LVA: 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.
LVA
Largest movements
- Financial fixed assets +€43,494
up €43,494 (+72.4%), from €60,076 to €103,570
- Cash +€15,703
up €15,703 (+36.2%), from €43,400 to €59,103
mainly Net result for the year (+€47,195) and Debts after one year (+€26,102)
- Receivables within one year -€11,675
down €11,675 (-98.7%), from €11,824 to €149
of which Trade receivables: -€9,639
- Debts after one year +€26,102
new in 2025: €26,102
- Other debts +€15,718
up €15,718 (+18.5%), from €85,079 to €100,797
- Reserves -€7,805
down €7,805 (-98.4%), from €7,929 to €124
- Current portion of long-term debt +€7,168
up €7,168 (+1,385%), from €518 to €7,686
- Tax, wage and social debts +€5,823
up €5,823 (+90.4%), from €6,439 to €12,263
- Gross operating margin +€19,502
up €19,502 (+37.6%), from €51,841 to €71,343
- Taxes +€4,250
up €4,250 (+33.5%), from €12,674 to €16,925
- Financial charges +€2,120
up €2,120 (+67.1%), from €3,159 to €5,279
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €121,621 | €168,701 | +€47,080 | +38.7% |
| Fixed assets | 21/28 | €64,347 | €107,439 | +€43,092 | +67.0% |
| Tangible fixed assets | 22/27 | €4,271 | €3,870 | -€402 | -9.4% |
| Plant, machinery and equipment | 23 | €3,168 | €3,161 | -€7 | -0.2% |
| Furniture and vehicles | 24 | €1,103 | €708 | -€395 | -35.8% |
| Financial fixed assets | 28 | €60,076 | €103,570 | +€43,494 | +72.4% |
| Current assets | 29/58 | €57,274 | €61,262 | +€3,988 | +7.0% |
| Amounts receivable within one year | 40/41 | €11,824 | €149 | -€11,675 | -98.7% |
| Trade receivables | 40 | €9,639 | - | -€9,639 | |
| Other amounts receivable | 41 | €2,185 | €149 | -€2,036 | -93.2% |
| Cash at bank and in hand | 54/58 | €43,400 | €59,103 | +€15,703 | +36.2% |
| Deferred charges and accrued income | 490/1 | €2,050 | €2,010 | -€39 | -1.9% |
| Total equity and liabilities | 10/49 | €121,621 | €168,701 | +€47,080 | +38.7% |
| Equity | 10/15 | €26,529 | €18,724 | -€7,805 | -29.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,929 | €124 | -€7,805 | -98.4% |
| Distributable reserves | 133 | €7,929 | €124 | -€7,805 | -98.4% |
| Amounts payable | 17/49 | €95,092 | €149,978 | +€54,885 | +57.7% |
| Amounts payable after more than one year | 17 | - | €26,102 | +€26,102 | |
| Financial debts | 170/4 | - | €26,102 | +€26,102 | |
| Amounts payable within one year | 42/48 | €93,262 | €121,916 | +€28,654 | +30.7% |
| Current portion of amounts payable after more than one year | 42 | €518 | €7,686 | +€7,168 | +1,385% |
| Financial debts | 43 | €1,025 | €1,010 | -€15 | -1.5% |
| Credit institutions | 430/8 | €1,025 | €1,010 | -€15 | -1.5% |
| Trade debts | 44 | €201 | €160 | -€41 | -20.3% |
| Suppliers | 440/4 | €201 | €160 | -€41 | -20.3% |
| Taxes, remuneration and social security | 45 | €6,439 | €12,263 | +€5,823 | +90.4% |
| Taxes | 450/3 | €6,439 | €12,263 | +€5,823 | +90.4% |
| Other amounts payable | 47/48 | €85,079 | €100,797 | +€15,718 | +18.5% |
| Accrued charges and deferred income | 492/3 | €1,830 | €1,960 | +€130 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,527 | €1,556 | +€29 | +1.9% |
| Other operating charges | 640/8 | €999 | €634 | -€365 | -36.5% |
| Gross operating margin | 9900 | €51,841 | €71,343 | +€19,502 | +37.6% |
| Operating profit (loss) | 9901 | €49,315 | €69,152 | +€19,837 | +40.2% |
| Financial income | 75/76B | €344 | €246 | -€98 | -28.4% |
| Recurring financial income | 75 | €344 | €246 | -€98 | -28.4% |
| Financial charges | 65/66B | €3,159 | €5,279 | +€2,120 | +67.1% |
| Recurring financial charges | 65 | €3,159 | €5,279 | +€2,120 | +67.1% |
| Profit (loss) for the period before taxes | 9903 | €46,500 | €64,119 | +€17,620 | +37.9% |
| Income taxes | 67/77 | €12,674 | €16,925 | +€4,250 | +33.5% |
| Profit (loss) for the period | 9904 | €33,826 | €47,195 | +€13,369 | +39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,826 | €47,195 | +€13,369 | +39.5% |
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 16 October 2026 via checked.be.