LVCV: 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.
LVCV
Largest movements
- Tangible fixed assets +€226,936
up €226,936 (+18.5%), from €1.2m to €1.5m
of which Other tangible fixed assets: +€216,830
- Cash +€149,253
up €149,253 (+93.7%), from €159,210 to €308,463
mainly Depreciation (+€270,505) and Net result for the year (+€266,419)
- Reserves +€264,753
up €264,753 (+66.4%), from €398,774 to €663,527
- Trade debts +€58,196
up €58,196 (+34.0%), from €170,954 to €229,150
- Debts after one year +€50,247
up €50,247 (+6.6%), from €763,821 to €814,068
- Current portion of long-term debt +€49,444
up €49,444 (+31.3%), from €158,043 to €207,487
- Tax, wage and social debts -€36,637
down €36,637 (-34.3%), from €106,668 to €70,032
of which Taxes: -€68,403
- Gross operating margin +€429,254
up €429,254 (+58.3%), from €735,709 to €1.2m
- Staff costs +€201,842
up €201,842 (+72.5%), from €278,430 to €480,271
- Depreciation +€83,980
up €83,980 (+45.0%), from €186,525 to €270,505
- Taxes +€53,298
up €53,298 (+106.8%), from €49,927 to €103,225
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 | €1,642,783 | €2,031,844 | +€389,061 | +23.7% |
| Fixed assets | 21/28 | €1,225,599 | €1,452,535 | +€226,936 | +18.5% |
| Tangible fixed assets | 22/27 | €1,225,599 | €1,452,535 | +€226,936 | +18.5% |
| Plant, machinery and equipment | 23 | €349,629 | €361,414 | +€11,785 | +3.4% |
| Furniture and vehicles | 24 | €39,975 | €31,723 | -€8,252 | -20.6% |
| Leasing and similar rights | 25 | €287,786 | €294,359 | +€6,573 | +2.3% |
| Other tangible fixed assets | 26 | €548,208 | €765,038 | +€216,830 | +39.6% |
| Current assets | 29/58 | €417,184 | €579,309 | +€162,125 | +38.9% |
| Amounts receivable after more than one year | 29 | €11,953 | €0 | -€11,953 | -100.0% |
| Other amounts receivable | 291 | €11,953 | €0 | -€11,953 | -100.0% |
| Amounts receivable within one year | 40/41 | €233,611 | €240,416 | +€6,805 | +2.9% |
| Trade receivables | 40 | €167,224 | €231,717 | +€64,493 | +38.6% |
| Other amounts receivable | 41 | €66,387 | €8,699 | -€57,688 | -86.9% |
| Cash at bank and in hand | 54/58 | €159,210 | €308,463 | +€149,253 | +93.7% |
| Deferred charges and accrued income | 490/1 | €12,410 | €30,430 | +€18,020 | +145.2% |
| Total equity and liabilities | 10/49 | €1,642,783 | €2,031,844 | +€389,061 | +23.7% |
| Equity | 10/15 | €423,774 | €688,527 | +€264,753 | +62.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €398,774 | €663,527 | +€264,753 | +66.4% |
| Distributable reserves | 133 | €398,774 | €663,527 | +€264,753 | +66.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,219,009 | €1,343,317 | +€124,308 | +10.2% |
| Amounts payable after more than one year | 17 | €763,821 | €814,068 | +€50,247 | +6.6% |
| Financial debts | 170/4 | €763,821 | €814,068 | +€50,247 | +6.6% |
| Amounts payable within one year | 42/48 | €454,858 | €525,826 | +€70,968 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €158,043 | €207,487 | +€49,444 | +31.3% |
| Trade debts | 44 | €170,954 | €229,150 | +€58,196 | +34.0% |
| Suppliers | 440/4 | €170,954 | €229,150 | +€58,196 | +34.0% |
| Taxes, remuneration and social security | 45 | €106,668 | €70,032 | -€36,637 | -34.3% |
| Taxes | 450/3 | €68,403 | €0 | -€68,403 | -100.0% |
| Remuneration and social security | 454/9 | €38,265 | €70,032 | +€31,767 | +83.0% |
| Other amounts payable | 47/48 | €19,193 | €19,158 | -€35 | -0.2% |
| Accrued charges and deferred income | 492/3 | €330 | €3,423 | +€3,093 | +937.1% |
| Remuneration, social security and pensions | 62 | €278,430 | €480,271 | +€201,842 | +72.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €186,525 | €270,505 | +€83,980 | +45.0% |
| Other operating charges | 640/8 | €7,985 | €8,229 | +€244 | +3.1% |
| Gross operating margin | 9900 | €735,709 | €1,164,963 | +€429,254 | +58.3% |
| Operating profit (loss) | 9901 | €262,769 | €405,958 | +€143,189 | +54.5% |
| Financial income | 75/76B | €4,783 | €1,475 | -€3,307 | -69.2% |
| Recurring financial income | 75 | €4,783 | €1,475 | -€3,307 | -69.2% |
| Financial charges | 65/66B | €28,199 | €37,789 | +€9,590 | +34.0% |
| Recurring financial charges | 65 | €28,199 | €37,789 | +€9,590 | +34.0% |
| Profit (loss) for the period before taxes | 9903 | €239,353 | €369,644 | +€130,292 | +54.4% |
| Income taxes | 67/77 | €49,927 | €103,225 | +€53,298 | +106.8% |
| Profit (loss) for the period | 9904 | €189,426 | €266,419 | +€76,993 | +40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €189,426 | €266,419 | +€76,993 | +40.6% |
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 11 October 2026 via checked.be.