C.V.L.: 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.
C.V.L.
Largest movements
- Cash -€128,224
down €128,224 (-90.7%), from €141,361 to €13,137
mainly Receivables within one year (-€103,646) and Deferred charges and accrued income (-€34,066)
- Receivables within one year +€103,646
up €103,646 (+308%), from €33,657 to €137,303
of which Other amounts receivable: +€105,146
- Deferred charges and accrued income +€34,066
up €34,066 (+3,798%), from €897 to €34,963
- Tangible fixed assets -€12,379
down €12,379 (-29.9%), from €41,356 to €28,977
of which Land and buildings: -€10,168
- Current investments -€5,934
down €5,934 (-4.7%), from €125,000 to €119,066
- Reserves +€21,000
up €21,000 (+7.4%), from €282,260 to €303,260
- Current portion of long-term debt -€17,456
down €17,456 (-91.4%), from €19,089 to €1,633
- Other debts -€15,175
no longer reported in 2025 (was €15,175)
- Gross operating margin -€201,188
down €201,188 (-79.6%), from €252,694 to €51,506
- Taxes -€13,507
down €13,507 (-64.3%), from €21,012 to €7,505
- Financial income +€3,075
new in 2025: €3,075
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 | €448,562 | €438,947 | -€9,615 | -2.1% |
| Fixed assets | 21/28 | €86,882 | €74,183 | -€12,699 | -14.6% |
| Intangible fixed assets | 21 | €999 | €679 | -€320 | -32.0% |
| Tangible fixed assets | 22/27 | €41,356 | €28,977 | -€12,379 | -29.9% |
| Land and buildings | 22 | €30,299 | €20,131 | -€10,168 | -33.6% |
| Plant, machinery and equipment | 23 | €729 | €1,809 | +€1,080 | +148% |
| Furniture and vehicles | 24 | €10,328 | €7,037 | -€3,291 | -31.9% |
| Financial fixed assets | 28 | €44,527 | €44,527 | = | 0.0% |
| Current assets | 29/58 | €361,680 | €364,764 | +€3,084 | +0.9% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €10,765 | €10,295 | -€470 | -4.4% |
| Stocks | 30/36 | €10,765 | €10,295 | -€470 | -4.4% |
| Amounts receivable within one year | 40/41 | €33,657 | €137,303 | +€103,646 | +308% |
| Trade receivables | 40 | €1,500 | - | -€1,500 | |
| Other amounts receivable | 41 | €32,157 | €137,303 | +€105,146 | +327% |
| Current investments | 50/53 | €125,000 | €119,066 | -€5,934 | -4.7% |
| Cash at bank and in hand | 54/58 | €141,361 | €13,137 | -€128,224 | -90.7% |
| Deferred charges and accrued income | 490/1 | €897 | €34,963 | +€34,066 | +3,798% |
| Total equity and liabilities | 10/49 | €448,562 | €438,947 | -€9,615 | -2.1% |
| Equity | 10/15 | €391,069 | €412,921 | +€21,852 | +5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €282,260 | €303,260 | +€21,000 | +7.4% |
| Distributable reserves | 133 | €282,260 | €303,260 | +€21,000 | +7.4% |
| Profit (loss) carried forward | 14 | €90,209 | €91,061 | +€852 | +0.9% |
| Amounts payable | 17/49 | €57,493 | €26,026 | -€31,467 | -54.7% |
| Amounts payable after more than one year | 17 | €1,633 | - | -€1,633 | |
| Financial debts | 170/4 | €1,633 | - | -€1,633 | |
| Amounts payable within one year | 42/48 | €55,860 | €25,146 | -€30,714 | -55.0% |
| Current portion of amounts payable after more than one year | 42 | €19,089 | €1,633 | -€17,456 | -91.4% |
| Trade debts | 44 | €1,620 | €2,756 | +€1,136 | +70.1% |
| Suppliers | 440/4 | €1,620 | €2,756 | +€1,136 | +70.1% |
| Taxes, remuneration and social security | 45 | €19,976 | €20,757 | +€781 | +3.9% |
| Taxes | 450/3 | €19,976 | €20,757 | +€781 | +3.9% |
| Other amounts payable | 47/48 | €15,175 | - | -€15,175 | |
| Accrued charges and deferred income | 492/3 | - | €880 | +€880 | |
| Non-recurring operating income | 76A | €239,312 | - | -€239,312 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,981 | €19,837 | +€856 | +4.5% |
| Other operating charges | 640/8 | €3,764 | €3,454 | -€310 | -8.2% |
| Gross operating margin | 9900 | €252,694 | €51,506 | -€201,188 | -79.6% |
| Operating profit (loss) | 9901 | €229,949 | €28,215 | -€201,734 | -87.7% |
| Financial income | 75/76B | - | €3,075 | +€3,075 | |
| Recurring financial income | 75 | - | €3,075 | +€3,075 | |
| Financial charges | 65/66B | €2,280 | €1,933 | -€347 | -15.2% |
| Recurring financial charges | 65 | €2,280 | €1,933 | -€347 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €227,669 | €29,357 | -€198,312 | -87.1% |
| Income taxes | 67/77 | €21,012 | €7,505 | -€13,507 | -64.3% |
| Profit (loss) for the period | 9904 | €206,657 | €21,852 | -€184,805 | -89.4% |
| Profit (loss) for the period to be appropriated | 9905 | €206,657 | €21,852 | -€184,805 | -89.4% |
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 19 October 2026 via checked.be.