LVG: 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.
LVG
Largest movements
- Tangible fixed assets -€21,946
down €21,946 (-24.5%), from €89,756 to €67,810
of which Plant, machinery and equipment: -€15,602
- Receivables within one year -€15,129
no longer reported in 2025 (was €15,129)
- Deferred charges and accrued income -€1,930
no longer reported in 2025 (was €1,930)
- Tax, wage and social debts +€22,339
up €22,339 (+119.9%), from €18,632 to €40,972
of which Taxes: +€27,772
- Profit (loss) carried forward -€21,471
down €21,471 (-20.9%), from -€102,914 to -€124,385
- Other debts -€17,258
down €17,258 (-15.9%), from €108,689 to €91,431
- Trade debts -€16,759
down €16,759 (-58.6%), from €28,599 to €11,840
- Debts after one year -€5,803
down €5,803 (-14.6%), from €39,786 to €33,982
- Staff costs +€7,129
up €7,129 (+12.3%), from €57,906 to €65,034
- Gross operating margin -€2,326
down €2,326 (-3.3%), from €69,912 to €67,586
- Other operating charges -€772
no longer reported in 2025 (was €772)
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 | €118,828 | €80,104 | -€38,724 | -32.6% |
| Fixed assets | 21/28 | €89,756 | €67,810 | -€21,946 | -24.5% |
| Tangible fixed assets | 22/27 | €89,756 | €67,810 | -€21,946 | -24.5% |
| Plant, machinery and equipment | 23 | €42,530 | €26,927 | -€15,602 | -36.7% |
| Furniture and vehicles | 24 | €1,113 | €880 | -€233 | -20.9% |
| Other tangible fixed assets | 26 | €46,113 | €40,002 | -€6,111 | -13.3% |
| Current assets | 29/58 | €29,072 | €12,294 | -€16,778 | -57.7% |
| Stocks and contracts in progress | 3 | €6,312 | €6,057 | -€255 | -4.0% |
| Stocks | 30/36 | €6,312 | €6,057 | -€255 | -4.0% |
| Amounts receivable within one year | 40/41 | €15,129 | - | -€15,129 | |
| Other amounts receivable | 41 | €15,129 | - | -€15,129 | |
| Cash at bank and in hand | 54/58 | €5,701 | €6,237 | +€536 | +9.4% |
| Deferred charges and accrued income | 490/1 | €1,930 | - | -€1,930 | |
| Total equity and liabilities | 10/49 | €118,828 | €80,104 | -€38,724 | -32.6% |
| Equity | 10/15 | -€82,454 | -€103,925 | -€21,471 | -26.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,914 | -€124,385 | -€21,471 | -20.9% |
| Amounts payable | 17/49 | €201,282 | €184,029 | -€17,253 | -8.6% |
| Amounts payable after more than one year | 17 | €39,786 | €33,982 | -€5,803 | -14.6% |
| Financial debts | 170/4 | €39,786 | €33,982 | -€5,803 | -14.6% |
| Amounts payable within one year | 42/48 | €161,496 | €150,047 | -€11,449 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €5,575 | €5,803 | +€228 | +4.1% |
| Trade debts | 44 | €28,599 | €11,840 | -€16,759 | -58.6% |
| Suppliers | 440/4 | €28,599 | €11,840 | -€16,759 | -58.6% |
| Taxes, remuneration and social security | 45 | €18,632 | €40,972 | +€22,339 | +119.9% |
| Taxes | 450/3 | €4,451 | €32,223 | +€27,772 | +624.0% |
| Remuneration and social security | 454/9 | €14,182 | €8,749 | -€5,433 | -38.3% |
| Other amounts payable | 47/48 | €108,689 | €91,431 | -€17,258 | -15.9% |
| Remuneration, social security and pensions | 62 | €57,906 | €65,034 | +€7,129 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,803 | €21,946 | +€143 | +0.7% |
| Other operating charges | 640/8 | €772 | - | -€772 | |
| Gross operating margin | 9900 | €69,912 | €67,586 | -€2,326 | -3.3% |
| Operating profit (loss) | 9901 | -€10,569 | -€19,394 | -€8,825 | -83.5% |
| Financial income | 75/76B | €1 | €0 | -€1 | -73.8% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -73.8% |
| Financial charges | 65/66B | €2,221 | €2,077 | -€144 | -6.5% |
| Recurring financial charges | 65 | €2,221 | €2,077 | -€144 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | -€12,789 | -€21,471 | -€8,682 | -67.9% |
| Profit (loss) for the period | 9904 | -€12,789 | -€21,471 | -€8,682 | -67.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,789 | -€21,471 | -€8,682 | -67.9% |
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 5 October 2026 via checked.be.