LV BEHEER: 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.
What changed
LV BEHEER
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.6m
2024 · €5.3m-€1.7m
Equity
€44.8m
2024 · €12.1m+€32.7m
Cash
€194,196
2024 · €523,665-€329,469
Balance sheet total
€46.1m
2024 · €15.0m+€31.1m
Largest movements
Assets
- Financial fixed assets +€29.8m
up €29.8m (+289%), from €10.3m to €40.1m
- Receivables after one year +€750,000
up €750,000 (+121%), from €620,000 to €1.4m
- Current investments +€736,661
up €736,661 (+488%), from €151,063 to €887,724
Equity and liabilities
- Revaluation surpluses +€29.8m
new in 2025: €29.8m
- Reserves +€2.9m
up €2.9m (+23.7%), from €12.1m to €14.9m
of which Distributable reserves: +€2.9m
- Debts after one year -€2.0m
down €2.0m (-88.2%), from €2.3m to €273,513
- Current portion of long-term debt +€757,790
new in 2025: €757,790
Income statement
- Financial income -€2.5m
down €2.5m (-41.5%), from €6.0m to €3.5m
- Gross operating margin +€525,257
up €525,257 (+779%), from €67,439 to €592,696
- Taxes -€180,330
down €180,330 (-33.2%), from €543,759 to €363,429
- Financial charges -€46,421
down €46,421 (-38.8%), from €119,707 to €73,286
- Other operating charges +€6,636
up €6,636 (+342%), from €1,939 to €8,574
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.
Result 2024
€5.3m
Gross operating margin
+€525,257
Depreciation
+€2,256
Other operating charges
-€6,636
Financial income
-€2.5m
Financial charges
+€46,421
Taxes
+€180,330
Result 2025
€3.6m
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€2.4m
Investment
-€30.5m
Financing
+€27.8m
Cash 2024
€523,665
From operations (derived)
+€2.4m
Net result for the year
+€3.6m
Depreciation
+€27,054
Receivables after one year
-€750,000
Receivables within one year
-€192,446
Smaller working-capital items
-€1,249
Tax, wage and social debts
-€260,125
Investment (derived)
-€30.5m
Investment in fixed assets (net)
-€29.8m
Current investments
-€736,661
Financing
+€27.8m
Debts after one year
-€2.0m
Current portion of long-term debt
+€757,790
Contributions, distributions and other
+€29.1m
Cash 2025
€194,196
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,954,682 | €46,070,826 | +€31.1m | +208% |
| Fixed assets | 21/28 | €10,547,426 | €40,316,179 | +€29.8m | +282% |
| Tangible fixed assets | 22/27 | €240,923 | €213,869 | -€27,054 | -11.2% |
| Land and buildings | 22 | €170,107 | €163,007 | -€7,100 | -4.2% |
| Plant, machinery and equipment | 23 | €1,567 | €0 | -€1,567 | -100.0% |
| Furniture and vehicles | 24 | €56,536 | €39,545 | -€16,991 | -30.1% |
| Other tangible fixed assets | 26 | €12,712 | €11,316 | -€1,396 | -11.0% |
| Financial fixed assets | 28 | €10,306,503 | €40,102,311 | +€29.8m | +289% |
| Current assets | 29/58 | €4,407,256 | €5,754,647 | +€1.3m | +30.6% |
| Amounts receivable after more than one year | 29 | €620,000 | €1,370,000 | +€750,000 | +121% |
| Other amounts receivable | 291 | €620,000 | €1,370,000 | +€750,000 | +121% |
| Amounts receivable within one year | 40/41 | €3,107,909 | €3,300,355 | +€192,446 | +6.2% |
| Trade receivables | 40 | €50,900 | €3,212,625 | +€3.2m | +6,212% |
| Other amounts receivable | 41 | €3,057,008 | €87,730 | -€3.0m | -97.1% |
| Current investments | 50/53 | €151,063 | €887,724 | +€736,661 | +488% |
| Cash at bank and in hand | 54/58 | €523,665 | €194,196 | -€329,469 | -62.9% |
| Deferred charges and accrued income | 490/1 | €4,619 | €2,371 | -€2,248 | -48.7% |
| Total equity and liabilities | 10/49 | €14,954,682 | €46,070,826 | +€31.1m | +208% |
| Equity | 10/15 | €12,095,015 | €44,753,110 | +€32.7m | +270% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €29,795,808 | +€29.8m | |
| Reserves | 13 | €12,076,415 | €14,938,702 | +€2.9m | +23.7% |
| Non-distributable reserves | 130/1 | €35,672 | - | -€35,672 | |
| Legal reserve | 130 | €35,672 | - | -€35,672 | |
| Tax-exempt reserves | 132 | €1,529 | €1,529 | = | 0.0% |
| Distributable reserves | 133 | €12,039,214 | €14,937,173 | +€2.9m | +24.1% |
| Amounts payable | 17/49 | €2,859,667 | €1,317,716 | -€1.5m | -53.9% |
| Amounts payable after more than one year | 17 | €2,309,631 | €273,513 | -€2.0m | -88.2% |
| Financial debts | 170/4 | €2,309,631 | €273,513 | -€2.0m | -88.2% |
| Amounts payable within one year | 42/48 | €546,133 | €1,040,301 | +€494,167 | +90.5% |
| Current portion of amounts payable after more than one year | 42 | - | €757,790 | +€757,790 | |
| Trade debts | 44 | €8,141 | €1,068 | -€7,073 | -86.9% |
| Suppliers | 440/4 | €8,141 | €1,068 | -€7,073 | -86.9% |
| Taxes, remuneration and social security | 45 | €532,985 | €272,860 | -€260,125 | -48.8% |
| Taxes | 450/3 | €532,985 | €272,860 | -€260,125 | -48.8% |
| Other amounts payable | 47/48 | €5,008 | €8,583 | +€3,576 | +71.4% |
| Accrued charges and deferred income | 492/3 | €3,903 | €3,903 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,310 | €27,054 | -€2,256 | -7.7% |
| Other operating charges | 640/8 | €1,939 | €8,574 | +€6,636 | +342% |
| Gross operating margin | 9900 | €67,439 | €592,696 | +€525,257 | +779% |
| Operating profit (loss) | 9901 | €36,190 | €557,067 | +€520,878 | +1,439% |
| Financial income | 75/76B | €5,957,126 | €3,482,294 | -€2.5m | -41.5% |
| Recurring financial income | 75 | €5,957,126 | €3,482,294 | -€2.5m | -41.5% |
| Financial charges | 65/66B | €119,707 | €73,286 | -€46,421 | -38.8% |
| Recurring financial charges | 65 | €119,707 | €73,286 | -€46,421 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €5,873,609 | €3,966,075 | -€1.9m | -32.5% |
| Income taxes | 67/77 | €543,759 | €363,429 | -€180,330 | -33.2% |
| Profit (loss) for the period | 9904 | €5,329,850 | €3,602,646 | -€1.7m | -32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,329,850 | €3,602,646 | -€1.7m | -32.4% |
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 20 October 2026 via checked.be.