CVA: 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.
CVA
Largest movements
- Tangible fixed assets -€9,699
down €9,699 (-3.5%), from €276,954 to €267,255
of which Land and buildings: -€7,648
- Current investments +€8,003
new in 2025: €8,003
- Receivables within one year -€6,040
down €6,040 (-57.0%), from €10,602 to €4,562
of which Trade receivables: -€6,040
- Tax, wage and social debts -€5,596
down €5,596 (-38.4%), from €14,581 to €8,985
- Turnover -€42,982
down €42,982 (-36.8%), from €116,671 to €73,689
- Gross operating margin -€31,438
down €31,438 (-71.6%), from €43,923 to €12,485
- Purchases and services -€13,144
down €13,144 (-17.7%), from €74,348 to €61,204
- Taxes -€8,126
down €8,126 (-96.6%), from €8,408 to €282
- Other operating charges -€2,167
down €2,167 (-71.1%), from €3,049 to €882
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 | €291,310 | €282,431 | -€8,879 | -3.0% |
| Fixed assets | 21/28 | €276,954 | €267,255 | -€9,699 | -3.5% |
| Tangible fixed assets | 22/27 | €276,954 | €267,255 | -€9,699 | -3.5% |
| Land and buildings | 22 | €266,493 | €258,845 | -€7,648 | -2.9% |
| Plant, machinery and equipment | 23 | €10,461 | €8,410 | -€2,051 | -19.6% |
| Current assets | 29/58 | €14,356 | €15,176 | +€820 | +5.7% |
| Amounts receivable within one year | 40/41 | €10,602 | €4,562 | -€6,040 | -57.0% |
| Trade receivables | 40 | €10,557 | €4,517 | -€6,040 | -57.2% |
| Other amounts receivable | 41 | €45 | €45 | = | 0.0% |
| Current investments | 50/53 | - | €8,003 | +€8,003 | |
| Cash at bank and in hand | 54/58 | €2,113 | €914 | -€1,199 | -56.7% |
| Deferred charges and accrued income | 490/1 | €1,641 | €1,697 | +€56 | +3.4% |
| Total equity and liabilities | 10/49 | €291,310 | €282,431 | -€8,879 | -3.0% |
| Equity | 10/15 | €104,703 | €104,974 | +€271 | +0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,306 | €32,306 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €30,446 | €30,446 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,797 | €54,068 | +€271 | +0.5% |
| Amounts payable | 17/49 | €186,607 | €177,457 | -€9,150 | -4.9% |
| Amounts payable after more than one year | 17 | €127,670 | €125,000 | -€2,670 | -2.1% |
| Financial debts | 170/4 | €2,670 | - | -€2,670 | |
| Other amounts payable | 178/9 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €58,774 | €52,457 | -€6,317 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €28,501 | €27,670 | -€831 | -2.9% |
| Trade debts | 44 | €2,882 | €4,616 | +€1,734 | +60.2% |
| Suppliers | 440/4 | €2,882 | €4,616 | +€1,734 | +60.2% |
| Taxes, remuneration and social security | 45 | €14,581 | €8,985 | -€5,596 | -38.4% |
| Taxes | 450/3 | €14,581 | €8,985 | -€5,596 | -38.4% |
| Other amounts payable | 47/48 | €12,810 | €11,186 | -€1,624 | -12.7% |
| Accrued charges and deferred income | 492/3 | €163 | - | -€163 | |
| Turnover | 70 | €116,671 | €73,689 | -€42,982 | -36.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €74,348 | €61,204 | -€13,144 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,878 | €9,699 | -€179 | -1.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €870 | +€870 | |
| Other operating charges | 640/8 | €3,049 | €882 | -€2,167 | -71.1% |
| Gross operating margin | 9900 | €43,923 | €12,485 | -€31,438 | -71.6% |
| Operating profit (loss) | 9901 | €30,996 | €1,034 | -€29,962 | -96.7% |
| Financial income | 75/76B | - | €235 | +€235 | |
| Recurring financial income | 75 | - | €235 | +€235 | |
| Financial charges | 65/66B | €551 | €716 | +€165 | +29.9% |
| Recurring financial charges | 65 | €551 | €716 | +€165 | +29.9% |
| Profit (loss) for the period before taxes | 9903 | €30,445 | €553 | -€29,892 | -98.2% |
| Income taxes | 67/77 | €8,408 | €282 | -€8,126 | -96.6% |
| Profit (loss) for the period | 9904 | €22,037 | €271 | -€21,766 | -98.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,037 | €271 | -€21,766 | -98.8% |
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.