VINCENT LEFEVER: 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.
VINCENT LEFEVER
Largest movements
- Financial fixed assets +€147,390
up €147,390 (+215%), from €68,400 to €215,790
- Current investments -€30,000
no longer reported in 2025 (was €30,000)
- Receivables within one year -€13,519
down €13,519 (-72.3%), from €18,705 to €5,186
of which Trade receivables: -€10,000
- Cash +€11,734
up €11,734 (+66.2%), from €17,732 to €29,466
mainly Other debts (+€138,691) and Net result for the year (+€37,814)
- Tangible fixed assets -€10,783
down €10,783 (-19.1%), from €56,526 to €45,743
of which Furniture and vehicles: -€11,682
- Other debts +€138,691
up €138,691 (+1,736%), from €7,990 to €146,681
- Trade debts -€32,781
down €32,781 (-92.3%), from €35,525 to €2,744
- Reserves +€9,956
up €9,956 (+7.8%), from €128,167 to €138,123
of which Distributable reserves: +€9,956
- Debts after one year -€9,951
down €9,951 (-31.1%), from €32,005 to €22,054
- Tax, wage and social debts +€9,173
up €9,173 (+135%), from €6,780 to €15,954
- Gross operating margin +€20,409
up €20,409 (+37.4%), from €54,525 to €74,934
- Taxes +€10,061
up €10,061 (+87.1%), from €11,556 to €21,618
- Depreciation +€1,389
up €1,389 (+10.6%), from €13,085 to €14,475
- Financial charges -€784
down €784 (-38.4%), from €2,041 to €1,257
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 | €220,578 | €335,666 | +€115,088 | +52.2% |
| Fixed assets | 21/28 | €124,926 | €261,533 | +€136,607 | +109% |
| Tangible fixed assets | 22/27 | €56,526 | €45,743 | -€10,783 | -19.1% |
| Plant, machinery and equipment | 23 | - | €899 | +€899 | |
| Furniture and vehicles | 24 | €56,526 | €44,844 | -€11,682 | -20.7% |
| Financial fixed assets | 28 | €68,400 | €215,790 | +€147,390 | +215% |
| Current assets | 29/58 | €95,652 | €74,133 | -€21,519 | -22.5% |
| Amounts receivable within one year | 40/41 | €18,705 | €5,186 | -€13,519 | -72.3% |
| Trade receivables | 40 | €15,186 | €5,186 | -€10,000 | -65.9% |
| Other amounts receivable | 41 | €3,519 | - | -€3,519 | |
| Current investments | 50/53 | €30,000 | - | -€30,000 | |
| Cash at bank and in hand | 54/58 | €17,732 | €29,466 | +€11,734 | +66.2% |
| Deferred charges and accrued income | 490/1 | €29,215 | €39,481 | +€10,266 | +35.1% |
| Total equity and liabilities | 10/49 | €220,578 | €335,666 | +€115,088 | +52.2% |
| Equity | 10/15 | €128,717 | €138,673 | +€9,956 | +7.7% |
| Contributions | 10/11 | €550 | €550 | = | 0.0% |
| Reserves | 13 | €128,167 | €138,123 | +€9,956 | +7.8% |
| Tax-exempt reserves | 132 | €3,498 | €3,498 | = | 0.0% |
| Distributable reserves | 133 | €124,669 | €134,625 | +€9,956 | +8.0% |
| Amounts payable | 17/49 | €91,861 | €196,993 | +€105,132 | +114% |
| Amounts payable after more than one year | 17 | €32,005 | €22,054 | -€9,951 | -31.1% |
| Financial debts | 170/4 | €32,005 | €22,054 | -€9,951 | -31.1% |
| Amounts payable within one year | 42/48 | €59,856 | €174,939 | +€115,083 | +192% |
| Current portion of amounts payable after more than one year | 42 | €9,561 | €9,561 | = | 0.0% |
| Trade debts | 44 | €35,525 | €2,744 | -€32,781 | -92.3% |
| Suppliers | 440/4 | €35,525 | €2,744 | -€32,781 | -92.3% |
| Taxes, remuneration and social security | 45 | €6,780 | €15,954 | +€9,173 | +135% |
| Taxes | 450/3 | €6,780 | €15,954 | +€9,173 | +135% |
| Other amounts payable | 47/48 | €7,990 | €146,681 | +€138,691 | +1,736% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,085 | €14,475 | +€1,389 | +10.6% |
| Other operating charges | 640/8 | - | €100 | +€100 | |
| Gross operating margin | 9900 | €54,525 | €74,934 | +€20,409 | +37.4% |
| Operating profit (loss) | 9901 | €41,439 | €60,359 | +€18,920 | +45.7% |
| Financial income | 75/76B | - | €329 | +€329 | |
| Recurring financial income | 75 | - | €329 | +€329 | |
| Financial charges | 65/66B | €2,041 | €1,257 | -€784 | -38.4% |
| Recurring financial charges | 65 | €2,041 | €1,257 | -€784 | -38.4% |
| Profit (loss) for the period before taxes | 9903 | €39,398 | €59,431 | +€20,033 | +50.8% |
| Income taxes | 67/77 | €11,556 | €21,618 | +€10,061 | +87.1% |
| Profit (loss) for the period | 9904 | €27,842 | €37,814 | +€9,972 | +35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €27,842 | €37,814 | +€9,972 | +35.8% |
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 29 October 2026 via checked.be.