LSV PROJECTS: 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.
LSV PROJECTS
Largest movements
- Tangible fixed assets -€16,350
down €16,350 (-32.1%), from €50,945 to €34,594
of which Furniture and vehicles: -€15,514
- Cash +€7,805
up €7,805 (+82.0%), from €9,513 to €17,318
mainly Depreciation (+€18,143) and Net result for the year (+€3,964)
- Receivables within one year +€4,095
up €4,095 (+106.5%), from €3,845 to €7,940
of which Trade receivables: +€4,937
- Reserves +€33,463
new in 2025: €33,463
- Profit (loss) carried forward -€29,500
no longer reported in 2025 (was €29,500)
- Other debts -€10,195
down €10,195 (-50.2%), from €20,289 to €10,094
- Tax, wage and social debts +€2,035
up €2,035 (+21.1%), from €9,624 to €11,659
- Trade debts -€777
down €777 (-56.5%), from €1,375 to €597
- Gross operating margin -€32,514
down €32,514 (-56.1%), from €57,915 to €25,401
- Depreciation +€5,760
up €5,760 (+46.5%), from €12,383 to €18,143
- Taxes -€4,382
down €4,382 (-68.3%), from €6,417 to €2,035
- Other operating charges +€685
up €685 (+136.5%), from €502 to €1,187
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 | €65,787 | €60,814 | -€4,974 | -7.6% |
| Fixed assets | 21/28 | €50,945 | €34,594 | -€16,350 | -32.1% |
| Tangible fixed assets | 22/27 | €50,945 | €34,594 | -€16,350 | -32.1% |
| Plant, machinery and equipment | 23 | €1,727 | €890 | -€837 | -48.4% |
| Furniture and vehicles | 24 | €49,217 | €33,704 | -€15,514 | -31.5% |
| Current assets | 29/58 | €14,843 | €26,219 | +€11,377 | +76.6% |
| Amounts receivable within one year | 40/41 | €3,845 | €7,940 | +€4,095 | +106.5% |
| Trade receivables | 40 | €1,768 | €6,705 | +€4,937 | +279.3% |
| Other amounts receivable | 41 | €2,078 | €1,235 | -€842 | -40.5% |
| Cash at bank and in hand | 54/58 | €9,513 | €17,318 | +€7,805 | +82.0% |
| Deferred charges and accrued income | 490/1 | €1,484 | €961 | -€523 | -35.3% |
| Total equity and liabilities | 10/49 | €65,787 | €60,814 | -€4,974 | -7.6% |
| Equity | 10/15 | €34,500 | €38,463 | +€3,964 | +11.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €33,463 | +€33,463 | |
| Distributable reserves | 133 | - | €33,463 | +€33,463 | |
| Profit (loss) carried forward | 14 | €29,500 | - | -€29,500 | |
| Amounts payable | 17/49 | €31,288 | €22,350 | -€8,937 | -28.6% |
| Amounts payable within one year | 42/48 | €31,288 | €22,350 | -€8,937 | -28.6% |
| Trade debts | 44 | €1,375 | €597 | -€777 | -56.5% |
| Suppliers | 440/4 | €1,375 | €597 | -€777 | -56.5% |
| Taxes, remuneration and social security | 45 | €9,624 | €11,659 | +€2,035 | +21.1% |
| Taxes | 450/3 | €9,624 | €11,659 | +€2,035 | +21.1% |
| Other amounts payable | 47/48 | €20,289 | €10,094 | -€10,195 | -50.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,383 | €18,143 | +€5,760 | +46.5% |
| Other operating charges | 640/8 | €502 | €1,187 | +€685 | +136.5% |
| Non-recurring operating charges | 66A | €16,788 | - | -€16,788 | |
| Gross operating margin | 9900 | €57,915 | €25,401 | -€32,514 | -56.1% |
| Operating profit (loss) | 9901 | €28,242 | €6,071 | -€22,171 | -78.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €213 | €72 | -€140 | -66.0% |
| Recurring financial charges | 65 | €213 | €72 | -€140 | -66.0% |
| Profit (loss) for the period before taxes | 9903 | €28,029 | €5,999 | -€22,031 | -78.6% |
| Income taxes | 67/77 | €6,417 | €2,035 | -€4,382 | -68.3% |
| Profit (loss) for the period | 9904 | €21,613 | €3,964 | -€17,649 | -81.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,613 | €3,964 | -€17,649 | -81.7% |
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 7 October 2026 via checked.be.