LVAM Concept: 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.
LVAM Concept
Largest movements
- Cash -€84,497
down €84,497 (-68.4%), from €123,515 to €39,017
mainly Net result for the year (-€82,409) and Debts after one year (-€48,891)
- Tangible fixed assets -€38,692
down €38,692 (-8.8%), from €440,074 to €401,382
of which Land and buildings: -€46,877
- Profit (loss) carried forward -€82,409
down €82,409 (-133%), from -€62,153 to -€144,562
- Debts after one year -€48,891
down €48,891 (-82.0%), from €59,658 to €10,767
- Gross operating margin -€77,658
down €77,658, from €50,127 to -€27,531
- Financial income +€2,645
up €2,645 (+22.0%), from €12,010 to €14,655
of which Non-recurring financial income: +€4,076
- Depreciation +€1,979
up €1,979 (+3.7%), from €53,482 to €55,461
- Other operating charges +€939
up €939 (+8.6%), from €10,914 to €11,854
- Financial charges -€631
down €631 (-22.2%), from €2,849 to €2,218
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 | €721,872 | €601,258 | -€120,614 | -16.7% |
| Fixed assets | 21/28 | €547,075 | €508,383 | -€38,692 | -7.1% |
| Tangible fixed assets | 22/27 | €440,074 | €401,382 | -€38,692 | -8.8% |
| Land and buildings | 22 | €412,280 | €365,402 | -€46,877 | -11.4% |
| Plant, machinery and equipment | 23 | €19,075 | €18,419 | -€656 | -3.4% |
| Furniture and vehicles | 24 | €8,720 | €17,562 | +€8,842 | +101% |
| Financial fixed assets | 28 | €107,001 | €107,001 | = | 0.0% |
| Current assets | 29/58 | €174,797 | €92,875 | -€81,923 | -46.9% |
| Amounts receivable within one year | 40/41 | €41,640 | €41,640 | = | 0.0% |
| Trade receivables | 40 | €16,601 | €16,601 | = | 0.0% |
| Other amounts receivable | 41 | €25,039 | €25,039 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €123,515 | €39,017 | -€84,497 | -68.4% |
| Deferred charges and accrued income | 490/1 | €9,643 | €12,218 | +€2,575 | +26.7% |
| Total equity and liabilities | 10/49 | €721,872 | €601,258 | -€120,614 | -16.7% |
| Equity | 10/15 | €577,847 | €495,438 | -€82,409 | -14.3% |
| Contributions | 10/11 | €640,000 | €640,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,153 | -€144,562 | -€82,409 | -133% |
| Amounts payable | 17/49 | €144,025 | €105,820 | -€38,205 | -26.5% |
| Amounts payable after more than one year | 17 | €59,658 | €10,767 | -€48,891 | -82.0% |
| Financial debts | 170/4 | €59,658 | €10,767 | -€48,891 | -82.0% |
| Amounts payable within one year | 42/48 | €84,367 | €94,393 | +€10,026 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €47,495 | €48,891 | +€1,396 | +2.9% |
| Trade debts | 44 | €5,671 | €11,350 | +€5,679 | +100% |
| Suppliers | 440/4 | €5,671 | €11,350 | +€5,679 | +100% |
| Taxes, remuneration and social security | 45 | €3,307 | - | -€3,307 | |
| Taxes | 450/3 | €3,307 | - | -€3,307 | |
| Other amounts payable | 47/48 | €27,894 | €34,151 | +€6,257 | +22.4% |
| Accrued charges and deferred income | 492/3 | - | €660 | +€660 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,482 | €55,461 | +€1,979 | +3.7% |
| Other operating charges | 640/8 | €10,914 | €11,854 | +€939 | +8.6% |
| Gross operating margin | 9900 | €50,127 | -€27,531 | -€77,658 | |
| Operating profit (loss) | 9901 | -€14,269 | -€94,846 | -€80,577 | -565% |
| Financial income | 75/76B | €12,010 | €14,655 | +€2,645 | +22.0% |
| Recurring financial income | 75 | €2,581 | €1,150 | -€1,431 | -55.4% |
| Non-recurring financial income | 76B | €9,429 | €13,505 | +€4,076 | +43.2% |
| Financial charges | 65/66B | €2,849 | €2,218 | -€631 | -22.2% |
| Recurring financial charges | 65 | €2,849 | €2,218 | -€631 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,109 | -€82,409 | -€77,300 | -1,513% |
| Profit (loss) for the period | 9904 | -€5,109 | -€82,409 | -€77,300 | -1,513% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,109 | -€82,409 | -€77,300 | -1,513% |
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 17 October 2026 via checked.be.