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 +€167,545
up €167,545 (+47.2%), from €355,341 to €522,886
of which Land and buildings: +€167,826
- Receivables within one year -€48,432
down €48,432 (-88.3%), from €54,832 to €6,400
of which Trade receivables: -€41,359
- Financial fixed assets -€7,344
down €7,344 (-83.5%), from €8,800 to €1,456
- Debts after one year +€144,589
up €144,589 (+43.1%), from €335,788 to €480,377
- Other debts -€33,229
down €33,229 (-16.0%), from €207,823 to €174,594
- Current portion of long-term debt +€9,919
up €9,919 (+47.1%), from €21,044 to €30,963
- Gross operating margin -€34,345
down €34,345 (-36.5%), from €94,001 to €59,656
- Other operating charges -€22,376
down €22,376 (-83.0%), from €26,949 to €4,573
- Depreciation +€13,905
up €13,905 (+51.3%), from €27,130 to €41,035
- Taxes -€10,482
down €10,482 (-93.6%), from €11,203 to €721
- Financial charges +€6,801
up €6,801 (+128%), from €5,316 to €12,117
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 | €602,741 | €721,064 | +€118,323 | +19.6% |
| Fixed assets | 21/28 | €364,141 | €524,342 | +€160,201 | +44.0% |
| Tangible fixed assets | 22/27 | €355,341 | €522,886 | +€167,545 | +47.2% |
| Land and buildings | 22 | €354,220 | €522,046 | +€167,826 | +47.4% |
| Plant, machinery and equipment | 23 | €1,121 | - | -€1,121 | |
| Furniture and vehicles | 24 | - | €840 | +€840 | |
| Financial fixed assets | 28 | €8,800 | €1,456 | -€7,344 | -83.5% |
| Current assets | 29/58 | €238,600 | €196,722 | -€41,878 | -17.6% |
| Stocks and contracts in progress | 3 | €183,075 | €183,075 | = | 0.0% |
| Stocks | 30/36 | €183,075 | €183,075 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €54,832 | €6,400 | -€48,432 | -88.3% |
| Trade receivables | 40 | €47,359 | €6,000 | -€41,359 | -87.3% |
| Other amounts receivable | 41 | €7,473 | €400 | -€7,073 | -94.6% |
| Cash at bank and in hand | 54/58 | €693 | €7,247 | +€6,554 | +946% |
| Total equity and liabilities | 10/49 | €602,741 | €721,064 | +€118,323 | +19.6% |
| Equity | 10/15 | €24,082 | €30,389 | +€6,307 | +26.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,482 | €11,789 | +€6,307 | +115% |
| Distributable reserves | 133 | €5,482 | €11,789 | +€6,307 | +115% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €578,659 | €690,675 | +€112,016 | +19.4% |
| Amounts payable after more than one year | 17 | €335,788 | €480,377 | +€144,589 | +43.1% |
| Financial debts | 170/4 | €335,788 | €480,377 | +€144,589 | +43.1% |
| Amounts payable within one year | 42/48 | €242,871 | €210,298 | -€32,573 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €21,044 | €30,963 | +€9,919 | +47.1% |
| Trade debts | 44 | €4,131 | - | -€4,131 | |
| Suppliers | 440/4 | €4,131 | - | -€4,131 | |
| Taxes, remuneration and social security | 45 | €9,873 | €4,741 | -€5,132 | -52.0% |
| Taxes | 450/3 | €9,873 | €4,741 | -€5,132 | -52.0% |
| Other amounts payable | 47/48 | €207,823 | €174,594 | -€33,229 | -16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,130 | €41,035 | +€13,905 | +51.3% |
| Other operating charges | 640/8 | €26,949 | €4,573 | -€22,376 | -83.0% |
| Gross operating margin | 9900 | €94,001 | €59,656 | -€34,345 | -36.5% |
| Operating profit (loss) | 9901 | €39,922 | €14,048 | -€25,874 | -64.8% |
| Financial charges | 65/66B | €5,316 | €12,117 | +€6,801 | +128% |
| Recurring financial charges | 65 | €5,316 | €12,117 | +€6,801 | +128% |
| Profit (loss) for the period before taxes | 9903 | €34,606 | €1,931 | -€32,675 | -94.4% |
| Income taxes | 67/77 | €11,203 | €721 | -€10,482 | -93.6% |
| Profit (loss) for the period | 9904 | €23,403 | €1,210 | -€22,193 | -94.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,403 | €1,210 | -€22,193 | -94.8% |
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.