LVR: 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.
LVR
Largest movements
- Current investments +€420,000
up €420,000 (+30.7%), from €1.4m to €1.8m
- Cash -€388,349
down €388,349 (-83.7%), from €464,068 to €75,719
mainly Current investments (-€420,000) and Contributions, distributions and other (-€365,000)
- Tangible fixed assets -€32,190
down €32,190 (-50.5%), from €63,717 to €31,528
of which Furniture and vehicles: -€32,190
- Receivables within one year -€25,115
down €25,115 (-22.5%), from €111,479 to €86,365
- Tax, wage and social debts -€31,175
down €31,175 (-39.0%), from €79,869 to €48,694
of which Taxes: -€31,917
- Trade debts -€23,846
down €23,846 (-26.9%), from €88,488 to €64,642
- Reserves +€21,733
up €21,733 (+1.3%), from €1.7m to €1.7m
of which Distributable reserves: +€21,733
- Gross operating margin -€384,378
down €384,378 (-31.9%), from €1.2m to €821,973
- Taxes -€120,661
down €120,661 (-40.9%), from €294,912 to €174,251
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 | €2,015,934 | €1,983,808 | -€32,126 | -1.6% |
| Fixed assets | 21/28 | €63,717 | €31,528 | -€32,190 | -50.5% |
| Tangible fixed assets | 22/27 | €63,717 | €31,528 | -€32,190 | -50.5% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | -€0 | -100.0% |
| Furniture and vehicles | 24 | €63,717 | €31,528 | -€32,190 | -50.5% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €1,952,217 | €1,952,280 | +€64 | 0.0% |
| Stocks and contracts in progress | 3 | €6,473 | - | -€6,473 | |
| Stocks | 30/36 | €6,473 | - | -€6,473 | |
| Amounts receivable within one year | 40/41 | €111,479 | €86,365 | -€25,115 | -22.5% |
| Trade receivables | 40 | €111,479 | €86,365 | -€25,115 | -22.5% |
| Current investments | 50/53 | €1,370,196 | €1,790,196 | +€420,000 | +30.7% |
| Cash at bank and in hand | 54/58 | €464,068 | €75,719 | -€388,349 | -83.7% |
| Total equity and liabilities | 10/49 | €2,015,934 | €1,983,808 | -€32,126 | -1.6% |
| Equity | 10/15 | €1,825,388 | €1,847,122 | +€21,733 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,682,194 | €1,703,928 | +€21,733 | +1.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,680,334 | €1,702,068 | +€21,733 | +1.3% |
| Profit (loss) carried forward | 14 | €124,594 | €124,594 | = | 0.0% |
| Amounts payable | 17/49 | €190,546 | €136,686 | -€53,859 | -28.3% |
| Amounts payable within one year | 42/48 | €190,546 | €136,686 | -€53,859 | -28.3% |
| Trade debts | 44 | €88,488 | €64,642 | -€23,846 | -26.9% |
| Suppliers | 440/4 | €88,488 | €64,642 | -€23,846 | -26.9% |
| Taxes, remuneration and social security | 45 | €79,869 | €48,694 | -€31,175 | -39.0% |
| Taxes | 450/3 | €67,182 | €35,265 | -€31,917 | -47.5% |
| Remuneration and social security | 454/9 | €12,687 | €13,429 | +€742 | +5.8% |
| Other amounts payable | 47/48 | €22,189 | €23,350 | +€1,162 | +5.2% |
| Non-recurring operating income | 76A | - | €7,500 | +€7,500 | |
| Remuneration, social security and pensions | 62 | €236,725 | €233,316 | -€3,409 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,510 | €32,190 | -€1,320 | -3.9% |
| Other operating charges | 640/8 | €11,791 | €12,818 | +€1,027 | +8.7% |
| Gross operating margin | 9900 | €1,206,351 | €821,973 | -€384,378 | -31.9% |
| Operating profit (loss) | 9901 | €924,325 | €543,649 | -€380,676 | -41.2% |
| Financial income | 75/76B | €11,449 | €17,552 | +€6,103 | +53.3% |
| Recurring financial income | 75 | €11,449 | €17,552 | +€6,103 | +53.3% |
| Financial charges | 65/66B | €207 | €217 | +€10 | +4.8% |
| Recurring financial charges | 65 | €207 | €217 | +€10 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €935,566 | €560,984 | -€374,582 | -40.0% |
| Income taxes | 67/77 | €294,912 | €174,251 | -€120,661 | -40.9% |
| Profit (loss) for the period | 9904 | €640,654 | €386,733 | -€253,921 | -39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €640,654 | €386,733 | -€253,921 | -39.6% |
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 6 October 2026 via checked.be.