LIV+: 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.
LIV+
Largest movements
- Stocks and contracts -€5.6m
down €5.6m (-77.5%), from €7.2m to €1.6m
- Cash +€971,221
up €971,221 (+203.9%), from €476,278 to €1.4m
mainly Stocks and contracts (+€5.6m) and Net result for the year (+€500,044)
- Receivables within one year -€279,521
down €279,521 (-36.0%), from €776,317 to €496,796
of which Trade receivables: -€349,685
- Advances received -€3.9m
down €3.9m (-91.1%), from €4.3m to €383,944
- Short-term financial debts -€2.1m
down €2.1m (-100.0%), from €2.1m to €0
- Trade debts +€418,557
up €418,557 (+160.8%), from €260,260 to €678,817
- Profit (loss) carried forward +€300,044
up €300,044 (+97.3%), from -€308,438 to -€8,394
- Other debts +€294,515
up €294,515 (+14.1%), from €2.1m to €2.4m
- Gross operating margin +€767,165
up €767,165, from -€79,902 to €687,262
- Financial income +€72,848
up €72,848 (+373.7%), from €19,494 to €92,342
- Financial charges +€7,094
up €7,094 (+3.2%), from €219,909 to €227,003
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 | €8,612,188 | €3,650,273 | -€5.0m | -57.6% |
| Fixed assets | 21/28 | €109,740 | €68,747 | -€40,993 | -37.4% |
| Tangible fixed assets | 22/27 | €109,740 | €68,747 | -€40,993 | -37.4% |
| Leasing and similar rights | 25 | €109,740 | €68,747 | -€40,993 | -37.4% |
| Current assets | 29/58 | €8,502,448 | €3,581,526 | -€4.9m | -57.9% |
| Stocks and contracts in progress | 3 | €7,246,297 | €1,631,507 | -€5.6m | -77.5% |
| Stocks | 30/36 | €7,246,297 | €1,631,507 | -€5.6m | -77.5% |
| Amounts receivable within one year | 40/41 | €776,317 | €496,796 | -€279,521 | -36.0% |
| Trade receivables | 40 | €592,062 | €242,377 | -€349,685 | -59.1% |
| Other amounts receivable | 41 | €184,255 | €254,419 | +€70,164 | +38.1% |
| Cash at bank and in hand | 54/58 | €476,278 | €1,447,499 | +€971,221 | +203.9% |
| Deferred charges and accrued income | 490/1 | €3,557 | €5,724 | +€2,167 | +60.9% |
| Total equity and liabilities | 10/49 | €8,612,188 | €3,650,273 | -€5.0m | -57.6% |
| Equity | 10/15 | -€289,838 | €10,206 | +€300,044 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€308,438 | -€8,394 | +€300,044 | +97.3% |
| Amounts payable | 17/49 | €8,902,027 | €3,640,067 | -€5.3m | -59.1% |
| Amounts payable after more than one year | 17 | €34,658 | €0 | -€34,658 | -100.0% |
| Financial debts | 170/4 | €34,658 | €0 | -€34,658 | -100.0% |
| Amounts payable within one year | 42/48 | €8,867,369 | €3,640,067 | -€5.2m | -58.9% |
| Current portion of amounts payable after more than one year | 42 | €52,524 | €34,658 | -€17,866 | -34.0% |
| Financial debts | 43 | €2,095,224 | €0 | -€2.1m | -100.0% |
| Credit institutions | 430/8 | €2,095,224 | €0 | -€2.1m | -100.0% |
| Trade debts | 44 | €260,260 | €678,817 | +€418,557 | +160.8% |
| Suppliers | 440/4 | €260,260 | €678,817 | +€418,557 | +160.8% |
| Advances received on contracts in progress | 46 | €4,311,207 | €383,944 | -€3.9m | -91.1% |
| Taxes, remuneration and social security | 45 | €62,679 | €162,657 | +€99,978 | +159.5% |
| Taxes | 450/3 | €62,679 | €162,657 | +€99,978 | +159.5% |
| Other amounts payable | 47/48 | €2,085,476 | €2,379,991 | +€294,515 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,993 | €40,993 | = | 0.0% |
| Other operating charges | 640/8 | €9,623 | €10,771 | +€1,148 | +11.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€79,902 | €687,262 | +€767,165 | |
| Operating profit (loss) | 9901 | -€130,518 | €635,499 | +€766,017 | |
| Financial income | 75/76B | €19,494 | €92,342 | +€72,848 | +373.7% |
| Recurring financial income | 75 | €19,494 | €92,342 | +€72,848 | +373.7% |
| Financial charges | 65/66B | €219,909 | €227,003 | +€7,094 | +3.2% |
| Recurring financial charges | 65 | €219,909 | €227,003 | +€7,094 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | -€330,933 | €500,838 | +€831,771 | |
| Income taxes | 67/77 | €930 | €794 | -€136 | -14.7% |
| Profit (loss) for the period | 9904 | -€331,863 | €500,044 | +€831,907 | |
| Profit (loss) for the period to be appropriated | 9905 | -€331,863 | €500,044 | +€831,907 |
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 6 October 2026 via checked.be.