CVESP: 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.
CVESP
Largest movements
- Tangible fixed assets +€730,259
up €730,259 (+2502.7%), from €29,178 to €759,437
of which Land and buildings: +€729,323
- Receivables within one year +€84,713
up €84,713 (+94.6%), from €89,539 to €174,251
of which Trade receivables: +€99,009
- Current investments -€21,265
down €21,265 (-30.1%), from €70,549 to €49,284
- Debts after one year +€590,654
up €590,654 (+1534.2%), from €38,500 to €629,154
of which Financial debts: +€583,529
- Tax, wage and social debts +€106,302
up €106,302 (+336.2%), from €31,620 to €137,923
- Trade debts +€60,798
up €60,798 (+150.2%), from €40,487 to €101,285
- Current portion of long-term debt +€34,278
new in 2025: €34,278
- Other debts -€20,000
no longer reported in 2025 (was €20,000)
- Gross operating margin +€294,166
up €294,166 (+34.9%), from €843,877 to €1.1m
- Staff costs +€206,849
up €206,849 (+26.9%), from €769,166 to €976,015
- Financial charges +€106,500
up €106,500 (+5806.1%), from €1,834 to €108,334
- Depreciation +€27,213
up €27,213 (+604.0%), from €4,506 to €31,719
- Taxes -€17,729
down €17,729 (-80.9%), from €21,906 to €4,177
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 | €207,684 | €997,200 | +€789,516 | +380.2% |
| Fixed assets | 21/28 | €32,028 | €762,287 | +€730,259 | +2280.0% |
| Tangible fixed assets | 22/27 | €29,178 | €759,437 | +€730,259 | +2502.7% |
| Land and buildings | 22 | €19,375 | €748,698 | +€729,323 | +3764.3% |
| Plant, machinery and equipment | 23 | €6,924 | €8,986 | +€2,063 | +29.8% |
| Furniture and vehicles | 24 | €2,880 | €1,753 | -€1,127 | -39.1% |
| Financial fixed assets | 28 | €2,850 | €2,850 | = | 0.0% |
| Current assets | 29/58 | €175,655 | €234,913 | +€59,257 | +33.7% |
| Amounts receivable within one year | 40/41 | €89,539 | €174,251 | +€84,713 | +94.6% |
| Trade receivables | 40 | - | €99,009 | +€99,009 | |
| Other amounts receivable | 41 | €89,539 | €75,243 | -€14,296 | -16.0% |
| Current investments | 50/53 | €70,549 | €49,284 | -€21,265 | -30.1% |
| Cash at bank and in hand | 54/58 | €15,567 | €11,377 | -€4,190 | -26.9% |
| Total equity and liabilities | 10/49 | €207,684 | €997,200 | +€789,516 | +380.2% |
| Equity | 10/15 | €77,077 | €94,560 | +€17,484 | +22.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,477 | €75,960 | +€17,484 | +29.9% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Own shares acquired | 1312 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €28,477 | €45,960 | +€17,484 | +61.4% |
| Amounts payable | 17/49 | €130,607 | €902,639 | +€772,032 | +591.1% |
| Amounts payable after more than one year | 17 | €38,500 | €629,154 | +€590,654 | +1534.2% |
| Financial debts | 170/4 | - | €583,529 | +€583,529 | |
| Other amounts payable | 178/9 | €38,500 | €45,625 | +€7,125 | +18.5% |
| Amounts payable within one year | 42/48 | €92,107 | €273,485 | +€181,379 | +196.9% |
| Current portion of amounts payable after more than one year | 42 | - | €34,278 | +€34,278 | |
| Trade debts | 44 | €40,487 | €101,285 | +€60,798 | +150.2% |
| Suppliers | 440/4 | €40,487 | €101,285 | +€60,798 | +150.2% |
| Taxes, remuneration and social security | 45 | €31,620 | €137,923 | +€106,302 | +336.2% |
| Remuneration and social security | 454/9 | €31,620 | €137,923 | +€106,302 | +336.2% |
| Other amounts payable | 47/48 | €20,000 | - | -€20,000 | |
| Non-recurring operating income | 76A | - | €3,537 | +€3,537 | |
| Remuneration, social security and pensions | 62 | €769,166 | €976,015 | +€206,849 | +26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,506 | €31,719 | +€27,213 | +604.0% |
| Other operating charges | 640/8 | €2,322 | €2,816 | +€494 | +21.3% |
| Gross operating margin | 9900 | €843,877 | €1,138,044 | +€294,166 | +34.9% |
| Operating profit (loss) | 9901 | €67,884 | €127,494 | +€59,610 | +87.8% |
| Financial income | 75/76B | €2,582 | €2,501 | -€81 | -3.1% |
| Recurring financial income | 75 | €2,582 | €2,501 | -€81 | -3.1% |
| Financial charges | 65/66B | €1,834 | €108,334 | +€106,500 | +5806.1% |
| Recurring financial charges | 65 | €1,834 | €108,334 | +€106,500 | +5806.1% |
| Profit (loss) for the period before taxes | 9903 | €68,632 | €21,660 | -€46,971 | -68.4% |
| Income taxes | 67/77 | €21,906 | €4,177 | -€17,729 | -80.9% |
| Profit (loss) for the period | 9904 | €46,726 | €17,484 | -€29,243 | -62.6% |
| Profit (loss) for the period to be appropriated | 9905 | €46,726 | €17,484 | -€29,243 | -62.6% |
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 10 October 2026 via checked.be.