LVVH: 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.
LVVH
Largest movements
- Receivables within one year +€14,333
new in 2025: €14,333
- Cash -€13,310
down €13,310 (-38.8%), from €34,331 to €21,021
mainly Receivables within one year (-€14,333) and Other debts (-€7,437)
- Tangible fixed assets -€5,847
down €5,847 (-28.9%), from €20,255 to €14,408
of which Furniture and vehicles: -€5,410
- Other debts -€7,437
down €7,437 (-81.0%), from €9,178 to €1,741
- Tax, wage and social debts +€1,934
up €1,934 (+41.0%), from €4,719 to €6,653
- Trade debts +€893
up €893 (+97.6%), from €914 to €1,807
- Depreciation +€2,802
up €2,802 (+70.4%), from €3,982 to €6,784
- Gross operating margin -€1,387
down €1,387 (-14.0%), from €9,900 to €8,514
- Financial charges -€933
down €933 (-96.2%), from €970 to €37
- Taxes -€858
down €858 (-41.5%), from €2,069 to €1,211
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 | €56,091 | €51,267 | -€4,824 | -8.6% |
| Fixed assets | 21/28 | €21,760 | €15,913 | -€5,847 | -26.9% |
| Tangible fixed assets | 22/27 | €20,255 | €14,408 | -€5,847 | -28.9% |
| Plant, machinery and equipment | 23 | €1,648 | €1,211 | -€438 | -26.5% |
| Furniture and vehicles | 24 | €18,607 | €13,197 | -€5,410 | -29.1% |
| Financial fixed assets | 28 | €1,505 | €1,505 | = | 0.0% |
| Current assets | 29/58 | €34,331 | €35,354 | +€1,023 | +3.0% |
| Amounts receivable within one year | 40/41 | - | €14,333 | +€14,333 | |
| Trade receivables | 40 | - | €14,333 | +€14,333 | |
| Cash at bank and in hand | 54/58 | €34,331 | €21,021 | -€13,310 | -38.8% |
| Total equity and liabilities | 10/49 | €56,091 | €51,267 | -€4,824 | -8.6% |
| Equity | 10/15 | €41,280 | €41,066 | -€214 | -0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,429 | €14,429 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €12,569 | €12,569 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,251 | €8,037 | -€214 | -2.6% |
| Amounts payable | 17/49 | €14,811 | €10,201 | -€4,610 | -31.1% |
| Amounts payable within one year | 42/48 | €14,811 | €10,201 | -€4,610 | -31.1% |
| Trade debts | 44 | €914 | €1,807 | +€893 | +97.6% |
| Suppliers | 440/4 | €914 | €1,807 | +€893 | +97.6% |
| Taxes, remuneration and social security | 45 | €4,719 | €6,653 | +€1,934 | +41.0% |
| Taxes | 450/3 | €4,719 | €6,653 | +€1,934 | +41.0% |
| Other amounts payable | 47/48 | €9,178 | €1,741 | -€7,437 | -81.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,982 | €6,784 | +€2,802 | +70.4% |
| Other operating charges | 640/8 | €625 | €695 | +€70 | +11.2% |
| Non-recurring operating charges | 66A | €5,296 | - | -€5,296 | |
| Gross operating margin | 9900 | €9,900 | €8,514 | -€1,387 | -14.0% |
| Operating profit (loss) | 9901 | -€3 | €1,034 | +€1,038 | |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €970 | €37 | -€933 | -96.2% |
| Recurring financial charges | 65 | €970 | €37 | -€933 | -96.2% |
| Profit (loss) for the period before taxes | 9903 | -€972 | €997 | +€1,969 | |
| Income taxes | 67/77 | €2,069 | €1,211 | -€858 | -41.5% |
| Profit (loss) for the period | 9904 | -€3,040 | -€214 | +€2,826 | +93.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,040 | -€214 | +€2,826 | +93.0% |
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 18 October 2026 via checked.be.