LDV: 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.
LDV
Largest movements
- Tangible fixed assets +€80,836
up €80,836 (+169.2%), from €47,784 to €128,619
of which Furniture and vehicles: +€78,409
- Receivables within one year +€29,570
up €29,570 (+18.4%), from €160,275 to €189,845
of which Other amounts receivable: +€18,726
- Reserves +€51,769
up €51,769 (+13.7%), from €378,364 to €430,132
of which Distributable reserves: +€51,769
- Debts after one year +€30,133
up €30,133 (+946.5%), from €3,184 to €33,317
- Profit (loss) carried forward +€16,338
new in 2025: €16,338
- Current portion of long-term debt +€7,471
up €7,471 (+139.6%), from €5,351 to €12,823
- Depreciation +€16,644
up €16,644 (+128.2%), from €12,983 to €29,628
- Taxes -€7,534
down €7,534 (-17.3%), from €43,517 to €35,983
- Gross operating margin -€5,511
down €5,511 (-3.5%), from €155,430 to €149,919
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 | €418,774 | €525,000 | +€106,226 | +25.4% |
| Fixed assets | 21/28 | €47,784 | €128,619 | +€80,836 | +169.2% |
| Tangible fixed assets | 22/27 | €47,784 | €128,619 | +€80,836 | +169.2% |
| Plant, machinery and equipment | 23 | €9,774 | €9,798 | +€24 | +0.2% |
| Furniture and vehicles | 24 | €23,521 | €101,931 | +€78,409 | +333.4% |
| Other tangible fixed assets | 26 | €14,488 | €16,891 | +€2,403 | +16.6% |
| Current assets | 29/58 | €370,991 | €396,380 | +€25,390 | +6.8% |
| Amounts receivable after more than one year | 29 | €56,187 | €58,153 | +€1,967 | +3.5% |
| Other amounts receivable | 291 | €56,187 | €58,153 | +€1,967 | +3.5% |
| Amounts receivable within one year | 40/41 | €160,275 | €189,845 | +€29,570 | +18.4% |
| Trade receivables | 40 | €105,884 | €116,728 | +€10,844 | +10.2% |
| Other amounts receivable | 41 | €54,391 | €73,117 | +€18,726 | +34.4% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €87,577 | €82,370 | -€5,207 | -5.9% |
| Deferred charges and accrued income | 490/1 | €16,952 | €16,012 | -€940 | -5.5% |
| Total equity and liabilities | 10/49 | €418,774 | €525,000 | +€106,226 | +25.4% |
| Equity | 10/15 | €390,764 | €458,871 | +€68,107 | +17.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €378,364 | €430,132 | +€51,769 | +13.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €53,446 | €53,446 | = | 0.0% |
| Distributable reserves | 133 | €323,058 | €374,826 | +€51,769 | +16.0% |
| Profit (loss) carried forward | 14 | - | €16,338 | +€16,338 | |
| Amounts payable | 17/49 | €28,011 | €66,129 | +€38,118 | +136.1% |
| Amounts payable after more than one year | 17 | €3,184 | €33,317 | +€30,133 | +946.5% |
| Financial debts | 170/4 | €3,184 | €33,317 | +€30,133 | +946.5% |
| Amounts payable within one year | 42/48 | €24,827 | €32,812 | +€7,985 | +32.2% |
| Current portion of amounts payable after more than one year | 42 | €5,351 | €12,823 | +€7,471 | +139.6% |
| Trade debts | 44 | €4,820 | €7,232 | +€2,412 | +50.0% |
| Suppliers | 440/4 | €4,820 | €7,232 | +€2,412 | +50.0% |
| Taxes, remuneration and social security | 45 | €14,655 | €12,757 | -€1,898 | -12.9% |
| Taxes | 450/3 | €14,655 | €12,757 | -€1,898 | -12.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €435 | €0 | -€435 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,983 | €29,628 | +€16,644 | +128.2% |
| Other operating charges | 640/8 | €2,112 | €1,848 | -€263 | -12.5% |
| Gross operating margin | 9900 | €155,430 | €149,919 | -€5,511 | -3.5% |
| Operating profit (loss) | 9901 | €139,900 | €118,443 | -€21,457 | -15.3% |
| Financial income | 75/76B | €2,641 | €4,031 | +€1,391 | +52.7% |
| Recurring financial income | 75 | €2,641 | €4,031 | +€1,391 | +52.7% |
| Financial charges | 65/66B | €1,373 | €2,046 | +€673 | +49.0% |
| Recurring financial charges | 65 | €1,373 | €2,046 | +€673 | +49.0% |
| Profit (loss) for the period before taxes | 9903 | €141,167 | €120,428 | -€20,739 | -14.7% |
| Income taxes | 67/77 | €43,517 | €35,983 | -€7,534 | -17.3% |
| Profit (loss) for the period | 9904 | €97,651 | €84,446 | -€13,205 | -13.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €97,651 | €84,446 | -€13,205 | -13.5% |
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 4 October 2026 via checked.be.