L.V.M.: 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.M.
Largest movements
- Receivables within one year -€91,098
down €91,098 (-64.7%), from €140,711 to €49,613
of which Other amounts receivable: -€93,972
- Cash +€77,556
up €77,556 (+291%), from €26,685 to €104,241
mainly Receivables within one year (+€91,098) and Net result for the year (+€7,487)
- Tangible fixed assets +€13,257
up €13,257 (+246%), from €5,390 to €18,647
of which Plant, machinery and equipment: +€13,257
- Stocks and contracts -€3,454
down €3,454 (-18.3%), from €18,831 to €15,377
- Profit (loss) carried forward +€7,487
up €7,487 (+6.2%), from €120,181 to €127,668
- Trade debts -€6,216
down €6,216 (-33.8%), from €18,407 to €12,192
- Tax, wage and social debts -€4,955
down €4,955 (-14.4%), from €34,334 to €29,380
of which Remuneration and social security: -€5,831
- Gross operating margin -€148,982
down €148,982 (-81.3%), from €183,308 to €34,326
- Staff costs -€29,863
down €29,863 (-62.8%), from €47,516 to €17,653
- Taxes -€20,371
down €20,371 (-87.7%), from €23,215 to €2,844
- Financial income -€7,178
down €7,178 (-91.0%), from €7,886 to €708
- Other operating charges -€2,847
down €2,847 (-70.8%), from €4,023 to €1,175
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 | €193,374 | €189,690 | -€3,684 | -1.9% |
| Fixed assets | 21/28 | €5,390 | €18,647 | +€13,257 | +246% |
| Tangible fixed assets | 22/27 | €5,390 | €18,647 | +€13,257 | +246% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €5,390 | €18,647 | +€13,257 | +246% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €187,984 | €171,044 | -€16,941 | -9.0% |
| Stocks and contracts in progress | 3 | €18,831 | €15,377 | -€3,454 | -18.3% |
| Stocks | 30/36 | €18,831 | €15,377 | -€3,454 | -18.3% |
| Amounts receivable within one year | 40/41 | €140,711 | €49,613 | -€91,098 | -64.7% |
| Trade receivables | 40 | €31,273 | €34,147 | +€2,874 | +9.2% |
| Other amounts receivable | 41 | €109,438 | €15,466 | -€93,972 | -85.9% |
| Cash at bank and in hand | 54/58 | €26,685 | €104,241 | +€77,556 | +291% |
| Deferred charges and accrued income | 490/1 | €1,758 | €1,813 | +€55 | +3.1% |
| Total equity and liabilities | 10/49 | €193,374 | €189,690 | -€3,684 | -1.9% |
| Equity | 10/15 | €140,632 | €148,119 | +€7,487 | +5.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €120,181 | €127,668 | +€7,487 | +6.2% |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €52,742 | €41,571 | -€11,170 | -21.2% |
| Amounts payable within one year | 42/48 | €52,742 | €41,571 | -€11,170 | -21.2% |
| Trade debts | 44 | €18,407 | €12,192 | -€6,216 | -33.8% |
| Suppliers | 440/4 | €18,407 | €12,192 | -€6,216 | -33.8% |
| Taxes, remuneration and social security | 45 | €34,334 | €29,380 | -€4,955 | -14.4% |
| Taxes | 450/3 | €26,222 | €27,098 | +€876 | +3.3% |
| Remuneration and social security | 454/9 | €8,113 | €2,282 | -€5,831 | -71.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €47,516 | €17,653 | -€29,863 | -62.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,866 | €5,584 | -€283 | -4.8% |
| Other operating charges | 640/8 | €4,023 | €1,175 | -€2,847 | -70.8% |
| Gross operating margin | 9900 | €183,308 | €34,326 | -€148,982 | -81.3% |
| Operating profit (loss) | 9901 | €125,902 | €9,914 | -€115,988 | -92.1% |
| Financial income | 75/76B | €7,886 | €708 | -€7,178 | -91.0% |
| Recurring financial income | 75 | €7,886 | €708 | -€7,178 | -91.0% |
| Financial charges | 65/66B | €539 | €291 | -€248 | -46.0% |
| Recurring financial charges | 65 | €539 | €291 | -€248 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €133,249 | €10,331 | -€122,918 | -92.2% |
| Income taxes | 67/77 | €23,215 | €2,844 | -€20,371 | -87.7% |
| Profit (loss) for the period | 9904 | €110,034 | €7,487 | -€102,547 | -93.2% |
| Profit (loss) for the period to be appropriated | 9905 | €110,034 | €7,487 | -€102,547 | -93.2% |
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 26 October 2026 via checked.be.