L.S.V.T.: 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.
L.S.V.T.
Largest movements
- Cash +€94,725
up €94,725 (+2,119%), from €4,471 to €99,196
mainly Net result for the year (+€68,497) and Depreciation (+€41,890)
- Receivables within one year -€21,427
down €21,427 (-35.2%), from €60,889 to €39,462
of which Other amounts receivable: -€35,601
- Intangible fixed assets -€20,000
down €20,000 (-12.3%), from €163,233 to €143,233
- Tangible fixed assets -€18,151
down €18,151 (-22.7%), from €80,080 to €61,929
- Deferred charges and accrued income +€5,261
up €5,261, from €0 to €5,261
- Reserves +€66,831
up €66,831 (+127%), from €52,774 to €119,605
- Debts after one year -€34,780
down €34,780 (-23.3%), from €148,997 to €114,217
- Tax, wage and social debts +€17,269
up €17,269 (+65.3%), from €26,438 to €43,707
of which Taxes: +€22,693
- Short-term financial debts -€5,606
down €5,606 (-100%), from €5,606 to €0
- Trade debts -€3,788
down €3,788 (-9.2%), from €41,163 to €37,375
- Staff costs -€43,367
down €43,367 (-45.6%), from €95,060 to €51,694
- Gross operating margin -€12,781
down €12,781 (-6.1%), from €210,616 to €197,835
- Taxes +€7,831
up €7,831 (+50.7%), from €15,450 to €23,281
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 | €316,533 | €356,941 | +€40,408 | +12.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €243,673 | €205,522 | -€38,151 | -15.7% |
| Intangible fixed assets | 21 | €163,233 | €143,233 | -€20,000 | -12.3% |
| Tangible fixed assets | 22/27 | €80,080 | €61,929 | -€18,151 | -22.7% |
| Plant, machinery and equipment | 23 | €15,104 | €11,430 | -€3,673 | -24.3% |
| Furniture and vehicles | 24 | €13,519 | €5,285 | -€8,234 | -60.9% |
| Other tangible fixed assets | 26 | €51,458 | €45,214 | -€6,244 | -12.1% |
| Financial fixed assets | 28 | €360 | €360 | = | 0.0% |
| Current assets | 29/58 | €72,860 | €151,419 | +€78,559 | +108% |
| Stocks and contracts in progress | 3 | €7,500 | €7,500 | = | 0.0% |
| Stocks | 30/36 | €7,500 | €7,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €60,889 | €39,462 | -€21,427 | -35.2% |
| Trade receivables | 40 | €5,041 | €19,215 | +€14,174 | +281% |
| Other amounts receivable | 41 | €55,848 | €20,247 | -€35,601 | -63.7% |
| Cash at bank and in hand | 54/58 | €4,471 | €99,196 | +€94,725 | +2,119% |
| Deferred charges and accrued income | 490/1 | €0 | €5,261 | +€5,261 | |
| Total equity and liabilities | 10/49 | €316,533 | €356,941 | +€40,408 | +12.8% |
| Equity | 10/15 | €57,774 | €124,605 | +€66,831 | +116% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €52,774 | €119,605 | +€66,831 | +127% |
| Distributable reserves | 133 | €52,774 | €119,605 | +€66,831 | +127% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €258,760 | €232,336 | -€26,423 | -10.2% |
| Amounts payable after more than one year | 17 | €148,997 | €114,217 | -€34,780 | -23.3% |
| Financial debts | 170/4 | €148,997 | €114,217 | -€34,780 | -23.3% |
| Amounts payable within one year | 42/48 | €109,122 | €117,527 | +€8,405 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €34,249 | €34,780 | +€531 | +1.5% |
| Financial debts | 43 | €5,606 | €0 | -€5,606 | -100% |
| Credit institutions | 430/8 | €5,606 | €0 | -€5,606 | -100% |
| Trade debts | 44 | €41,163 | €37,375 | -€3,788 | -9.2% |
| Suppliers | 440/4 | €41,163 | €37,375 | -€3,788 | -9.2% |
| Taxes, remuneration and social security | 45 | €26,438 | €43,707 | +€17,269 | +65.3% |
| Taxes | 450/3 | €17,279 | €39,972 | +€22,693 | +131% |
| Remuneration and social security | 454/9 | €9,158 | €3,735 | -€5,424 | -59.2% |
| Other amounts payable | 47/48 | €1,666 | €1,666 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €641 | €592 | -€49 | -7.6% |
| Remuneration, social security and pensions | 62 | €95,060 | €51,694 | -€43,367 | -45.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,399 | €41,890 | +€491 | +1.2% |
| Other operating charges | 640/8 | €2,775 | €3,416 | +€641 | +23.1% |
| Non-recurring operating charges | 66A | - | €500 | +€500 | |
| Gross operating margin | 9900 | €210,616 | €197,835 | -€12,781 | -6.1% |
| Operating profit (loss) | 9901 | €71,382 | €100,335 | +€28,954 | +40.6% |
| Financial income | 75/76B | €99 | €2,122 | +€2,023 | +2,049% |
| Recurring financial income | 75 | €99 | €2,122 | +€2,023 | +2,049% |
| Financial charges | 65/66B | €11,710 | €10,680 | -€1,030 | -8.8% |
| Recurring financial charges | 65 | €11,710 | €10,680 | -€1,030 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €59,770 | €91,778 | +€32,007 | +53.6% |
| Income taxes | 67/77 | €15,450 | €23,281 | +€7,831 | +50.7% |
| Profit (loss) for the period | 9904 | €44,321 | €68,497 | +€24,176 | +54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,321 | €68,497 | +€24,176 | +54.5% |
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 27 October 2026 via checked.be.