LVAP: 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.
LVAP
Largest movements
- Cash -€9,231
down €9,231 (-92.3%), from €9,999 to €768
mainly Net result for the year (-€29,427) and Tax, wage and social debts (-€113)
- Tangible fixed assets -€2,228
down €2,228 (-39.7%), from €5,612 to €3,384
- Intangible fixed assets -€2,000
down €2,000 (-12.3%), from €16,227 to €14,227
- Receivables within one year -€799
down €799 (-96.3%), from €830 to €31
of which Other amounts receivable: -€799
- Deferred charges and accrued income -€734
down €734 (-100.0%), from €734 to €0
- Profit (loss) carried forward -€29,427
down €29,427 (-38.7%), from -€76,042 to -€105,469
- Other debts +€14,573
up €14,573 (+21.1%), from €69,026 to €83,599
- Gross operating margin +€5,007
up €5,007 (+17.3%), from -€28,980 to -€23,973
- Depreciation +€497
up €497 (+13.3%), from €3,731 to €4,228
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 | €43,122 | €28,130 | -€14,993 | -34.8% |
| Fixed assets | 21/28 | €31,559 | €27,331 | -€4,228 | -13.4% |
| Intangible fixed assets | 21 | €16,227 | €14,227 | -€2,000 | -12.3% |
| Tangible fixed assets | 22/27 | €5,612 | €3,384 | -€2,228 | -39.7% |
| Plant, machinery and equipment | 23 | €5,612 | €3,384 | -€2,228 | -39.7% |
| Financial fixed assets | 28 | €9,720 | €9,720 | = | 0.0% |
| Current assets | 29/58 | €11,563 | €799 | -€10,764 | -93.1% |
| Amounts receivable within one year | 40/41 | €830 | €31 | -€799 | -96.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €830 | €31 | -€799 | -96.3% |
| Cash at bank and in hand | 54/58 | €9,999 | €768 | -€9,231 | -92.3% |
| Deferred charges and accrued income | 490/1 | €734 | €0 | -€734 | -100.0% |
| Total equity and liabilities | 10/49 | €43,122 | €28,130 | -€14,993 | -34.8% |
| Equity | 10/15 | -€51,042 | -€80,469 | -€29,427 | -57.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,042 | -€105,469 | -€29,427 | -38.7% |
| Amounts payable | 17/49 | €94,164 | €108,599 | +€14,434 | +15.3% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Financial debts | 170/4 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €69,164 | €83,599 | +€14,434 | +20.9% |
| Trade debts | 44 | €26 | €0 | -€26 | -100.0% |
| Suppliers | 440/4 | €26 | €0 | -€26 | -100.0% |
| Taxes, remuneration and social security | 45 | €113 | €0 | -€113 | -100.0% |
| Taxes | 450/3 | €113 | €0 | -€113 | -100.0% |
| Other amounts payable | 47/48 | €69,026 | €83,599 | +€14,573 | +21.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,731 | €4,228 | +€497 | +13.3% |
| Other operating charges | 640/8 | €452 | €707 | +€256 | +56.6% |
| Gross operating margin | 9900 | -€28,980 | -€23,973 | +€5,007 | +17.3% |
| Operating profit (loss) | 9901 | -€33,163 | -€28,909 | +€4,254 | +12.8% |
| Financial income | 75/76B | €5 | €3 | -€2 | -31.9% |
| Recurring financial income | 75 | €5 | €3 | -€2 | -31.9% |
| Financial charges | 65/66B | €518 | €520 | +€3 | +0.5% |
| Recurring financial charges | 65 | €518 | €520 | +€3 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | -€33,675 | -€29,426 | +€4,250 | +12.6% |
| Income taxes | 67/77 | €1 | €1 | -€0 | -8.0% |
| Profit (loss) for the period | 9904 | -€33,677 | -€29,427 | +€4,250 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,677 | -€29,427 | +€4,250 | +12.6% |
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 2 October 2026 via checked.be.