LEVAMA: 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.
LEVAMA
Largest movements
- Tangible fixed assets +€493,949
up €493,949 (+124%), from €396,916 to €890,865
of which Plant, machinery and equipment: +€298,598
- Receivables within one year -€143,645
down €143,645 (-20.3%), from €709,064 to €565,419
of which Trade receivables: -€177,870
- Cash -€77,863
down €77,863 (-51.7%), from €150,502 to €72,639
mainly Investment in fixed assets (net) (-€704,576) and Tax, wage and social debts (-€77,313)
- Debts after one year +€244,729
up €244,729 (+131%), from €187,368 to €432,097
- Current portion of long-term debt +€87,708
up €87,708 (+137%), from €63,797 to €151,505
- Tax, wage and social debts -€77,313
down €77,313 (-46.8%), from €165,207 to €87,894
of which Taxes: -€77,461
- Reserves +€75,104
up €75,104 (+9.9%), from €757,425 to €832,529
of which Distributable reserves: +€75,104
- Trade debts -€66,188
down €66,188 (-79.3%), from €83,458 to €17,270
- Gross operating margin -€78,042
down €78,042 (-17.5%), from €446,826 to €368,784
- Depreciation +€26,233
up €26,233 (+14.2%), from €184,394 to €210,627
- Taxes -€22,880
down €22,880 (-35.8%), from €63,839 to €40,959
- Financial charges +€6,892
up €6,892 (+42.2%), from €16,347 to €23,239
- Other operating charges -€5,316
down €5,316 (-71.9%), from €7,398 to €2,082
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 | €1,278,013 | €1,544,494 | +€266,481 | +20.9% |
| Fixed assets | 21/28 | €397,116 | €891,065 | +€493,949 | +124% |
| Tangible fixed assets | 22/27 | €396,916 | €890,865 | +€493,949 | +124% |
| Plant, machinery and equipment | 23 | €7,075 | €305,672 | +€298,598 | +4,220% |
| Furniture and vehicles | 24 | €140,418 | €204,385 | +€63,967 | +45.6% |
| Leasing and similar rights | 25 | €247,248 | €378,633 | +€131,384 | +53.1% |
| Other tangible fixed assets | 26 | €2,175 | €2,175 | = | 0.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €880,897 | €653,429 | -€227,468 | -25.8% |
| Amounts receivable within one year | 40/41 | €709,064 | €565,419 | -€143,645 | -20.3% |
| Trade receivables | 40 | €564,032 | €386,162 | -€177,870 | -31.5% |
| Other amounts receivable | 41 | €145,032 | €179,256 | +€34,225 | +23.6% |
| Cash at bank and in hand | 54/58 | €150,502 | €72,639 | -€77,863 | -51.7% |
| Deferred charges and accrued income | 490/1 | €21,331 | €15,371 | -€5,960 | -27.9% |
| Total equity and liabilities | 10/49 | €1,278,013 | €1,544,494 | +€266,481 | +20.9% |
| Equity | 10/15 | €777,885 | €852,989 | +€75,104 | +9.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €757,425 | €832,529 | +€75,104 | +9.9% |
| Tax-exempt reserves | 132 | €207 | €207 | = | 0.0% |
| Distributable reserves | 133 | €757,218 | €832,322 | +€75,104 | +9.9% |
| Amounts payable | 17/49 | €500,128 | €691,505 | +€191,377 | +38.3% |
| Amounts payable after more than one year | 17 | €187,368 | €432,097 | +€244,729 | +131% |
| Financial debts | 170/4 | €187,368 | €432,097 | +€244,729 | +131% |
| Amounts payable within one year | 42/48 | €312,462 | €259,408 | -€53,054 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €63,797 | €151,505 | +€87,708 | +137% |
| Financial debts | 43 | - | €2,739 | +€2,739 | |
| Credit institutions | 430/8 | - | €2,739 | +€2,739 | |
| Trade debts | 44 | €83,458 | €17,270 | -€66,188 | -79.3% |
| Suppliers | 440/4 | €83,458 | €17,270 | -€66,188 | -79.3% |
| Taxes, remuneration and social security | 45 | €165,207 | €87,894 | -€77,313 | -46.8% |
| Taxes | 450/3 | €160,324 | €82,864 | -€77,461 | -48.3% |
| Remuneration and social security | 454/9 | €4,883 | €5,030 | +€147 | +3.0% |
| Accrued charges and deferred income | 492/3 | €298 | - | -€298 | |
| Non-recurring operating income | 76A | €113,000 | €22,896 | -€90,105 | -79.7% |
| Remuneration, social security and pensions | 62 | €23,563 | €25,530 | +€1,968 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,394 | €210,627 | +€26,233 | +14.2% |
| Other operating charges | 640/8 | €7,398 | €2,082 | -€5,316 | -71.9% |
| Gross operating margin | 9900 | €446,826 | €368,784 | -€78,042 | -17.5% |
| Operating profit (loss) | 9901 | €231,471 | €130,544 | -€100,927 | -43.6% |
| Financial income | 75/76B | €7,402 | €8,758 | +€1,355 | +18.3% |
| Recurring financial income | 75 | €7,402 | €8,758 | +€1,355 | +18.3% |
| Financial charges | 65/66B | €16,347 | €23,239 | +€6,892 | +42.2% |
| Recurring financial charges | 65 | €16,347 | €23,239 | +€6,892 | +42.2% |
| Profit (loss) for the period before taxes | 9903 | €222,527 | €116,063 | -€106,464 | -47.8% |
| Income taxes | 67/77 | €63,839 | €40,959 | -€22,880 | -35.8% |
| Profit (loss) for the period | 9904 | €158,687 | €75,104 | -€83,584 | -52.7% |
| Profit (loss) for the period to be appropriated | 9905 | €158,687 | €75,104 | -€83,584 | -52.7% |
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 25 October 2026 via checked.be.