C.V.B.F.: what changed
C.V.B.F.
Largest movements
- Current investments +€892,953
up €892,953 (+273%), from €327,009 to €1.2m
- Tangible fixed assets -€576,573
down €576,573 (-93.0%), from €620,123 to €43,550
of which Land and buildings: -€603,218
- Cash +€236,328
up €236,328 (+446%), from €53,038 to €289,365
mainly Investment in fixed assets (net) (+€570,322) and Net result for the year (+€528,313)
- Receivables within one year +€24,742
up €24,742 (+98.1%), from €25,223 to €49,965
of which Other amounts receivable: +€16,051
- Reserves +€408,313
up €408,313 (+43.4%), from €939,891 to €1.3m
of which Distributable reserves: +€478,797
- Other debts +€112,805
up €112,805 (+7,594%), from €1,485 to €114,291
- Tax, wage and social debts +€41,555
up €41,555 (+227%), from €18,325 to €59,880
- Provisions -€36,294
down €36,294 (-100%), from €36,294 to €0
- Short-term financial debts +€30,560
up €30,560 (+272%), from €11,241 to €41,801
- Gross operating margin +€506,665
up €506,665 (+417%), from €121,617 to €628,282
- Taxes +€248,196
up €248,196 (+818%), from €30,334 to €278,530
- Financial income +€166,985
up €166,985 (+3,319%), from €5,031 to €172,016
- Depreciation -€30,045
down €30,045 (-82.8%), from €36,296 to €6,251
- Financial charges +€13,374
up €13,374 (+845%), from €1,583 to €14,957
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,031,041 | €1,607,917 | +€576,876 | +56.0% |
| Fixed assets | 21/28 | €620,123 | €43,550 | -€576,573 | -93.0% |
| Tangible fixed assets | 22/27 | €620,123 | €43,550 | -€576,573 | -93.0% |
| Land and buildings | 22 | €603,218 | €0 | -€603,218 | -100% |
| Plant, machinery and equipment | 23 | €3,256 | €2,354 | -€902 | -27.7% |
| Furniture and vehicles | 24 | €13,649 | €9,844 | -€3,805 | -27.9% |
| Leasing and similar rights | 25 | - | €31,353 | +€31,353 | |
| Current assets | 29/58 | €410,918 | €1,564,367 | +€1.2m | +281% |
| Amounts receivable within one year | 40/41 | €25,223 | €49,965 | +€24,742 | +98.1% |
| Trade receivables | 40 | €18,123 | €26,815 | +€8,691 | +48.0% |
| Other amounts receivable | 41 | €7,100 | €23,151 | +€16,051 | +226% |
| Current investments | 50/53 | €327,009 | €1,219,962 | +€892,953 | +273% |
| Cash at bank and in hand | 54/58 | €53,038 | €289,365 | +€236,328 | +446% |
| Deferred charges and accrued income | 490/1 | €5,648 | €5,074 | -€574 | -10.2% |
| Total equity and liabilities | 10/49 | €1,031,041 | €1,607,917 | +€576,876 | +56.0% |
| Equity | 10/15 | €952,291 | €1,360,604 | +€408,313 | +42.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €939,891 | €1,348,204 | +€408,313 | +43.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €76,286 | €5,802 | -€70,484 | -92.4% |
| Distributable reserves | 133 | €863,604 | €1,342,401 | +€478,797 | +55.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €36,294 | €0 | -€36,294 | -100% |
| Deferred taxes | 168 | €36,294 | €0 | -€36,294 | -100% |
| Amounts payable | 17/49 | €42,456 | €247,313 | +€204,857 | +483% |
| Amounts payable after more than one year | 17 | €0 | €18,820 | +€18,820 | |
| Financial debts | 170/4 | €0 | €18,820 | +€18,820 | |
| Amounts payable within one year | 42/48 | €42,456 | €221,503 | +€179,047 | +422% |
| Current portion of amounts payable after more than one year | 42 | €3,966 | €4,718 | +€752 | +19.0% |
| Financial debts | 43 | €11,241 | €41,801 | +€30,560 | +272% |
| Credit institutions | 430/8 | €11,241 | €41,801 | +€30,560 | +272% |
| Trade debts | 44 | €7,439 | €814 | -€6,625 | -89.1% |
| Suppliers | 440/4 | €7,439 | €814 | -€6,625 | -89.1% |
| Taxes, remuneration and social security | 45 | €18,325 | €59,880 | +€41,555 | +227% |
| Taxes | 450/3 | €18,325 | €59,880 | +€41,555 | +227% |
| Other amounts payable | 47/48 | €1,485 | €114,291 | +€112,805 | +7,594% |
| Accrued charges and deferred income | 492/3 | - | €6,990 | +€6,990 | |
| Non-recurring operating income | 76A | - | €463,293 | +€463,293 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,296 | €6,251 | -€30,045 | -82.8% |
| Other operating charges | 640/8 | €4,536 | €8,540 | +€4,004 | +88.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €121,617 | €628,282 | +€506,665 | +417% |
| Operating profit (loss) | 9901 | €80,785 | €613,490 | +€532,706 | +659% |
| Financial income | 75/76B | €5,031 | €172,016 | +€166,985 | +3,319% |
| Recurring financial income | 75 | €5,031 | €172,016 | +€166,985 | +3,319% |
| Financial charges | 65/66B | €1,583 | €14,957 | +€13,374 | +845% |
| Recurring financial charges | 65 | €1,583 | €14,957 | +€13,374 | +845% |
| Profit (loss) for the period before taxes | 9903 | €84,232 | €770,549 | +€686,317 | +815% |
| Transfer from deferred taxes | 780 | €1,728 | €36,294 | +€34,565 | +2,000% |
| Income taxes | 67/77 | €30,334 | €278,530 | +€248,196 | +818% |
| Profit (loss) for the period | 9904 | €55,627 | €528,313 | +€472,686 | +850% |
| Transfer from tax-exempt reserves | 789 | €3,356 | €70,484 | +€67,127 | +2,000% |
| Profit (loss) for the period to be appropriated | 9905 | €58,983 | €598,797 | +€539,814 | +915% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.