L & V Belgium: 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 Belgium
Largest movements
- Cash +€32,245
up €32,245 (+10.6%), from €303,466 to €335,711
mainly Net result for the year (+€35,040) and Tax, wage and social debts (+€30,088)
- Receivables within one year +€26,962
up €26,962 (+173%), from €15,555 to €42,516
of which Trade receivables: +€18,955
- Stocks and contracts +€17,876
up €17,876 (+14.7%), from €121,453 to €139,329
- Tangible fixed assets -€15,393
down €15,393 (-25.6%), from €60,057 to €44,665
of which Land and buildings: -€11,702
- Reserves +€35,040
up €35,040 (+30.4%), from €115,085 to €150,125
of which Distributable reserves: +€35,040
- Tax, wage and social debts +€30,088
up €30,088 (+48.8%), from €61,647 to €91,736
of which Taxes: +€25,193
- Trade debts -€11,766
down €11,766 (-85.9%), from €13,692 to €1,926
- Other debts +€6,306
up €6,306 (+387%), from €1,629 to €7,935
- Staff costs +€16,116
up €16,116 (+17.9%), from €89,889 to €106,005
- Gross operating margin -€15,089
down €15,089 (-7.6%), from €199,144 to €184,056
- Taxes -€11,883
down €11,883 (-39.6%), from €29,977 to €18,094
- Financial income +€3,383
up €3,383 (+14,804%), from €23 to €3,406
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 | €514,304 | €574,027 | +€59,723 | +11.6% |
| Fixed assets | 21/28 | €71,137 | €53,094 | -€18,044 | -25.4% |
| Intangible fixed assets | 21 | €11,080 | €8,429 | -€2,651 | -23.9% |
| Tangible fixed assets | 22/27 | €60,057 | €44,665 | -€15,393 | -25.6% |
| Land and buildings | 22 | €33,200 | €21,498 | -€11,702 | -35.2% |
| Plant, machinery and equipment | 23 | €24,642 | €20,494 | -€4,148 | -16.8% |
| Furniture and vehicles | 24 | €2,216 | €2,673 | +€457 | +20.6% |
| Current assets | 29/58 | €443,167 | €520,934 | +€77,767 | +17.5% |
| Stocks and contracts in progress | 3 | €121,453 | €139,329 | +€17,876 | +14.7% |
| Stocks | 30/36 | €121,453 | €139,329 | +€17,876 | +14.7% |
| Amounts receivable within one year | 40/41 | €15,555 | €42,516 | +€26,962 | +173% |
| Trade receivables | 40 | €15,555 | €34,510 | +€18,955 | +122% |
| Other amounts receivable | 41 | - | €8,006 | +€8,006 | |
| Cash at bank and in hand | 54/58 | €303,466 | €335,711 | +€32,245 | +10.6% |
| Deferred charges and accrued income | 490/1 | €2,693 | €3,377 | +€684 | +25.4% |
| Total equity and liabilities | 10/49 | €514,304 | €574,027 | +€59,723 | +11.6% |
| Equity | 10/15 | €436,285 | €471,326 | +€35,040 | +8.0% |
| Contributions | 10/11 | €127,216 | €127,216 | = | 0.0% |
| Capital | 10 | €127,216 | €127,216 | = | 0.0% |
| Issued capital | 100 | €127,216 | €127,216 | = | 0.0% |
| Reserves | 13 | €115,085 | €150,125 | +€35,040 | +30.4% |
| Non-distributable reserves | 130/1 | €18,700 | €18,700 | = | 0.0% |
| Legal reserve | 130 | €18,700 | €18,700 | = | 0.0% |
| Distributable reserves | 133 | €96,385 | €131,425 | +€35,040 | +36.4% |
| Profit (loss) carried forward | 14 | €193,984 | €193,984 | = | 0.0% |
| Amounts payable | 17/49 | €78,019 | €102,702 | +€24,683 | +31.6% |
| Amounts payable within one year | 42/48 | €76,969 | €101,597 | +€24,628 | +32.0% |
| Trade debts | 44 | €13,692 | €1,926 | -€11,766 | -85.9% |
| Suppliers | 440/4 | €13,692 | €1,926 | -€11,766 | -85.9% |
| Taxes, remuneration and social security | 45 | €61,647 | €91,736 | +€30,088 | +48.8% |
| Taxes | 450/3 | €42,235 | €67,427 | +€25,193 | +59.6% |
| Remuneration and social security | 454/9 | €19,413 | €24,309 | +€4,896 | +25.2% |
| Other amounts payable | 47/48 | €1,629 | €7,935 | +€6,306 | +387% |
| Accrued charges and deferred income | 492/3 | €1,050 | €1,105 | +€55 | +5.2% |
| Remuneration, social security and pensions | 62 | €89,889 | €106,005 | +€16,116 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,877 | €20,752 | +€875 | +4.4% |
| Other operating charges | 640/8 | €5,308 | €5,869 | +€562 | +10.6% |
| Gross operating margin | 9900 | €199,144 | €184,056 | -€15,089 | -7.6% |
| Operating profit (loss) | 9901 | €84,071 | €51,430 | -€32,641 | -38.8% |
| Financial income | 75/76B | €23 | €3,406 | +€3,383 | +14,804% |
| Recurring financial income | 75 | €23 | €3,406 | +€3,383 | +14,804% |
| Financial charges | 65/66B | €1,245 | €1,702 | +€456 | +36.6% |
| Recurring financial charges | 65 | €1,245 | €1,702 | +€456 | +36.6% |
| Profit (loss) for the period before taxes | 9903 | €82,849 | €53,134 | -€29,715 | -35.9% |
| Income taxes | 67/77 | €29,977 | €18,094 | -€11,883 | -39.6% |
| Profit (loss) for the period | 9904 | €52,872 | €35,040 | -€17,832 | -33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €52,872 | €35,040 | -€17,832 | -33.7% |
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.