LVV: what changed
Two financial 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.
LVV
Largest movements
- Current investments -€400,000
down €400,000 (-100%), from €400,000 to €0
- Deferred charges and accrued income -€198,121
down €198,121 (-100.0%), from €198,160 to €39
- Tangible fixed assets -€111,157
down €111,157 (-12.5%), from €892,646 to €781,489
of which Other tangible fixed assets: -€140,756
- Cash -€107,703
down €107,703 (-26.5%), from €406,548 to €298,846
mainly Trade debts (-€581,076) and Contributions, distributions and other (-€294,118)
- Trade debts -€581,076
down €581,076 (-41.5%), from €1.4m to €820,694
- Accrued charges and deferred income -€182,255
down €182,255 (-75.6%), from €241,185 to €58,930
- Debts after one year -€138,193
down €138,193 (-21.6%), from €639,131 to €500,937
- Tax, wage and social debts +€79,634
up €79,634 (+25.8%), from €308,225 to €387,859
of which Remuneration and social security: +€94,153
- Current portion of long-term debt -€68,044
down €68,044 (-33.0%), from €206,257 to €138,213
- Gross operating margin -€451,282
down €451,282 (-22.2%), from €2.0m to €1.6m
- Staff costs -€214,321
down €214,321 (-19.5%), from €1.1m to €886,221
- Taxes -€41,198
down €41,198 (-26.7%), from €154,162 to €112,963
- Depreciation -€25,911
down €25,911 (-10.8%), from €239,454 to €213,543
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.
Derived cash bridge
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 | €4,293,583 | €3,450,533 | -€843,050 | -19.6% |
| Fixed assets | 21/28 | €895,121 | €782,460 | -€112,661 | -12.6% |
| Intangible fixed assets | 21 | €1,976 | €471 | -€1,505 | -76.2% |
| Tangible fixed assets | 22/27 | €892,646 | €781,489 | -€111,157 | -12.5% |
| Plant, machinery and equipment | 23 | €7,098 | €23,597 | +€16,500 | +232% |
| Furniture and vehicles | 24 | €152,814 | €165,914 | +€13,100 | +8.6% |
| Other tangible fixed assets | 26 | €732,734 | €591,978 | -€140,756 | -19.2% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €3,398,462 | €2,668,073 | -€730,389 | -21.5% |
| Amounts receivable after more than one year | 29 | €150,000 | €150,000 | = | 0.0% |
| Other amounts receivable | 291 | €150,000 | €150,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €151,750 | €120,062 | -€31,688 | -20.9% |
| Stocks | 30/36 | €151,750 | €120,062 | -€31,688 | -20.9% |
| Amounts receivable within one year | 40/41 | €2,092,003 | €2,099,126 | +€7,123 | +0.3% |
| Trade receivables | 40 | €1,887,819 | €1,802,185 | -€85,634 | -4.5% |
| Other amounts receivable | 41 | €204,184 | €296,941 | +€92,757 | +45.4% |
| Current investments | 50/53 | €400,000 | €0 | -€400,000 | -100% |
| Cash at bank and in hand | 54/58 | €406,548 | €298,846 | -€107,703 | -26.5% |
| Deferred charges and accrued income | 490/1 | €198,160 | €39 | -€198,121 | -100.0% |
| Total equity and liabilities | 10/49 | €4,293,583 | €3,450,533 | -€843,050 | -19.6% |
| Equity | 10/15 | €21,820 | €21,855 | +€34 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,220 | €3,255 | +€34 | +1.1% |
| Distributable reserves | 133 | €3,220 | €3,255 | +€34 | +1.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,271,763 | €3,428,678 | -€843,084 | -19.7% |
| Amounts payable after more than one year | 17 | €639,131 | €500,937 | -€138,193 | -21.6% |
| Financial debts | 170/4 | €639,131 | €500,937 | -€138,193 | -21.6% |
| Amounts payable within one year | 42/48 | €3,391,447 | €2,868,811 | -€522,636 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €206,257 | €138,213 | -€68,044 | -33.0% |
| Trade debts | 44 | €1,401,770 | €820,694 | -€581,076 | -41.5% |
| Suppliers | 440/4 | €1,401,770 | €820,694 | -€581,076 | -41.5% |
| Taxes, remuneration and social security | 45 | €308,225 | €387,859 | +€79,634 | +25.8% |
| Taxes | 450/3 | €98,228 | €83,709 | -€14,518 | -14.8% |
| Remuneration and social security | 454/9 | €209,997 | €304,150 | +€94,153 | +44.8% |
| Other amounts payable | 47/48 | €1,475,195 | €1,522,045 | +€46,850 | +3.2% |
| Accrued charges and deferred income | 492/3 | €241,185 | €58,930 | -€182,255 | -75.6% |
| Remuneration, social security and pensions | 62 | €1,100,541 | €886,221 | -€214,321 | -19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €239,454 | €213,543 | -€25,911 | -10.8% |
| Other operating charges | 640/8 | €10,922 | €31,049 | +€20,127 | +184% |
| Non-recurring operating charges | 66A | €136,895 | €42,462 | -€94,433 | -69.0% |
| Gross operating margin | 9900 | €2,031,179 | €1,579,896 | -€451,282 | -22.2% |
| Operating profit (loss) | 9901 | €543,366 | €406,622 | -€136,745 | -25.2% |
| Financial income | 75/76B | €2,055 | €6,352 | +€4,298 | +209% |
| Recurring financial income | 75 | €2,055 | €6,352 | +€4,298 | +209% |
| Financial charges | 65/66B | €7,778 | €5,859 | -€1,919 | -24.7% |
| Recurring financial charges | 65 | €7,778 | €5,859 | -€1,919 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €537,643 | €407,115 | -€130,528 | -24.3% |
| Income taxes | 67/77 | €154,162 | €112,963 | -€41,198 | -26.7% |
| Profit (loss) for the period | 9904 | €383,481 | €294,152 | -€89,329 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €383,481 | €294,152 | -€89,329 | -23.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.