LRVS: 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.
LRVS
Largest movements
- Receivables within one year -€3.8m
down €3.8m (-84.1%), from €4.5m to €712,973
of which Other amounts receivable: -€3.7m
- Tangible fixed assets +€2.8m
up €2.8m (+105.8%), from €2.7m to €5.5m
of which Land and buildings: +€5.4m
- Cash +€2.4m
up €2.4m (+550.9%), from €435,109 to €2.8m
mainly Receivables within one year (+€3.8m) and Other debts (+€1.3m)
- Other debts +€1.3m
up €1.3m (+46.4%), from €2.9m to €4.2m
- Trade debts +€210,981
up €210,981 (+108.9%), from €193,810 to €404,791
- Gross operating margin +€83,551
up €83,551 (+19.6%), from €426,442 to €509,993
- Depreciation +€44,557
up €44,557 (+1708.8%), from €2,607 to €47,164
- Staff costs +€37,932
up €37,932 (+7.5%), from €505,204 to €543,136
- Financial income +€34,190
up €34,190 (+176874.6%), from €19 to €34,209
- Other operating charges +€6,561
up €6,561 (+533.8%), from €1,229 to €7,790
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 | €7,567,783 | €9,019,333 | +€1.5m | +19.2% |
| Fixed assets | 21/28 | €2,652,987 | €5,458,344 | +€2.8m | +105.7% |
| Intangible fixed assets | 21 | €1,299 | €675 | -€624 | -48.0% |
| Tangible fixed assets | 22/27 | €2,651,158 | €5,456,619 | +€2.8m | +105.8% |
| Land and buildings | 22 | - | €5,443,142 | +€5.4m | |
| Plant, machinery and equipment | 23 | €228 | €12,801 | +€12,572 | +5511.1% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €1,704 | €676 | -€1,028 | -60.3% |
| Assets under construction and advance payments | 27 | €2,649,226 | €0 | -€2.6m | -100.0% |
| Financial fixed assets | 28 | €530 | €1,050 | +€520 | +98.2% |
| Current assets | 29/58 | €4,914,796 | €3,560,989 | -€1.4m | -27.5% |
| Amounts receivable within one year | 40/41 | €4,477,171 | €712,973 | -€3.8m | -84.1% |
| Trade receivables | 40 | €53,338 | €23,044 | -€30,294 | -56.8% |
| Other amounts receivable | 41 | €4,423,833 | €689,929 | -€3.7m | -84.4% |
| Cash at bank and in hand | 54/58 | €435,109 | €2,832,175 | +€2.4m | +550.9% |
| Deferred charges and accrued income | 490/1 | €2,517 | €15,841 | +€13,325 | +529.5% |
| Total equity and liabilities | 10/49 | €7,567,783 | €9,019,333 | +€1.5m | +19.2% |
| Equity | 10/15 | €4,393,385 | €4,302,423 | -€90,962 | -2.1% |
| Contributions | 10/11 | €18,900 | €18,900 | = | 0.0% |
| Reserves | 13 | €280,804 | €280,804 | = | 0.0% |
| Tax-exempt reserves | 132 | €278,914 | €278,914 | = | 0.0% |
| Distributable reserves | 133 | €1,890 | €1,890 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€118,090 | -€174,033 | -€55,943 | -47.4% |
| Investment grants | 15 | €4,211,771 | €4,176,752 | -€35,019 | -0.8% |
| Amounts payable | 17/49 | €3,174,398 | €4,716,910 | +€1.5m | +48.6% |
| Amounts payable within one year | 42/48 | €3,130,747 | €4,687,786 | +€1.6m | +49.7% |
| Trade debts | 44 | €193,810 | €404,791 | +€210,981 | +108.9% |
| Suppliers | 440/4 | €193,810 | €404,791 | +€210,981 | +108.9% |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €72,549 | €89,190 | +€16,640 | +22.9% |
| Taxes | 450/3 | €12,687 | €12,459 | -€228 | -1.8% |
| Remuneration and social security | 454/9 | €59,862 | €76,731 | +€16,869 | +28.2% |
| Other amounts payable | 47/48 | €2,864,388 | €4,193,806 | +€1.3m | +46.4% |
| Accrued charges and deferred income | 492/3 | €43,651 | €29,124 | -€14,527 | -33.3% |
| Remuneration, social security and pensions | 62 | €505,204 | €543,136 | +€37,932 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,607 | €47,164 | +€44,557 | +1708.8% |
| Other operating charges | 640/8 | €1,229 | €7,790 | +€6,561 | +533.8% |
| Gross operating margin | 9900 | €426,442 | €509,993 | +€83,551 | +19.6% |
| Operating profit (loss) | 9901 | -€82,598 | -€88,098 | -€5,499 | -6.7% |
| Financial income | 75/76B | €19 | €34,209 | +€34,190 | +176874.6% |
| Recurring financial income | 75 | €19 | €34,209 | +€34,190 | +176874.6% |
| Financial charges | 65/66B | €2,919 | €1,533 | -€1,386 | -47.5% |
| Recurring financial charges | 65 | €2,919 | €1,533 | -€1,386 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | -€85,498 | -€55,422 | +€30,076 | +35.2% |
| Income taxes | 67/77 | €525 | €521 | -€4 | -0.7% |
| Profit (loss) for the period | 9904 | -€86,023 | -€55,943 | +€30,080 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€86,023 | -€55,943 | +€30,080 | +35.0% |
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 5 October 2026 via checked.be.