CVL Management: 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.
CVL Management
Largest movements
- Tangible fixed assets +€277,876
up €277,876 (+10824.8%), from €2,567 to €280,443
of which Land and buildings: +€277,676
- Receivables within one year -€126,666
down €126,666 (-53.6%), from €236,110 to €109,444
of which Other amounts receivable: -€133,031
- Stocks and contracts -€40,000
down €40,000 (-100.0%), from €40,000 to €0
- Receivables after one year -€31,500
down €31,500 (-100.0%), from €31,500 to €0
- Cash -€27,380
down €27,380 (-28.9%), from €94,852 to €67,471
mainly Contributions, distributions and other (-€325,260) and Investment in fixed assets (net) (-€324,324)
- Debts after one year +€238,749
new in 2025: €238,749
- Reserves -€176,144
down €176,144 (-69.9%), from €252,116 to €75,972
of which Tax-exempt reserves: -€107,355
- Profit (loss) carried forward -€84,237
down €84,237 (-75.0%), from €112,261 to €28,024
- Tax, wage and social debts +€55,753
up €55,753 (+185.2%), from €30,102 to €85,855
- Current portion of long-term debt +€9,038
new in 2025: €9,038
- Gross operating margin +€55,875
up €55,875 (+63.6%), from €87,864 to €143,739
- Depreciation +€45,594
up €45,594 (+5342.1%), from €854 to €46,448
- Taxes +€11,450
up €11,450 (+57.3%), from €19,970 to €31,420
- Financial income +€6,195
up €6,195 (+944.7%), from €656 to €6,851
- Financial charges +€3,449
up €3,449 (+126.6%), from €2,723 to €6,173
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 | €415,554 | €458,391 | +€42,837 | +10.3% |
| Fixed assets | 21/28 | €2,632 | €280,508 | +€277,876 | +10555.9% |
| Tangible fixed assets | 22/27 | €2,567 | €280,443 | +€277,876 | +10824.8% |
| Land and buildings | 22 | - | €277,676 | +€277,676 | |
| Plant, machinery and equipment | 23 | €206 | €103 | -€103 | -50.1% |
| Furniture and vehicles | 24 | €1,513 | €1,918 | +€405 | +26.7% |
| Other tangible fixed assets | 26 | €848 | €747 | -€101 | -11.9% |
| Financial fixed assets | 28 | €65 | €65 | = | 0.0% |
| Current assets | 29/58 | €412,922 | €177,882 | -€235,039 | -56.9% |
| Amounts receivable after more than one year | 29 | €31,500 | €0 | -€31,500 | -100.0% |
| Other amounts receivable | 291 | €31,500 | €0 | -€31,500 | -100.0% |
| Stocks and contracts in progress | 3 | €40,000 | €0 | -€40,000 | -100.0% |
| Stocks | 30/36 | €40,000 | €0 | -€40,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €236,110 | €109,444 | -€126,666 | -53.6% |
| Trade receivables | 40 | €102,886 | €109,251 | +€6,365 | +6.2% |
| Other amounts receivable | 41 | €133,224 | €193 | -€133,031 | -99.9% |
| Cash at bank and in hand | 54/58 | €94,852 | €67,471 | -€27,380 | -28.9% |
| Deferred charges and accrued income | 490/1 | €10,460 | €967 | -€9,493 | -90.8% |
| Total equity and liabilities | 10/49 | €415,554 | €458,391 | +€42,837 | +10.3% |
| Equity | 10/15 | €382,977 | €122,596 | -€260,381 | -68.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €252,116 | €75,972 | -€176,144 | -69.9% |
| Tax-exempt reserves | 132 | €107,355 | €0 | -€107,355 | -100.0% |
| Distributable reserves | 133 | €144,761 | €75,972 | -€68,789 | -47.5% |
| Profit (loss) carried forward | 14 | €112,261 | €28,024 | -€84,237 | -75.0% |
| Amounts payable | 17/49 | €32,577 | €335,795 | +€303,218 | +930.8% |
| Amounts payable after more than one year | 17 | - | €238,749 | +€238,749 | |
| Financial debts | 170/4 | - | €238,749 | +€238,749 | |
| Amounts payable within one year | 42/48 | €32,577 | €97,046 | +€64,469 | +197.9% |
| Current portion of amounts payable after more than one year | 42 | - | €9,038 | +€9,038 | |
| Trade debts | 44 | €2,402 | €1,907 | -€495 | -20.6% |
| Suppliers | 440/4 | €2,402 | €1,907 | -€495 | -20.6% |
| Taxes, remuneration and social security | 45 | €30,102 | €85,855 | +€55,753 | +185.2% |
| Taxes | 450/3 | €30,102 | €85,855 | +€55,753 | +185.2% |
| Other amounts payable | 47/48 | €74 | €246 | +€172 | +232.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €854 | €46,448 | +€45,594 | +5342.1% |
| Other operating charges | 640/8 | €1,801 | €1,671 | -€130 | -7.2% |
| Gross operating margin | 9900 | €87,864 | €143,739 | +€55,875 | +63.6% |
| Operating profit (loss) | 9901 | €85,210 | €95,620 | +€10,411 | +12.2% |
| Financial income | 75/76B | €656 | €6,851 | +€6,195 | +944.7% |
| Recurring financial income | 75 | €656 | €6,851 | +€6,195 | +944.7% |
| Financial charges | 65/66B | €2,723 | €6,173 | +€3,449 | +126.6% |
| Recurring financial charges | 65 | €2,723 | €6,173 | +€3,449 | +126.6% |
| Profit (loss) for the period before taxes | 9903 | €83,142 | €96,299 | +€13,157 | +15.8% |
| Income taxes | 67/77 | €19,970 | €31,420 | +€11,450 | +57.3% |
| Profit (loss) for the period | 9904 | €63,172 | €64,879 | +€1,707 | +2.7% |
| Transfer from tax-exempt reserves | 789 | - | €107,355 | +€107,355 | |
| Transfer to tax-exempt reserves | 689 | €32,417 | €0 | -€32,417 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,755 | €172,234 | +€141,479 | +460.0% |
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.