LVS: 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.
LVS
Largest movements
- Receivables within one year +€42,021
up €42,021 (+51.2%), from €82,054 to €124,075
of which Trade receivables: +€39,649
- Cash +€22,140
up €22,140 (+33.2%), from €66,621 to €88,761
mainly Trade debts (+€66,363) and Investment in fixed assets (net) (+€2,313)
- Tangible fixed assets -€3,740
down €3,740 (-43.8%), from €8,547 to €4,807
of which Furniture and vehicles: -€3,619
- Trade debts +€66,363
up €66,363 (+1501.5%), from €4,420 to €70,783
- Other debts -€3,627
down €3,627 (-96.1%), from €3,775 to €149
- Accrued charges and deferred income -€2,500
no longer reported in 2025 (was €2,500)
- Gross operating margin -€6,140
down €6,140 (-22.6%), from €27,134 to €20,994
- Financial income +€6,082
up €6,082 (+6349.5%), from €96 to €6,178
- Depreciation -€1,087
down €1,087 (-43.2%), from €2,514 to €1,427
- Staff costs -€896
down €896 (-4.4%), from €20,558 to €19,662
- Taxes +€656
up €656 (+23.6%), from €2,780 to €3,437
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 | €159,657 | €220,078 | +€60,421 | +37.8% |
| Fixed assets | 21/28 | €8,547 | €4,807 | -€3,740 | -43.8% |
| Tangible fixed assets | 22/27 | €8,547 | €4,807 | -€3,740 | -43.8% |
| Plant, machinery and equipment | 23 | €1,277 | €1,156 | -€121 | -9.5% |
| Furniture and vehicles | 24 | €7,270 | €3,651 | -€3,619 | -49.8% |
| Current assets | 29/58 | €151,110 | €215,271 | +€64,161 | +42.5% |
| Amounts receivable within one year | 40/41 | €82,054 | €124,075 | +€42,021 | +51.2% |
| Trade receivables | 40 | €21,941 | €61,590 | +€39,649 | +180.7% |
| Other amounts receivable | 41 | €60,113 | €62,485 | +€2,372 | +3.9% |
| Cash at bank and in hand | 54/58 | €66,621 | €88,761 | +€22,140 | +33.2% |
| Deferred charges and accrued income | 490/1 | €2,435 | €2,435 | = | 0.0% |
| Total equity and liabilities | 10/49 | €159,657 | €220,078 | +€60,421 | +37.8% |
| Equity | 10/15 | €141,476 | €142,860 | +€1,384 | +1.0% |
| Contributions | 10/11 | €11,000 | €11,000 | = | 0.0% |
| Reserves | 13 | €2,556 | €2,556 | = | 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% |
| Distributable reserves | 133 | €696 | €696 | = | 0.0% |
| Profit (loss) carried forward | 14 | €127,920 | €129,304 | +€1,384 | +1.1% |
| Amounts payable | 17/49 | €18,181 | €77,219 | +€59,037 | +324.7% |
| Amounts payable within one year | 42/48 | €15,681 | €77,219 | +€61,537 | +392.4% |
| Trade debts | 44 | €4,420 | €70,783 | +€66,363 | +1501.5% |
| Suppliers | 440/4 | €4,420 | €70,783 | +€66,363 | +1501.5% |
| Taxes, remuneration and social security | 45 | €7,486 | €6,286 | -€1,200 | -16.0% |
| Taxes | 450/3 | €7,486 | €6,217 | -€1,269 | -17.0% |
| Remuneration and social security | 454/9 | - | €70 | +€70 | |
| Other amounts payable | 47/48 | €3,775 | €149 | -€3,627 | -96.1% |
| Accrued charges and deferred income | 492/3 | €2,500 | - | -€2,500 | |
| Non-recurring operating income | 76A | - | €1,026 | +€1,026 | |
| Remuneration, social security and pensions | 62 | €20,558 | €19,662 | -€896 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,514 | €1,427 | -€1,087 | -43.2% |
| Other operating charges | 640/8 | €1,711 | €1,123 | -€588 | -34.4% |
| Gross operating margin | 9900 | €27,134 | €20,994 | -€6,140 | -22.6% |
| Operating profit (loss) | 9901 | €2,351 | -€1,218 | -€3,569 | |
| Financial income | 75/76B | €96 | €6,178 | +€6,082 | +6349.5% |
| Recurring financial income | 75 | €96 | €6,178 | +€6,082 | +6349.5% |
| Financial charges | 65/66B | €135 | €140 | +€5 | +3.3% |
| Recurring financial charges | 65 | €135 | €140 | +€5 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €2,312 | €4,820 | +€2,509 | +108.5% |
| Income taxes | 67/77 | €2,780 | €3,437 | +€656 | +23.6% |
| Profit (loss) for the period | 9904 | -€468 | €1,384 | +€1,852 | |
| Profit (loss) for the period to be appropriated | 9905 | -€468 | €1,384 | +€1,852 |
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.