CVD PROJECTS: 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.
CVD PROJECTS
Largest movements
- Cash -€29,319
down €29,319 (-49.7%), from €58,961 to €29,642
mainly Investment in fixed assets (net) (-€43,348) and Debts after one year (-€22,658)
- Receivables within one year +€13,927
up €13,927 (+72.4%), from €19,236 to €33,163
of which Trade receivables: +€12,835
- Tangible fixed assets +€7,904
up €7,904 (+1.8%), from €441,881 to €449,785
of which Furniture and vehicles: +€31,872
- Debts after one year -€22,658
down €22,658 (-6.1%), from €370,269 to €347,611
- Reserves +€21,305
up €21,305 (+11.2%), from €190,894 to €212,198
- Depreciation +€10,107
up €10,107 (+39.9%), from €25,336 to €35,444
- Taxes -€4,620
down €4,620 (-28.7%), from €16,091 to €11,470
- Gross operating margin +€4,321
up €4,321 (+5.6%), from €77,059 to €81,380
- Financial charges -€837
down €837 (-6.7%), from €12,556 to €11,719
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 | €622,822 | €623,343 | +€522 | +0.1% |
| Fixed assets | 21/28 | €441,881 | €449,785 | +€7,904 | +1.8% |
| Tangible fixed assets | 22/27 | €441,881 | €449,785 | +€7,904 | +1.8% |
| Land and buildings | 22 | €424,073 | €404,693 | -€19,380 | -4.6% |
| Plant, machinery and equipment | 23 | €17,807 | €13,220 | -€4,588 | -25.8% |
| Furniture and vehicles | 24 | - | €31,872 | +€31,872 | |
| Current assets | 29/58 | €180,941 | €173,559 | -€7,382 | -4.1% |
| Stocks and contracts in progress | 3 | €1,033 | €6,259 | +€5,226 | +506.2% |
| Stocks | 30/36 | €1,033 | €6,259 | +€5,226 | +506.2% |
| Amounts receivable within one year | 40/41 | €19,236 | €33,163 | +€13,927 | +72.4% |
| Trade receivables | 40 | €16,283 | €29,118 | +€12,835 | +78.8% |
| Other amounts receivable | 41 | €2,953 | €4,046 | +€1,092 | +37.0% |
| Current investments | 50/53 | €100,490 | €100,267 | -€223 | -0.2% |
| Cash at bank and in hand | 54/58 | €58,961 | €29,642 | -€29,319 | -49.7% |
| Deferred charges and accrued income | 490/1 | €1,222 | €4,227 | +€3,006 | +246.0% |
| Total equity and liabilities | 10/49 | €622,822 | €623,343 | +€522 | +0.1% |
| Equity | 10/15 | €192,894 | €214,198 | +€21,305 | +11.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €190,894 | €212,198 | +€21,305 | +11.2% |
| Distributable reserves | 133 | €190,894 | €212,198 | +€21,305 | +11.2% |
| Amounts payable | 17/49 | €429,928 | €409,145 | -€20,783 | -4.8% |
| Amounts payable after more than one year | 17 | €370,269 | €347,611 | -€22,658 | -6.1% |
| Financial debts | 170/4 | €370,269 | €347,611 | -€22,658 | -6.1% |
| Amounts payable within one year | 42/48 | €54,381 | €55,063 | +€682 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €22,024 | €22,658 | +€634 | +2.9% |
| Trade debts | 44 | - | €1,341 | +€1,341 | |
| Suppliers | 440/4 | - | €1,341 | +€1,341 | |
| Taxes, remuneration and social security | 45 | €4,136 | €6,664 | +€2,528 | +61.1% |
| Taxes | 450/3 | €4,136 | €6,664 | +€2,528 | +61.1% |
| Other amounts payable | 47/48 | €28,220 | €24,400 | -€3,820 | -13.5% |
| Accrued charges and deferred income | 492/3 | €5,278 | €6,471 | +€1,193 | +22.6% |
| Non-recurring operating income | 76A | €9,177 | - | -€9,177 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,336 | €35,444 | +€10,107 | +39.9% |
| Other operating charges | 640/8 | €2,596 | €2,672 | +€76 | +2.9% |
| Gross operating margin | 9900 | €77,059 | €81,380 | +€4,321 | +5.6% |
| Operating profit (loss) | 9901 | €49,127 | €43,264 | -€5,863 | -11.9% |
| Financial income | 75/76B | €521 | €1,230 | +€708 | +135.9% |
| Recurring financial income | 75 | €521 | €1,230 | +€708 | +135.9% |
| Financial charges | 65/66B | €12,556 | €11,719 | -€837 | -6.7% |
| Recurring financial charges | 65 | €12,556 | €11,719 | -€837 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €37,092 | €32,775 | -€4,317 | -11.6% |
| Income taxes | 67/77 | €16,091 | €11,470 | -€4,620 | -28.7% |
| Profit (loss) for the period | 9904 | €21,002 | €21,305 | +€303 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,002 | €21,305 | +€303 | +1.4% |
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 8 October 2026 via checked.be.