LSVR: 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.
LSVR
Largest movements
- Receivables within one year -€280,484
down €280,484 (-13.1%), from €2.1m to €1.9m
of which Trade receivables: -€255,920
- Tangible fixed assets -€147,687
down €147,687 (-11.7%), from €1.3m to €1.1m
of which Plant, machinery and equipment: -€78,167
- Cash -€130,110
down €130,110 (-25.4%), from €512,328 to €382,218
mainly Trade debts (-€734,756) and Debts after one year (-€274,055)
- Stocks and contracts -€80,250
down €80,250 (-42.2%), from €190,000 to €109,750
- Trade debts -€734,756
down €734,756 (-41.8%), from €1.8m to €1.0m
- Reserves +€316,533
up €316,533 (+102.8%), from €308,031 to €624,564
- Debts after one year -€274,055
down €274,055 (-19.7%), from €1.4m to €1.1m
- Gross operating margin +€412,046
up €412,046 (+78.2%), from €526,994 to €939,040
- Taxes +€126,759
up €126,759 (+579.4%), from €21,879 to €148,638
- Staff costs +€11,562
up €11,562 (+5.1%), from €227,589 to €239,151
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 | €4,099,133 | €3,460,603 | -€638,530 | -15.6% |
| Fixed assets | 21/28 | €1,260,072 | €1,112,385 | -€147,687 | -11.7% |
| Tangible fixed assets | 22/27 | €1,258,337 | €1,110,650 | -€147,687 | -11.7% |
| Land and buildings | 22 | €666,144 | €617,583 | -€48,561 | -7.3% |
| Plant, machinery and equipment | 23 | €548,428 | €470,261 | -€78,167 | -14.3% |
| Furniture and vehicles | 24 | €43,765 | €22,806 | -€20,959 | -47.9% |
| Financial fixed assets | 28 | €1,735 | €1,735 | = | 0.0% |
| Current assets | 29/58 | €2,839,061 | €2,348,218 | -€490,844 | -17.3% |
| Stocks and contracts in progress | 3 | €190,000 | €109,750 | -€80,250 | -42.2% |
| Stocks | 30/36 | €190,000 | €109,750 | -€80,250 | -42.2% |
| Amounts receivable within one year | 40/41 | €2,136,733 | €1,856,249 | -€280,484 | -13.1% |
| Trade receivables | 40 | €2,077,636 | €1,821,716 | -€255,920 | -12.3% |
| Other amounts receivable | 41 | €59,098 | €34,534 | -€24,564 | -41.6% |
| Cash at bank and in hand | 54/58 | €512,328 | €382,218 | -€130,110 | -25.4% |
| Total equity and liabilities | 10/49 | €4,099,133 | €3,460,603 | -€638,530 | -15.6% |
| Equity | 10/15 | €623,691 | €940,225 | +€316,533 | +50.8% |
| Contributions | 10/11 | €24,700 | €24,700 | = | 0.0% |
| Reserves | 13 | €308,031 | €624,564 | +€316,533 | +102.8% |
| Distributable reserves | 133 | €308,031 | €624,564 | +€316,533 | +102.8% |
| Profit (loss) carried forward | 14 | €290,960 | €290,960 | = | 0.0% |
| Amounts payable | 17/49 | €3,475,442 | €2,520,378 | -€955,064 | -27.5% |
| Amounts payable after more than one year | 17 | €1,393,360 | €1,119,305 | -€274,055 | -19.7% |
| Financial debts | 170/4 | €1,393,360 | €1,119,305 | -€274,055 | -19.7% |
| Amounts payable within one year | 42/48 | €2,082,082 | €1,401,074 | -€681,009 | -32.7% |
| Current portion of amounts payable after more than one year | 42 | €91,600 | €110,727 | +€19,127 | +20.9% |
| Trade debts | 44 | €1,756,624 | €1,021,868 | -€734,756 | -41.8% |
| Suppliers | 440/4 | €1,756,624 | €1,021,868 | -€734,756 | -41.8% |
| Taxes, remuneration and social security | 45 | €32,616 | €60,485 | +€27,869 | +85.4% |
| Taxes | 450/3 | €24,265 | €51,022 | +€26,757 | +110.3% |
| Remuneration and social security | 454/9 | €8,350 | €9,463 | +€1,112 | +13.3% |
| Other amounts payable | 47/48 | €201,242 | €207,994 | +€6,752 | +3.4% |
| Non-recurring operating income | 76A | €105,000 | - | -€105,000 | |
| Remuneration, social security and pensions | 62 | €227,589 | €239,151 | +€11,562 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,805 | €157,013 | -€792 | -0.5% |
| Other operating charges | 640/8 | €5,923 | €9,846 | +€3,923 | +66.2% |
| Gross operating margin | 9900 | €526,994 | €939,040 | +€412,046 | +78.2% |
| Operating profit (loss) | 9901 | €135,676 | €533,029 | +€397,353 | +292.9% |
| Financial charges | 65/66B | €72,794 | €67,858 | -€4,935 | -6.8% |
| Recurring financial charges | 65 | €72,794 | €67,858 | -€4,935 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €62,883 | €465,171 | +€402,288 | +639.7% |
| Income taxes | 67/77 | €21,879 | €148,638 | +€126,759 | +579.4% |
| Profit (loss) for the period | 9904 | €41,004 | €316,533 | +€275,529 | +672.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,004 | €316,533 | +€275,529 | +672.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.