CVM: 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.
CVM
Largest movements
- Receivables within one year +€205,914
up €205,914 (+45.8%), from €449,849 to €655,763
of which Other amounts receivable: +€149,923
- Cash +€115,848
up €115,848 (+503%), from €23,009 to €138,857
mainly Trade debts (+€323,454) and Net result for the year (+€58,023)
- Deferred charges and accrued income +€51,832
up €51,832 (+1,768%), from €2,932 to €54,764
- Stocks and contracts +€15,000
up €15,000 (+33.3%), from €45,000 to €60,000
of which Contracts in progress: +€13,500
- Trade debts +€323,454
up €323,454 (+1,132%), from €28,563 to €352,017
- Reserves +€57,188
up €57,188 (+18.0%), from €317,621 to €374,809
- Short-term financial debts +€49,908
up €49,908 (+49.7%), from €100,351 to €150,258
- Accrued charges and deferred income -€22,242
down €22,242 (-84.8%), from €26,222 to €3,980
- Tax, wage and social debts -€18,150
down €18,150 (-75.8%), from €23,952 to €5,802
- Gross operating margin -€32,450
down €32,450 (-25.1%), from €129,318 to €96,867
- Taxes -€6,056
down €6,056 (-17.8%), from €33,952 to €27,896
- Financial income -€3,781
down €3,781 (-36.2%), from €10,437 to €6,656
- Depreciation +€2,619
up €2,619 (+81.8%), from €3,201 to €5,820
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.
Derived cash bridge
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 | €528,456 | €924,379 | +€395,923 | +74.9% |
| Fixed assets | 21/28 | €7,665 | €14,995 | +€7,329 | +95.6% |
| Tangible fixed assets | 22/27 | €7,665 | €14,995 | +€7,329 | +95.6% |
| Plant, machinery and equipment | 23 | €2,187 | €428 | -€1,759 | -80.4% |
| Furniture and vehicles | 24 | €5,478 | €14,566 | +€9,088 | +166% |
| Current assets | 29/58 | €520,790 | €909,384 | +€388,594 | +74.6% |
| Stocks and contracts in progress | 3 | €45,000 | €60,000 | +€15,000 | +33.3% |
| Stocks | 30/36 | €5,000 | €6,500 | +€1,500 | +30.0% |
| Contracts in progress | 37 | €40,000 | €53,500 | +€13,500 | +33.8% |
| Amounts receivable within one year | 40/41 | €449,849 | €655,763 | +€205,914 | +45.8% |
| Trade receivables | 40 | €252,134 | €308,125 | +€55,991 | +22.2% |
| Other amounts receivable | 41 | €197,715 | €347,638 | +€149,923 | +75.8% |
| Cash at bank and in hand | 54/58 | €23,009 | €138,857 | +€115,848 | +503% |
| Deferred charges and accrued income | 490/1 | €2,932 | €54,764 | +€51,832 | +1,768% |
| Total equity and liabilities | 10/49 | €528,456 | €924,379 | +€395,923 | +74.9% |
| Equity | 10/15 | €324,921 | €382,109 | +€57,188 | +17.6% |
| Contributions | 10/11 | €7,300 | €7,300 | = | 0.0% |
| Reserves | 13 | €317,621 | €374,809 | +€57,188 | +18.0% |
| Distributable reserves | 133 | €317,621 | €374,809 | +€57,188 | +18.0% |
| Amounts payable | 17/49 | €203,535 | €542,270 | +€338,735 | +166% |
| Amounts payable after more than one year | 17 | €22,000 | €27,000 | +€5,000 | +22.7% |
| Financial debts | 170/4 | €22,000 | €27,000 | +€5,000 | +22.7% |
| Amounts payable within one year | 42/48 | €155,312 | €511,290 | +€355,978 | +229% |
| Financial debts | 43 | €100,351 | €150,258 | +€49,908 | +49.7% |
| Credit institutions | 430/8 | €100,351 | €150,258 | +€49,908 | +49.7% |
| Trade debts | 44 | €28,563 | €352,017 | +€323,454 | +1,132% |
| Suppliers | 440/4 | €28,563 | €352,017 | +€323,454 | +1,132% |
| Taxes, remuneration and social security | 45 | €23,952 | €5,802 | -€18,150 | -75.8% |
| Taxes | 450/3 | €23,952 | €5,802 | -€18,150 | -75.8% |
| Other amounts payable | 47/48 | €2,447 | €3,213 | +€766 | +31.3% |
| Accrued charges and deferred income | 492/3 | €26,222 | €3,980 | -€22,242 | -84.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,201 | €5,820 | +€2,619 | +81.8% |
| Other operating charges | 640/8 | €609 | €923 | +€314 | +51.5% |
| Gross operating margin | 9900 | €129,318 | €96,867 | -€32,450 | -25.1% |
| Operating profit (loss) | 9901 | €125,508 | €90,124 | -€35,383 | -28.2% |
| Financial income | 75/76B | €10,437 | €6,656 | -€3,781 | -36.2% |
| Recurring financial income | 75 | €10,437 | €6,656 | -€3,781 | -36.2% |
| Financial charges | 65/66B | €12,127 | €10,861 | -€1,266 | -10.4% |
| Recurring financial charges | 65 | €12,127 | €10,861 | -€1,266 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €123,817 | €85,919 | -€37,898 | -30.6% |
| Income taxes | 67/77 | €33,952 | €27,896 | -€6,056 | -17.8% |
| Profit (loss) for the period | 9904 | €89,865 | €58,023 | -€31,842 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €89,865 | €58,023 | -€31,842 | -35.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.