LAVAPO: 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.
LAVAPO
Largest movements
- Tangible fixed assets +€117,499
up €117,499 (+39.0%), from €301,433 to €418,933
of which Land and buildings: +€118,426
- Current investments -€15,000
no longer reported in 2025 (was €15,000)
- Reserves +€57,570
up €57,570 (+25.9%), from €221,886 to €279,455
- Debts after one year +€25,017
up €25,017 (+19.1%), from €130,787 to €155,804
- Short-term financial debts +€15,342
up €15,342 (+115%), from €13,381 to €28,723
- Current portion of long-term debt +€7,033
up €7,033 (+34.0%), from €20,658 to €27,691
- Financial income -€70,434
down €70,434 (-99.4%), from €70,893 to €459
of which Non-recurring financial income: -€70,767
- Gross operating margin +€58,947
up €58,947 (+42.8%), from €137,590 to €196,537
- Depreciation +€18,220
up €18,220 (+138%), from €13,246 to €31,466
- Other operating charges +€10,149
up €10,149 (+103%), from €9,811 to €19,960
- Taxes +€2,585
up €2,585 (+6.9%), from €37,387 to €39,972
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 | €444,440 | €544,239 | +€99,800 | +22.5% |
| Fixed assets | 21/28 | €417,030 | €531,999 | +€114,969 | +27.6% |
| Tangible fixed assets | 22/27 | €301,433 | €418,933 | +€117,499 | +39.0% |
| Land and buildings | 22 | €300,108 | €418,534 | +€118,426 | +39.5% |
| Furniture and vehicles | 24 | €1,325 | €398 | -€927 | -69.9% |
| Financial fixed assets | 28 | €115,597 | €113,067 | -€2,530 | -2.2% |
| Current assets | 29/58 | €27,410 | €12,240 | -€15,170 | -55.3% |
| Amounts receivable within one year | 40/41 | - | €38 | +€38 | |
| Other amounts receivable | 41 | - | €38 | +€38 | |
| Current investments | 50/53 | €15,000 | - | -€15,000 | |
| Cash at bank and in hand | 54/58 | €11,341 | €11,134 | -€207 | -1.8% |
| Deferred charges and accrued income | 490/1 | €1,069 | €1,069 | = | 0.0% |
| Total equity and liabilities | 10/49 | €444,440 | €544,239 | +€99,800 | +22.5% |
| Equity | 10/15 | €240,486 | €298,055 | +€57,570 | +23.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €221,886 | €279,455 | +€57,570 | +25.9% |
| Distributable reserves | 133 | €221,886 | €279,455 | +€57,570 | +25.9% |
| Amounts payable | 17/49 | €203,954 | €246,184 | +€42,230 | +20.7% |
| Amounts payable after more than one year | 17 | €130,787 | €155,804 | +€25,017 | +19.1% |
| Financial debts | 170/4 | €130,787 | €155,804 | +€25,017 | +19.1% |
| Amounts payable within one year | 42/48 | €72,212 | €87,584 | +€15,372 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | €20,658 | €27,691 | +€7,033 | +34.0% |
| Financial debts | 43 | €13,381 | €28,723 | +€15,342 | +115% |
| Credit institutions | 430/8 | €13,381 | €28,723 | +€15,342 | +115% |
| Trade debts | 44 | €2,128 | €2,376 | +€249 | +11.7% |
| Suppliers | 440/4 | €2,128 | €2,376 | +€249 | +11.7% |
| Taxes, remuneration and social security | 45 | €25,504 | €21,443 | -€4,061 | -15.9% |
| Taxes | 450/3 | €25,336 | €21,443 | -€3,893 | -15.4% |
| Remuneration and social security | 454/9 | €168 | - | -€168 | |
| Other amounts payable | 47/48 | €10,542 | €7,351 | -€3,190 | -30.3% |
| Accrued charges and deferred income | 492/3 | €955 | €2,796 | +€1,841 | +193% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,246 | €31,466 | +€18,220 | +138% |
| Other operating charges | 640/8 | €9,811 | €19,960 | +€10,149 | +103% |
| Gross operating margin | 9900 | €137,590 | €196,537 | +€58,947 | +42.8% |
| Operating profit (loss) | 9901 | €114,533 | €145,111 | +€30,578 | +26.7% |
| Financial income | 75/76B | €70,893 | €459 | -€70,434 | -99.4% |
| Recurring financial income | 75 | €126 | €459 | +€333 | +265% |
| Non-recurring financial income | 76B | €70,767 | - | -€70,767 | |
| Financial charges | 65/66B | €5,845 | €7,761 | +€1,916 | +32.8% |
| Recurring financial charges | 65 | €5,845 | €7,761 | +€1,916 | +32.8% |
| Profit (loss) for the period before taxes | 9903 | €179,581 | €137,809 | -€41,771 | -23.3% |
| Income taxes | 67/77 | €37,387 | €39,972 | +€2,585 | +6.9% |
| Profit (loss) for the period | 9904 | €142,193 | €97,837 | -€44,356 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €142,193 | €97,837 | -€44,356 | -31.2% |
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 24 October 2026 via checked.be.