% |
| Equity | 10/15 | €260,982 | €293,496 | +€32,514 | +12.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €242,382 | €274,896 | +€32,514 | +13.4% |
| Distributable reserves | 133 | €242,382 | €274,896 | +€32,514 | +13.4% |
| Amounts payable | 17/49 | €236,558 | €169,657 | -€66,901 | -28.3% |
| Amounts payable after more than one year | 17 | €158,070 | €115,087 | -€42,983 | -27.2% |
| Financial debts | 170/4 | €158,070 | €115,087 | -€42,983 | -27.2% |
| Amounts payable within one year | 42/48 | €78,488 | €54,570 | -€23,919 | -30.5% |
| Current portion of amounts payable after more than one year | 42 | €50,906 | €42,983 | -€7,923 | -15.6% |
| Financial debts | 43 | €5,115 | €5,085 | -€31 | -0.6% |
| Credit institutions | 430/8 | €5,115 | €5,085 | -€31 | -0.6% |
| Trade debts | 44 | €18,303 | - | -€18,303 | |
| Suppliers | 440/4 | €18,303 | - | -€18,303 | |
| Taxes, remuneration and social security | 45 | €4,038 | €5,859 | +€1,821 | +45.1% |
| Taxes | 450/3 | €1,428 | €5,859 | +€4,431 | +310% |
| Remuneration and social security | 454/9 | €2,610 | - | -€2,610 | |
| Other amounts payable | 47/48 | €126 | €643 | +€517 | +409% |
| Non-recurring operating income | 76A | €31,500 | €19,418 | -€12,082 | -38.4% |
| Remuneration, social security and pensions | 62 | €17,502 | €13,159 | -€4,343 | -24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,587 | €55,328 | -€21,258 | -27.8% |
| Other operating charges | 640/8 | €1,244 | €889 | -€355 | -28.5% |
| Gross operating margin | 9900 | €154,733 | €123,196 | -€31,537 | -20.4% |
| Operating profit (loss) | 9901 | €59,401 | €53,819 | -€5,582 | -9.4% |
| Financial income | 75/76B | €53 | €1,281 | +€1,228 | +2,330% |
| Recurring financial income | 75 | €53 | €1,281 | +€1,228 | +2,330% |
| Financial charges | 65/66B | €8,163 | €6,934 | -€1,229 | -15.0% |
| Recurring financial charges | 65 | €8,163 | €6,934 | -€1,229 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €51,291 | €48,166 | -€3,125 | -6.1% |
| Income taxes | 67/77 | €14,540 | €15,652 | +€1,112 | +7.6% |
| Profit (loss) for the period | 9904 | €36,751 | €32,514 | -€4,237 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,751 | €32,514 | -€4,237 | -11.5% |
Next steps
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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 4 November 2026 via checked.be.