LVM 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.
LVM Management
Largest movements
- Receivables within one year +€500,231
up €500,231 (+284%), from €175,987 to €676,219
of which Other amounts receivable: +€461,773
- Receivables after one year -€156,053
no longer reported in 2025 (was €156,053)
- Other debts +€306,483
up €306,483 (+514%), from €59,601 to €366,083
- Trade debts +€27,614
up €27,614 (+210%), from €13,177 to €40,791
- Tax, wage and social debts +€20,071
up €20,071 (+75.9%), from €26,448 to €46,519
of which Remuneration and social security: +€18,000
- Profit (loss) carried forward -€9,753
down €9,753 (-43.2%), from €22,569 to €12,816
- Gross operating margin -€95,082
down €95,082, from €94,580 to -€502
- Write-downs -€58,041
no longer reported in 2025 (was €58,041)
- Taxes -€8,305
no longer reported in 2025 (was €8,305)
- Other operating charges -€1,371
down €1,371 (-29.4%), from €4,663 to €3,292
- Financial charges -€1,185
down €1,185 (-28.5%), from €4,159 to €2,975
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 | €341,931 | €683,111 | +€341,180 | +99.8% |
| Fixed assets | 21/28 | €9,854 | €6,869 | -€2,985 | -30.3% |
| Tangible fixed assets | 22/27 | €9,854 | €6,869 | -€2,985 | -30.3% |
| Furniture and vehicles | 24 | €1,857 | €872 | -€985 | -53.0% |
| Other tangible fixed assets | 26 | €7,998 | €5,998 | -€2,000 | -25.0% |
| Current assets | 29/58 | €332,077 | €676,242 | +€344,165 | +104% |
| Amounts receivable after more than one year | 29 | €156,053 | - | -€156,053 | |
| Other amounts receivable | 291 | €156,053 | - | -€156,053 | |
| Amounts receivable within one year | 40/41 | €175,987 | €676,219 | +€500,231 | +284% |
| Trade receivables | 40 | €138,058 | €176,516 | +€38,458 | +27.9% |
| Other amounts receivable | 41 | €37,930 | €499,703 | +€461,773 | +1,217% |
| Cash at bank and in hand | 54/58 | €36 | €23 | -€13 | -35.1% |
| Total equity and liabilities | 10/49 | €341,931 | €683,111 | +€341,180 | +99.8% |
| Equity | 10/15 | €202,764 | €193,010 | -€9,753 | -4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €161,595 | €161,595 | = | 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% |
| Tax-exempt reserves | 132 | €44,188 | €44,188 | = | 0.0% |
| Distributable reserves | 133 | €115,546 | €115,546 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,569 | €12,816 | -€9,753 | -43.2% |
| Provisions and deferred taxes | 16 | €31,407 | €31,407 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €24,500 | €24,500 | = | 0.0% |
| Environmental obligations | 163 | €24,500 | €24,500 | = | 0.0% |
| Deferred taxes | 168 | €6,907 | €6,907 | = | 0.0% |
| Amounts payable | 17/49 | €107,760 | €458,694 | +€350,934 | +326% |
| Amounts payable after more than one year | 17 | €5,301 | €1,979 | -€3,322 | -62.7% |
| Financial debts | 170/4 | €5,301 | €1,979 | -€3,322 | -62.7% |
| Amounts payable within one year | 42/48 | €102,459 | €456,715 | +€354,256 | +346% |
| Current portion of amounts payable after more than one year | 42 | €3,234 | €3,322 | +€88 | +2.7% |
| Trade debts | 44 | €13,177 | €40,791 | +€27,614 | +210% |
| Suppliers | 440/4 | €13,177 | €40,791 | +€27,614 | +210% |
| Taxes, remuneration and social security | 45 | €26,448 | €46,519 | +€20,071 | +75.9% |
| Taxes | 450/3 | €26,448 | €28,519 | +€2,071 | +7.8% |
| Remuneration and social security | 454/9 | - | €18,000 | +€18,000 | |
| Other amounts payable | 47/48 | €59,601 | €366,083 | +€306,483 | +514% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,892 | €2,985 | +€93 | +3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €58,041 | - | -€58,041 | |
| Other operating charges | 640/8 | €4,663 | €3,292 | -€1,371 | -29.4% |
| Gross operating margin | 9900 | €94,580 | -€502 | -€95,082 | |
| Operating profit (loss) | 9901 | €28,984 | -€6,779 | -€35,763 | |
| Financial charges | 65/66B | €4,159 | €2,975 | -€1,185 | -28.5% |
| Recurring financial charges | 65 | €4,159 | €2,975 | -€1,185 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €24,825 | -€9,753 | -€34,578 | |
| Income taxes | 67/77 | €8,305 | - | -€8,305 | |
| Profit (loss) for the period | 9904 | €16,519 | -€9,753 | -€26,273 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,519 | -€9,753 | -€26,273 |
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 18 October 2026 via checked.be.