CVT: 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.
CVT
Largest movements
- Receivables after one year -€45,381
down €45,381 (-84.5%), from €53,723 to €8,342
- Tangible fixed assets -€10,020
down €10,020 (-1.9%), from €536,931 to €526,911
of which Land and buildings: -€17,900
- Cash -€7,105
down €7,105 (-22.0%), from €32,322 to €25,217
mainly Debts after one year (-€40,477) and Other debts (-€34,670)
- Debts after one year -€40,477
down €40,477 (-17.8%), from €227,750 to €187,273
of which Financial debts: -€39,187
- Other debts -€34,670
down €34,670 (-77.6%), from €44,670 to €10,000
- Reserves +€19,181
up €19,181 (+6.7%), from €288,313 to €307,494
of which Distributable reserves: +€19,181
- Gross operating margin -€21,070
down €21,070 (-23.9%), from €88,022 to €66,951
- Taxes -€6,166
down €6,166 (-38.6%), from €15,955 to €9,790
- Financial income -€2,216
down €2,216 (-40.1%), from €5,523 to €3,307
- Depreciation +€1,801
up €1,801 (+9.4%), from €19,180 to €20,981
- Other operating charges -€1,612
down €1,612 (-29.6%), from €5,449 to €3,837
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 | €629,008 | €568,041 | -€60,967 | -9.7% |
| Fixed assets | 21/28 | €536,931 | €526,911 | -€10,020 | -1.9% |
| Tangible fixed assets | 22/27 | €536,931 | €526,911 | -€10,020 | -1.9% |
| Land and buildings | 22 | €526,101 | €508,201 | -€17,900 | -3.4% |
| Plant, machinery and equipment | 23 | €10,830 | €18,710 | +€7,881 | +72.8% |
| Current assets | 29/58 | €92,077 | €41,129 | -€50,947 | -55.3% |
| Amounts receivable after more than one year | 29 | €53,723 | €8,342 | -€45,381 | -84.5% |
| Other amounts receivable | 291 | €53,723 | €8,342 | -€45,381 | -84.5% |
| Amounts receivable within one year | 40/41 | €5,287 | €6,766 | +€1,479 | +28.0% |
| Trade receivables | 40 | €945 | €2,358 | +€1,414 | +150% |
| Other amounts receivable | 41 | €4,342 | €4,408 | +€66 | +1.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €32,322 | €25,217 | -€7,105 | -22.0% |
| Deferred charges and accrued income | 490/1 | €746 | €805 | +€59 | +7.9% |
| Total equity and liabilities | 10/49 | €629,008 | €568,041 | -€60,967 | -9.7% |
| Equity | 10/15 | €308,589 | €327,769 | +€19,181 | +6.2% |
| Contributions | 10/11 | €7,650 | €7,650 | = | 0.0% |
| Revaluation surpluses | 12 | €12,625 | €12,625 | = | 0.0% |
| Reserves | 13 | €288,313 | €307,494 | +€19,181 | +6.7% |
| Tax-exempt reserves | 132 | €93 | €93 | = | 0.0% |
| Distributable reserves | 133 | €288,221 | €307,401 | +€19,181 | +6.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €320,419 | €240,272 | -€80,147 | -25.0% |
| Amounts payable after more than one year | 17 | €227,750 | €187,273 | -€40,477 | -17.8% |
| Financial debts | 170/4 | €226,034 | €186,847 | -€39,187 | -17.3% |
| Other amounts payable | 178/9 | €1,716 | €426 | -€1,290 | -75.2% |
| Amounts payable within one year | 42/48 | €92,212 | €52,507 | -€39,705 | -43.1% |
| Current portion of amounts payable after more than one year | 42 | €41,500 | €42,414 | +€914 | +2.2% |
| Trade debts | 44 | €16 | €93 | +€77 | +489% |
| Suppliers | 440/4 | €16 | €93 | +€77 | +489% |
| Taxes, remuneration and social security | 45 | €6,026 | €0 | -€6,026 | -100% |
| Taxes | 450/3 | €6,026 | €0 | -€6,026 | -100% |
| Other amounts payable | 47/48 | €44,670 | €10,000 | -€34,670 | -77.6% |
| Accrued charges and deferred income | 492/3 | €457 | €492 | +€35 | +7.6% |
| Non-recurring operating income | 76A | €17,379 | €0 | -€17,379 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,180 | €20,981 | +€1,801 | +9.4% |
| Other operating charges | 640/8 | €5,449 | €3,837 | -€1,612 | -29.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €88,022 | €66,951 | -€21,070 | -23.9% |
| Operating profit (loss) | 9901 | €63,393 | €42,134 | -€21,259 | -33.5% |
| Financial income | 75/76B | €5,523 | €3,307 | -€2,216 | -40.1% |
| Recurring financial income | 75 | €5,523 | €3,307 | -€2,216 | -40.1% |
| Financial charges | 65/66B | €7,214 | €6,471 | -€743 | -10.3% |
| Recurring financial charges | 65 | €7,214 | €6,471 | -€743 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €61,702 | €38,970 | -€22,732 | -36.8% |
| Income taxes | 67/77 | €15,955 | €9,790 | -€6,166 | -38.6% |
| Profit (loss) for the period | 9904 | €45,747 | €29,181 | -€16,566 | -36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €45,747 | €29,181 | -€16,566 | -36.2% |
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 28 October 2026 via checked.be.