CVH: 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.
CVH
Largest movements
- Cash -€189,778
down €189,778 (-94.0%), from €201,840 to €12,061
mainly Trade debts (-€139,377) and Receivables within one year (-€120,872)
- Receivables within one year +€120,872
up €120,872 (+20.2%), from €598,614 to €719,486
of which Trade receivables: +€79,059
- Trade debts -€139,377
down €139,377 (-13.2%), from €1.1m to €919,632
- Current portion of long-term debt +€101,638
up €101,638 (+99.7%), from €101,906 to €203,544
- Short-term financial debts +€75,000
new in 2025: €75,000
- Reserves -€50,318
down €50,318 (-11.3%), from €446,111 to €395,793
of which Distributable reserves: -€50,318
- Debts after one year -€36,644
down €36,644 (-5.7%), from €640,626 to €603,982
- Staff costs +€471,075
up €471,075 (+38.9%), from €1.2m to €1.7m
- Gross operating margin +€446,157
up €446,157 (+31.3%), from €1.4m to €1.9m
- Financial charges -€20,018
down €20,018 (-39.8%), from €50,314 to €30,297
of which Financial charges: -€19,146
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 | €2,378,368 | €2,298,250 | -€80,117 | -3.4% |
| Fixed assets | 21/28 | €1,342,578 | €1,335,855 | -€6,722 | -0.5% |
| Tangible fixed assets | 22/27 | €1,293,949 | €1,289,265 | -€4,683 | -0.4% |
| Land and buildings | 22 | €189,270 | €189,270 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,037,474 | €1,060,098 | +€22,624 | +2.2% |
| Furniture and vehicles | 24 | €67,205 | €39,897 | -€27,308 | -40.6% |
| Financial fixed assets | 28 | €48,629 | €46,590 | -€2,039 | -4.2% |
| Current assets | 29/58 | €1,035,790 | €962,395 | -€73,395 | -7.1% |
| Amounts receivable after more than one year | 29 | €8,121 | - | -€8,121 | |
| Other amounts receivable | 291 | €8,121 | - | -€8,121 | |
| Stocks and contracts in progress | 3 | €200,000 | €200,000 | = | 0.0% |
| Stocks | 30/36 | €200,000 | €200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €598,614 | €719,486 | +€120,872 | +20.2% |
| Trade receivables | 40 | €563,374 | €642,433 | +€79,059 | +14.0% |
| Other amounts receivable | 41 | €35,240 | €77,053 | +€41,813 | +118.7% |
| Cash at bank and in hand | 54/58 | €201,840 | €12,061 | -€189,778 | -94.0% |
| Deferred charges and accrued income | 490/1 | €27,215 | €30,847 | +€3,632 | +13.3% |
| Total equity and liabilities | 10/49 | €2,378,368 | €2,298,250 | -€80,117 | -3.4% |
| Equity | 10/15 | €474,046 | €423,728 | -€50,318 | -10.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €446,111 | €395,793 | -€50,318 | -11.3% |
| 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 | €444,251 | €393,933 | -€50,318 | -11.3% |
| Profit (loss) carried forward | 14 | €9,335 | €9,335 | = | 0.0% |
| Amounts payable | 17/49 | €1,904,322 | €1,874,522 | -€29,800 | -1.6% |
| Amounts payable after more than one year | 17 | €640,626 | €603,982 | -€36,644 | -5.7% |
| Financial debts | 170/4 | €640,626 | €603,982 | -€36,644 | -5.7% |
| Amounts payable within one year | 42/48 | €1,253,506 | €1,270,429 | +€16,923 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €101,906 | €203,544 | +€101,638 | +99.7% |
| Financial debts | 43 | - | €75,000 | +€75,000 | |
| Credit institutions | 430/8 | - | €75,000 | +€75,000 | |
| Trade debts | 44 | €1,059,009 | €919,632 | -€139,377 | -13.2% |
| Suppliers | 440/4 | €1,059,009 | €919,632 | -€139,377 | -13.2% |
| Taxes, remuneration and social security | 45 | €92,592 | €66,844 | -€25,747 | -27.8% |
| Taxes | 450/3 | €52,814 | €30,787 | -€22,026 | -41.7% |
| Remuneration and social security | 454/9 | €39,778 | €36,057 | -€3,721 | -9.4% |
| Other amounts payable | 47/48 | - | €5,410 | +€5,410 | |
| Accrued charges and deferred income | 492/3 | €10,190 | €111 | -€10,079 | -98.9% |
| Remuneration, social security and pensions | 62 | €1,211,213 | €1,682,288 | +€471,075 | +38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,827 | €97,089 | +€12,262 | +14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €600 | +€600 | |
| Other operating charges | 640/8 | €18,815 | €16,207 | -€2,608 | -13.9% |
| Gross operating margin | 9900 | €1,427,151 | €1,873,308 | +€446,157 | +31.3% |
| Operating profit (loss) | 9901 | €112,296 | €77,124 | -€35,172 | -31.3% |
| Financial income | 75/76B | €2,442 | €5,570 | +€3,127 | +128.0% |
| Recurring financial income | 75 | €2,442 | €5,570 | +€3,127 | +128.0% |
| Financial charges | 65/66B | €50,314 | €30,297 | -€20,018 | -39.8% |
| Recurring financial charges | 65 | €49,443 | €30,297 | -€19,146 | -38.7% |
| Non-recurring financial charges | 66B | €872 | - | -€872 | |
| Profit (loss) for the period before taxes | 9903 | €64,424 | €52,397 | -€12,027 | -18.7% |
| Income taxes | 67/77 | €23,228 | €25,858 | +€2,630 | +11.3% |
| Profit (loss) for the period | 9904 | €41,196 | €26,539 | -€14,657 | -35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,196 | €26,539 | -€14,657 | -35.6% |
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.