L.V.B.: 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.V.B.
Largest movements
- Tangible fixed assets -€35,522
down €35,522 (-11.1%), from €318,651 to €283,129
of which Furniture and vehicles: -€34,400
- Receivables within one year -€34,846
down €34,846 (-43.7%), from €79,827 to €44,981
of which Trade receivables: -€33,144
- Stocks and contracts +€7,184
up €7,184 (+4.9%), from €145,623 to €152,808
- Trade debts -€66,818
down €66,818 (-51.5%), from €129,840 to €63,023
- Reserves +€28,813
up €28,813 (+18.4%), from €156,259 to €185,072
of which Distributable reserves: +€28,813
- Debts after one year -€27,809
down €27,809 (-13.2%), from €211,292 to €183,483
of which Financial debts: -€30,806
- Tax, wage and social debts +€9,012
up €9,012 (+765%), from €1,177 to €10,189
- Current portion of long-term debt -€6,139
down €6,139 (-16.6%), from €36,946 to €30,806
- Gross operating margin +€54,152
up €54,152 (+120%), from €45,063 to €99,215
- Depreciation +€30,052
up €30,052 (+186%), from €16,120 to €46,172
- Taxes +€2,232
up €2,232 (+245%), from €913 to €3,145
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 | €555,974 | €493,034 | -€62,941 | -11.3% |
| Fixed assets | 21/28 | €320,156 | €283,984 | -€36,172 | -11.3% |
| Intangible fixed assets | 21 | €1,246 | €596 | -€650 | -52.2% |
| Tangible fixed assets | 22/27 | €318,651 | €283,129 | -€35,522 | -11.1% |
| Land and buildings | 22 | €162,332 | €161,210 | -€1,122 | -0.7% |
| Furniture and vehicles | 24 | €156,319 | €121,919 | -€34,400 | -22.0% |
| Financial fixed assets | 28 | €259 | €259 | = | 0.0% |
| Current assets | 29/58 | €235,819 | €209,050 | -€26,769 | -11.4% |
| Stocks and contracts in progress | 3 | €145,623 | €152,808 | +€7,184 | +4.9% |
| Stocks | 30/36 | €145,623 | €152,808 | +€7,184 | +4.9% |
| Amounts receivable within one year | 40/41 | €79,827 | €44,981 | -€34,846 | -43.7% |
| Trade receivables | 40 | €77,816 | €44,672 | -€33,144 | -42.6% |
| Other amounts receivable | 41 | €2,011 | €309 | -€1,702 | -84.6% |
| Cash at bank and in hand | 54/58 | €9,918 | €9,369 | -€549 | -5.5% |
| Deferred charges and accrued income | 490/1 | €450 | €1,892 | +€1,442 | +320% |
| Total equity and liabilities | 10/49 | €555,974 | €493,034 | -€62,941 | -11.3% |
| Equity | 10/15 | €176,719 | €205,532 | +€28,813 | +16.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €156,259 | €185,072 | +€28,813 | +18.4% |
| Tax-exempt reserves | 132 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €131,259 | €160,072 | +€28,813 | +22.0% |
| Amounts payable | 17/49 | €379,255 | €287,502 | -€91,754 | -24.2% |
| Amounts payable after more than one year | 17 | €211,292 | €183,483 | -€27,809 | -13.2% |
| Financial debts | 170/4 | €129,282 | €98,475 | -€30,806 | -23.8% |
| Other amounts payable | 178/9 | €82,010 | €85,008 | +€2,998 | +3.7% |
| Amounts payable within one year | 42/48 | €167,963 | €104,018 | -€63,945 | -38.1% |
| Current portion of amounts payable after more than one year | 42 | €36,946 | €30,806 | -€6,139 | -16.6% |
| Trade debts | 44 | €129,840 | €63,023 | -€66,818 | -51.5% |
| Suppliers | 440/4 | €129,840 | €63,023 | -€66,818 | -51.5% |
| Taxes, remuneration and social security | 45 | €1,177 | €10,189 | +€9,012 | +765% |
| Taxes | 450/3 | €1,177 | €10,189 | +€9,012 | +765% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,120 | €46,172 | +€30,052 | +186% |
| Other operating charges | 640/8 | €16,707 | €16,592 | -€115 | -0.7% |
| Gross operating margin | 9900 | €45,063 | €99,215 | +€54,152 | +120% |
| Operating profit (loss) | 9901 | €12,235 | €36,450 | +€24,215 | +198% |
| Financial income | 75/76B | €39 | €44 | +€4 | +10.3% |
| Recurring financial income | 75 | €39 | €44 | +€4 | +10.3% |
| Financial charges | 65/66B | €4,935 | €4,536 | -€399 | -8.1% |
| Recurring financial charges | 65 | €4,935 | €4,536 | -€399 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €7,340 | €31,958 | +€24,618 | +335% |
| Income taxes | 67/77 | €913 | €3,145 | +€2,232 | +245% |
| Profit (loss) for the period | 9904 | €6,427 | €28,813 | +€22,386 | +348% |
| Profit (loss) for the period to be appropriated | 9905 | €6,427 | €28,813 | +€22,386 | +348% |
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 15 October 2026 via checked.be.