LVCB: 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.
What changed
LVCB
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €462,920+€761,220
Equity
€62.0m
2024 · €60.8m+€1.2m
Cash
€871,741
2024 · €262,373+€609,368
Balance sheet total
€62.1m
2024 · €61.8m+€271,236
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward +€1.2m
up €1.2m (+3.2%), from €38.3m to €39.6m
- Short-term financial debts -€875,208
down €875,208 (-100%), from €875,208 to €0
Income statement
- Financial charges -€419,343
down €419,343 (-82.6%), from €507,459 to €88,116
- Financial income +€271,598
up €271,598 (+18.2%), from €1.5m to €1.8m
of which Non-recurring financial income: +€338,365
- Gross operating margin +€126,298
up €126,298 (+55.3%), from -€228,205 to -€101,907
- Taxes +€43,954
up €43,954 (+15.5%), from €283,541 to €327,495
- Depreciation +€8,233
new in 2025: €8,233
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.
Result 2024
€462,920
Gross operating margin
+€126,298
Depreciation
-€8,233
Other operating charges
-€3,832
Financial income
+€271,598
Financial charges
+€419,343
Taxes
-€43,954
Result 2025
€1.2m
raises the resultlowers the result
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.
From operations
+€938,003
Investment
+€546,573
Financing
-€875,208
Cash 2024
€262,373
From operations (derived)
+€938,003
Net result for the year
+€1.2m
Depreciation
+€8,233
Receivables after one year
-€45,914
Receivables within one year
+€15,710
Deferred charges and accrued income
-€186,469
Trade debts
-€59,874
Tax, wage and social debts
-€26,373
Accrued charges and deferred income
+€8,550
Investment (derived)
+€546,573
Investment in fixed assets (net)
+€297,334
Current investments
+€249,239
Financing
-€875,208
Short-term financial debts
-€875,208
Cash 2025
€871,741
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €61,812,329 | €62,083,566 | +€271,236 | +0.4% |
| Fixed assets | 21/28 | €48,514,128 | €48,208,561 | -€305,567 | -0.6% |
| Tangible fixed assets | 22/27 | €2,025,824 | €2,072,927 | +€47,103 | +2.3% |
| Furniture and vehicles | 24 | - | €38,358 | +€38,358 | |
| Other tangible fixed assets | 26 | €2,025,824 | €2,034,569 | +€8,745 | +0.4% |
| Financial fixed assets | 28 | €46,488,304 | €46,135,634 | -€352,669 | -0.8% |
| Current assets | 29/58 | €13,298,201 | €13,875,004 | +€576,803 | +4.3% |
| Amounts receivable after more than one year | 29 | €1,396,077 | €1,441,991 | +€45,914 | +3.3% |
| Other amounts receivable | 291 | €1,396,077 | €1,441,991 | +€45,914 | +3.3% |
| Amounts receivable within one year | 40/41 | €6,602,226 | €6,586,516 | -€15,710 | -0.2% |
| Trade receivables | 40 | €150,000 | €10,000 | -€140,000 | -93.3% |
| Other amounts receivable | 41 | €6,452,226 | €6,576,516 | +€124,290 | +1.9% |
| Current investments | 50/53 | €5,037,526 | €4,788,287 | -€249,239 | -4.9% |
| Cash at bank and in hand | 54/58 | €262,373 | €871,741 | +€609,368 | +232% |
| Deferred charges and accrued income | 490/1 | €0 | €186,469 | +€186,469 | |
| Total equity and liabilities | 10/49 | €61,812,329 | €62,083,566 | +€271,236 | +0.4% |
| Equity | 10/15 | €60,761,054 | €61,985,194 | +€1.2m | +2.0% |
| Contributions | 10/11 | €10,259,026 | €10,259,026 | = | 0.0% |
| Reserves | 13 | €12,166,390 | €12,166,390 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,479,515 | €11,479,515 | = | 0.0% |
| Distributable reserves | 133 | €686,874 | €686,874 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,335,638 | €39,559,778 | +€1.2m | +3.2% |
| Amounts payable | 17/49 | €1,051,276 | €98,372 | -€952,904 | -90.6% |
| Amounts payable within one year | 42/48 | €1,051,276 | €89,822 | -€961,454 | -91.5% |
| Financial debts | 43 | €875,208 | €0 | -€875,208 | -100% |
| Credit institutions | 430/8 | €875,208 | €0 | -€875,208 | -100% |
| Trade debts | 44 | €129,795 | €69,922 | -€59,874 | -46.1% |
| Suppliers | 440/4 | €129,795 | €69,922 | -€59,874 | -46.1% |
| Taxes, remuneration and social security | 45 | €46,273 | €19,900 | -€26,373 | -57.0% |
| Taxes | 450/3 | €46,273 | €19,900 | -€26,373 | -57.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €8,550 | +€8,550 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €8,233 | +€8,233 | |
| Other operating charges | 640/8 | €14,184 | €18,016 | +€3,832 | +27.0% |
| Gross operating margin | 9900 | -€228,205 | -€101,907 | +€126,298 | +55.3% |
| Operating profit (loss) | 9901 | -€242,389 | -€128,156 | +€114,233 | +47.1% |
| Financial income | 75/76B | €1,496,309 | €1,767,907 | +€271,598 | +18.2% |
| Recurring financial income | 75 | €1,493,986 | €1,427,220 | -€66,766 | -4.5% |
| Non-recurring financial income | 76B | €2,322 | €340,687 | +€338,365 | +14,572% |
| Financial charges | 65/66B | €507,459 | €88,116 | -€419,343 | -82.6% |
| Recurring financial charges | 65 | €507,459 | €88,116 | -€419,343 | -82.6% |
| Profit (loss) for the period before taxes | 9903 | €746,461 | €1,551,636 | +€805,174 | +108% |
| Income taxes | 67/77 | €283,541 | €327,495 | +€43,954 | +15.5% |
| Profit (loss) for the period | 9904 | €462,920 | €1,224,140 | +€761,220 | +164% |
| Profit (loss) for the period to be appropriated | 9905 | €462,920 | €1,224,140 | +€761,220 | +164% |
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 23 October 2026 via checked.be.