LVLP: 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.
LVLP
Largest movements
- Intangible fixed assets +€161,377
up €161,377 (+29.1%), from €554,937 to €716,314
- Cash +€157,181
up €157,181 (+35.6%), from €441,104 to €598,285
mainly Contributions, distributions and other (+€519,045) and Depreciation (+€401,319)
- Receivables within one year +€103,958
up €103,958 (+11.2%), from €928,057 to €1.0m
of which Trade receivables: +€160,312
- Tangible fixed assets -€70,071
down €70,071 (-10.4%), from €676,676 to €606,605
of which Land and buildings: -€57,242
- Deferred charges and accrued income +€34,144
up €34,144 (+3587.4%), from €952 to €35,096
- Contributions +€500,000
up €500,000 (+33.2%), from €1.5m to €2.0m
- Profit (loss) carried forward -€110,601
down €110,601, from €103,093 to -€7,508
- Trade debts +€57,336
up €57,336 (+32.1%), from €178,535 to €235,872
- Debts after one year -€42,049
down €42,049 (-9.4%), from €445,465 to €403,416
- Tax, wage and social debts -€31,316
down €31,316 (-18.3%), from €171,293 to €139,977
- Depreciation +€180,177
up €180,177 (+81.5%), from €221,142 to €401,319
- Gross operating margin -€144,885
down €144,885 (-7.8%), from €1.9m to €1.7m
- Staff costs -€120,496
down €120,496 (-7.9%), from €1.5m to €1.4m
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 | €2,601,725 | €2,988,315 | +€386,590 | +14.9% |
| Fixed assets | 21/28 | €1,231,613 | €1,322,919 | +€91,306 | +7.4% |
| Intangible fixed assets | 21 | €554,937 | €716,314 | +€161,377 | +29.1% |
| Tangible fixed assets | 22/27 | €676,676 | €606,605 | -€70,071 | -10.4% |
| Land and buildings | 22 | €571,294 | €514,052 | -€57,242 | -10.0% |
| Furniture and vehicles | 24 | €105,382 | €92,553 | -€12,829 | -12.2% |
| Current assets | 29/58 | €1,370,112 | €1,665,396 | +€295,284 | +21.6% |
| Amounts receivable within one year | 40/41 | €928,057 | €1,032,015 | +€103,958 | +11.2% |
| Trade receivables | 40 | €862,806 | €1,023,118 | +€160,312 | +18.6% |
| Other amounts receivable | 41 | €65,251 | €8,897 | -€56,354 | -86.4% |
| Cash at bank and in hand | 54/58 | €441,104 | €598,285 | +€157,181 | +35.6% |
| Deferred charges and accrued income | 490/1 | €952 | €35,096 | +€34,144 | +3587.4% |
| Total equity and liabilities | 10/49 | €2,601,725 | €2,988,315 | +€386,590 | +14.9% |
| Equity | 10/15 | €1,636,986 | €2,045,431 | +€408,444 | +25.0% |
| Contributions | 10/11 | €1,506,201 | €2,006,201 | +€500,000 | +33.2% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,093 | -€7,508 | -€110,601 | |
| Investment grants | 15 | €25,832 | €44,878 | +€19,045 | +73.7% |
| Amounts payable | 17/49 | €964,739 | €942,884 | -€21,855 | -2.3% |
| Amounts payable after more than one year | 17 | €445,465 | €403,416 | -€42,049 | -9.4% |
| Financial debts | 170/4 | €445,465 | €403,416 | -€42,049 | -9.4% |
| Amounts payable within one year | 42/48 | €414,912 | €444,391 | +€29,480 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €62,177 | €65,636 | +€3,459 | +5.6% |
| Trade debts | 44 | €178,535 | €235,872 | +€57,336 | +32.1% |
| Suppliers | 440/4 | €178,535 | €235,872 | +€57,336 | +32.1% |
| Taxes, remuneration and social security | 45 | €171,293 | €139,977 | -€31,316 | -18.3% |
| Remuneration and social security | 454/9 | €171,293 | €139,977 | -€31,316 | -18.3% |
| Other amounts payable | 47/48 | €2,907 | €2,907 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €104,362 | €95,077 | -€9,285 | -8.9% |
| Remuneration, social security and pensions | 62 | €1,521,512 | €1,401,017 | -€120,496 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221,142 | €401,319 | +€180,177 | +81.5% |
| Other operating charges | 640/8 | €7,794 | €8,713 | +€919 | +11.8% |
| Gross operating margin | 9900 | €1,853,939 | €1,709,054 | -€144,885 | -7.8% |
| Operating profit (loss) | 9901 | €103,490 | -€101,996 | -€205,485 | |
| Financial income | 75/76B | €3,968 | €8,361 | +€4,393 | +110.7% |
| Recurring financial income | 75 | €3,968 | €8,361 | +€4,393 | +110.7% |
| Financial charges | 65/66B | €16,034 | €16,961 | +€926 | +5.8% |
| Recurring financial charges | 65 | €16,034 | €16,961 | +€926 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | €91,423 | -€110,595 | -€202,018 | |
| Income taxes | 67/77 | €1,515 | €6 | -€1,509 | -99.6% |
| Profit (loss) for the period | 9904 | €89,908 | -€110,601 | -€200,509 | |
| Profit (loss) for the period to be appropriated | 9905 | €89,908 | -€110,601 | -€200,509 |
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 4 October 2026 via checked.be.