JAR-FCL 1.025 used to say, "The validity of the licence is determined by the validity of the ratings contained therein and the medical certificate". The EU Regulation does not include this statement and no mention is made of the validity of licences. Instead, FCL.040 states,"The exercise of the privileges granted by a licence shall be dependent upon the validity of the ratings contained therein, if applicable, and of the medical certificate". The logical conclusion, therefore, is that an EASA licence remains 'valid' unless suspended or revoked by the competent authority but the exercise of its privileges is limited.
It is also significant that FCL.040 refers to "....the ratings contained therein, if applicable....". This is clearly in reference to the LAPL, which does not contain any aircraft ratings. Consequently, an LAPL remains valid even though it does not contain a rating but the right to exercise of its privileges is constrained by the recency requirements of FCL.140.