C.V.M.: 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.M.
Largest movements
- Cash +€492,902
up €492,902 (+236%), from €209,296 to €702,198
mainly Current investments (+€369,162) and Net result for the year (+€82,436)
- Current investments -€369,162
no longer reported in 2025 (was €369,162)
- Receivables within one year -€80,893
down €80,893 (-81.0%), from €99,873 to €18,980
of which Trade receivables: -€82,419
- Reserves +€82,436
up €82,436 (+17.6%), from €468,435 to €550,871
of which Distributable reserves: +€82,436
- Trade debts -€23,065
down €23,065 (-67.0%), from €34,451 to €11,386
- Tax, wage and social debts -€10,496
down €10,496 (-44.8%), from €23,437 to €12,940
- Other debts -€10,006
down €10,006 (-7.7%), from €129,126 to €119,120
- Gross operating margin +€45,731
up €45,731 (+45.1%), from €101,336 to €147,067
- Taxes +€17,837
up €17,837 (+77.4%), from €23,041 to €40,878
- Financial income +€12,896
up €12,896 (+1,034%), from €1,247 to €14,143
- Financial charges +€4,534
up €4,534 (+41.8%), from €10,855 to €15,389
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 | €853,093 | €889,099 | +€36,006 | +4.2% |
| Fixed assets | 21/28 | €145,129 | €143,147 | -€1,981 | -1.4% |
| Tangible fixed assets | 22/27 | €145,129 | €143,147 | -€1,981 | -1.4% |
| Land and buildings | 22 | €108,356 | €107,437 | -€919 | -0.8% |
| Plant, machinery and equipment | 23 | €18,309 | €24,935 | +€6,627 | +36.2% |
| Furniture and vehicles | 24 | €18,464 | €10,775 | -€7,690 | -41.6% |
| Current assets | 29/58 | €707,964 | €745,952 | +€37,987 | +5.4% |
| Stocks and contracts in progress | 3 | €29,573 | €24,774 | -€4,799 | -16.2% |
| Stocks | 30/36 | €29,573 | €24,774 | -€4,799 | -16.2% |
| Amounts receivable within one year | 40/41 | €99,873 | €18,980 | -€80,893 | -81.0% |
| Trade receivables | 40 | €99,855 | €17,436 | -€82,419 | -82.5% |
| Other amounts receivable | 41 | €18 | €1,544 | +€1,526 | +8,417% |
| Current investments | 50/53 | €369,162 | - | -€369,162 | |
| Cash at bank and in hand | 54/58 | €209,296 | €702,198 | +€492,902 | +236% |
| Deferred charges and accrued income | 490/1 | €60 | - | -€60 | |
| Total equity and liabilities | 10/49 | €853,093 | €889,099 | +€36,006 | +4.2% |
| Equity | 10/15 | €653,846 | €736,282 | +€82,436 | +12.6% |
| Contributions | 10/11 | €185,411 | €185,411 | = | 0.0% |
| Reserves | 13 | €468,435 | €550,871 | +€82,436 | +17.6% |
| Non-distributable reserves | 130/1 | €139 | €139 | = | 0.0% |
| Reserves not available under the articles | 1311 | €139 | €139 | = | 0.0% |
| Tax-exempt reserves | 132 | €319 | €319 | = | 0.0% |
| Distributable reserves | 133 | €467,977 | €550,414 | +€82,436 | +17.6% |
| Amounts payable | 17/49 | €199,247 | €152,817 | -€46,430 | -23.3% |
| Amounts payable within one year | 42/48 | €190,054 | €143,446 | -€46,608 | -24.5% |
| Financial debts | 43 | €3,041 | - | -€3,041 | |
| Credit institutions | 430/8 | €3,041 | - | -€3,041 | |
| Trade debts | 44 | €34,451 | €11,386 | -€23,065 | -67.0% |
| Suppliers | 440/4 | €34,451 | €11,386 | -€23,065 | -67.0% |
| Taxes, remuneration and social security | 45 | €23,437 | €12,940 | -€10,496 | -44.8% |
| Taxes | 450/3 | €23,437 | €12,940 | -€10,496 | -44.8% |
| Other amounts payable | 47/48 | €129,126 | €119,120 | -€10,006 | -7.7% |
| Accrued charges and deferred income | 492/3 | €9,193 | €9,371 | +€178 | +1.9% |
| Remuneration, social security and pensions | 62 | €218 | - | -€218 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,458 | €13,982 | +€524 | +3.9% |
| Other operating charges | 640/8 | €8,057 | €8,525 | +€467 | +5.8% |
| Gross operating margin | 9900 | €101,336 | €147,067 | +€45,731 | +45.1% |
| Operating profit (loss) | 9901 | €79,603 | €124,560 | +€44,958 | +56.5% |
| Financial income | 75/76B | €1,247 | €14,143 | +€12,896 | +1,034% |
| Recurring financial income | 75 | €1,247 | €14,143 | +€12,896 | +1,034% |
| Financial charges | 65/66B | €10,855 | €15,389 | +€4,534 | +41.8% |
| Recurring financial charges | 65 | €10,855 | €15,389 | +€4,534 | +41.8% |
| Profit (loss) for the period before taxes | 9903 | €69,995 | €123,314 | +€53,320 | +76.2% |
| Income taxes | 67/77 | €23,041 | €40,878 | +€17,837 | +77.4% |
| Profit (loss) for the period | 9904 | €46,954 | €82,436 | +€35,482 | +75.6% |
| Profit (loss) for the period to be appropriated | 9905 | €46,954 | €82,436 | +€35,482 | +75.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.