LVS Construct: 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 Construct
Largest movements
- Receivables within one year +€347,474
up €347,474 (+81.5%), from €426,327 to €773,801
of which Trade receivables: +€355,828
- Tangible fixed assets -€250,450
down €250,450 (-29.8%), from €839,809 to €589,359
of which Leasing and similar rights: -€233,990
- Cash +€89,065
up €89,065 (+401.7%), from €22,170 to €111,235
mainly Net result for the year (+€289,330) and Trade debts (+€252,482)
- Profit (loss) carried forward +€289,330
up €289,330 (+68.8%), from -€420,797 to -€131,467
- Trade debts +€252,482
up €252,482 (+62.4%), from €404,507 to €656,988
- Debts after one year -€198,123
down €198,123 (-34.0%), from €582,367 to €384,243
- Tax, wage and social debts -€163,759
down €163,759 (-47.7%), from €342,988 to €179,229
of which Remuneration and social security: -€159,489
- Short-term financial debts -€50,004
down €50,004 (-88.3%), from €56,611 to €6,607
- Gross operating margin +€620,945
up €620,945 (+128.4%), from €483,637 to €1.1m
- Other operating charges +€17,710
up €17,710 (+185.0%), from €9,573 to €27,283
- Depreciation -€14,169
down €14,169 (-5.3%), from €265,866 to €251,697
- Staff costs +€14,020
up €14,020 (+3.3%), from €419,353 to €433,372
- Taxes +€13,114
up €13,114 (+147183.1%), from €9 to €13,123
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 | €1,293,369 | €1,479,642 | +€186,274 | +14.4% |
| Fixed assets | 21/28 | €839,809 | €589,359 | -€250,450 | -29.8% |
| Tangible fixed assets | 22/27 | €839,809 | €589,359 | -€250,450 | -29.8% |
| Plant, machinery and equipment | 23 | €19,648 | €12,887 | -€6,760 | -34.4% |
| Furniture and vehicles | 24 | €21,451 | €8,821 | -€12,630 | -58.9% |
| Leasing and similar rights | 25 | €798,711 | €564,720 | -€233,990 | -29.3% |
| Other tangible fixed assets | 26 | - | €2,930 | +€2,930 | |
| Current assets | 29/58 | €453,559 | €890,283 | +€436,724 | +96.3% |
| Amounts receivable within one year | 40/41 | €426,327 | €773,801 | +€347,474 | +81.5% |
| Trade receivables | 40 | €396,114 | €751,942 | +€355,828 | +89.8% |
| Other amounts receivable | 41 | €30,212 | €21,859 | -€8,354 | -27.6% |
| Cash at bank and in hand | 54/58 | €22,170 | €111,235 | +€89,065 | +401.7% |
| Deferred charges and accrued income | 490/1 | €5,063 | €5,247 | +€185 | +3.6% |
| Total equity and liabilities | 10/49 | €1,293,369 | €1,479,642 | +€186,274 | +14.4% |
| Equity | 10/15 | -€357,899 | -€68,570 | +€289,330 | +80.8% |
| Contributions | 10/11 | €57,179 | €57,179 | = | 0.0% |
| Reserves | 13 | €5,719 | €5,719 | = | 0.0% |
| Distributable reserves | 133 | €5,719 | €5,719 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€420,797 | -€131,467 | +€289,330 | +68.8% |
| Amounts payable | 17/49 | €1,651,268 | €1,548,212 | -€103,056 | -6.2% |
| Amounts payable after more than one year | 17 | €582,367 | €384,243 | -€198,123 | -34.0% |
| Financial debts | 170/4 | €582,367 | €384,243 | -€198,123 | -34.0% |
| Amounts payable within one year | 42/48 | €1,051,881 | €1,158,146 | +€106,264 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €189,401 | €218,827 | +€29,425 | +15.5% |
| Financial debts | 43 | €56,611 | €6,607 | -€50,004 | -88.3% |
| Credit institutions | 430/8 | €56,611 | €6,607 | -€50,004 | -88.3% |
| Trade debts | 44 | €404,507 | €656,988 | +€252,482 | +62.4% |
| Suppliers | 440/4 | €404,507 | €656,988 | +€252,482 | +62.4% |
| Advances received on contracts in progress | 46 | €8,165 | - | -€8,165 | |
| Taxes, remuneration and social security | 45 | €342,988 | €179,229 | -€163,759 | -47.7% |
| Taxes | 450/3 | €116,396 | €112,126 | -€4,270 | -3.7% |
| Remuneration and social security | 454/9 | €226,591 | €67,102 | -€159,489 | -70.4% |
| Other amounts payable | 47/48 | €50,210 | €96,495 | +€46,285 | +92.2% |
| Accrued charges and deferred income | 492/3 | €17,020 | €5,823 | -€11,197 | -65.8% |
| Remuneration, social security and pensions | 62 | €419,353 | €433,372 | +€14,020 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €265,866 | €251,697 | -€14,169 | -5.3% |
| Other operating charges | 640/8 | €9,573 | €27,283 | +€17,710 | +185.0% |
| Non-recurring operating charges | 66A | - | €14,606 | +€14,606 | |
| Gross operating margin | 9900 | €483,637 | €1,104,582 | +€620,945 | +128.4% |
| Operating profit (loss) | 9901 | -€211,155 | €377,624 | +€588,778 | |
| Financial income | 75/76B | €156 | €232 | +€76 | +48.3% |
| Recurring financial income | 75 | €156 | €232 | +€76 | +48.3% |
| Financial charges | 65/66B | €64,359 | €75,403 | +€11,044 | +17.2% |
| Recurring financial charges | 65 | €64,359 | €75,403 | +€11,044 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | -€275,357 | €302,453 | +€577,810 | |
| Income taxes | 67/77 | €9 | €13,123 | +€13,114 | +147183.1% |
| Profit (loss) for the period | 9904 | -€275,366 | €289,330 | +€564,696 | |
| Profit (loss) for the period to be appropriated | 9905 | -€275,366 | €289,330 | +€564,696 |
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 5 October 2026 via checked.be.