Lavolpe: 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.
Lavolpe
Largest movements
- Current investments +€551,392
new in 2025: €551,392
- Cash -€476,097
down €476,097 (-73.6%), from €647,178 to €171,081
mainly Current investments (-€551,392) and Tax, wage and social debts (-€30,310)
- Tangible fixed assets +€11,688
up €11,688 (+1,889%), from €619 to €12,307
of which Other tangible fixed assets: +€5,890
- Receivables within one year +€9,773
up €9,773 (+34.2%), from €28,577 to €38,350
of which Trade receivables: +€5,252
- Reserves +€125,071
up €125,071 (+22.0%), from €567,678 to €692,749
of which Distributable reserves: +€125,071
- Tax, wage and social debts -€30,310
down €30,310 (-50.4%), from €60,137 to €29,827
- Gross operating margin -€128,914
down €128,914 (-40.5%), from €318,398 to €189,484
- Taxes -€40,540
down €40,540 (-42.2%), from €96,042 to €55,502
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 | €677,850 | €773,129 | +€95,279 | +14.1% |
| Fixed assets | 21/28 | €619 | €12,307 | +€11,688 | +1,889% |
| Tangible fixed assets | 22/27 | €619 | €12,307 | +€11,688 | +1,889% |
| Furniture and vehicles | 24 | €619 | €6,417 | +€5,798 | +937% |
| Other tangible fixed assets | 26 | - | €5,890 | +€5,890 | |
| Current assets | 29/58 | €677,231 | €760,823 | +€83,592 | +12.3% |
| Amounts receivable within one year | 40/41 | €28,577 | €38,350 | +€9,773 | +34.2% |
| Trade receivables | 40 | €27,541 | €32,792 | +€5,252 | +19.1% |
| Other amounts receivable | 41 | €1,036 | €5,557 | +€4,521 | +436% |
| Current investments | 50/53 | - | €551,392 | +€551,392 | |
| Cash at bank and in hand | 54/58 | €647,178 | €171,081 | -€476,097 | -73.6% |
| Deferred charges and accrued income | 490/1 | €1,477 | - | -€1,477 | |
| Total equity and liabilities | 10/49 | €677,850 | €773,129 | +€95,279 | +14.1% |
| Equity | 10/15 | €573,878 | €698,949 | +€125,071 | +21.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €567,678 | €692,749 | +€125,071 | +22.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €565,823 | €690,894 | +€125,071 | +22.1% |
| Amounts payable | 17/49 | €103,971 | €74,180 | -€29,791 | -28.7% |
| Amounts payable after more than one year | 17 | €30,000 | €30,000 | = | 0.0% |
| Financial debts | 170/4 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €72,974 | €44,180 | -€28,793 | -39.5% |
| Trade debts | 44 | €8,449 | €7,896 | -€553 | -6.5% |
| Suppliers | 440/4 | €8,449 | €7,896 | -€553 | -6.5% |
| Taxes, remuneration and social security | 45 | €60,137 | €29,827 | -€30,310 | -50.4% |
| Taxes | 450/3 | €60,137 | €29,827 | -€30,310 | -50.4% |
| Other amounts payable | 47/48 | €4,388 | €6,458 | +€2,069 | +47.2% |
| Accrued charges and deferred income | 492/3 | €998 | - | -€998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €413 | €792 | +€380 | +91.9% |
| Other operating charges | 640/8 | €6,883 | €3,872 | -€3,011 | -43.7% |
| Gross operating margin | 9900 | €318,398 | €189,484 | -€128,914 | -40.5% |
| Operating profit (loss) | 9901 | €311,102 | €184,820 | -€126,282 | -40.6% |
| Financial income | 75/76B | €3,541 | €3,529 | -€12 | -0.3% |
| Recurring financial income | 75 | €2,598 | €3,529 | +€931 | +35.8% |
| Non-recurring financial income | 76B | €943 | - | -€943 | |
| Financial charges | 65/66B | €7,263 | €7,776 | +€513 | +7.1% |
| Recurring financial charges | 65 | €7,263 | €7,776 | +€513 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €307,380 | €180,572 | -€126,807 | -41.3% |
| Income taxes | 67/77 | €96,042 | €55,502 | -€40,540 | -42.2% |
| Profit (loss) for the period | 9904 | €211,338 | €125,071 | -€86,267 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €211,338 | €125,071 | -€86,267 | -40.8% |
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.