LVD CONSTRUCT: 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.
LVD CONSTRUCT
Largest movements
- Receivables within one year -€55,189
down €55,189 (-34.4%), from €160,312 to €105,123
of which Trade receivables: -€45,634
- Tangible fixed assets +€42,504
up €42,504 (+158.2%), from €26,875 to €69,378
of which Furniture and vehicles: +€48,470
- Cash -€16,168
down €16,168 (-13.3%), from €121,551 to €105,383
mainly Investment in fixed assets (net) (-€60,756) and Trade debts (-€42,326)
- Trade debts -€42,326
down €42,326 (-40.0%), from €105,884 to €63,557
- Profit (loss) carried forward +€11,096
up €11,096 (+6.6%), from €167,230 to €178,325
- Gross operating margin -€16,039
down €16,039 (-26.8%), from €59,787 to €43,748
- Taxes -€5,240
down €5,240 (-44.0%), from €11,902 to €6,662
- Depreciation +€3,408
up €3,408 (+23.0%), from €14,844 to €18,252
- Financial charges -€1,207
down €1,207 (-47.0%), from €2,570 to €1,363
- Other operating charges -€897
down €897 (-11.3%), from €7,970 to €7,072
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 | €311,514 | €282,758 | -€28,756 | -9.2% |
| Fixed assets | 21/28 | €27,875 | €70,378 | +€42,504 | +152.5% |
| Tangible fixed assets | 22/27 | €26,875 | €69,378 | +€42,504 | +158.2% |
| Plant, machinery and equipment | 23 | €5,341 | €2,117 | -€3,224 | -60.4% |
| Furniture and vehicles | 24 | €15,624 | €64,094 | +€48,470 | +310.2% |
| Leasing and similar rights | 25 | €5,909 | €3,168 | -€2,742 | -46.4% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €283,639 | €212,379 | -€71,259 | -25.1% |
| Amounts receivable within one year | 40/41 | €160,312 | €105,123 | -€55,189 | -34.4% |
| Trade receivables | 40 | €139,884 | €94,250 | -€45,634 | -32.6% |
| Other amounts receivable | 41 | €20,428 | €10,873 | -€9,555 | -46.8% |
| Cash at bank and in hand | 54/58 | €121,551 | €105,383 | -€16,168 | -13.3% |
| Deferred charges and accrued income | 490/1 | €1,776 | €1,874 | +€98 | +5.5% |
| Total equity and liabilities | 10/49 | €311,514 | €282,758 | -€28,756 | -9.2% |
| Equity | 10/15 | €183,811 | €194,907 | +€11,096 | +6.0% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €16,581 | €16,581 | = | 0.0% |
| Distributable reserves | 133 | €16,581 | €16,581 | = | 0.0% |
| Profit (loss) carried forward | 14 | €167,230 | €178,325 | +€11,096 | +6.6% |
| Amounts payable | 17/49 | €127,702 | €87,851 | -€39,852 | -31.2% |
| Amounts payable after more than one year | 17 | €5,602 | €3,971 | -€1,631 | -29.1% |
| Financial debts | 170/4 | €5,602 | €3,971 | -€1,631 | -29.1% |
| Amounts payable within one year | 42/48 | €122,100 | €81,513 | -€40,587 | -33.2% |
| Current portion of amounts payable after more than one year | 42 | €1,475 | €1,631 | +€156 | +10.5% |
| Financial debts | 43 | - | €91 | +€91 | |
| Credit institutions | 430/8 | - | €91 | +€91 | |
| Trade debts | 44 | €105,884 | €63,557 | -€42,326 | -40.0% |
| Suppliers | 440/4 | €105,884 | €63,557 | -€42,326 | -40.0% |
| Taxes, remuneration and social security | 45 | €14,741 | €15,857 | +€1,116 | +7.6% |
| Taxes | 450/3 | €5,002 | €5,752 | +€750 | +15.0% |
| Remuneration and social security | 454/9 | €9,739 | €10,105 | +€366 | +3.8% |
| Other amounts payable | 47/48 | - | €377 | +€377 | |
| Accrued charges and deferred income | 492/3 | - | €2,366 | +€2,366 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,844 | €18,252 | +€3,408 | +23.0% |
| Other operating charges | 640/8 | €7,970 | €7,072 | -€897 | -11.3% |
| Gross operating margin | 9900 | €59,787 | €43,748 | -€16,039 | -26.8% |
| Operating profit (loss) | 9901 | €36,973 | €18,424 | -€18,549 | -50.2% |
| Financial income | 75/76B | €448 | €697 | +€249 | +55.5% |
| Recurring financial income | 75 | €448 | €697 | +€249 | +55.5% |
| Financial charges | 65/66B | €2,570 | €1,363 | -€1,207 | -47.0% |
| Recurring financial charges | 65 | €2,570 | €1,363 | -€1,207 | -47.0% |
| Profit (loss) for the period before taxes | 9903 | €34,851 | €17,757 | -€17,093 | -49.0% |
| Income taxes | 67/77 | €11,902 | €6,662 | -€5,240 | -44.0% |
| Profit (loss) for the period | 9904 | €22,949 | €11,096 | -€11,853 | -51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,949 | €11,096 | -€11,853 | -51.6% |
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 29 September 2026 via checked.be.