LVD WAY: 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 WAY
Largest movements
- Receivables within one year +€23,527
up €23,527 (+83.4%), from €28,194 to €51,721
of which Other amounts receivable: +€23,853
- Tangible fixed assets -€14,480
down €14,480 (-18.1%), from €79,813 to €65,333
of which Furniture and vehicles: -€11,379
- Cash +€5,989
new in 2025: €5,989
mainly Net result for the year (+€25,053) and Depreciation (+€14,480)
- Deferred charges and accrued income +€2,000
up €2,000 (+944%), from €212 to €2,211
- Reserves +€25,053
up €25,053 (+86.0%), from €29,115 to €54,167
- Debts after one year -€7,601
down €7,601 (-16.1%), from €47,134 to €39,533
- Current portion of long-term debt +€4,649
up €4,649 (+36.9%), from €12,583 to €17,231
- Trade debts -€4,175
down €4,175 (-75.6%), from €5,526 to €1,351
- Depreciation +€7,150
up €7,150 (+97.5%), from €7,330 to €14,480
- Gross operating margin +€2,079
up €2,079 (+4.6%), from €45,142 to €47,221
- Financial income +€1,867
up €1,867 (+1,364%), from €137 to €2,004
- Financial charges +€1,493
up €1,493 (+122%), from €1,223 to €2,717
- Taxes -€635
down €635 (-8.3%), from €7,611 to €6,976
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 | €108,219 | €125,254 | +€17,036 | +15.7% |
| Fixed assets | 21/28 | €79,813 | €65,333 | -€14,480 | -18.1% |
| Tangible fixed assets | 22/27 | €79,813 | €65,333 | -€14,480 | -18.1% |
| Furniture and vehicles | 24 | €51,674 | €40,294 | -€11,379 | -22.0% |
| Other tangible fixed assets | 26 | €28,139 | €25,039 | -€3,100 | -11.0% |
| Current assets | 29/58 | €28,406 | €59,922 | +€31,515 | +111% |
| Amounts receivable within one year | 40/41 | €28,194 | €51,721 | +€23,527 | +83.4% |
| Trade receivables | 40 | €9,677 | €9,351 | -€326 | -3.4% |
| Other amounts receivable | 41 | €18,518 | €42,370 | +€23,853 | +129% |
| Cash at bank and in hand | 54/58 | - | €5,989 | +€5,989 | |
| Deferred charges and accrued income | 490/1 | €212 | €2,211 | +€2,000 | +944% |
| Total equity and liabilities | 10/49 | €108,219 | €125,254 | +€17,036 | +15.7% |
| Equity | 10/15 | €32,315 | €57,367 | +€25,053 | +77.5% |
| Contributions | 10/11 | €3,200 | €3,200 | = | 0.0% |
| Reserves | 13 | €29,115 | €54,167 | +€25,053 | +86.0% |
| Distributable reserves | 133 | €29,115 | €54,167 | +€25,053 | +86.0% |
| Amounts payable | 17/49 | €75,904 | €67,887 | -€8,017 | -10.6% |
| Amounts payable after more than one year | 17 | €47,134 | €39,533 | -€7,601 | -16.1% |
| Financial debts | 170/4 | €47,134 | €39,533 | -€7,601 | -16.1% |
| Amounts payable within one year | 42/48 | €28,770 | €28,355 | -€416 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €12,583 | €17,231 | +€4,649 | +36.9% |
| Financial debts | 43 | €637 | - | -€637 | |
| Credit institutions | 430/8 | €637 | - | -€637 | |
| Trade debts | 44 | €5,526 | €1,351 | -€4,175 | -75.6% |
| Suppliers | 440/4 | €5,526 | €1,351 | -€4,175 | -75.6% |
| Taxes, remuneration and social security | 45 | €10,025 | €9,772 | -€253 | -2.5% |
| Taxes | 450/3 | €10,025 | €9,772 | -€253 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,330 | €14,480 | +€7,150 | +97.5% |
| Gross operating margin | 9900 | €45,142 | €47,221 | +€2,079 | +4.6% |
| Operating profit (loss) | 9901 | €37,812 | €32,741 | -€5,070 | -13.4% |
| Financial income | 75/76B | €137 | €2,004 | +€1,867 | +1,364% |
| Recurring financial income | 75 | €137 | €2,004 | +€1,867 | +1,364% |
| Financial charges | 65/66B | €1,223 | €2,717 | +€1,493 | +122% |
| Recurring financial charges | 65 | €1,223 | €2,717 | +€1,493 | +122% |
| Profit (loss) for the period before taxes | 9903 | €36,726 | €32,029 | -€4,697 | -12.8% |
| Income taxes | 67/77 | €7,611 | €6,976 | -€635 | -8.3% |
| Profit (loss) for the period | 9904 | €29,115 | €25,053 | -€4,062 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,115 | €25,053 | -€4,062 | -14.0% |
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 28 October 2026 via checked.be.