CVTrust: 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.
CVTrust
Largest movements
- Intangible fixed assets -€54,289
down €54,289 (-21.3%), from €254,325 to €200,036
- Receivables within one year +€12,823
up €12,823 (+21.6%), from €59,483 to €72,307
of which Trade receivables: +€9,929
- Deferred charges and accrued income -€11,167
down €11,167 (-89.7%), from €12,454 to €1,287
- Debts after one year -€64,789
down €64,789 (-70.9%), from €91,335 to €26,546
- Trade debts +€19,086
up €19,086 (+23.3%), from €81,902 to €100,988
- Current portion of long-term debt -€15,758
down €15,758 (-19.3%), from €81,548 to €65,789
- Profit (loss) carried forward +€11,973
up €11,973 (+1.5%), from -€780,652 to -€768,679
- Tax, wage and social debts -€9,922
down €9,922 (-13.1%), from €75,846 to €65,924
of which Taxes: -€35,793
- Gross operating margin +€25,811
up €25,811 (+12.8%), from €202,218 to €228,029
- Depreciation -€22,167
down €22,167 (-14.5%), from €152,844 to €130,676
- Financial charges +€10,574
up €10,574 (+62.5%), from €16,922 to €27,496
- Write-downs +€7,003
new in 2025: €7,003
- Other operating charges +€3,369
up €3,369, from €0 to €3,369
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 | €328,175 | €275,478 | -€52,697 | -16.1% |
| Fixed assets | 21/28 | €256,171 | €201,885 | -€54,287 | -21.2% |
| Intangible fixed assets | 21 | €254,325 | €200,036 | -€54,289 | -21.3% |
| Tangible fixed assets | 22/27 | €406 | €159 | -€248 | -60.9% |
| Furniture and vehicles | 24 | €406 | €159 | -€248 | -60.9% |
| Financial fixed assets | 28 | €1,440 | €1,690 | +€250 | +17.4% |
| Current assets | 29/58 | €72,003 | €73,593 | +€1,590 | +2.2% |
| Amounts receivable within one year | 40/41 | €59,483 | €72,307 | +€12,823 | +21.6% |
| Trade receivables | 40 | €57,674 | €67,603 | +€9,929 | +17.2% |
| Other amounts receivable | 41 | €1,809 | €4,703 | +€2,894 | +160% |
| Cash at bank and in hand | 54/58 | €66 | €0 | -€66 | -100% |
| Deferred charges and accrued income | 490/1 | €12,454 | €1,287 | -€11,167 | -89.7% |
| Total equity and liabilities | 10/49 | €328,175 | €275,478 | -€52,697 | -16.1% |
| Equity | 10/15 | -€9,018 | €2,955 | +€11,973 | |
| Contributions | 10/11 | €771,634 | €771,634 | = | 0.0% |
| Capital | 10 | €108,955 | €108,955 | = | 0.0% |
| Issued capital | 100 | €108,955 | €108,955 | = | 0.0% |
| Contributions outside capital | 11 | €662,679 | €662,679 | = | 0.0% |
| Share premium | 1100/10 | €662,679 | €662,679 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€780,652 | -€768,679 | +€11,973 | +1.5% |
| Amounts payable | 17/49 | €337,192 | €272,523 | -€64,670 | -19.2% |
| Amounts payable after more than one year | 17 | €91,335 | €26,546 | -€64,789 | -70.9% |
| Financial debts | 170/4 | €91,335 | €26,546 | -€64,789 | -70.9% |
| Amounts payable within one year | 42/48 | €245,857 | €245,977 | +€119 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €81,548 | €65,789 | -€15,758 | -19.3% |
| Financial debts | 43 | - | €2,646 | +€2,646 | |
| Credit institutions | 430/8 | - | €2,646 | +€2,646 | |
| Trade debts | 44 | €81,902 | €100,988 | +€19,086 | +23.3% |
| Suppliers | 440/4 | €81,902 | €100,988 | +€19,086 | +23.3% |
| Taxes, remuneration and social security | 45 | €75,846 | €65,924 | -€9,922 | -13.1% |
| Taxes | 450/3 | €59,627 | €23,834 | -€35,793 | -60.0% |
| Remuneration and social security | 454/9 | €16,219 | €42,090 | +€25,871 | +160% |
| Other amounts payable | 47/48 | €6,562 | €10,631 | +€4,069 | +62.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €44,852 | €47,882 | +€3,030 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,844 | €130,676 | -€22,167 | -14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,003 | +€7,003 | |
| Other operating charges | 640/8 | €0 | €3,369 | +€3,369 | |
| Gross operating margin | 9900 | €202,218 | €228,029 | +€25,811 | +12.8% |
| Operating profit (loss) | 9901 | €4,523 | €39,099 | +€34,577 | +765% |
| Financial income | 75/76B | €1,025 | €370 | -€656 | -64.0% |
| Recurring financial income | 75 | €1,025 | €370 | -€656 | -64.0% |
| Financial charges | 65/66B | €16,922 | €27,496 | +€10,574 | +62.5% |
| Recurring financial charges | 65 | €16,922 | €27,496 | +€10,574 | +62.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,374 | €11,973 | +€23,347 | |
| Income taxes | 67/77 | €234 | €0 | -€234 | -100% |
| Profit (loss) for the period | 9904 | -€11,608 | €11,973 | +€23,581 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,608 | €11,973 | +€23,581 |
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 16 October 2026 via checked.be.