LVCO: 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.
LVCO
Largest movements
- Cash +€16,383
up €16,383 (+15.1%), from €108,278 to €124,662
mainly Net result for the year (+€44,568) and Other debts (+€29,095)
- Receivables within one year -€3,791
down €3,791 (-17.3%), from €21,866 to €18,075
of which Trade receivables: -€12,791
- Other debts +€29,095
up €29,095 (+35.8%), from €81,336 to €110,431
- Reserves -€25,432
down €25,432 (-68.5%), from €37,143 to €11,710
- Tax, wage and social debts +€7,108
up €7,108 (+58.5%), from €12,154 to €19,262
- Gross operating margin +€18,300
up €18,300 (+38.8%), from €47,191 to €65,491
- Taxes +€4,982
up €4,982 (+43.4%), from €11,483 to €16,465
- Financial charges +€1,074
up €1,074 (+58.4%), from €1,839 to €2,914
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 | €134,398 | €145,939 | +€11,542 | +8.6% |
| Fixed assets | 21/28 | €4,203 | €3,203 | -€1,000 | -23.8% |
| Tangible fixed assets | 22/27 | €4,203 | €3,203 | -€1,000 | -23.8% |
| Plant, machinery and equipment | 23 | €2,072 | €1,604 | -€467 | -22.6% |
| Furniture and vehicles | 24 | €2,131 | €1,598 | -€533 | -25.0% |
| Current assets | 29/58 | €130,195 | €142,737 | +€12,542 | +9.6% |
| Amounts receivable within one year | 40/41 | €21,866 | €18,075 | -€3,791 | -17.3% |
| Trade receivables | 40 | €21,866 | €9,075 | -€12,791 | -58.5% |
| Other amounts receivable | 41 | €0 | €9,000 | +€9,000 | |
| Cash at bank and in hand | 54/58 | €108,278 | €124,662 | +€16,383 | +15.1% |
| Deferred charges and accrued income | 490/1 | €50 | €0 | -€50 | -100.0% |
| Total equity and liabilities | 10/49 | €134,398 | €145,939 | +€11,542 | +8.6% |
| Equity | 10/15 | €39,143 | €13,710 | -€25,432 | -65.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €37,143 | €11,710 | -€25,432 | -68.5% |
| Distributable reserves | 133 | €37,143 | €11,710 | -€25,432 | -68.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €95,255 | €132,229 | +€36,974 | +38.8% |
| Amounts payable within one year | 42/48 | €93,930 | €129,991 | +€36,060 | +38.4% |
| Trade debts | 44 | €441 | €298 | -€143 | -32.4% |
| Suppliers | 440/4 | €441 | €298 | -€143 | -32.4% |
| Taxes, remuneration and social security | 45 | €12,154 | €19,262 | +€7,108 | +58.5% |
| Taxes | 450/3 | €12,154 | €19,262 | +€7,108 | +58.5% |
| Other amounts payable | 47/48 | €81,336 | €110,431 | +€29,095 | +35.8% |
| Accrued charges and deferred income | 492/3 | €1,325 | €2,239 | +€914 | +69.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €798 | €1,000 | +€202 | +25.3% |
| Other operating charges | 640/8 | €532 | €544 | +€12 | +2.3% |
| Gross operating margin | 9900 | €47,191 | €65,491 | +€18,300 | +38.8% |
| Operating profit (loss) | 9901 | €45,860 | €63,947 | +€18,086 | +39.4% |
| Financial charges | 65/66B | €1,839 | €2,914 | +€1,074 | +58.4% |
| Recurring financial charges | 65 | €1,839 | €2,914 | +€1,074 | +58.4% |
| Profit (loss) for the period before taxes | 9903 | €44,021 | €61,033 | +€17,012 | +38.6% |
| Income taxes | 67/77 | €11,483 | €16,465 | +€4,982 | +43.4% |
| Profit (loss) for the period | 9904 | €32,538 | €44,568 | +€12,030 | +37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €32,538 | €44,568 | +€12,030 | +37.0% |
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 8 October 2026 via checked.be.