CVO MGMT: 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.
CVO MGMT
Largest movements
- Current investments +€95,000
up €95,000 (+119%), from €80,000 to €175,000
- Receivables within one year +€29,040
up €29,040 (+141%), from €20,570 to €49,610
- Cash -€23,394
down €23,394 (-91.4%), from €25,601 to €2,207
mainly Current investments (-€95,000) and Receivables within one year (-€29,040)
- Reserves +€79,678
up €79,678 (+88.0%), from €90,572 to €170,250
- Tax, wage and social debts +€12,965
up €12,965 (+115%), from €11,310 to €24,275
of which Taxes: +€8,489
- Trade debts +€4,481
up €4,481 (+1,396%), from €321 to €4,802
- Other debts +€3,368
up €3,368 (+14.8%), from €22,817 to €26,185
- Gross operating margin +€39,429
up €39,429 (+53.3%), from €74,021 to €113,450
- Taxes +€11,121
up €11,121 (+56.1%), from €19,828 to €30,949
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 | €126,699 | €227,360 | +€100,661 | +79.4% |
| Fixed assets | 21/28 | €528 | €528 | = | 0.0% |
| Financial fixed assets | 28 | €528 | €528 | = | 0.0% |
| Current assets | 29/58 | €126,171 | €226,832 | +€100,661 | +79.8% |
| Amounts receivable within one year | 40/41 | €20,570 | €49,610 | +€29,040 | +141% |
| Trade receivables | 40 | €20,570 | €49,610 | +€29,040 | +141% |
| Current investments | 50/53 | €80,000 | €175,000 | +€95,000 | +119% |
| Cash at bank and in hand | 54/58 | €25,601 | €2,207 | -€23,394 | -91.4% |
| Deferred charges and accrued income | 490/1 | - | €15 | +€15 | |
| Total equity and liabilities | 10/49 | €126,699 | €227,360 | +€100,661 | +79.4% |
| Equity | 10/15 | €90,672 | €170,350 | +€79,678 | +87.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €90,572 | €170,250 | +€79,678 | +88.0% |
| Distributable reserves | 133 | €90,572 | €170,250 | +€79,678 | +88.0% |
| Amounts payable | 17/49 | €36,027 | €57,010 | +€20,983 | +58.2% |
| Amounts payable within one year | 42/48 | €34,448 | €55,262 | +€20,814 | +60.4% |
| Trade debts | 44 | €321 | €4,802 | +€4,481 | +1,396% |
| Suppliers | 440/4 | €321 | €4,802 | +€4,481 | +1,396% |
| Taxes, remuneration and social security | 45 | €11,310 | €24,275 | +€12,965 | +115% |
| Taxes | 450/3 | €11,310 | €19,799 | +€8,489 | +75.1% |
| Remuneration and social security | 454/9 | - | €4,476 | +€4,476 | |
| Other amounts payable | 47/48 | €22,817 | €26,185 | +€3,368 | +14.8% |
| Accrued charges and deferred income | 492/3 | €1,579 | €1,748 | +€169 | +10.7% |
| Other operating charges | 640/8 | €556 | €576 | +€20 | +3.6% |
| Gross operating margin | 9900 | €74,021 | €113,450 | +€39,429 | +53.3% |
| Operating profit (loss) | 9901 | €73,465 | €112,874 | +€39,409 | +53.6% |
| Financial charges | 65/66B | €1,626 | €2,247 | +€621 | +38.2% |
| Recurring financial charges | 65 | €1,626 | €2,247 | +€621 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | €71,839 | €110,627 | +€38,788 | +54.0% |
| Income taxes | 67/77 | €19,828 | €30,949 | +€11,121 | +56.1% |
| Profit (loss) for the period | 9904 | €52,011 | €79,678 | +€27,667 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €52,011 | €79,678 | +€27,667 | +53.2% |
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 23 October 2026 via checked.be.