LVDL service: what changed
LVDL service
Largest movements
- Cash +€135,707
up €135,707 (+347%), from €39,129 to €174,836
mainly Net result for the year (+€100,339) and Current investments (+€30,000)
- Current investments -€30,000
no longer reported in 2025 (was €30,000)
- Receivables within one year +€16,471
up €16,471 (+72.3%), from €22,767 to €39,239
of which Trade receivables: +€16,409
- Tangible fixed assets -€9,862
down €9,862 (-28.8%), from €34,252 to €24,391
of which Furniture and vehicles: -€13,517
- Reserves +€100,339
up €100,339 (+141%), from €70,940 to €171,279
- Tax, wage and social debts +€21,305
up €21,305 (+188%), from €11,327 to €32,632
- Debts after one year -€10,768
down €10,768 (-43.7%), from €24,637 to €13,868
- Gross operating margin +€46,427
up €46,427 (+41.3%), from €112,474 to €158,902
- Taxes +€15,160
up €15,160 (+57.5%), from €26,360 to €41,520
- Depreciation +€2,329
up €2,329 (+16.8%), from €13,832 to €16,161
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €126,411 | €238,519 | +€112,108 | +88.7% |
| Fixed assets | 21/28 | €34,252 | €24,391 | -€9,862 | -28.8% |
| Tangible fixed assets | 22/27 | €34,252 | €24,391 | -€9,862 | -28.8% |
| Plant, machinery and equipment | 23 | €2,657 | €6,313 | +€3,656 | +138% |
| Furniture and vehicles | 24 | €31,595 | €18,078 | -€13,517 | -42.8% |
| Current assets | 29/58 | €92,158 | €214,128 | +€121,970 | +132% |
| Amounts receivable within one year | 40/41 | €22,767 | €39,239 | +€16,471 | +72.3% |
| Trade receivables | 40 | €21,218 | €37,627 | +€16,409 | +77.3% |
| Other amounts receivable | 41 | €1,549 | €1,611 | +€62 | +4.0% |
| Current investments | 50/53 | €30,000 | - | -€30,000 | |
| Cash at bank and in hand | 54/58 | €39,129 | €174,836 | +€135,707 | +347% |
| Deferred charges and accrued income | 490/1 | €263 | €54 | -€209 | -79.5% |
| Total equity and liabilities | 10/49 | €126,411 | €238,519 | +€112,108 | +88.7% |
| Equity | 10/15 | €71,060 | €171,399 | +€100,339 | +141% |
| Contributions | 10/11 | €120 | €120 | = | 0.0% |
| Reserves | 13 | €70,940 | €171,279 | +€100,339 | +141% |
| Distributable reserves | 133 | €70,940 | €171,279 | +€100,339 | +141% |
| Amounts payable | 17/49 | €55,350 | €67,120 | +€11,769 | +21.3% |
| Amounts payable after more than one year | 17 | €24,637 | €13,868 | -€10,768 | -43.7% |
| Financial debts | 170/4 | €24,637 | €13,868 | -€10,768 | -43.7% |
| Amounts payable within one year | 42/48 | €25,314 | €47,899 | +€22,585 | +89.2% |
| Current portion of amounts payable after more than one year | 42 | €12,389 | €11,578 | -€811 | -6.5% |
| Trade debts | 44 | €1,270 | €3,248 | +€1,978 | +156% |
| Suppliers | 440/4 | €1,270 | €3,248 | +€1,978 | +156% |
| Taxes, remuneration and social security | 45 | €11,327 | €32,632 | +€21,305 | +188% |
| Taxes | 450/3 | €11,327 | €32,632 | +€21,305 | +188% |
| Other amounts payable | 47/48 | €329 | €441 | +€112 | +34.0% |
| Accrued charges and deferred income | 492/3 | €5,400 | €5,352 | -€47 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,832 | €16,161 | +€2,329 | +16.8% |
| Other operating charges | 640/8 | €968 | €721 | -€247 | -25.5% |
| Gross operating margin | 9900 | €112,474 | €158,902 | +€46,427 | +41.3% |
| Operating profit (loss) | 9901 | €97,675 | €142,021 | +€44,346 | +45.4% |
| Financial income | 75/76B | €281 | €600 | +€320 | +114% |
| Recurring financial income | 75 | €281 | €600 | +€320 | +114% |
| Financial charges | 65/66B | €655 | €762 | +€107 | +16.3% |
| Recurring financial charges | 65 | €655 | €762 | +€107 | +16.3% |
| Profit (loss) for the period before taxes | 9903 | €97,301 | €141,859 | +€44,558 | +45.8% |
| Income taxes | 67/77 | €26,360 | €41,520 | +€15,160 | +57.5% |
| Profit (loss) for the period | 9904 | €70,940 | €100,339 | +€29,398 | +41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €70,940 | €100,339 | +€29,398 | +41.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.