LTV Management: 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.
LTV Management
Largest movements
- Receivables after one year -€50,000
down €50,000 (-26.3%), from €190,000 to €140,000
- Tangible fixed assets -€23,307
down €23,307 (-47.4%), from €49,144 to €25,837
of which Leasing and similar rights: -€21,794
- Cash +€21,324
up €21,324 (+79.3%), from €26,878 to €48,202
mainly Net result for the year (+€65,349) and Receivables after one year (+€50,000)
- Receivables within one year -€8,684
down €8,684 (-45.1%), from €19,268 to €10,585
of which Trade receivables: -€18,644
- Reserves -€34,651
down €34,651 (-17.8%), from €194,869 to €160,218
of which Distributable reserves: -€34,651
- Current portion of long-term debt -€14,298
down €14,298 (-76.6%), from €18,657 to €4,359
- Debts after one year -€4,359
no longer reported in 2025 (was €4,359)
- Tax, wage and social debts -€4,218
down €4,218 (-8.8%), from €47,691 to €43,473
of which Remuneration and social security: -€3,000
- Gross operating margin -€40,809
down €40,809 (-26.1%), from €156,178 to €115,369
- Taxes -€11,145
down €11,145 (-31.3%), from €35,647 to €24,502
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 | €285,290 | €226,915 | -€58,375 | -20.5% |
| Fixed assets | 21/28 | €49,144 | €25,837 | -€23,307 | -47.4% |
| Tangible fixed assets | 22/27 | €49,144 | €25,837 | -€23,307 | -47.4% |
| Furniture and vehicles | 24 | €5,198 | €3,685 | -€1,513 | -29.1% |
| Leasing and similar rights | 25 | €43,946 | €22,152 | -€21,794 | -49.6% |
| Current assets | 29/58 | €236,146 | €201,078 | -€35,068 | -14.9% |
| Amounts receivable after more than one year | 29 | €190,000 | €140,000 | -€50,000 | -26.3% |
| Other amounts receivable | 291 | €190,000 | €140,000 | -€50,000 | -26.3% |
| Amounts receivable within one year | 40/41 | €19,268 | €10,585 | -€8,684 | -45.1% |
| Trade receivables | 40 | €18,644 | - | -€18,644 | |
| Other amounts receivable | 41 | €625 | €10,585 | +€9,960 | +1594.4% |
| Cash at bank and in hand | 54/58 | €26,878 | €48,202 | +€21,324 | +79.3% |
| Deferred charges and accrued income | 490/1 | - | €2,292 | +€2,292 | |
| Total equity and liabilities | 10/49 | €285,290 | €226,915 | -€58,375 | -20.5% |
| Equity | 10/15 | €213,469 | €178,818 | -€34,651 | -16.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €194,869 | €160,218 | -€34,651 | -17.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €193,009 | €158,358 | -€34,651 | -18.0% |
| Amounts payable | 17/49 | €71,821 | €48,097 | -€23,724 | -33.0% |
| Amounts payable after more than one year | 17 | €4,359 | - | -€4,359 | |
| Financial debts | 170/4 | €4,359 | - | -€4,359 | |
| Amounts payable within one year | 42/48 | €67,462 | €48,097 | -€19,365 | -28.7% |
| Current portion of amounts payable after more than one year | 42 | €18,657 | €4,359 | -€14,298 | -76.6% |
| Trade debts | 44 | €1,044 | €189 | -€855 | -81.9% |
| Suppliers | 440/4 | €1,044 | €189 | -€855 | -81.9% |
| Taxes, remuneration and social security | 45 | €47,691 | €43,473 | -€4,218 | -8.8% |
| Taxes | 450/3 | €44,691 | €43,473 | -€1,218 | -2.7% |
| Remuneration and social security | 454/9 | €3,000 | - | -€3,000 | |
| Other amounts payable | 47/48 | €70 | €77 | +€7 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,987 | €23,307 | -€680 | -2.8% |
| Other operating charges | 640/8 | €6,488 | €5,959 | -€528 | -8.1% |
| Gross operating margin | 9900 | €156,178 | €115,369 | -€40,809 | -26.1% |
| Operating profit (loss) | 9901 | €125,704 | €86,103 | -€39,601 | -31.5% |
| Financial income | 75/76B | €3,488 | €4,863 | +€1,375 | +39.4% |
| Recurring financial income | 75 | €3,488 | €4,863 | +€1,375 | +39.4% |
| Financial charges | 65/66B | €364 | €1,115 | +€750 | +206.1% |
| Recurring financial charges | 65 | €364 | €1,115 | +€750 | +206.1% |
| Profit (loss) for the period before taxes | 9903 | €128,827 | €89,851 | -€38,976 | -30.3% |
| Income taxes | 67/77 | €35,647 | €24,502 | -€11,145 | -31.3% |
| Profit (loss) for the period | 9904 | €93,180 | €65,349 | -€27,831 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €93,180 | €65,349 | -€27,831 | -29.9% |
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 10 October 2026 via checked.be.