LV2: 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.
LV2
Largest movements
- Tangible fixed assets +€80,393
up €80,393 (+4.4%), from €1.8m to €1.9m
of which Assets under construction and advance payments: +€80,749
- Cash -€58,089
down €58,089 (-100.0%), from €58,089 to €0
mainly Short-term financial debts (-€91,742) and Investment in fixed assets (net) (-€80,749)
- Debts after one year +€129,208
up €129,208 (+81.9%), from €157,763 to €286,971
- Short-term financial debts -€91,742
down €91,742 (-5.5%), from €1.7m to €1.6m
- Gross operating margin +€11,275
up €11,275 (+40.3%), from -€27,959 to -€16,683
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 | €1,877,292 | €1,895,395 | +€18,103 | +1.0% |
| Fixed assets | 21/28 | €1,812,383 | €1,892,776 | +€80,393 | +4.4% |
| Tangible fixed assets | 22/27 | €1,812,383 | €1,892,776 | +€80,393 | +4.4% |
| Land and buildings | 22 | €1,377,333 | €1,377,333 | = | 0.0% |
| Plant, machinery and equipment | 23 | €712 | €356 | -€356 | -50.0% |
| Assets under construction and advance payments | 27 | €434,338 | €515,087 | +€80,749 | +18.6% |
| Current assets | 29/58 | €64,908 | €2,619 | -€62,289 | -96.0% |
| Amounts receivable within one year | 40/41 | €6,819 | €2,619 | -€4,200 | -61.6% |
| Trade receivables | 40 | €5,000 | €264 | -€4,736 | -94.7% |
| Other amounts receivable | 41 | €1,819 | €2,355 | +€535 | +29.4% |
| Cash at bank and in hand | 54/58 | €58,089 | €0 | -€58,089 | -100.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,877,292 | €1,895,395 | +€18,103 | +1.0% |
| Equity | 10/15 | €53,975 | €35,511 | -€18,464 | -34.2% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€746,025 | -€764,489 | -€18,464 | -2.5% |
| Amounts payable | 17/49 | €1,823,317 | €1,859,884 | +€36,568 | +2.0% |
| Amounts payable after more than one year | 17 | €157,763 | €286,971 | +€129,208 | +81.9% |
| Other amounts payable | 178/9 | €157,763 | €286,971 | +€129,208 | +81.9% |
| Amounts payable within one year | 42/48 | €1,665,554 | €1,572,913 | -€92,640 | -5.6% |
| Financial debts | 43 | €1,658,000 | €1,566,258 | -€91,742 | -5.5% |
| Credit institutions | 430/8 | €1,658,000 | €1,566,258 | -€91,742 | -5.5% |
| Trade debts | 44 | €7,554 | €6,655 | -€899 | -11.9% |
| Suppliers | 440/4 | €7,554 | €6,655 | -€899 | -11.9% |
| Non-recurring operating income | 76A | - | €8,039 | +€8,039 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €356 | €356 | = | 0.0% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€27,959 | -€16,683 | +€11,275 | +40.3% |
| Operating profit (loss) | 9901 | -€29,283 | -€18,038 | +€11,244 | +38.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €494 | €426 | -€68 | -13.8% |
| Recurring financial charges | 65 | €494 | €426 | -€68 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | -€29,777 | -€18,464 | +€11,313 | +38.0% |
| Profit (loss) for the period | 9904 | -€29,777 | -€18,464 | +€11,313 | +38.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,777 | -€18,464 | +€11,313 | +38.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.