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.
What changed
Liv
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€23.5m
2024 · €2.2m+€21.2m
Equity
€55.4m
2024 · €32.1m+€23.3m
Cash
€53,455
2024 · €30,379+€23,076
Balance sheet total
€361.9m
2024 · €357.1m+€4.8m
Largest movements
Assets
- Financial fixed assets +€5.1m
up €5.1m (+1.4%), from €355.4m to €360.5m
Equity and liabilities
- Reserves +€23.3m
up €23.3m (+947%), from €2.5m to €25.8m
- Debts after one year -€17.6m
down €17.6m (-5.6%), from €314.1m to €296.6m
of which Other amounts payable: -€36.2m
Income statement
- Financial income +€18.3m
up €18.3m (+3,509%), from €522,684 to €18.9m
- Turnover +€5.4m
up €5.4m (+104%), from €5.2m to €10.6m
- Financial charges +€1.4m
up €1.4m (+54.8%), from €2.5m to €3.9m
- Taxes +€825,200
up €825,200 (+112%), from €734,000 to €1.6m
- Services and other goods +€309,946
up €309,946 (+172%), from €180,584 to €490,530
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.
Result 2024
€2.2m
Turnover
+€5.4m
Services and other goods
-€309,946
Other operating charges
-€32
Other operating items
+€41,474
Financial income
+€18.3m
Financial charges
-€1.4m
Taxes
-€825,200
Result 2025
€23.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€22.9m
Investment
-€5.1m
Financing
-€17.7m
Cash 2024
€30,379
From operations (derived)
+€22.9m
Net result for the year
+€23.5m
Smaller working-capital items
-€32,064
Deferred charges and accrued income
+€311,362
Other debts
-€394,848
Accrued charges and deferred income
-€476,692
Investment (derived)
-€5.1m
Investment in fixed assets (net)
-€5.1m
Financing
-€17.7m
Debts after one year
-€17.6m
Current portion of long-term debt
-€0
Contributions, distributions and other
-€155,499
Not broken down
+€1
Cash 2025
€53,455
brings cash intakes cash outdifference the filed balance sheets leave
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €357,050,559 | €361,876,347 | +€4.8m | +1.4% |
| Fixed assets | 21/28 | €355,388,277 | €360,506,554 | +€5.1m | +1.4% |
| Financial fixed assets | 28 | €355,388,277 | €360,506,554 | +€5.1m | +1.4% |
| Affiliated companies | 280/1 | €355,388,277 | €360,506,554 | +€5.1m | +1.4% |
| Participating interests | 280 | €355,388,277 | €360,506,554 | +€5.1m | +1.4% |
| Current assets | 29/58 | €1,662,282 | €1,369,794 | -€292,488 | -17.6% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,320,541 | €1,316,339 | -€4,202 | -0.3% |
| Trade receivables | 40 | €1,066,165 | €1,109,546 | +€43,381 | +4.1% |
| Other amounts receivable | 41 | €254,377 | €206,793 | -€47,584 | -18.7% |
| Cash at bank and in hand | 54/58 | €30,379 | €53,455 | +€23,076 | +76.0% |
| Deferred charges and accrued income | 490/1 | €311,362 | €0 | -€311,362 | -100% |
| Total equity and liabilities | 10/49 | €357,050,559 | €361,876,347 | +€4.8m | +1.4% |
| Equity | 10/15 | €32,102,798 | €55,424,890 | +€23.3m | +72.6% |
| Contributions | 10/11 | €29,639,960 | €29,639,960 | = | 0.0% |
| Reserves | 13 | €2,462,838 | €25,784,930 | +€23.3m | +947% |
| Distributable reserves | 133 | €2,462,838 | €25,784,930 | +€23.3m | +947% |
| Amounts payable | 17/49 | €324,947,761 | €306,451,457 | -€18.5m | -5.7% |
| Amounts payable after more than one year | 17 | €314,139,091 | €296,550,591 | -€17.6m | -5.6% |
| Financial debts | 170/4 | €91,914,889 | €110,562,390 | +€18.6m | +20.3% |
| Credit institutions | 173 | €73,888,889 | €65,000,000 | -€8.9m | -12.0% |
| Other loans | 174 | €18,026,000 | €45,562,390 | +€27.5m | +153% |
| Other amounts payable | 178/9 | €222,224,202 | €185,988,202 | -€36.2m | -16.3% |
| Amounts payable within one year | 42/48 | €9,730,619 | €9,299,506 | -€431,113 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €8,888,889 | €8,888,889 | -€0 | 0.0% |
| Trade debts | 44 | €105,967 | €48,260 | -€57,707 | -54.5% |
| Suppliers | 440/4 | €105,967 | €48,260 | -€57,707 | -54.5% |
| Taxes, remuneration and social security | 45 | €185,416 | €206,858 | +€21,442 | +11.6% |
| Taxes | 450/3 | €178,496 | €194,723 | +€16,227 | +9.1% |
| Remuneration and social security | 454/9 | €6,920 | €12,135 | +€5,215 | +75.4% |
| Other amounts payable | 47/48 | €550,347 | €155,500 | -€394,848 | -71.7% |
| Accrued charges and deferred income | 492/3 | €1,078,052 | €601,360 | -€476,692 | -44.2% |
| Operating income | 70/76A | €5,189,604 | €10,571,355 | +€5.4m | +104% |
| Turnover | 70 | €5,189,604 | €10,571,355 | +€5.4m | +104% |
| Operating charges | 60/66A | €222,541 | €491,045 | +€268,504 | +121% |
| Services and other goods | 61 | €180,584 | €490,530 | +€309,946 | +172% |
| Other operating charges | 640/8 | €483 | €515 | +€32 | +6.7% |
| Non-recurring operating charges | 66A | €41,474 | €0 | -€41,474 | -100% |
| Operating profit (loss) | 9901 | €4,967,063 | €10,080,310 | +€5.1m | +103% |
| Financial income | 75/76B | €522,684 | €18,864,712 | +€18.3m | +3,509% |
| Recurring financial income | 75 | €522,684 | €18,864,712 | +€18.3m | +3,509% |
| Income from financial fixed assets | 750 | - | €18,800,000 | +€18.8m | |
| Income from current assets | 751 | €3,318 | €54,216 | +€50,898 | +1,534% |
| Other financial income | 752/9 | €519,366 | €10,495 | -€508,871 | -98.0% |
| Financial charges | 65/66B | €2,524,432 | €3,908,230 | +€1.4m | +54.8% |
| Recurring financial charges | 65 | €2,524,432 | €3,908,230 | +€1.4m | +54.8% |
| Debt charges | 650 | €2,523,984 | €3,907,412 | +€1.4m | +54.8% |
| Other financial charges | 652/9 | €448 | €818 | +€370 | +82.6% |
| Profit (loss) for the period before taxes | 9903 | €2,965,315 | €25,036,791 | +€22.1m | +744% |
| Income taxes | 67/77 | €734,000 | €1,559,200 | +€825,200 | +112% |
| Taxes | 670/3 | €734,000 | €1,559,200 | +€825,200 | +112% |
| Profit (loss) for the period | 9904 | €2,231,315 | €23,477,591 | +€21.2m | +952% |
| Profit (loss) for the period to be appropriated | 9905 | €2,231,315 | €23,477,591 | +€21.2m | +952% |
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.