VINCENT LEMINEUR: what changed
VINCENT LEMINEUR
Largest movements
- Receivables within one year -€17,376
down €17,376 (-21.6%), from €80,267 to €62,891
of which Trade receivables: -€31,297
- Cash -€12,786
down €12,786 (-5.7%), from €225,034 to €212,249
mainly Trade debts (-€50,521) and Investment in fixed assets (net) (-€40,437)
- Tangible fixed assets +€11,469
up €11,469 (+9.0%), from €126,980 to €138,449
of which Furniture and vehicles: +€22,053
- Trade debts -€50,521
down €50,521 (-81.0%), from €62,402 to €11,881
- Reserves +€41,400
up €41,400 (+17.9%), from €231,660 to €273,060
- Debts after one year -€9,422
down €9,422 (-15.7%), from €59,993 to €50,571
- Tax, wage and social debts -€8,238
down €8,238 (-42.4%), from €19,420 to €11,182
of which Taxes: -€9,546
- Current portion of long-term debt +€6,750
up €6,750 (+25.8%), from €26,196 to €32,946
- Staff costs +€15,017
up €15,017 (+23.8%), from €63,128 to €78,145
- Write-downs -€12,054
down €12,054 (-100%), from €12,054 to €0
- Gross operating margin +€9,737
up €9,737 (+4.9%), from €200,382 to €210,119
- Financial income +€8,190
up €8,190 (+334%), from €2,452 to €10,642
of which Non-recurring financial income: +€8,264
- Depreciation +€7,138
up €7,138 (+32.7%), from €21,829 to €28,968
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €444,669 | €426,774 | -€17,895 | -4.0% |
| Fixed assets | 21/28 | €128,480 | €139,949 | +€11,469 | +8.9% |
| Tangible fixed assets | 22/27 | €126,980 | €138,449 | +€11,469 | +9.0% |
| Plant, machinery and equipment | 23 | €62,250 | €51,667 | -€10,584 | -17.0% |
| Furniture and vehicles | 24 | €64,729 | €86,782 | +€22,053 | +34.1% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €316,189 | €286,825 | -€29,364 | -9.3% |
| Stocks and contracts in progress | 3 | €4,086 | €3,852 | -€234 | -5.7% |
| Stocks | 30/36 | €4,086 | €3,852 | -€234 | -5.7% |
| Amounts receivable within one year | 40/41 | €80,267 | €62,891 | -€17,376 | -21.6% |
| Trade receivables | 40 | €70,527 | €39,231 | -€31,297 | -44.4% |
| Other amounts receivable | 41 | €9,740 | €23,660 | +€13,921 | +143% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €225,034 | €212,249 | -€12,786 | -5.7% |
| Deferred charges and accrued income | 490/1 | €6,802 | €7,834 | +€1,031 | +15.2% |
| Total equity and liabilities | 10/49 | €444,669 | €426,774 | -€17,895 | -4.0% |
| Equity | 10/15 | €270,774 | €312,694 | +€41,919 | +15.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €231,660 | €273,060 | +€41,400 | +17.9% |
| Distributable reserves | 133 | €231,660 | €273,060 | +€41,400 | +17.9% |
| Profit (loss) carried forward | 14 | €26,714 | €27,234 | +€519 | +1.9% |
| Amounts payable | 17/49 | €173,895 | €114,080 | -€59,814 | -34.4% |
| Amounts payable after more than one year | 17 | €59,993 | €50,571 | -€9,422 | -15.7% |
| Financial debts | 170/4 | €59,993 | €50,571 | -€9,422 | -15.7% |
| Amounts payable within one year | 42/48 | €113,698 | €63,510 | -€50,188 | -44.1% |
| Current portion of amounts payable after more than one year | 42 | €26,196 | €32,946 | +€6,750 | +25.8% |
| Trade debts | 44 | €62,402 | €11,881 | -€50,521 | -81.0% |
| Suppliers | 440/4 | €62,402 | €11,881 | -€50,521 | -81.0% |
| Taxes, remuneration and social security | 45 | €19,420 | €11,182 | -€8,238 | -42.4% |
| Taxes | 450/3 | €14,958 | €5,413 | -€9,546 | -63.8% |
| Remuneration and social security | 454/9 | €4,461 | €5,769 | +€1,308 | +29.3% |
| Other amounts payable | 47/48 | €5,680 | €7,500 | +€1,820 | +32.0% |
| Accrued charges and deferred income | 492/3 | €204 | €0 | -€204 | -100% |
| Non-recurring operating income | 76A | €18,146 | €2,634 | -€15,512 | -85.5% |
| Remuneration, social security and pensions | 62 | €63,128 | €78,145 | +€15,017 | +23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,829 | €28,968 | +€7,138 | +32.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,054 | €0 | -€12,054 | -100% |
| Other operating charges | 640/8 | €3,238 | €2,240 | -€998 | -30.8% |
| Non-recurring operating charges | 66A | €0 | €266 | +€266 | |
| Gross operating margin | 9900 | €200,382 | €210,119 | +€9,737 | +4.9% |
| Operating profit (loss) | 9901 | €100,133 | €100,501 | +€368 | +0.4% |
| Financial income | 75/76B | €2,452 | €10,642 | +€8,190 | +334% |
| Recurring financial income | 75 | €2,452 | €2,377 | -€75 | -3.0% |
| Non-recurring financial income | 76B | - | €8,264 | +€8,264 | |
| Financial charges | 65/66B | €5,401 | €3,293 | -€2,108 | -39.0% |
| Recurring financial charges | 65 | €5,401 | €3,293 | -€2,108 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | €97,184 | €107,850 | +€10,666 | +11.0% |
| Income taxes | 67/77 | €30,489 | €30,330 | -€158 | -0.5% |
| Profit (loss) for the period | 9904 | €66,695 | €77,519 | +€10,824 | +16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €66,695 | €77,519 | +€10,824 | +16.2% |
Next steps
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 2 November 2026 via checked.be.