LVO SERVICES: 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.
What changed
LVO SERVICES
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.9m
2024 · €1.8m+€68,311
Equity
€13.9m
2024 · €11.6m+€2.4m
Cash
€2.4m
2024 · €1.5m+€936,964
Balance sheet total
€34.1m
2024 · €32.6m+€1.4m
Largest movements
Assets
- Tangible fixed assets +€1.3m
up €1.3m (+4.2%), from €29.8m to €31.0m
of which Land and buildings: +€2.6m
- Financial fixed assets -€995,258
down €995,258 (-100.0%), from €995,658 to €400
- Cash +€936,964
up €936,964 (+63.9%), from €1.5m to €2.4m
mainly Net result for the year (+€1.9m) and Depreciation (+€1.5m)
Equity and liabilities
- Reserves +€2.4m
up €2.4m (+21.1%), from €11.3m to €13.7m
of which Distributable reserves: +€2.4m
- Current portion of long-term debt -€579,342
down €579,342 (-25.7%), from €2.3m to €1.7m
- Debts after one year -€446,057
down €446,057 (-2.4%), from €18.6m to €18.1m
of which Financial debts: -€446,057
Income statement
- Gross operating margin +€599,418
up €599,418 (+19.0%), from €3.2m to €3.8m
- Financial income -€466,550
down €466,550 (-35.9%), from €1.3m to €833,603
- Staff costs -€164,688
down €164,688 (-44.9%), from €366,956 to €202,267
- Taxes +€159,623
up €159,623 (+96.0%), from €166,333 to €325,956
- Other operating charges +€72,298
up €72,298 (+48.0%), from €150,514 to €222,811
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.
Result 2024
€1.8m
Gross operating margin
+€599,418
Staff costs
+€164,688
Depreciation
+€50,696
Other operating charges
-€72,298
Other operating items
-€51,908
Financial income
-€466,550
Financial charges
+€3,888
Taxes
-€159,623
Result 2025
€1.9m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.2m
Investment
-€1.8m
Financing
-€516,930
Cash 2024
€1.5m
From operations (derived)
+€3.2m
Net result for the year
+€1.9m
Depreciation
+€1.5m
Receivables within one year
-€261,490
Deferred charges and accrued income
+€12,057
Trade debts
+€43,296
Tax, wage and social debts
+€49,012
Other debts
-€7,447
Accrued charges and deferred income
+€10,659
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€1.8m
Financing
-€516,930
Debts after one year
-€446,057
Current portion of long-term debt
-€579,342
Short-term financial debts
+€20,034
Contributions, distributions and other
+€488,435
Cash 2025
€2.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,625,049 | €34,067,617 | +€1.4m | +4.4% |
| Fixed assets | 21/28 | €30,771,198 | €31,027,370 | +€256,172 | +0.8% |
| Tangible fixed assets | 22/27 | €29,775,539 | €31,026,970 | +€1.3m | +4.2% |
| Land and buildings | 22 | €26,296,163 | €28,867,612 | +€2.6m | +9.8% |
| Plant, machinery and equipment | 23 | €2,299,729 | €16,831 | -€2.3m | -99.3% |
| Furniture and vehicles | 24 | €1,048,041 | €300,471 | -€747,571 | -71.3% |
| Assets under construction and advance payments | 27 | €131,606 | €1,842,056 | +€1.7m | +1,300% |
| Financial fixed assets | 28 | €995,658 | €400 | -€995,258 | -100.0% |
| Current assets | 29/58 | €1,853,852 | €3,040,248 | +€1.2m | +64.0% |
| Amounts receivable within one year | 40/41 | €357,148 | €618,637 | +€261,490 | +73.2% |
| Trade receivables | 40 | €335,771 | €341,791 | +€6,020 | +1.8% |
| Other amounts receivable | 41 | €21,377 | €276,846 | +€255,469 | +1,195% |
| Cash at bank and in hand | 54/58 | €1,465,832 | €2,402,795 | +€936,964 | +63.9% |
| Deferred charges and accrued income | 490/1 | €30,872 | €18,815 | -€12,057 | -39.1% |
| Total equity and liabilities | 10/49 | €32,625,049 | €34,067,617 | +€1.4m | +4.4% |
| Equity | 10/15 | €11,594,743 | €13,947,156 | +€2.4m | +20.3% |
| Contributions | 10/11 | €309,000 | €272,509 | -€36,491 | -11.8% |
| Capital | 10 | €309,000 | €272,509 | -€36,491 | -11.8% |
| Issued capital | 100 | €309,000 | €272,509 | -€36,491 | -11.8% |
| Reserves | 13 | €11,283,900 | €13,668,343 | +€2.4m | +21.1% |
| Non-distributable reserves | 130/1 | €30,900 | €27,251 | -€3,649 | -11.8% |
| Legal reserve | 130 | €30,900 | €27,251 | -€3,649 | -11.8% |
| Tax-exempt reserves | 132 | - | €20,092 | +€20,092 | |
| Distributable reserves | 133 | €11,253,000 | €13,621,000 | +€2.4m | +21.0% |
| Profit (loss) carried forward | 14 | €1,843 | €6,305 | +€4,462 | +242% |
| Amounts payable | 17/49 | €21,030,307 | €20,120,461 | -€909,845 | -4.3% |
| Amounts payable after more than one year | 17 | €18,554,750 | €18,108,693 | -€446,057 | -2.4% |
| Financial debts | 170/4 | €18,543,950 | €18,097,893 | -€446,057 | -2.4% |
| Other amounts payable | 178/9 | €10,800 | €10,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,463,826 | €1,989,379 | -€474,447 | -19.3% |
| Current portion of amounts payable after more than one year | 42 | €2,257,316 | €1,677,973 | -€579,342 | -25.7% |
| Financial debts | 43 | €30,442 | €50,476 | +€20,034 | +65.8% |
| Credit institutions | 430/8 | €30,442 | €50,476 | +€20,034 | +65.8% |
| Trade debts | 44 | €108,918 | €152,214 | +€43,296 | +39.8% |
| Suppliers | 440/4 | €108,918 | €152,214 | +€43,296 | +39.8% |
| Taxes, remuneration and social security | 45 | €59,703 | €108,715 | +€49,012 | +82.1% |
| Taxes | 450/3 | €27,089 | €108,563 | +€81,474 | +301% |
| Remuneration and social security | 454/9 | €32,614 | €152 | -€32,462 | -99.5% |
| Other amounts payable | 47/48 | €7,447 | €0 | -€7,447 | -100% |
| Accrued charges and deferred income | 492/3 | €11,731 | €22,389 | +€10,659 | +90.9% |
| Non-recurring operating income | 76A | - | €113,970 | +€113,970 | |
| Remuneration, social security and pensions | 62 | €366,956 | €202,267 | -€164,688 | -44.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,588,480 | €1,537,784 | -€50,696 | -3.2% |
| Other operating charges | 640/8 | €150,514 | €222,811 | +€72,298 | +48.0% |
| Non-recurring operating charges | 66A | - | €51,908 | +€51,908 | |
| Gross operating margin | 9900 | €3,154,892 | €3,754,310 | +€599,418 | +19.0% |
| Operating profit (loss) | 9901 | €1,048,943 | €1,739,540 | +€690,597 | +65.8% |
| Financial income | 75/76B | €1,300,154 | €833,603 | -€466,550 | -35.9% |
| Recurring financial income | 75 | €1,300,154 | €833,603 | -€466,550 | -35.9% |
| Financial charges | 65/66B | €387,096 | €383,208 | -€3,888 | -1.0% |
| Recurring financial charges | 65 | €387,096 | €383,208 | -€3,888 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €1,962,001 | €2,189,935 | +€227,934 | +11.6% |
| Income taxes | 67/77 | €166,333 | €325,956 | +€159,623 | +96.0% |
| Profit (loss) for the period | 9904 | €1,795,668 | €1,863,979 | +€68,311 | +3.8% |
| Transfer from tax-exempt reserves | 789 | - | €267 | +€267 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,795,668 | €1,864,246 | +€68,578 | +3.8% |
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 17 October 2026 via checked.be.