LvdL Manuel: 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.
LvdL Manuel
Largest movements
- Cash +€158,493
up €158,493 (+168.7%), from €93,976 to €252,469
mainly Net result for the year (+€200,125) and Tax, wage and social debts (+€65,204)
- Receivables within one year +€99,686
up €99,686 (+89.2%), from €111,702 to €211,388
- Profit (loss) carried forward +€200,125
up €200,125 (+111.6%), from €179,284 to €379,409
- Tax, wage and social debts +€65,204
up €65,204 (+216.5%), from €30,111 to €95,315
- Gross operating margin +€139,766
up €139,766 (+117.3%), from €119,163 to €258,929
- Taxes +€37,578
up €37,578 (+135.8%), from €27,666 to €65,244
- Financial income +€3,830
up €3,830 (+78.3%), from €4,891 to €8,721
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 | €217,102 | €481,672 | +€264,570 | +121.9% |
| Fixed assets | 21/28 | €5,088 | €8,303 | +€3,216 | +63.2% |
| Tangible fixed assets | 22/27 | €5,088 | €8,303 | +€3,216 | +63.2% |
| Furniture and vehicles | 24 | €5,088 | €8,303 | +€3,216 | +63.2% |
| Current assets | 29/58 | €212,014 | €473,368 | +€261,354 | +123.3% |
| Amounts receivable within one year | 40/41 | €111,702 | €211,388 | +€99,686 | +89.2% |
| Other amounts receivable | 41 | €111,702 | €211,388 | +€99,686 | +89.2% |
| Cash at bank and in hand | 54/58 | €93,976 | €252,469 | +€158,493 | +168.7% |
| Deferred charges and accrued income | 490/1 | €6,336 | €9,511 | +€3,175 | +50.1% |
| Total equity and liabilities | 10/49 | €217,102 | €481,672 | +€264,570 | +121.9% |
| Equity | 10/15 | €183,284 | €383,409 | +€200,125 | +109.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €179,284 | €379,409 | +€200,125 | +111.6% |
| Amounts payable | 17/49 | €33,818 | €98,262 | +€64,444 | +190.6% |
| Amounts payable within one year | 42/48 | €33,818 | €98,262 | +€64,444 | +190.6% |
| Trade debts | 44 | €3,707 | €2,947 | -€760 | -20.5% |
| Suppliers | 440/4 | €3,707 | €2,947 | -€760 | -20.5% |
| Taxes, remuneration and social security | 45 | €30,111 | €95,315 | +€65,204 | +216.5% |
| Taxes | 450/3 | €30,111 | €95,315 | +€65,204 | +216.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,367 | €2,072 | +€705 | +51.6% |
| Other operating charges | 640/8 | - | €144 | +€144 | |
| Gross operating margin | 9900 | €119,163 | €258,929 | +€139,766 | +117.3% |
| Operating profit (loss) | 9901 | €117,795 | €256,713 | +€138,917 | +117.9% |
| Financial income | 75/76B | €4,891 | €8,721 | +€3,830 | +78.3% |
| Recurring financial income | 75 | €4,891 | €8,721 | +€3,830 | +78.3% |
| Financial charges | 65/66B | €61 | €64 | +€3 | +5.2% |
| Recurring financial charges | 65 | €61 | €64 | +€3 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €122,626 | €265,370 | +€142,744 | +116.4% |
| Income taxes | 67/77 | €27,666 | €65,244 | +€37,578 | +135.8% |
| Profit (loss) for the period | 9904 | €94,960 | €200,125 | +€105,166 | +110.7% |
| Profit (loss) for the period to be appropriated | 9905 | €94,960 | €200,125 | +€105,166 | +110.7% |
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.