LVSM: 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.
LVSM
Largest movements
- Cash -€10,356
down €10,356 (-30.0%), from €34,510 to €24,154
mainly Contributions, distributions and other (-€109,955) and Current portion of long-term debt (-€5,867)
- Tangible fixed assets -€7,887
down €7,887 (-30.3%), from €26,008 to €18,121
of which Furniture and vehicles: -€7,310
- Deferred charges and accrued income -€3,784
down €3,784 (-74.0%), from €5,112 to €1,328
- Receivables within one year +€2,797
up €2,797 (+6.5%), from €42,695 to €45,492
of which Trade receivables: +€26,947
- Intangible fixed assets -€1,328
down €1,328 (-11.4%), from €11,610 to €10,283
- Profit (loss) carried forward -€77,143
down €77,143 (-100.0%), from €77,143 to €0
- Other debts +€68,000
new in 2025: €68,000
- Current portion of long-term debt -€5,867
down €5,867 (-60.5%), from €9,704 to €3,837
- Debts after one year -€3,837
down €3,837 (-81.3%), from €4,721 to €884
- Tax, wage and social debts -€3,013
down €3,013 (-18.7%), from €16,131 to €13,118
of which Taxes: -€2,513
- Turnover +€136,313
new in 2025: €136,313
- Purchases and services +€84,480
new in 2025: €84,480
- Gross operating margin +€7,774
up €7,774 (+16.6%), from €46,835 to €54,608
- Taxes +€1,380
up €1,380 (+16.6%), from €8,298 to €9,678
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 | €119,936 | €99,378 | -€20,558 | -17.1% |
| Fixed assets | 21/28 | €37,619 | €28,404 | -€9,215 | -24.5% |
| Intangible fixed assets | 21 | €11,610 | €10,283 | -€1,328 | -11.4% |
| Tangible fixed assets | 22/27 | €26,008 | €18,121 | -€7,887 | -30.3% |
| Plant, machinery and equipment | 23 | €819 | €242 | -€577 | -70.5% |
| Furniture and vehicles | 24 | €25,189 | €17,880 | -€7,310 | -29.0% |
| Current assets | 29/58 | €82,317 | €70,973 | -€11,344 | -13.8% |
| Amounts receivable within one year | 40/41 | €42,695 | €45,492 | +€2,797 | +6.5% |
| Trade receivables | 40 | €15,573 | €42,519 | +€26,947 | +173.0% |
| Other amounts receivable | 41 | €27,123 | €2,972 | -€24,150 | -89.0% |
| Cash at bank and in hand | 54/58 | €34,510 | €24,154 | -€10,356 | -30.0% |
| Deferred charges and accrued income | 490/1 | €5,112 | €1,328 | -€3,784 | -74.0% |
| Total equity and liabilities | 10/49 | €119,936 | €99,378 | -€20,558 | -17.1% |
| Equity | 10/15 | €82,143 | €5,000 | -€77,143 | -93.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,143 | €0 | -€77,143 | -100.0% |
| Amounts payable | 17/49 | €37,793 | €94,378 | +€56,585 | +149.7% |
| Amounts payable after more than one year | 17 | €4,721 | €884 | -€3,837 | -81.3% |
| Financial debts | 170/4 | €4,721 | €884 | -€3,837 | -81.3% |
| Amounts payable within one year | 42/48 | €32,971 | €93,394 | +€60,422 | +183.3% |
| Current portion of amounts payable after more than one year | 42 | €9,704 | €3,837 | -€5,867 | -60.5% |
| Financial debts | 43 | €1,690 | €1,648 | -€42 | -2.5% |
| Credit institutions | 430/8 | €1,690 | €1,648 | -€42 | -2.5% |
| Trade debts | 44 | €5,446 | €6,789 | +€1,344 | +24.7% |
| Suppliers | 440/4 | €5,446 | €6,789 | +€1,344 | +24.7% |
| Taxes, remuneration and social security | 45 | €16,131 | €13,118 | -€3,013 | -18.7% |
| Taxes | 450/3 | €14,631 | €12,118 | -€2,513 | -17.2% |
| Remuneration and social security | 454/9 | €1,500 | €1,000 | -€500 | -33.3% |
| Other amounts payable | 47/48 | - | €68,000 | +€68,000 | |
| Accrued charges and deferred income | 492/3 | €100 | €100 | = | 0.0% |
| Turnover | 70 | - | €136,313 | +€136,313 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €84,480 | +€84,480 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,975 | €8,716 | +€741 | +9.3% |
| Other operating charges | 640/8 | €1,328 | €1,344 | +€16 | +1.2% |
| Non-recurring operating charges | 66A | - | €499 | +€499 | |
| Gross operating margin | 9900 | €46,835 | €54,608 | +€7,774 | +16.6% |
| Operating profit (loss) | 9901 | €37,531 | €44,050 | +€6,519 | +17.4% |
| Financial income | 75/76B | €1,831 | €575 | -€1,256 | -68.6% |
| Recurring financial income | 75 | €1,038 | €575 | -€463 | -44.6% |
| Non-recurring financial income | 76B | €793 | €0 | -€793 | -100.0% |
| Financial charges | 65/66B | €1,466 | €2,135 | +€669 | +45.6% |
| Recurring financial charges | 65 | €1,466 | €2,135 | +€669 | +45.6% |
| Profit (loss) for the period before taxes | 9903 | €37,896 | €42,490 | +€4,594 | +12.1% |
| Income taxes | 67/77 | €8,298 | €9,678 | +€1,380 | +16.6% |
| Profit (loss) for the period | 9904 | €29,598 | €32,812 | +€3,214 | +10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,598 | €32,812 | +€3,214 | +10.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.