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
- Current investments +€250,552
new in 2025: €250,552
- Cash -€129,005
down €129,005 (-89.4%), from €144,284 to €15,278
mainly Current investments (-€250,552) and Tax, wage and social debts (-€98,524)
- Tangible fixed assets -€70,929
down €70,929 (-25.9%), from €274,133 to €203,203
- Reserves +€145,793
up €145,793 (+63.7%), from €228,846 to €374,639
- Tax, wage and social debts -€98,524
down €98,524 (-71.4%), from €138,004 to €39,480
of which Taxes: -€98,524
- Other debts +€5,285
up €5,285 (+5.7%), from €91,985 to €97,270
- Gross operating margin +€11,719
up €11,719 (+4.2%), from €281,031 to €292,750
- Depreciation +€7,131
up €7,131 (+10.9%), from €65,354 to €72,485
- Financial charges +€6,856
up €6,856 (+1227.7%), from €558 to €7,415
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 | €468,844 | €520,989 | +€52,145 | +11.1% |
| Fixed assets | 21/28 | €274,133 | €203,203 | -€70,929 | -25.9% |
| Tangible fixed assets | 22/27 | €274,133 | €203,203 | -€70,929 | -25.9% |
| Furniture and vehicles | 24 | €274,133 | €203,203 | -€70,929 | -25.9% |
| Current assets | 29/58 | €194,712 | €317,786 | +€123,074 | +63.2% |
| Amounts receivable within one year | 40/41 | €47,906 | €48,318 | +€412 | +0.9% |
| Trade receivables | 40 | €47,796 | €48,208 | +€412 | +0.9% |
| Other amounts receivable | 41 | €110 | €110 | = | 0.0% |
| Current investments | 50/53 | - | €250,552 | +€250,552 | |
| Cash at bank and in hand | 54/58 | €144,284 | €15,278 | -€129,005 | -89.4% |
| Deferred charges and accrued income | 490/1 | €2,523 | €3,638 | +€1,115 | +44.2% |
| Total equity and liabilities | 10/49 | €468,844 | €520,989 | +€52,145 | +11.1% |
| Equity | 10/15 | €233,846 | €379,639 | +€145,793 | +62.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €228,846 | €374,639 | +€145,793 | +63.7% |
| Distributable reserves | 133 | €228,846 | €374,639 | +€145,793 | +63.7% |
| Amounts payable | 17/49 | €234,998 | €141,351 | -€93,648 | -39.9% |
| Amounts payable within one year | 42/48 | €234,998 | €141,351 | -€93,648 | -39.9% |
| Trade debts | 44 | €5,009 | €4,600 | -€409 | -8.2% |
| Suppliers | 440/4 | €5,009 | €4,600 | -€409 | -8.2% |
| Taxes, remuneration and social security | 45 | €138,004 | €39,480 | -€98,524 | -71.4% |
| Taxes | 450/3 | €134,004 | €35,480 | -€98,524 | -73.5% |
| Remuneration and social security | 454/9 | €4,000 | €4,000 | = | 0.0% |
| Other amounts payable | 47/48 | €91,985 | €97,270 | +€5,285 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,354 | €72,485 | +€7,131 | +10.9% |
| Other operating charges | 640/8 | €2,204 | €2,361 | +€157 | +7.1% |
| Gross operating margin | 9900 | €281,031 | €292,750 | +€11,719 | +4.2% |
| Operating profit (loss) | 9901 | €213,472 | €217,904 | +€4,432 | +2.1% |
| Financial income | 75/76B | €0 | €2,316 | +€2,316 | +23156800.0% |
| Recurring financial income | 75 | €0 | €2,316 | +€2,316 | +23156800.0% |
| Financial charges | 65/66B | €558 | €7,415 | +€6,856 | +1227.7% |
| Recurring financial charges | 65 | €558 | €7,415 | +€6,856 | +1227.7% |
| Profit (loss) for the period before taxes | 9903 | €212,914 | €212,805 | -€109 | -0.1% |
| Income taxes | 67/77 | €67,812 | €67,013 | -€799 | -1.2% |
| Profit (loss) for the period | 9904 | €145,102 | €145,793 | +€691 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €145,102 | €145,793 | +€691 | +0.5% |
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 12 October 2026 via checked.be.