LVD: 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.
LVD
Largest movements
- Cash +€37,642
up €37,642 (+74.0%), from €50,869 to €88,511
mainly Net result for the year (+€42,864) and Provisions (+€37,298)
- Receivables within one year -€29,538
down €29,538 (-38.5%), from €76,736 to €47,199
of which Trade receivables: -€29,703
- Provisions +€37,298
new in 2025: €37,298
- Tax, wage and social debts -€13,263
down €13,263 (-65.0%), from €20,390 to €7,128
- Other debts -€11,128
down €11,128 (-24.1%), from €46,168 to €35,040
- Profit (loss) carried forward -€7,136
down €7,136 (-50.0%), from €14,267 to €7,131
- Trade debts +€5,652
up €5,652 (+721%), from €784 to €6,436
- Staff costs -€51,304
no longer reported in 2025 (was €51,304)
- Provisions +€37,298
new in 2025: €37,298
- Gross operating margin -€29,543
down €29,543 (-19.4%), from €152,068 to €122,524
- Taxes +€3,078
up €3,078 (+14.0%), from €21,999 to €25,077
- Depreciation +€2,847
up €2,847 (+45.7%), from €6,226 to €9,074
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 | €237,635 | €245,671 | +€8,036 | +3.4% |
| Fixed assets | 21/28 | €107,594 | €106,410 | -€1,184 | -1.1% |
| Tangible fixed assets | 22/27 | €107,594 | €106,410 | -€1,184 | -1.1% |
| Land and buildings | 22 | €97,931 | €94,661 | -€3,270 | -3.3% |
| Furniture and vehicles | 24 | €2,034 | €5,209 | +€3,175 | +156% |
| Other tangible fixed assets | 26 | €7,629 | €6,541 | -€1,089 | -14.3% |
| Current assets | 29/58 | €130,041 | €139,261 | +€9,220 | +7.1% |
| Amounts receivable within one year | 40/41 | €76,736 | €47,199 | -€29,538 | -38.5% |
| Trade receivables | 40 | €70,097 | €40,394 | -€29,703 | -42.4% |
| Other amounts receivable | 41 | €6,639 | €6,805 | +€166 | +2.5% |
| Cash at bank and in hand | 54/58 | €50,869 | €88,511 | +€37,642 | +74.0% |
| Deferred charges and accrued income | 490/1 | €2,436 | €3,551 | +€1,116 | +45.8% |
| Total equity and liabilities | 10/49 | €237,635 | €245,671 | +€8,036 | +3.4% |
| Equity | 10/15 | €104,320 | €97,184 | -€7,136 | -6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,453 | €71,453 | = | 0.0% |
| Distributable reserves | 133 | €71,453 | €71,453 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,267 | €7,131 | -€7,136 | -50.0% |
| Provisions and deferred taxes | 16 | - | €37,298 | +€37,298 | |
| Provisions for liabilities and charges | 160/5 | - | €37,298 | +€37,298 | |
| Other liabilities and charges | 164/5 | - | €37,298 | +€37,298 | |
| Amounts payable | 17/49 | €133,315 | €111,189 | -€22,126 | -16.6% |
| Amounts payable after more than one year | 17 | €62,586 | €59,590 | -€2,995 | -4.8% |
| Financial debts | 170/4 | €60,036 | €57,040 | -€2,995 | -5.0% |
| Other amounts payable | 178/9 | €2,550 | €2,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €70,284 | €51,598 | -€18,686 | -26.6% |
| Current portion of amounts payable after more than one year | 42 | €2,942 | €2,995 | +€53 | +1.8% |
| Trade debts | 44 | €784 | €6,436 | +€5,652 | +721% |
| Suppliers | 440/4 | €784 | €6,436 | +€5,652 | +721% |
| Taxes, remuneration and social security | 45 | €20,390 | €7,128 | -€13,263 | -65.0% |
| Taxes | 450/3 | €20,390 | €7,128 | -€13,263 | -65.0% |
| Other amounts payable | 47/48 | €46,168 | €35,040 | -€11,128 | -24.1% |
| Accrued charges and deferred income | 492/3 | €445 | - | -€445 | |
| Remuneration, social security and pensions | 62 | €51,304 | - | -€51,304 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,226 | €9,074 | +€2,847 | +45.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €37,298 | +€37,298 | |
| Other operating charges | 640/8 | €2,926 | €3,565 | +€639 | +21.8% |
| Gross operating margin | 9900 | €152,068 | €122,524 | -€29,543 | -19.4% |
| Operating profit (loss) | 9901 | €91,611 | €72,588 | -€19,023 | -20.8% |
| Financial income | 75/76B | €11 | €1 | -€10 | -94.0% |
| Recurring financial income | 75 | €11 | €1 | -€10 | -94.0% |
| Financial charges | 65/66B | €5,020 | €4,648 | -€373 | -7.4% |
| Recurring financial charges | 65 | €5,020 | €4,648 | -€373 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €86,602 | €67,941 | -€18,661 | -21.5% |
| Income taxes | 67/77 | €21,999 | €25,077 | +€3,078 | +14.0% |
| Profit (loss) for the period | 9904 | €64,603 | €42,864 | -€21,739 | -33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €64,603 | €42,864 | -€21,739 | -33.7% |
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 19 October 2026 via checked.be.