LGV: 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.
LGV
Largest movements
- Receivables within one year -€2.0m
down €2.0m (-43.7%), from €4.6m to €2.6m
of which Other amounts receivable: -€2.0m
- Receivables after one year +€1.2m
new in 2025: €1.2m
- Other debts -€691,472
down €691,472 (-22.3%), from €3.1m to €2.4m
- Trade debts -€203,075
down €203,075 (-99.2%), from €204,713 to €1,639
- Short-term financial debts +€183,711
up €183,711 (+34.1%), from €539,437 to €723,148
- Financial income -€118,088
down €118,088 (-57.0%), from €207,285 to €89,197
- Financial charges -€99,347
down €99,347 (-34.4%), from €288,800 to €189,453
- Gross operating margin +€61,290
up €61,290, from -€27,870 to €33,420
- Provisions +€44,383
up €44,383 (+92.1%), from -€48,178 to -€3,795
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 | €6,998,627 | €6,220,628 | -€777,999 | -11.1% |
| Fixed assets | 21/28 | €2 | €2 | = | 0.0% |
| Financial fixed assets | 28 | €2 | €2 | = | 0.0% |
| Current assets | 29/58 | €6,998,625 | €6,220,626 | -€777,999 | -11.1% |
| Amounts receivable after more than one year | 29 | - | €1,198,673 | +€1.2m | |
| Other amounts receivable | 291 | - | €1,198,673 | +€1.2m | |
| Stocks and contracts in progress | 3 | €2,394,091 | €2,430,641 | +€36,550 | +1.5% |
| Stocks | 30/36 | €2,394,091 | €2,430,641 | +€36,550 | +1.5% |
| Amounts receivable within one year | 40/41 | €4,599,731 | €2,588,041 | -€2.0m | -43.7% |
| Trade receivables | 40 | €14,299 | €14,023 | -€276 | -1.9% |
| Other amounts receivable | 41 | €4,585,432 | €2,574,018 | -€2.0m | -43.9% |
| Cash at bank and in hand | 54/58 | €4,803 | €3,271 | -€1,532 | -31.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €6,998,627 | €6,220,628 | -€777,999 | -11.1% |
| Equity | 10/15 | €338,894 | €274,855 | -€64,040 | -18.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €270,694 | €206,655 | -€64,040 | -23.7% |
| Provisions and deferred taxes | 16 | €10,800 | €7,005 | -€3,795 | -35.1% |
| Provisions for liabilities and charges | 160/5 | €10,800 | €7,005 | -€3,795 | -35.1% |
| Other liabilities and charges | 164/5 | €10,800 | €7,005 | -€3,795 | -35.1% |
| Amounts payable | 17/49 | €6,648,933 | €5,938,769 | -€710,165 | -10.7% |
| Amounts payable after more than one year | 17 | €2,799,304 | €2,799,304 | = | 0.0% |
| Financial debts | 170/4 | €2,799,304 | €2,799,304 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,849,629 | €3,139,464 | -€710,165 | -18.4% |
| Financial debts | 43 | €539,437 | €723,148 | +€183,711 | +34.1% |
| Other loans | 439 | €539,437 | €723,148 | +€183,711 | +34.1% |
| Trade debts | 44 | €204,713 | €1,639 | -€203,075 | -99.2% |
| Suppliers | 440/4 | €204,713 | €1,639 | -€203,075 | -99.2% |
| Taxes, remuneration and social security | 45 | - | €672 | +€672 | |
| Taxes | 450/3 | - | €672 | +€672 | |
| Other amounts payable | 47/48 | €3,105,479 | €2,414,007 | -€691,472 | -22.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€48,178 | -€3,795 | +€44,383 | +92.1% |
| Other operating charges | 640/8 | €1,186 | €998 | -€187 | -15.8% |
| Non-recurring operating charges | 66A | €1,081 | €0 | -€1,081 | -100.0% |
| Gross operating margin | 9900 | -€27,870 | €33,420 | +€61,290 | |
| Operating profit (loss) | 9901 | €18,041 | €36,216 | +€18,175 | +100.7% |
| Financial income | 75/76B | €207,285 | €89,197 | -€118,088 | -57.0% |
| Recurring financial income | 75 | €207,285 | €89,197 | -€118,088 | -57.0% |
| Financial charges | 65/66B | €288,800 | €189,453 | -€99,347 | -34.4% |
| Recurring financial charges | 65 | €288,800 | €189,453 | -€99,347 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | -€63,473 | -€64,040 | -€566 | -0.9% |
| Profit (loss) for the period | 9904 | -€63,473 | -€64,040 | -€566 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,473 | -€64,040 | -€566 | -0.9% |
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.