L.V.H.: 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.H.
Largest movements
- Receivables within one year +€6,058
up €6,058 (+202%), from €2,997 to €9,055
- Tangible fixed assets -€4,530
down €4,530 (-48.6%), from €9,321 to €4,791
- Stocks and contracts -€1,841
down €1,841 (-50.9%), from €3,617 to €1,776
- Cash -€431
down €431 (-97.1%), from €444 to €13
mainly Net result for the year (-€14,294) and Receivables within one year (-€6,058)
- Deferred charges and accrued income -€420
no longer reported in 2025 (was €420)
- Other debts +€14,561
up €14,561 (+34.9%), from €41,671 to €56,232
- Profit (loss) carried forward -€14,294
down €14,294 (-16.3%), from -€87,919 to -€102,213
- Tax, wage and social debts -€5,009
down €5,009 (-83.5%), from €6,000 to €991
of which Remuneration and social security: -€4,200
- Trade debts +€3,579
up €3,579 (+44.5%), from €8,049 to €11,628
- Gross operating margin +€15,459
up €15,459 (+65.3%), from -€23,663 to -€8,205
- Other operating charges -€243
down €243 (-14.5%), from €1,671 to €1,428
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 | €22,666 | €21,503 | -€1,163 | -5.1% |
| Fixed assets | 21/28 | €9,321 | €4,791 | -€4,530 | -48.6% |
| Tangible fixed assets | 22/27 | €9,321 | €4,791 | -€4,530 | -48.6% |
| Furniture and vehicles | 24 | €9,321 | €4,791 | -€4,530 | -48.6% |
| Current assets | 29/58 | €13,346 | €16,712 | +€3,367 | +25.2% |
| Stocks and contracts in progress | 3 | €3,617 | €1,776 | -€1,841 | -50.9% |
| Stocks | 30/36 | €3,617 | €1,776 | -€1,841 | -50.9% |
| Amounts receivable within one year | 40/41 | €2,997 | €9,055 | +€6,058 | +202% |
| Trade receivables | 40 | €2,997 | €9,055 | +€6,058 | +202% |
| Current investments | 50/53 | €5,868 | €5,868 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €444 | €13 | -€431 | -97.1% |
| Deferred charges and accrued income | 490/1 | €420 | - | -€420 | |
| Total equity and liabilities | 10/49 | €22,666 | €21,503 | -€1,163 | -5.1% |
| Equity | 10/15 | -€33,054 | -€47,348 | -€14,294 | -43.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €42,465 | €42,465 | = | 0.0% |
| Distributable reserves | 133 | €42,465 | €42,465 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,919 | -€102,213 | -€14,294 | -16.3% |
| Amounts payable | 17/49 | €55,721 | €68,851 | +€13,130 | +23.6% |
| Amounts payable within one year | 42/48 | €55,721 | €68,851 | +€13,130 | +23.6% |
| Trade debts | 44 | €8,049 | €11,628 | +€3,579 | +44.5% |
| Suppliers | 440/4 | €8,049 | €11,628 | +€3,579 | +44.5% |
| Taxes, remuneration and social security | 45 | €6,000 | €991 | -€5,009 | -83.5% |
| Taxes | 450/3 | €1,800 | €991 | -€809 | -45.0% |
| Remuneration and social security | 454/9 | €4,200 | - | -€4,200 | |
| Other amounts payable | 47/48 | €41,671 | €56,232 | +€14,561 | +34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,530 | €4,530 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,671 | €1,428 | -€243 | -14.5% |
| Gross operating margin | 9900 | -€23,663 | -€8,205 | +€15,459 | +65.3% |
| Operating profit (loss) | 9901 | -€29,865 | -€14,163 | +€15,701 | +52.6% |
| Financial income | 75/76B | €0 | €1 | +€1 | +456% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +456% |
| Financial charges | 65/66B | €128 | €132 | +€4 | +3.2% |
| Recurring financial charges | 65 | €128 | €132 | +€4 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | -€29,992 | -€14,294 | +€15,698 | +52.3% |
| Profit (loss) for the period | 9904 | -€29,992 | -€14,294 | +€15,698 | +52.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,992 | -€14,294 | +€15,698 | +52.3% |
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 28 October 2026 via checked.be.