CVR INSTRUMENTS: what changed
Two fiscal 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.
CVR INSTRUMENTS
Largest movements
- Receivables within one year +€70,830
up €70,830 (+43.9%), from €161,306 to €232,137
of which Trade receivables: +€67,139
- Cash -€35,248
down €35,248 (-17.5%), from €201,584 to €166,336
mainly Receivables within one year (-€70,830) and Investment in fixed assets (net) (-€29,144)
- Tangible fixed assets +€5,574
up €5,574 (+15.8%), from €35,215 to €40,789
- Reserves +€42,000
up €42,000 (+60.0%), from €70,000 to €112,000
- Trade debts +€41,723
up €41,723 (+52.2%), from €79,918 to €121,641
- Profit (loss) carried forward -€23,994
down €23,994 (-12.3%), from €195,057 to €171,064
- Tax, wage and social debts -€13,710
down €13,710 (-41.9%), from €32,735 to €19,025
of which Taxes: -€13,710
- Gross operating margin -€22,890
down €22,890 (-20.6%), from €110,961 to €88,071
- Depreciation +€9,813
up €9,813 (+71.3%), from €13,758 to €23,571
- Taxes -€7,847
down €7,847 (-32.3%), from €24,292 to €16,445
- Staff costs +€1,493
up €1,493 (+597.0%), from €250 to €1,743
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 | €411,157 | €456,885 | +€45,729 | +11.1% |
| Fixed assets | 21/28 | €35,215 | €40,789 | +€5,574 | +15.8% |
| Tangible fixed assets | 22/27 | €35,215 | €40,789 | +€5,574 | +15.8% |
| Furniture and vehicles | 24 | €35,215 | €40,789 | +€5,574 | +15.8% |
| Current assets | 29/58 | €375,942 | €416,097 | +€40,155 | +10.7% |
| Stocks and contracts in progress | 3 | €13,051 | €16,749 | +€3,697 | +28.3% |
| Stocks | 30/36 | €13,051 | €16,749 | +€3,697 | +28.3% |
| Amounts receivable within one year | 40/41 | €161,306 | €232,137 | +€70,830 | +43.9% |
| Trade receivables | 40 | €161,061 | €228,201 | +€67,139 | +41.7% |
| Other amounts receivable | 41 | €245 | €3,936 | +€3,691 | +1506.5% |
| Cash at bank and in hand | 54/58 | €201,584 | €166,336 | -€35,248 | -17.5% |
| Deferred charges and accrued income | 490/1 | - | €875 | +€875 | |
| Total equity and liabilities | 10/49 | €411,157 | €456,885 | +€45,729 | +11.1% |
| Equity | 10/15 | €266,918 | €284,925 | +€18,006 | +6.7% |
| Contributions | 10/11 | €1,861 | €1,861 | = | 0.0% |
| Reserves | 13 | €70,000 | €112,000 | +€42,000 | +60.0% |
| Distributable reserves | 133 | €70,000 | €112,000 | +€42,000 | +60.0% |
| Profit (loss) carried forward | 14 | €195,057 | €171,064 | -€23,994 | -12.3% |
| Amounts payable | 17/49 | €144,238 | €171,961 | +€27,723 | +19.2% |
| Amounts payable within one year | 42/48 | €144,238 | €171,961 | +€27,723 | +19.2% |
| Trade debts | 44 | €79,918 | €121,641 | +€41,723 | +52.2% |
| Suppliers | 440/4 | €79,918 | €121,641 | +€41,723 | +52.2% |
| Taxes, remuneration and social security | 45 | €32,735 | €19,025 | -€13,710 | -41.9% |
| Taxes | 450/3 | €30,635 | €16,925 | -€13,710 | -44.8% |
| Remuneration and social security | 454/9 | €2,100 | €2,100 | = | 0.0% |
| Other amounts payable | 47/48 | €31,585 | €31,295 | -€290 | -0.9% |
| Non-recurring operating income | 76A | €3,058 | - | -€3,058 | |
| Remuneration, social security and pensions | 62 | €250 | €1,743 | +€1,493 | +597.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,758 | €23,571 | +€9,813 | +71.3% |
| Other operating charges | 640/8 | €3,074 | €3,610 | +€537 | +17.5% |
| Non-recurring operating charges | 66A | - | €127 | +€127 | |
| Gross operating margin | 9900 | €110,961 | €88,071 | -€22,890 | -20.6% |
| Operating profit (loss) | 9901 | €93,880 | €59,021 | -€34,859 | -37.1% |
| Financial income | 75/76B | €147 | €464 | +€317 | +215.8% |
| Recurring financial income | 75 | €147 | €464 | +€317 | +215.8% |
| Financial charges | 65/66B | €1,127 | €1,034 | -€94 | -8.3% |
| Recurring financial charges | 65 | €1,127 | €1,034 | -€94 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €92,899 | €58,452 | -€34,448 | -37.1% |
| Income taxes | 67/77 | €24,292 | €16,445 | -€7,847 | -32.3% |
| Profit (loss) for the period | 9904 | €68,607 | €42,006 | -€26,601 | -38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €68,607 | €42,006 | -€26,601 | -38.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.