LVH: 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.
LVH
Largest movements
- Tangible fixed assets +€900,569
up €900,569 (+70.8%), from €1.3m to €2.2m
of which Land and buildings: +€900,569
- Receivables within one year -€825,618
down €825,618 (-87.5%), from €943,572 to €117,954
- Current investments -€180,005
down €180,005 (-100.0%), from €180,042 to €37
- Debts after one year -€86,726
down €86,726 (-48.9%), from €177,349 to €90,623
- Trade debts +€62,190
up €62,190 (+19.9%), from €313,056 to €375,246
- Profit (loss) carried forward -€58,755
down €58,755 (-63.8%), from €92,126 to €33,371
- Reserves -€29,000
down €29,000 (-2.7%), from €1.1m to €1.0m
of which Tax-exempt reserves: -€29,000
- Gross operating margin -€132,001
down €132,001, from €115,939 to -€16,062
- Other operating charges -€39,410
down €39,410 (-66.1%), from €59,638 to €20,228
- Taxes +€21,442
new in 2025: €21,442
- Depreciation +€8,829
up €8,829 (+42.1%), from €20,971 to €29,800
- Financial income -€3,409
down €3,409 (-68.0%), from €5,016 to €1,607
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 | €2,471,306 | €2,344,644 | -€126,662 | -5.1% |
| Fixed assets | 21/28 | €1,296,555 | €2,197,124 | +€900,569 | +69.5% |
| Tangible fixed assets | 22/27 | €1,271,555 | €2,172,124 | +€900,569 | +70.8% |
| Land and buildings | 22 | €1,265,555 | €2,166,124 | +€900,569 | +71.2% |
| Plant, machinery and equipment | 23 | €6,000 | €6,000 | = | 0.0% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €1,174,751 | €147,520 | -€1.0m | -87.4% |
| Amounts receivable within one year | 40/41 | €943,572 | €117,954 | -€825,618 | -87.5% |
| Other amounts receivable | 41 | €943,572 | €117,954 | -€825,618 | -87.5% |
| Current investments | 50/53 | €180,042 | €37 | -€180,005 | -100.0% |
| Cash at bank and in hand | 54/58 | €51,137 | €29,529 | -€21,608 | -42.3% |
| Total equity and liabilities | 10/49 | €2,471,306 | €2,344,644 | -€126,662 | -5.1% |
| Equity | 10/15 | €1,583,583 | €1,495,828 | -€87,755 | -5.5% |
| Contributions | 10/11 | €428,602 | €428,602 | = | 0.0% |
| Capital | 10 | €428,602 | €428,602 | = | 0.0% |
| Issued capital | 100 | €428,602 | €428,602 | = | 0.0% |
| Reserves | 13 | €1,062,855 | €1,033,855 | -€29,000 | -2.7% |
| Non-distributable reserves | 130/1 | €42,860 | €42,860 | = | 0.0% |
| Legal reserve | 130 | €42,860 | €42,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €819,995 | €790,995 | -€29,000 | -3.5% |
| Distributable reserves | 133 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,126 | €33,371 | -€58,755 | -63.8% |
| Provisions and deferred taxes | 16 | €224,998 | €224,998 | = | 0.0% |
| Deferred taxes | 168 | €224,998 | €224,998 | = | 0.0% |
| Amounts payable | 17/49 | €662,725 | €623,818 | -€38,907 | -5.9% |
| Amounts payable after more than one year | 17 | €177,349 | €90,623 | -€86,726 | -48.9% |
| Financial debts | 170/4 | €177,349 | €90,623 | -€86,726 | -48.9% |
| Amounts payable within one year | 42/48 | €485,376 | €533,195 | +€47,819 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €76,767 | €82,013 | +€5,246 | +6.8% |
| Trade debts | 44 | €313,056 | €375,246 | +€62,190 | +19.9% |
| Suppliers | 440/4 | €313,056 | €375,246 | +€62,190 | +19.9% |
| Taxes, remuneration and social security | 45 | €51,278 | €35,690 | -€15,588 | -30.4% |
| Taxes | 450/3 | €51,278 | €35,690 | -€15,588 | -30.4% |
| Other amounts payable | 47/48 | €44,275 | €40,246 | -€4,029 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,971 | €29,800 | +€8,829 | +42.1% |
| Other operating charges | 640/8 | €59,638 | €20,228 | -€39,410 | -66.1% |
| Gross operating margin | 9900 | €115,939 | -€16,062 | -€132,001 | |
| Operating profit (loss) | 9901 | €35,330 | -€66,090 | -€101,420 | |
| Financial income | 75/76B | €5,016 | €1,607 | -€3,409 | -68.0% |
| Recurring financial income | 75 | €5,016 | €1,607 | -€3,409 | -68.0% |
| Financial charges | 65/66B | €2,762 | €1,830 | -€932 | -33.7% |
| Recurring financial charges | 65 | €2,762 | €1,830 | -€932 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €37,584 | -€66,313 | -€103,897 | |
| Income taxes | 67/77 | - | €21,442 | +€21,442 | |
| Profit (loss) for the period | 9904 | €37,584 | -€87,755 | -€125,339 | |
| Transfer from tax-exempt reserves | 789 | €125,586 | €29,000 | -€96,586 | -76.9% |
| Profit (loss) for the period to be appropriated | 9905 | €163,170 | -€58,755 | -€221,925 |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.