Context. The recently claimed discovery of a massive ( M BH = 68 −13 +11 M ⊙ ) black hole in the Galactic solar neighborhood has led to controversial discussions because it severely challenges our current view of stellar evolution. Aims. A crucial aspect for the determination of the mass of the unseen black hole is the precise nature of its visible companion, the B-type star LS V+22 25. Because stars of different mass can exhibit B-type spectra during the course of their evolution, it is essential to obtain a comprehensive picture of the star to unravel its nature and, thus, its mass. Methods. To this end, we study the spectral energy distribution of LS V+22 25 and perform a quantitative spectroscopic analysis that includes the determination of chemical abundances for He, C, N, O, Ne, Mg, Al, Si, S, Ar, and Fe. Results. Our analysis clearly shows that LS V+22 25 is not an ordinary main sequence B-type star. The derived abundance pattern exhibits heavy imprints of the CNO bi-cycle of hydrogen burning, that is, He and N are strongly enriched at the expense of C and O. Moreover, the elements Mg, Al, Si, S, Ar, and Fe are systematically underabundant when compared to normal main-sequence B-type stars. We suggest that LS V+22 25 is a stripped helium star and discuss two possible formation scenarios. Combining our photometric and spectroscopic results with the Gaia parallax, we infer a stellar mass of 1.1 ± 0.5  M ⊙ . Based on the binary system’s mass function, this yields a minimum mass of 2–3  M ⊙ for the compact companion, which implies that it may not necessarily be a black hole but a massive neutron- or main sequence star. Conclusions. The star LS V+22 25 has become famous for possibly having a very massive black hole companion. However, a closer look reveals that the star itself is a very intriguing object. Further investigations are necessary for complete characterization of this object.