LVL MANAGEMENT: 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.
LVL MANAGEMENT
Largest movements
- Financial fixed assets +€950,000
up €950,000 (+93.9%), from €1.0m to €2.0m
- Tangible fixed assets -€91,069
down €91,069 (-11.7%), from €778,498 to €687,429
of which Plant, machinery and equipment: -€68,473
- Cash +€29,199
up €29,199, from €0 to €29,199
mainly Other debts (+€525,888) and Debts after one year (+€263,364)
- Other debts +€525,888
up €525,888 (+4,241%), from €12,401 to €538,289
- Reserves +€511,779
up €511,779 (+346%), from €147,748 to €659,527
of which Distributable reserves: +€511,779
- Profit (loss) carried forward -€402,222
down €402,222 (-100%), from €402,222 to €0
- Debts after one year +€263,364
up €263,364 (+26.0%), from €1.0m to €1.3m
- Gross operating margin -€84,557
down €84,557 (-19.5%), from €434,024 to €349,467
- Depreciation -€59,230
down €59,230 (-37.3%), from €158,887 to €99,656
- Taxes +€9,002
up €9,002 (+16.1%), from €55,743 to €64,745
- Financial charges -€4,742
down €4,742 (-6.1%), from €78,009 to €73,267
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 | €1,846,298 | €2,735,624 | +€889,326 | +48.2% |
| Fixed assets | 21/28 | €1,789,784 | €2,648,716 | +€858,931 | +48.0% |
| Tangible fixed assets | 22/27 | €778,498 | €687,429 | -€91,069 | -11.7% |
| Land and buildings | 22 | €583,151 | €561,565 | -€21,586 | -3.7% |
| Plant, machinery and equipment | 23 | €190,155 | €121,682 | -€68,473 | -36.0% |
| Furniture and vehicles | 24 | €5,192 | €4,182 | -€1,010 | -19.5% |
| Financial fixed assets | 28 | €1,011,286 | €1,961,286 | +€950,000 | +93.9% |
| Current assets | 29/58 | €56,514 | €86,909 | +€30,395 | +53.8% |
| Amounts receivable within one year | 40/41 | €56,514 | €57,710 | +€1,196 | +2.1% |
| Trade receivables | 40 | €56,514 | €57,710 | +€1,196 | +2.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €0 | €29,199 | +€29,199 | |
| Total equity and liabilities | 10/49 | €1,846,298 | €2,735,624 | +€889,326 | +48.2% |
| Equity | 10/15 | €568,570 | €678,127 | +€109,557 | +19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €147,748 | €659,527 | +€511,779 | +346% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €145,888 | €657,667 | +€511,779 | +351% |
| Profit (loss) carried forward | 14 | €402,222 | €0 | -€402,222 | -100% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €1,277,728 | €2,057,497 | +€779,769 | +61.0% |
| Amounts payable after more than one year | 17 | €1,014,879 | €1,278,243 | +€263,364 | +26.0% |
| Financial debts | 170/4 | €1,014,879 | €1,278,243 | +€263,364 | +26.0% |
| Amounts payable within one year | 42/48 | €262,850 | €779,255 | +€516,405 | +196% |
| Current portion of amounts payable after more than one year | 42 | €188,757 | €186,636 | -€2,121 | -1.1% |
| Financial debts | 43 | €8 | €0 | -€8 | -100% |
| Credit institutions | 430/8 | €8 | €0 | -€8 | -100% |
| Trade debts | 44 | €27,086 | €32,654 | +€5,568 | +20.6% |
| Suppliers | 440/4 | €27,086 | €32,654 | +€5,568 | +20.6% |
| Taxes, remuneration and social security | 45 | €34,597 | €21,675 | -€12,922 | -37.4% |
| Taxes | 450/3 | €34,597 | €18,972 | -€15,625 | -45.2% |
| Remuneration and social security | 454/9 | €0 | €2,703 | +€2,703 | |
| Other amounts payable | 47/48 | €12,401 | €538,289 | +€525,888 | +4,241% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,887 | €99,656 | -€59,230 | -37.3% |
| Other operating charges | 640/8 | €3,171 | €2,331 | -€840 | -26.5% |
| Gross operating margin | 9900 | €434,024 | €349,467 | -€84,557 | -19.5% |
| Operating profit (loss) | 9901 | €271,966 | €247,480 | -€24,486 | -9.0% |
| Financial income | 75/76B | €59 | €90 | +€31 | +51.8% |
| Recurring financial income | 75 | €59 | €90 | +€31 | +51.8% |
| Financial charges | 65/66B | €78,009 | €73,267 | -€4,742 | -6.1% |
| Recurring financial charges | 65 | €78,009 | €73,267 | -€4,742 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €194,016 | €174,302 | -€19,714 | -10.2% |
| Transfer from deferred taxes | 780 | €2,252 | €0 | -€2,252 | -100% |
| Income taxes | 67/77 | €55,743 | €64,745 | +€9,002 | +16.1% |
| Profit (loss) for the period | 9904 | €140,526 | €109,557 | -€30,969 | -22.0% |
| Transfer from tax-exempt reserves | 789 | €5,362 | €0 | -€5,362 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €145,888 | €109,557 | -€36,331 | -24.9% |
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 14 October 2026 via checked.be.