CVH: 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.
CVH
Largest movements
- Stocks and contracts -€257,072
down €257,072 (-32.1%), from €801,788 to €544,716
- Receivables within one year +€21,981
up €21,981 (+78.4%), from €28,048 to €50,029
of which Other amounts receivable: +€49,097
- Short-term financial debts -€208,113
down €208,113 (-31.4%), from €661,863 to €453,750
- Debts after one year -€80,288
down €80,288 (-12.8%), from €626,100 to €545,812
of which Financial debts: -€42,502
- Trade debts +€35,710
up €35,710 (+269.5%), from €13,248 to €48,958
- Tax, wage and social debts +€18,806
up €18,806 (+1716.3%), from €1,096 to €19,902
- Other operating charges +€111,558
new in 2025: €111,558
- Gross operating margin +€40,940
up €40,940 (+33.4%), from €122,649 to €163,589
- Taxes -€20,781
down €20,781 (-94.1%), from €22,072 to €1,292
- Depreciation +€10,152
up €10,152 (+39.9%), from €25,459 to €35,612
- Financial charges -€6,827
down €6,827 (-36.1%), from €18,899 to €12,071
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 | €1,805,839 | €1,575,587 | -€230,252 | -12.8% |
| Fixed assets | 21/28 | €968,511 | €956,376 | -€12,136 | -1.3% |
| Tangible fixed assets | 22/27 | €967,907 | €955,771 | -€12,136 | -1.3% |
| Land and buildings | 22 | €957,652 | €938,875 | -€18,778 | -2.0% |
| Furniture and vehicles | 24 | €10,255 | €16,896 | +€6,642 | +64.8% |
| Financial fixed assets | 28 | €605 | €605 | = | 0.0% |
| Current assets | 29/58 | €837,327 | €619,211 | -€218,116 | -26.0% |
| Amounts receivable after more than one year | 29 | €155 | €14,429 | +€14,274 | +9208.2% |
| Other amounts receivable | 291 | €155 | €14,429 | +€14,274 | +9208.2% |
| Stocks and contracts in progress | 3 | €801,788 | €544,716 | -€257,072 | -32.1% |
| Stocks | 30/36 | €801,788 | €544,716 | -€257,072 | -32.1% |
| Amounts receivable within one year | 40/41 | €28,048 | €50,029 | +€21,981 | +78.4% |
| Trade receivables | 40 | €27,921 | €806 | -€27,115 | -97.1% |
| Other amounts receivable | 41 | €127 | €49,223 | +€49,097 | +38765.5% |
| Cash at bank and in hand | 54/58 | €5,824 | €8,879 | +€3,055 | +52.5% |
| Deferred charges and accrued income | 490/1 | €1,513 | €1,159 | -€354 | -23.4% |
| Total equity and liabilities | 10/49 | €1,805,839 | €1,575,587 | -€230,252 | -12.8% |
| Equity | 10/15 | €461,620 | €464,663 | +€3,042 | +0.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €458,620 | €461,663 | +€3,042 | +0.7% |
| Distributable reserves | 133 | €458,620 | €461,663 | +€3,042 | +0.7% |
| Amounts payable | 17/49 | €1,344,218 | €1,110,924 | -€233,294 | -17.4% |
| Amounts payable after more than one year | 17 | €626,100 | €545,812 | -€80,288 | -12.8% |
| Financial debts | 170/4 | €473,291 | €430,789 | -€42,502 | -9.0% |
| Other amounts payable | 178/9 | €152,809 | €115,023 | -€37,786 | -24.7% |
| Amounts payable within one year | 42/48 | €718,118 | €565,112 | -€153,006 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €41,911 | €42,502 | +€591 | +1.4% |
| Financial debts | 43 | €661,863 | €453,750 | -€208,113 | -31.4% |
| Credit institutions | 430/8 | €661,863 | €453,750 | -€208,113 | -31.4% |
| Trade debts | 44 | €13,248 | €48,958 | +€35,710 | +269.5% |
| Suppliers | 440/4 | €13,248 | €48,958 | +€35,710 | +269.5% |
| Taxes, remuneration and social security | 45 | €1,096 | €19,902 | +€18,806 | +1716.3% |
| Taxes | 450/3 | €1,096 | €19,902 | +€18,806 | +1716.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,459 | €35,612 | +€10,152 | +39.9% |
| Other operating charges | 640/8 | - | €111,558 | +€111,558 | |
| Non-recurring operating charges | 66A | - | €1,658 | +€1,658 | |
| Gross operating margin | 9900 | €122,649 | €163,589 | +€40,940 | +33.4% |
| Operating profit (loss) | 9901 | €97,190 | €14,761 | -€82,428 | -84.8% |
| Financial income | 75/76B | €7 | €1,644 | +€1,637 | +24180.6% |
| Recurring financial income | 75 | €7 | €1,644 | +€1,637 | +24180.6% |
| Financial charges | 65/66B | €18,899 | €12,071 | -€6,827 | -36.1% |
| Recurring financial charges | 65 | €18,899 | €12,071 | -€6,827 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | €78,298 | €4,334 | -€73,964 | -94.5% |
| Income taxes | 67/77 | €22,072 | €1,292 | -€20,781 | -94.1% |
| Profit (loss) for the period | 9904 | €56,225 | €3,042 | -€53,183 | -94.6% |
| Profit (loss) for the period to be appropriated | 9905 | €56,225 | €3,042 | -€53,183 | -94.6% |
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 7 October 2026 via checked.be.