liv: 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.
liv
Largest movements
- Tangible fixed assets +€2.2m
up €2.2m (+35.3%), from €6.1m to €8.3m
of which Land and buildings: +€8.3m
- Cash -€1.1m
down €1.1m (-67.7%), from €1.7m to €547,682
mainly Investment in fixed assets (net) (-€2.5m) and Tax, wage and social debts (-€16,312)
- Debts after one year +€695,763
up €695,763 (+12.1%), from €5.8m to €6.4m
- Profit (loss) carried forward +€205,459
new in 2025: €205,459
- Trade debts +€127,722
up €127,722 (+3,133%), from €4,076 to €131,798
- Depreciation +€255,317
up €255,317 (+703%), from €36,294 to €291,612
- Financial income +€215,965
up €215,965 (+101%), from €213,137 to €429,102
of which Financial income: +€215,965
- Gross operating margin -€113,134
down €113,134 (-39.4%), from €287,080 to €173,947
- Financial charges +€48,150
up €48,150 (+1,012%), from €4,757 to €52,907
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 | €8,286,794 | €9,313,530 | +€1.0m | +12.4% |
| Fixed assets | 21/28 | €6,132,982 | €8,299,506 | +€2.2m | +35.3% |
| Tangible fixed assets | 22/27 | €6,132,982 | €8,299,506 | +€2.2m | +35.3% |
| Land and buildings | 22 | - | €8,299,506 | +€8.3m | |
| Other tangible fixed assets | 26 | €5,422 | - | -€5,422 | |
| Assets under construction and advance payments | 27 | €6,127,560 | - | -€6.1m | |
| Current assets | 29/58 | €2,153,812 | €1,014,023 | -€1.1m | -52.9% |
| Amounts receivable within one year | 40/41 | €457,659 | €465,226 | +€7,568 | +1.7% |
| Trade receivables | 40 | €14,687 | €34,147 | +€19,460 | +132% |
| Other amounts receivable | 41 | €442,971 | €431,079 | -€11,893 | -2.7% |
| Cash at bank and in hand | 54/58 | €1,696,144 | €547,682 | -€1.1m | -67.7% |
| Deferred charges and accrued income | 490/1 | €10 | €1,115 | +€1,106 | +11,409% |
| Total equity and liabilities | 10/49 | €8,286,794 | €9,313,530 | +€1.0m | +12.4% |
| Equity | 10/15 | €1,584,980 | €1,790,438 | +€205,459 | +13.0% |
| Reserves | 13 | €1,584,980 | €1,584,980 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | - | €205,459 | +€205,459 | |
| Amounts payable | 17/49 | €6,701,815 | €7,523,091 | +€821,277 | +12.3% |
| Amounts payable after more than one year | 17 | €5,750,000 | €6,445,763 | +€695,763 | +12.1% |
| Financial debts | 170/4 | €5,750,000 | €6,445,763 | +€695,763 | +12.1% |
| Amounts payable within one year | 42/48 | €413,318 | €524,728 | +€111,410 | +27.0% |
| Trade debts | 44 | €4,076 | €131,798 | +€127,722 | +3,133% |
| Suppliers | 440/4 | €4,076 | €131,798 | +€127,722 | +3,133% |
| Taxes, remuneration and social security | 45 | €409,242 | €392,929 | -€16,312 | -4.0% |
| Taxes | 450/3 | €409,242 | €392,291 | -€16,951 | -4.1% |
| Remuneration and social security | 454/9 | - | €639 | +€639 | |
| Accrued charges and deferred income | 492/3 | €538,497 | €552,600 | +€14,103 | +2.6% |
| Remuneration, social security and pensions | 62 | €20,680 | €21,547 | +€867 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,294 | €291,612 | +€255,317 | +703% |
| Other operating charges | 640/8 | €282 | - | -€282 | |
| Non-recurring operating charges | 66A | - | €31,525 | +€31,525 | |
| Gross operating margin | 9900 | €287,080 | €173,947 | -€113,134 | -39.4% |
| Operating profit (loss) | 9901 | €229,824 | -€170,737 | -€400,561 | |
| Financial income | 75/76B | €213,137 | €429,102 | +€215,965 | +101% |
| Recurring financial income | 75 | €213,137 | €429,102 | +€215,965 | +101% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,757 | €52,907 | +€48,150 | +1,012% |
| Recurring financial charges | 65 | €4,757 | €52,907 | +€48,150 | +1,012% |
| Profit (loss) for the period before taxes | 9903 | €438,204 | €205,459 | -€232,745 | -53.1% |
| Profit (loss) for the period | 9904 | €438,204 | €205,459 | -€232,745 | -53.1% |
| Profit (loss) for the period to be appropriated | 9905 | €438,204 | €205,459 | -€232,745 | -53.1% |
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 31 October 2026 via checked.be.