LGV VAZ: 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.
LGV VAZ
Largest movements
- Receivables after one year +€8.1m
new in 2025: €8.1m
- Stocks and contracts +€481,093
up €481,093 (+8.9%), from €5.4m to €5.9m
- Receivables within one year -€290,298
down €290,298 (-98.2%), from €295,661 to €5,364
- Debts after one year +€11.4m
up €11.4m (+433%), from €2.6m to €14.0m
of which Financial debts: +€8.7m
- Other debts -€3.1m
no longer reported in 2025 (was €3.1m)
- Gross operating margin +€8,780
up €8,780, from -€7,782 to €998
- Financial income -€8,749
no longer reported in 2025 (was €8,749)
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 | €5,785,471 | €14,013,128 | +€8.2m | +142% |
| Current assets | 29/58 | €5,785,471 | €14,013,128 | +€8.2m | +142% |
| Amounts receivable after more than one year | 29 | - | €8,094,225 | +€8.1m | |
| Other amounts receivable | 291 | - | €8,094,225 | +€8.1m | |
| Stocks and contracts in progress | 3 | €5,427,730 | €5,908,823 | +€481,093 | +8.9% |
| Stocks | 30/36 | €5,427,730 | €5,908,823 | +€481,093 | +8.9% |
| Amounts receivable within one year | 40/41 | €295,661 | €5,364 | -€290,298 | -98.2% |
| Other amounts receivable | 41 | €295,661 | €5,364 | -€290,298 | -98.2% |
| Cash at bank and in hand | 54/58 | €62,079 | €4,717 | -€57,363 | -92.4% |
| Total equity and liabilities | 10/49 | €5,785,471 | €14,013,128 | +€8.2m | +142% |
| Equity | 10/15 | €18,507 | €18,507 | = | 0.0% |
| Contributions | 10/11 | €2,560 | €2,560 | = | 0.0% |
| Reserves | 13 | €15,946 | €15,946 | = | 0.0% |
| Distributable reserves | 133 | €15,946 | €15,946 | = | 0.0% |
| Amounts payable | 17/49 | €5,766,964 | €13,994,622 | +€8.2m | +143% |
| Amounts payable after more than one year | 17 | €2,624,930 | €13,985,366 | +€11.4m | +433% |
| Financial debts | 170/4 | €1,924,930 | €10,595,169 | +€8.7m | +450% |
| Other amounts payable | 178/9 | €700,000 | €3,390,197 | +€2.7m | +384% |
| Amounts payable within one year | 42/48 | €3,142,035 | €9,256 | -€3.1m | -99.7% |
| Current portion of amounts payable after more than one year | 42 | - | €0 | = | |
| Trade debts | 44 | €63,910 | €9,256 | -€54,654 | -85.5% |
| Suppliers | 440/4 | €63,910 | €9,256 | -€54,654 | -85.5% |
| Other amounts payable | 47/48 | €3,078,124 | - | -€3.1m | |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€7,782 | €998 | +€8,780 | |
| Operating profit (loss) | 9901 | -€8,749 | €0 | +€8,749 | |
| Financial income | 75/76B | €8,749 | - | -€8,749 | |
| Recurring financial income | 75 | €8,749 | - | -€8,749 | |
| Profit (loss) for the period before taxes | 9903 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | €0 | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €0 | €0 | = |
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.