LHAV: 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.
LHAV
Largest movements
- Stocks and contracts -€63,140
down €63,140 (-10.8%), from €587,000 to €523,860
- Receivables within one year +€53,077
up €53,077 (+44.8%), from €118,395 to €171,472
of which Other amounts receivable: +€72,879
- Cash +€43,278
up €43,278 (+974%), from €4,443 to €47,721
mainly Net result for the year (+€84,715) and Depreciation (+€67,075)
- Tangible fixed assets -€27,899
down €27,899 (-19.7%), from €141,717 to €113,818
of which Furniture and vehicles: -€45,238
- Intangible fixed assets -€20,000
down €20,000 (-10.4%), from €191,616 to €171,616
- Reserves +€84,715
up €84,715 (+39.9%), from €212,491 to €297,206
- Trade debts -€61,627
down €61,627 (-13.2%), from €468,243 to €406,615
- Debts after one year -€32,765
down €32,765 (-18.4%), from €177,603 to €144,838
- Tax, wage and social debts +€29,452
up €29,452 (+78.2%), from €37,649 to €67,101
- Other debts -€27,433
down €27,433 (-37.4%), from €73,286 to €45,853
- Gross operating margin +€47,993
up €47,993 (+33.1%), from €144,797 to €192,790
- Taxes +€11,952
up €11,952 (+79.5%), from €15,027 to €26,978
- Depreciation +€3,336
up €3,336 (+5.2%), from €63,739 to €67,075
- Financial charges -€2,740
down €2,740 (-16.5%), from €16,639 to €13,899
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,043,171 | €1,028,488 | -€14,684 | -1.4% |
| Fixed assets | 21/28 | €333,333 | €285,434 | -€47,899 | -14.4% |
| Intangible fixed assets | 21 | €191,616 | €171,616 | -€20,000 | -10.4% |
| Tangible fixed assets | 22/27 | €141,717 | €113,818 | -€27,899 | -19.7% |
| Plant, machinery and equipment | 23 | €9,078 | €26,417 | +€17,339 | +191% |
| Furniture and vehicles | 24 | €132,639 | €87,401 | -€45,238 | -34.1% |
| Current assets | 29/58 | €709,838 | €743,053 | +€33,215 | +4.7% |
| Stocks and contracts in progress | 3 | €587,000 | €523,860 | -€63,140 | -10.8% |
| Stocks | 30/36 | €587,000 | €523,860 | -€63,140 | -10.8% |
| Amounts receivable within one year | 40/41 | €118,395 | €171,472 | +€53,077 | +44.8% |
| Trade receivables | 40 | €118,395 | €98,593 | -€19,803 | -16.7% |
| Other amounts receivable | 41 | - | €72,879 | +€72,879 | |
| Cash at bank and in hand | 54/58 | €4,443 | €47,721 | +€43,278 | +974% |
| Total equity and liabilities | 10/49 | €1,043,171 | €1,028,488 | -€14,684 | -1.4% |
| Equity | 10/15 | €219,211 | €303,926 | +€84,715 | +38.6% |
| Contributions | 10/11 | €6,720 | €6,720 | = | 0.0% |
| Reserves | 13 | €212,491 | €297,206 | +€84,715 | +39.9% |
| Distributable reserves | 133 | €212,491 | €297,206 | +€84,715 | +39.9% |
| Amounts payable | 17/49 | €823,960 | €724,562 | -€99,399 | -12.1% |
| Amounts payable after more than one year | 17 | €177,603 | €144,838 | -€32,765 | -18.4% |
| Financial debts | 170/4 | €177,603 | €144,838 | -€32,765 | -18.4% |
| Amounts payable within one year | 42/48 | €646,358 | €579,724 | -€66,634 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €67,181 | €60,155 | -€7,026 | -10.5% |
| Trade debts | 44 | €468,243 | €406,615 | -€61,627 | -13.2% |
| Suppliers | 440/4 | €468,243 | €406,615 | -€61,627 | -13.2% |
| Taxes, remuneration and social security | 45 | €37,649 | €67,101 | +€29,452 | +78.2% |
| Taxes | 450/3 | €37,649 | €67,101 | +€29,452 | +78.2% |
| Other amounts payable | 47/48 | €73,286 | €45,853 | -€27,433 | -37.4% |
| Non-recurring operating income | 76A | €2,349 | €27,937 | +€25,588 | +1,089% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,739 | €67,075 | +€3,336 | +5.2% |
| Other operating charges | 640/8 | - | €154 | +€154 | |
| Gross operating margin | 9900 | €144,797 | €192,790 | +€47,993 | +33.1% |
| Operating profit (loss) | 9901 | €81,058 | €125,561 | +€44,503 | +54.9% |
| Financial income | 75/76B | €2 | €32 | +€30 | +1,826% |
| Recurring financial income | 75 | €2 | €32 | +€30 | +1,826% |
| Financial charges | 65/66B | €16,639 | €13,899 | -€2,740 | -16.5% |
| Recurring financial charges | 65 | €16,639 | €13,899 | -€2,740 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €64,421 | €111,693 | +€47,273 | +73.4% |
| Income taxes | 67/77 | €15,027 | €26,978 | +€11,952 | +79.5% |
| Profit (loss) for the period | 9904 | €49,394 | €84,715 | +€35,321 | +71.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49,394 | €84,715 | +€35,321 | +71.5% |
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 13 October 2026 via checked.be.