LV MAC: 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.
LV MAC
Largest movements
- Financial fixed assets -€220,000
down €220,000 (-6.6%), from €3.3m to €3.1m
- Cash +€114,394
up €114,394 (+105.4%), from €108,571 to €222,965
mainly Net result for the year (+€738,504) and Investment in fixed assets (net) (+€195,109)
- Tangible fixed assets -€73,380
down €73,380 (-3.0%), from €2.4m to €2.4m
of which Land and buildings: -€62,776
- Debts after one year -€777,706
down €777,706 (-29.3%), from €2.7m to €1.9m
of which Other amounts payable: -€606,539
- Reserves +€438,504
up €438,504 (+27.3%), from €1.6m to €2.0m
of which Distributable reserves: +€438,504
- Other debts +€163,552
up €163,552 (+15.6%), from €1.1m to €1.2m
- Financial income +€395,410
up €395,410 (+87.9%), from €450,000 to €845,410
of which Financial income: +€545,410
- Financial charges +€78,685
up €78,685 (+27.7%), from €283,856 to €362,540
of which Non-recurring financial charges: +€70,000
- Depreciation -€44,849
down €44,849 (-31.3%), from €143,120 to €98,270
- Gross operating margin -€28,449
down €28,449 (-5.7%), from €501,901 to €473,452
- Taxes +€24,815
up €24,815 (+35.4%), from €70,034 to €94,849
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 | €6,056,009 | €5,896,305 | -€159,704 | -2.6% |
| Fixed assets | 21/28 | €5,760,012 | €5,466,632 | -€293,380 | -5.1% |
| Tangible fixed assets | 22/27 | €2,439,219 | €2,365,839 | -€73,380 | -3.0% |
| Land and buildings | 22 | €2,408,406 | €2,345,630 | -€62,776 | -2.6% |
| Furniture and vehicles | 24 | €28,810 | €19,209 | -€9,602 | -33.3% |
| Other tangible fixed assets | 26 | €2,002 | €1,001 | -€1,002 | -50.0% |
| Financial fixed assets | 28 | €3,320,793 | €3,100,793 | -€220,000 | -6.6% |
| Current assets | 29/58 | €295,997 | €429,673 | +€133,675 | +45.2% |
| Amounts receivable within one year | 40/41 | €142,709 | €115,034 | -€27,675 | -19.4% |
| Trade receivables | 40 | €9,734 | €5,000 | -€4,734 | -48.6% |
| Other amounts receivable | 41 | €132,974 | €110,034 | -€22,941 | -17.3% |
| Cash at bank and in hand | 54/58 | €108,571 | €222,965 | +€114,394 | +105.4% |
| Deferred charges and accrued income | 490/1 | €44,718 | €91,674 | +€46,956 | +105.0% |
| Total equity and liabilities | 10/49 | €6,056,009 | €5,896,305 | -€159,704 | -2.6% |
| Equity | 10/15 | €1,943,222 | €2,381,726 | +€438,504 | +22.6% |
| Contributions | 10/11 | €337,500 | €337,500 | = | 0.0% |
| Reserves | 13 | €1,605,722 | €2,044,226 | +€438,504 | +27.3% |
| Non-distributable reserves | 130/1 | €33,750 | €33,750 | = | 0.0% |
| Reserves not available under the articles | 1311 | €33,750 | €33,750 | = | 0.0% |
| Distributable reserves | 133 | €1,571,972 | €2,010,476 | +€438,504 | +27.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,112,787 | €3,514,579 | -€598,208 | -14.5% |
| Amounts payable after more than one year | 17 | €2,653,910 | €1,876,204 | -€777,706 | -29.3% |
| Financial debts | 170/4 | €1,078,909 | €907,742 | -€171,167 | -15.9% |
| Other amounts payable | 178/9 | €1,575,001 | €968,462 | -€606,539 | -38.5% |
| Amounts payable within one year | 42/48 | €1,446,885 | €1,612,174 | +€165,288 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €318,283 | €293,477 | -€24,806 | -7.8% |
| Financial debts | 43 | €23,572 | €41,776 | +€18,204 | +77.2% |
| Credit institutions | 430/8 | €23,572 | €41,776 | +€18,204 | +77.2% |
| Trade debts | 44 | €12,780 | €7,700 | -€5,080 | -39.7% |
| Suppliers | 440/4 | €12,780 | €7,700 | -€5,080 | -39.7% |
| Taxes, remuneration and social security | 45 | €40,502 | €53,921 | +€13,419 | +33.1% |
| Taxes | 450/3 | €40,502 | €53,921 | +€13,419 | +33.1% |
| Other amounts payable | 47/48 | €1,051,747 | €1,215,299 | +€163,552 | +15.6% |
| Accrued charges and deferred income | 492/3 | €11,992 | €26,202 | +€14,210 | +118.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,120 | €98,270 | -€44,849 | -31.3% |
| Other operating charges | 640/8 | €30,646 | €24,699 | -€5,947 | -19.4% |
| Gross operating margin | 9900 | €501,901 | €473,452 | -€28,449 | -5.7% |
| Operating profit (loss) | 9901 | €328,136 | €350,483 | +€22,348 | +6.8% |
| Financial income | 75/76B | €450,000 | €845,410 | +€395,410 | +87.9% |
| Recurring financial income | 75 | €300,000 | €845,410 | +€545,410 | +181.8% |
| Non-recurring financial income | 76B | €150,000 | €0 | -€150,000 | -100.0% |
| Financial charges | 65/66B | €283,856 | €362,540 | +€78,685 | +27.7% |
| Recurring financial charges | 65 | €133,856 | €142,540 | +€8,685 | +6.5% |
| Non-recurring financial charges | 66B | €150,000 | €220,000 | +€70,000 | +46.7% |
| Profit (loss) for the period before taxes | 9903 | €494,280 | €833,353 | +€339,073 | +68.6% |
| Income taxes | 67/77 | €70,034 | €94,849 | +€24,815 | +35.4% |
| Profit (loss) for the period | 9904 | €424,246 | €738,504 | +€314,257 | +74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €424,246 | €738,504 | +€314,257 | +74.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.