LBV PARTNERS: 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.
LBV PARTNERS
Largest movements
- Cash -€115,533
down €115,533 (-92.4%), from €125,033 to €9,500
mainly Net result for the year (-€112,173) and Trade debts (-€83,947)
- Receivables after one year -€100,000
no longer reported in 2025 (was €100,000)
- Tangible fixed assets -€49,539
down €49,539 (-38.1%), from €129,948 to €80,409
- Receivables within one year -€24,239
down €24,239 (-11.2%), from €216,048 to €191,808
of which Trade receivables: -€37,171
- Deferred charges and accrued income -€22,826
down €22,826 (-91.6%), from €24,920 to €2,093
- Profit (loss) carried forward -€108,561
down €108,561 (-30.2%), from -€359,267 to -€467,828
- Trade debts -€83,947
down €83,947 (-73.3%), from €114,502 to €30,555
- Tax, wage and social debts -€56,507
down €56,507 (-99.4%), from €56,834 to €327
of which Remuneration and social security: -€56,485
- Debts after one year -€42,147
down €42,147 (-7.2%), from €589,080 to €546,934
of which Financial debts: -€42,147
- Current portion of long-term debt -€23,444
down €23,444 (-91.6%), from €25,590 to €2,147
- Staff costs -€488,285
down €488,285 (-97.0%), from €503,596 to €15,311
- Gross operating margin +€150,154
up €150,154 (+92.8%), from -€161,725 to -€11,571
- Financial charges -€10,119
down €10,119 (-57.4%), from €17,639 to €7,520
- Other operating charges +€2,152
up €2,152 (+7.5%), from €28,863 to €31,015
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 | €595,948 | €283,811 | -€312,138 | -52.4% |
| Fixed assets | 21/28 | €129,948 | €80,409 | -€49,539 | -38.1% |
| Tangible fixed assets | 22/27 | €129,948 | €80,409 | -€49,539 | -38.1% |
| Land and buildings | 22 | €129,948 | €80,409 | -€49,539 | -38.1% |
| Current assets | 29/58 | €466,000 | €203,402 | -€262,599 | -56.4% |
| Amounts receivable after more than one year | 29 | €100,000 | - | -€100,000 | |
| Other amounts receivable | 291 | €100,000 | - | -€100,000 | |
| Amounts receivable within one year | 40/41 | €216,048 | €191,808 | -€24,239 | -11.2% |
| Trade receivables | 40 | €44,636 | €7,465 | -€37,171 | -83.3% |
| Other amounts receivable | 41 | €171,412 | €184,344 | +€12,931 | +7.5% |
| Cash at bank and in hand | 54/58 | €125,033 | €9,500 | -€115,533 | -92.4% |
| Deferred charges and accrued income | 490/1 | €24,920 | €2,093 | -€22,826 | -91.6% |
| Total equity and liabilities | 10/49 | €595,948 | €283,811 | -€312,138 | -52.4% |
| Equity | 10/15 | -€195,296 | -€307,469 | -€112,173 | -57.4% |
| Contributions | 10/11 | €149,500 | €149,500 | = | 0.0% |
| Capital | 10 | €149,500 | €149,500 | = | 0.0% |
| Issued capital | 100 | €149,500 | €149,500 | = | 0.0% |
| Reserves | 13 | €14,471 | €10,859 | -€3,612 | -25.0% |
| Tax-exempt reserves | 132 | €14,471 | €10,859 | -€3,612 | -25.0% |
| Profit (loss) carried forward | 14 | -€359,267 | -€467,828 | -€108,561 | -30.2% |
| Provisions and deferred taxes | 16 | €5,237 | €3,377 | -€1,860 | -35.5% |
| Deferred taxes | 168 | €5,237 | €3,377 | -€1,860 | -35.5% |
| Amounts payable | 17/49 | €786,007 | €587,902 | -€198,105 | -25.2% |
| Amounts payable after more than one year | 17 | €589,080 | €546,934 | -€42,147 | -7.2% |
| Financial debts | 170/4 | €107,147 | €65,000 | -€42,147 | -39.3% |
| Other amounts payable | 178/9 | €481,934 | €481,934 | = | 0.0% |
| Amounts payable within one year | 42/48 | €196,927 | €40,969 | -€155,958 | -79.2% |
| Current portion of amounts payable after more than one year | 42 | €25,590 | €2,147 | -€23,444 | -91.6% |
| Trade debts | 44 | €114,502 | €30,555 | -€83,947 | -73.3% |
| Suppliers | 440/4 | €114,502 | €30,555 | -€83,947 | -73.3% |
| Taxes, remuneration and social security | 45 | €56,834 | €327 | -€56,507 | -99.4% |
| Taxes | 450/3 | €349 | €327 | -€22 | -6.2% |
| Remuneration and social security | 454/9 | €56,485 | - | -€56,485 | |
| Other amounts payable | 47/48 | - | €7,939 | +€7,939 | |
| Remuneration, social security and pensions | 62 | €503,596 | €15,311 | -€488,285 | -97.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,664 | €49,539 | -€1,125 | -2.2% |
| Other operating charges | 640/8 | €28,863 | €31,015 | +€2,152 | +7.5% |
| Gross operating margin | 9900 | -€161,725 | -€11,571 | +€150,154 | +92.8% |
| Operating profit (loss) | 9901 | -€744,847 | -€107,436 | +€637,412 | +85.6% |
| Financial income | 75/76B | €1,614 | €1,250 | -€364 | -22.6% |
| Recurring financial income | 75 | €1,614 | €1,250 | -€364 | -22.6% |
| Financial charges | 65/66B | €17,639 | €7,520 | -€10,119 | -57.4% |
| Recurring financial charges | 65 | €17,639 | €7,520 | -€10,119 | -57.4% |
| Profit (loss) for the period before taxes | 9903 | -€760,872 | -€113,706 | +€647,167 | +85.1% |
| Transfer from deferred taxes | 780 | €1,860 | €1,860 | = | 0.0% |
| Income taxes | 67/77 | €349 | €327 | -€22 | -6.2% |
| Profit (loss) for the period | 9904 | -€759,361 | -€112,173 | +€647,188 | +85.2% |
| Transfer from tax-exempt reserves | 789 | €3,612 | €3,612 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€755,749 | -€108,561 | +€647,188 | +85.6% |
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 17 October 2026 via checked.be.