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
- Cash -€76,531
down €76,531 (-40.9%), from €186,984 to €110,453
mainly Current investments (-€51,595) and Debts after one year (-€27,159)
- Current investments +€51,595
up €51,595 (+16.2%), from €318,580 to €370,175
- Receivables within one year +€17,079
up €17,079 (+177.5%), from €9,622 to €26,701
of which Other amounts receivable: +€17,132
- Tangible fixed assets -€15,729
down €15,729 (-2.4%), from €654,587 to €638,858
of which Land and buildings: -€16,955
- Debts after one year -€27,159
down €27,159 (-5.2%), from €518,667 to €491,508
- Trade debts +€13,582
up €13,582 (+668.4%), from €2,032 to €15,614
- Financial income +€3,722
up €3,722 (+10.4%), from €35,816 to €39,538
- Depreciation +€372
up €372 (+2.0%), from €18,166 to €18,538
- Gross operating margin -€202
down €202 (-3.2%), from -€6,255 to -€6,457
- Financial charges -€193
down €193 (-5.2%), from €3,679 to €3,486
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 | €1,174,495 | €1,161,063 | -€13,432 | -1.1% |
| Fixed assets | 21/28 | €655,413 | €639,684 | -€15,729 | -2.4% |
| Tangible fixed assets | 22/27 | €654,587 | €638,858 | -€15,729 | -2.4% |
| Land and buildings | 22 | €649,371 | €632,416 | -€16,955 | -2.6% |
| Plant, machinery and equipment | 23 | €750 | €345 | -€405 | -54.0% |
| Furniture and vehicles | 24 | €2,596 | €4,227 | +€1,631 | +62.9% |
| Other tangible fixed assets | 26 | €1,871 | €1,870 | -€1 | 0.0% |
| Financial fixed assets | 28 | €826 | €826 | -€0 | 0.0% |
| Current assets | 29/58 | €519,081 | €521,379 | +€2,298 | +0.4% |
| Amounts receivable within one year | 40/41 | €9,622 | €26,701 | +€17,079 | +177.5% |
| Trade receivables | 40 | €53 | - | -€53 | |
| Other amounts receivable | 41 | €9,569 | €26,701 | +€17,132 | +179.0% |
| Current investments | 50/53 | €318,580 | €370,175 | +€51,595 | +16.2% |
| Cash at bank and in hand | 54/58 | €186,984 | €110,453 | -€76,531 | -40.9% |
| Deferred charges and accrued income | 490/1 | €3,895 | €14,050 | +€10,155 | +260.7% |
| Total equity and liabilities | 10/49 | €1,174,495 | €1,161,063 | -€13,432 | -1.1% |
| Equity | 10/15 | €630,793 | €638,943 | +€8,150 | +1.3% |
| Contributions | 10/11 | €243,600 | €243,600 | = | 0.0% |
| Revaluation surpluses | 12 | €34,921 | €34,921 | +€0 | 0.0% |
| Reserves | 13 | €77,315 | €77,315 | +€0 | 0.0% |
| Tax-exempt reserves | 132 | €455 | €455 | +€0 | +0.1% |
| Distributable reserves | 133 | €76,860 | €76,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €274,958 | €283,107 | +€8,149 | +3.0% |
| Amounts payable | 17/49 | €543,701 | €522,120 | -€21,581 | -4.0% |
| Amounts payable after more than one year | 17 | €518,667 | €491,508 | -€27,159 | -5.2% |
| Financial debts | 170/4 | €518,667 | €491,508 | -€27,159 | -5.2% |
| Amounts payable within one year | 42/48 | €24,503 | €30,597 | +€6,094 | +24.9% |
| Current portion of amounts payable after more than one year | 42 | €14,368 | €14,658 | +€290 | +2.0% |
| Trade debts | 44 | €2,032 | €15,614 | +€13,582 | +668.4% |
| Suppliers | 440/4 | €2,032 | €15,614 | +€13,582 | +668.4% |
| Taxes, remuneration and social security | 45 | €162 | €81 | -€81 | -50.1% |
| Taxes | 450/3 | €162 | - | -€162 | |
| Remuneration and social security | 454/9 | - | €81 | +€81 | |
| Other amounts payable | 47/48 | €7,941 | €244 | -€7,697 | -96.9% |
| Accrued charges and deferred income | 492/3 | €531 | €15 | -€516 | -97.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,166 | €18,538 | +€372 | +2.0% |
| Other operating charges | 640/8 | €2,877 | €2,908 | +€31 | +1.1% |
| Gross operating margin | 9900 | -€6,255 | -€6,457 | -€202 | -3.2% |
| Operating profit (loss) | 9901 | -€27,298 | -€27,903 | -€605 | -2.2% |
| Financial income | 75/76B | €35,816 | €39,538 | +€3,722 | +10.4% |
| Recurring financial income | 75 | €35,816 | €39,538 | +€3,722 | +10.4% |
| Financial charges | 65/66B | €3,679 | €3,486 | -€193 | -5.2% |
| Recurring financial charges | 65 | €3,679 | €3,486 | -€193 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €4,839 | €8,149 | +€3,310 | +68.4% |
| Profit (loss) for the period | 9904 | €4,839 | €8,149 | +€3,310 | +68.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,839 | €8,149 | +€3,310 | +68.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.