LV': 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.
LV'
Largest movements
- Tangible fixed assets +€458,986
up €458,986 (+96.5%), from €475,694 to €934,680
of which Land and buildings: +€524,078
- Receivables within one year -€128,024
down €128,024 (-81.8%), from €156,499 to €28,475
of which Other amounts receivable: -€146,287
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Cash +€90,533
up €90,533 (+144.8%), from €62,532 to €153,065
mainly Debts after one year (+€326,501) and Receivables within one year (+€128,024)
- Debts after one year +€326,501
up €326,501 (+31.2%), from €1.0m to €1.4m
- Other debts +€24,408
up €24,408 (+54.0%), from €45,170 to €69,578
- Depreciation +€40,361
up €40,361 (+107.0%), from €37,728 to €78,089
- Gross operating margin +€36,617
up €36,617 (+32.7%), from €111,902 to €148,518
- Financial charges +€14,731
up €14,731 (+31.8%), from €46,297 to €61,028
- Taxes -€10,981
down €10,981, from €10,882 to -€99
- Other operating charges +€6,056
up €6,056 (+700.1%), from €865 to €6,921
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 | €1,858,737 | €2,180,045 | +€321,308 | +17.3% |
| Fixed assets | 21/28 | €1,538,194 | €1,997,180 | +€458,986 | +29.8% |
| Tangible fixed assets | 22/27 | €475,694 | €934,680 | +€458,986 | +96.5% |
| Land and buildings | 22 | €341,844 | €865,922 | +€524,078 | +153.3% |
| Plant, machinery and equipment | 23 | €1,425 | €1,011 | -€414 | -29.0% |
| Furniture and vehicles | 24 | €93,864 | €67,747 | -€26,117 | -27.8% |
| Assets under construction and advance payments | 27 | €38,561 | - | -€38,561 | |
| Financial fixed assets | 28 | €1,062,500 | €1,062,500 | = | 0.0% |
| Current assets | 29/58 | €320,544 | €182,866 | -€137,678 | -43.0% |
| Amounts receivable within one year | 40/41 | €156,499 | €28,475 | -€128,024 | -81.8% |
| Trade receivables | 40 | €2,710 | €20,973 | +€18,263 | +673.9% |
| Other amounts receivable | 41 | €153,789 | €7,502 | -€146,287 | -95.1% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €62,532 | €153,065 | +€90,533 | +144.8% |
| Deferred charges and accrued income | 490/1 | €1,513 | €1,326 | -€187 | -12.4% |
| Total equity and liabilities | 10/49 | €1,858,737 | €2,180,045 | +€321,308 | +17.3% |
| Equity | 10/15 | €596,353 | €600,460 | +€4,107 | +0.7% |
| Contributions | 10/11 | €401,000 | €401,000 | = | 0.0% |
| Reserves | 13 | €195,353 | €195,353 | = | 0.0% |
| Distributable reserves | 133 | €195,353 | €195,353 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €4,107 | +€4,107 | |
| Amounts payable | 17/49 | €1,262,385 | €1,579,585 | +€317,201 | +25.1% |
| Amounts payable after more than one year | 17 | €1,046,656 | €1,373,157 | +€326,501 | +31.2% |
| Financial debts | 170/4 | €1,046,656 | €1,373,157 | +€326,501 | +31.2% |
| Amounts payable within one year | 42/48 | €171,415 | €164,924 | -€6,490 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €94,825 | €74,887 | -€19,938 | -21.0% |
| Trade debts | 44 | €19,569 | €2,265 | -€17,305 | -88.4% |
| Suppliers | 440/4 | €19,569 | €2,265 | -€17,305 | -88.4% |
| Taxes, remuneration and social security | 45 | €11,850 | €18,194 | +€6,344 | +53.5% |
| Remuneration and social security | 454/9 | €11,850 | €18,194 | +€6,344 | +53.5% |
| Other amounts payable | 47/48 | €45,170 | €69,578 | +€24,408 | +54.0% |
| Accrued charges and deferred income | 492/3 | €44,313 | €41,504 | -€2,810 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,728 | €78,089 | +€40,361 | +107.0% |
| Other operating charges | 640/8 | €865 | €6,921 | +€6,056 | +700.1% |
| Gross operating margin | 9900 | €111,902 | €148,518 | +€36,617 | +32.7% |
| Operating profit (loss) | 9901 | €73,309 | €63,508 | -€9,800 | -13.4% |
| Financial income | 75/76B | €1,261 | €1,527 | +€266 | +21.1% |
| Recurring financial income | 75 | €1,261 | €1,527 | +€266 | +21.1% |
| Financial charges | 65/66B | €46,297 | €61,028 | +€14,731 | +31.8% |
| Recurring financial charges | 65 | €46,297 | €61,028 | +€14,731 | +31.8% |
| Profit (loss) for the period before taxes | 9903 | €28,273 | €4,008 | -€24,265 | -85.8% |
| Income taxes | 67/77 | €10,882 | -€99 | -€10,981 | |
| Profit (loss) for the period | 9904 | €17,391 | €4,107 | -€13,284 | -76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,391 | €4,107 | -€13,284 | -76.4% |
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 11 October 2026 via checked.be.