C-V-A: what changed
Two fiscal 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.
C-V-A
Largest movements
- Tangible fixed assets +€456,578
up €456,578 (+638.2%), from €71,545 to €528,123
of which Land and buildings: +€411,753
- Cash -€75,801
down €75,801 (-33.4%), from €226,687 to €150,887
mainly Investment in fixed assets (net) (-€485,883) and Other debts (-€64,517)
- Receivables after one year -€50,000
down €50,000 (-40.8%), from €122,500 to €72,500
- Receivables within one year +€13,885
up €13,885 (+3.9%), from €358,593 to €372,477
of which Other amounts receivable: +€80,587
- Debts after one year +€354,273
up €354,273 (+1524.1%), from €23,244 to €377,517
- Profit (loss) carried forward +€75,119
up €75,119 (+17.4%), from €432,108 to €507,227
- Other debts -€64,517
no longer reported in 2025 (was €64,517)
- Current portion of long-term debt +€32,089
up €32,089 (+199.5%), from €16,087 to €48,175
- Tax, wage and social debts -€27,321
down €27,321 (-50.6%), from €53,956 to €26,635
of which Taxes: -€27,321
- Gross operating margin -€131,074
down €131,074 (-47.5%), from €275,865 to €144,792
- Taxes -€48,988
down €48,988 (-77.5%), from €63,230 to €14,241
- Depreciation +€17,875
up €17,875 (+156.4%), from €11,430 to €29,305
- Financial charges +€10,508
up €10,508 (+112.3%), from €9,353 to €19,862
- Financial income -€8,654
down €8,654 (-92.6%), from €9,341 to €687
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.
Cash bridge derived
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 | €844,972 | €1,187,930 | +€342,958 | +40.6% |
| Fixed assets | 21/28 | €77,395 | €533,973 | +€456,578 | +589.9% |
| Tangible fixed assets | 22/27 | €71,545 | €528,123 | +€456,578 | +638.2% |
| Land and buildings | 22 | - | €411,753 | +€411,753 | |
| Plant, machinery and equipment | 23 | - | €23,410 | +€23,410 | |
| Furniture and vehicles | 24 | €71,545 | €92,961 | +€21,416 | +29.9% |
| Financial fixed assets | 28 | €5,850 | €5,850 | = | 0.0% |
| Current assets | 29/58 | €767,576 | €653,956 | -€113,620 | -14.8% |
| Amounts receivable after more than one year | 29 | €122,500 | €72,500 | -€50,000 | -40.8% |
| Trade receivables | 290 | €122,500 | €72,500 | -€50,000 | -40.8% |
| Stocks and contracts in progress | 3 | €6,617 | €6,617 | = | 0.0% |
| Stocks | 30/36 | €6,617 | €6,617 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €358,593 | €372,477 | +€13,885 | +3.9% |
| Trade receivables | 40 | €337,297 | €270,595 | -€66,702 | -19.8% |
| Other amounts receivable | 41 | €21,296 | €101,883 | +€80,587 | +378.4% |
| Cash at bank and in hand | 54/58 | €226,687 | €150,887 | -€75,801 | -33.4% |
| Deferred charges and accrued income | 490/1 | €53,179 | €51,475 | -€1,704 | -3.2% |
| Total equity and liabilities | 10/49 | €844,972 | €1,187,930 | +€342,958 | +40.6% |
| Equity | 10/15 | €471,318 | €546,437 | +€75,119 | +15.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €18,750 | €18,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €432,108 | €507,227 | +€75,119 | +17.4% |
| Amounts payable | 17/49 | €373,653 | €641,492 | +€267,839 | +71.7% |
| Amounts payable after more than one year | 17 | €23,244 | €377,517 | +€354,273 | +1524.1% |
| Financial debts | 170/4 | €23,244 | €377,517 | +€354,273 | +1524.1% |
| Amounts payable within one year | 42/48 | €350,409 | €263,976 | -€86,434 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €16,087 | €48,175 | +€32,089 | +199.5% |
| Trade debts | 44 | €215,850 | €189,166 | -€26,684 | -12.4% |
| Suppliers | 440/4 | €215,850 | €189,166 | -€26,684 | -12.4% |
| Taxes, remuneration and social security | 45 | €53,956 | €26,635 | -€27,321 | -50.6% |
| Taxes | 450/3 | €50,956 | €23,635 | -€27,321 | -53.6% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €64,517 | - | -€64,517 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,430 | €29,305 | +€17,875 | +156.4% |
| Other operating charges | 640/8 | €3,408 | €6,952 | +€3,544 | +104.0% |
| Gross operating margin | 9900 | €275,865 | €144,792 | -€131,074 | -47.5% |
| Operating profit (loss) | 9901 | €261,028 | €108,535 | -€152,493 | -58.4% |
| Financial income | 75/76B | €9,341 | €687 | -€8,654 | -92.6% |
| Recurring financial income | 75 | €9,341 | €687 | -€8,654 | -92.6% |
| Financial charges | 65/66B | €9,353 | €19,862 | +€10,508 | +112.3% |
| Recurring financial charges | 65 | €9,353 | €19,862 | +€10,508 | +112.3% |
| Profit (loss) for the period before taxes | 9903 | €261,016 | €89,360 | -€171,655 | -65.8% |
| Income taxes | 67/77 | €63,230 | €14,241 | -€48,988 | -77.5% |
| Profit (loss) for the period | 9904 | €197,786 | €75,119 | -€122,667 | -62.0% |
| Profit (loss) for the period to be appropriated | 9905 | €197,786 | €75,119 | -€122,667 | -62.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.