CVM 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.
CVM Management
Largest movements
- Cash +€9,413
up €9,413 (+28.1%), from €33,554 to €42,967
mainly Net result for the year (+€8,496) and Depreciation (+€2,750)
- Tangible fixed assets -€2,750
down €2,750 (-51.1%), from €5,383 to €2,633
of which Furniture and vehicles: -€2,590
- Receivables within one year +€1,813
new in 2025: €1,813
of which Trade receivables: +€1,390
- Stocks and contracts -€1,104
down €1,104 (-100%), from €1,104 to €0
- Reserves +€8,496
up €8,496 (+35.9%), from €23,675 to €32,171
- Tax, wage and social debts -€2,401
down €2,401 (-16.8%), from €14,311 to €11,909
- Trade debts +€1,621
up €1,621 (+962%), from €169 to €1,790
- Gross operating margin -€984
down €984 (-5.0%), from €19,516 to €18,532
- Other operating charges +€810
up €810 (+48.6%), from €1,667 to €2,477
- Taxes +€622
up €622 (+16.9%), from €3,678 to €4,301
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 | €40,595 | €47,870 | +€7,275 | +17.9% |
| Fixed assets | 21/28 | €5,383 | €2,633 | -€2,750 | -51.1% |
| Tangible fixed assets | 22/27 | €5,383 | €2,633 | -€2,750 | -51.1% |
| Plant, machinery and equipment | 23 | €1,311 | €1,150 | -€161 | -12.3% |
| Furniture and vehicles | 24 | €4,072 | €1,483 | -€2,590 | -63.6% |
| Current assets | 29/58 | €35,212 | €45,237 | +€10,025 | +28.5% |
| Stocks and contracts in progress | 3 | €1,104 | €0 | -€1,104 | -100% |
| Stocks | 30/36 | €1,104 | €0 | -€1,104 | -100% |
| Amounts receivable within one year | 40/41 | - | €1,813 | +€1,813 | |
| Trade receivables | 40 | - | €1,390 | +€1,390 | |
| Other amounts receivable | 41 | - | €423 | +€423 | |
| Cash at bank and in hand | 54/58 | €33,554 | €42,967 | +€9,413 | +28.1% |
| Deferred charges and accrued income | 490/1 | €554 | €457 | -€97 | -17.5% |
| Total equity and liabilities | 10/49 | €40,595 | €47,870 | +€7,275 | +17.9% |
| Equity | 10/15 | €25,675 | €34,171 | +€8,496 | +33.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €23,675 | €32,171 | +€8,496 | +35.9% |
| Distributable reserves | 133 | €23,675 | €32,171 | +€8,496 | +35.9% |
| Amounts payable | 17/49 | €14,920 | €13,699 | -€1,222 | -8.2% |
| Amounts payable within one year | 42/48 | €14,920 | €13,699 | -€1,222 | -8.2% |
| Trade debts | 44 | €169 | €1,790 | +€1,621 | +962% |
| Suppliers | 440/4 | €169 | €1,790 | +€1,621 | +962% |
| Taxes, remuneration and social security | 45 | €14,311 | €11,909 | -€2,401 | -16.8% |
| Taxes | 450/3 | €14,311 | €11,909 | -€2,401 | -16.8% |
| Other amounts payable | 47/48 | €441 | €0 | -€441 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,750 | €2,750 | = | 0.0% |
| Other operating charges | 640/8 | €1,667 | €2,477 | +€810 | +48.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €19,516 | €18,532 | -€984 | -5.0% |
| Operating profit (loss) | 9901 | €15,099 | €13,305 | -€1,794 | -11.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €594 | €508 | -€85 | -14.4% |
| Recurring financial charges | 65 | €594 | €508 | -€85 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €14,505 | €12,797 | -€1,708 | -11.8% |
| Income taxes | 67/77 | €3,678 | €4,301 | +€622 | +16.9% |
| Profit (loss) for the period | 9904 | €10,827 | €8,496 | -€2,330 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,827 | €8,496 | -€2,330 | -21.5% |
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 14 October 2026 via checked.be.