LVR: 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.
LVR
Largest movements
- Tangible fixed assets +€485,853
up €485,853 (+1,166%), from €41,686 to €527,539
of which Land and buildings: +€489,626
- Receivables within one year +€96,341
up €96,341 (+502%), from €19,195 to €115,536
of which Other amounts receivable: +€102,731
- Cash +€19,379
up €19,379 (+53.8%), from €36,046 to €55,426
mainly Debts after one year (+€563,787) and Net result for the year (+€45,729)
- Deferred charges and accrued income +€17,049
up €17,049 (+6,966%), from €245 to €17,294
- Debts after one year +€563,787
up €563,787 (+1,911%), from €29,500 to €593,287
- Reserves +€45,729
up €45,729 (+177%), from €25,788 to €71,518
- Current portion of long-term debt +€21,338
up €21,338 (+235%), from €9,084 to €30,423
- Tax, wage and social debts -€13,573
down €13,573 (-64.7%), from €20,972 to €7,399
of which Taxes: -€11,928
- Gross operating margin +€25,059
up €25,059 (+60.4%), from €41,518 to €66,578
- Depreciation +€4,840
up €4,840 (+69.8%), from €6,934 to €11,774
- Taxes -€4,753
down €4,753 (-66.9%), from €7,101 to €2,347
- Financial charges +€3,136
up €3,136 (+254%), from €1,233 to €4,370
- Other operating charges +€1,906
up €1,906 (+413%), from €462 to €2,368
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 | €97,172 | €715,795 | +€618,623 | +637% |
| Fixed assets | 21/28 | €41,686 | €527,539 | +€485,853 | +1,166% |
| Tangible fixed assets | 22/27 | €41,686 | €527,539 | +€485,853 | +1,166% |
| Land and buildings | 22 | - | €489,626 | +€489,626 | |
| Plant, machinery and equipment | 23 | - | €4,831 | +€4,831 | |
| Furniture and vehicles | 24 | €41,686 | €33,081 | -€8,604 | -20.6% |
| Current assets | 29/58 | €55,486 | €188,256 | +€132,770 | +239% |
| Amounts receivable within one year | 40/41 | €19,195 | €115,536 | +€96,341 | +502% |
| Trade receivables | 40 | €19,195 | €12,805 | -€6,390 | -33.3% |
| Other amounts receivable | 41 | - | €102,731 | +€102,731 | |
| Cash at bank and in hand | 54/58 | €36,046 | €55,426 | +€19,379 | +53.8% |
| Deferred charges and accrued income | 490/1 | €245 | €17,294 | +€17,049 | +6,966% |
| Total equity and liabilities | 10/49 | €97,172 | €715,795 | +€618,623 | +637% |
| Equity | 10/15 | €27,288 | €73,018 | +€45,729 | +168% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €25,788 | €71,518 | +€45,729 | +177% |
| Distributable reserves | 133 | €25,788 | €71,518 | +€45,729 | +177% |
| Amounts payable | 17/49 | €69,884 | €642,777 | +€572,894 | +820% |
| Amounts payable after more than one year | 17 | €29,500 | €593,287 | +€563,787 | +1,911% |
| Financial debts | 170/4 | €29,500 | €593,287 | +€563,787 | +1,911% |
| Amounts payable within one year | 42/48 | €40,383 | €49,490 | +€9,107 | +22.6% |
| Current portion of amounts payable after more than one year | 42 | €9,084 | €30,423 | +€21,338 | +235% |
| Trade debts | 44 | €7,266 | €5,444 | -€1,822 | -25.1% |
| Suppliers | 440/4 | €7,266 | €5,444 | -€1,822 | -25.1% |
| Taxes, remuneration and social security | 45 | €20,972 | €7,399 | -€13,573 | -64.7% |
| Taxes | 450/3 | €19,327 | €7,399 | -€11,928 | -61.7% |
| Remuneration and social security | 454/9 | €1,645 | - | -€1,645 | |
| Other amounts payable | 47/48 | €3,062 | €6,225 | +€3,163 | +103% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,934 | €11,774 | +€4,840 | +69.8% |
| Other operating charges | 640/8 | €462 | €2,368 | +€1,906 | +413% |
| Gross operating margin | 9900 | €41,518 | €66,578 | +€25,059 | +60.4% |
| Operating profit (loss) | 9901 | €34,123 | €52,436 | +€18,313 | +53.7% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €1,233 | €4,370 | +€3,136 | +254% |
| Recurring financial charges | 65 | €1,233 | €4,370 | +€3,136 | +254% |
| Profit (loss) for the period before taxes | 9903 | €32,889 | €48,077 | +€15,188 | +46.2% |
| Income taxes | 67/77 | €7,101 | €2,347 | -€4,753 | -66.9% |
| Profit (loss) for the period | 9904 | €25,788 | €45,729 | +€19,941 | +77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,788 | €45,729 | +€19,941 | +77.3% |
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 24 October 2026 via checked.be.