L-VDS: what changed
Two fiscal 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-VDS
Largest movements
- Tangible fixed assets +€115,763
up €115,763 (+14.9%), from €775,775 to €891,538
of which Furniture and vehicles: +€119,487
- Receivables within one year +€49,628
up €49,628 (+61.1%), from €81,209 to €130,837
of which Trade receivables: +€49,628
- Other debts +€110,340
up €110,340 (+5017.7%), from €2,199 to €112,539
- Profit (loss) carried forward +€58,713
up €58,713 (+2.6%), from €2.2m to €2.3m
- Financial charges -€17,915
down €17,915 (-85.8%), from €20,876 to €2,960
- Gross operating margin +€12,096
up €12,096 (+10.9%), from €110,910 to €123,006
- Depreciation +€10,463
up €10,463 (+33.7%), from €31,094 to €41,558
- Financial income -€5,784
down €5,784 (-100.0%), from €5,784 to €0
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.
Cash bridge derived
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 | €2,508,292 | €2,655,672 | +€147,380 | +5.9% |
| Fixed assets | 21/28 | €2,399,617 | €2,515,380 | +€115,763 | +4.8% |
| Tangible fixed assets | 22/27 | €775,775 | €891,538 | +€115,763 | +14.9% |
| Land and buildings | 22 | €775,570 | €771,888 | -€3,681 | -0.5% |
| Plant, machinery and equipment | 23 | €43 | €0 | -€43 | -100.0% |
| Furniture and vehicles | 24 | €162 | €119,649 | +€119,487 | +73698.3% |
| Financial fixed assets | 28 | €1,623,842 | €1,623,842 | = | 0.0% |
| Current assets | 29/58 | €108,676 | €140,292 | +€31,617 | +29.1% |
| Amounts receivable within one year | 40/41 | €81,209 | €130,837 | +€49,628 | +61.1% |
| Trade receivables | 40 | €64,688 | €114,316 | +€49,628 | +76.7% |
| Other amounts receivable | 41 | €16,521 | €16,521 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,469 | €6,344 | -€19,125 | -75.1% |
| Deferred charges and accrued income | 490/1 | €1,998 | €3,111 | +€1,113 | +55.7% |
| Total equity and liabilities | 10/49 | €2,508,292 | €2,655,672 | +€147,380 | +5.9% |
| Equity | 10/15 | €2,323,163 | €2,381,876 | +€58,713 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €61,761 | €61,761 | = | 0.0% |
| Distributable reserves | 133 | €61,761 | €61,761 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,242,802 | €2,301,515 | +€58,713 | +2.6% |
| Amounts payable | 17/49 | €185,129 | €273,796 | +€88,667 | +47.9% |
| Amounts payable after more than one year | 17 | €124,999 | €104,999 | -€20,000 | -16.0% |
| Financial debts | 170/4 | €124,999 | €104,999 | -€20,000 | -16.0% |
| Amounts payable within one year | 42/48 | €60,129 | €168,796 | +€108,667 | +180.7% |
| Current portion of amounts payable after more than one year | 42 | €29,214 | €20,000 | -€9,214 | -31.5% |
| Financial debts | 43 | €3,381 | €8,364 | +€4,984 | +147.4% |
| Credit institutions | 430/8 | €3,381 | €8,364 | +€4,984 | +147.4% |
| Trade debts | 44 | €1,893 | €7,394 | +€5,501 | +290.6% |
| Suppliers | 440/4 | €1,893 | €7,394 | +€5,501 | +290.6% |
| Taxes, remuneration and social security | 45 | €23,443 | €20,499 | -€2,944 | -12.6% |
| Taxes | 450/3 | €20,443 | €17,499 | -€2,944 | -14.4% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €2,199 | €112,539 | +€110,340 | +5017.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,094 | €41,558 | +€10,463 | +33.7% |
| Other operating charges | 640/8 | €2,607 | €2,882 | +€275 | +10.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €110,910 | €123,006 | +€12,096 | +10.9% |
| Operating profit (loss) | 9901 | €77,209 | €78,566 | +€1,357 | +1.8% |
| Financial income | 75/76B | €5,784 | €0 | -€5,784 | -100.0% |
| Recurring financial income | 75 | €5,784 | €0 | -€5,784 | -100.0% |
| Financial charges | 65/66B | €20,876 | €2,960 | -€17,915 | -85.8% |
| Recurring financial charges | 65 | €20,876 | €2,960 | -€17,915 | -85.8% |
| Profit (loss) for the period before taxes | 9903 | €62,117 | €75,605 | +€13,489 | +21.7% |
| Income taxes | 67/77 | €16,398 | €16,893 | +€495 | +3.0% |
| Profit (loss) for the period | 9904 | €45,719 | €58,713 | +€12,994 | +28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,719 | €58,713 | +€12,994 | +28.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.