CVV: 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.
CVV
Largest movements
- Tangible fixed assets -€216,612
down €216,612 (-37.4%), from €579,377 to €362,766
- Receivables within one year +€180,739
up €180,739 (+11.5%), from €1.6m to €1.8m
of which Other amounts receivable: +€168,618
- Current investments -€99,644
down €99,644 (-100%), from €99,644 to €0
- Accrued charges and deferred income -€160,150
down €160,150 (-93.4%), from €171,428 to €11,279
- Debts after one year -€111,054
down €111,054 (-19.5%), from €568,068 to €457,014
of which Financial debts: -€111,054
- Other debts +€86,144
up €86,144 (+9.1%), from €945,472 to €1.0m
- Gross operating margin -€191,966
down €191,966 (-20.5%), from €936,083 to €744,117
- Staff costs -€98,131
down €98,131 (-19.2%), from €511,378 to €413,247
- Depreciation -€38,827
down €38,827 (-35.5%), from €109,220 to €70,394
- Taxes -€24,647
down €24,647 (-31.3%), from €78,738 to €54,091
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 | €2,633,004 | €2,498,094 | -€134,910 | -5.1% |
| Fixed assets | 21/28 | €579,377 | €362,766 | -€216,612 | -37.4% |
| Tangible fixed assets | 22/27 | €579,377 | €362,766 | -€216,612 | -37.4% |
| Plant, machinery and equipment | 23 | €579,377 | €362,766 | -€216,612 | -37.4% |
| Current assets | 29/58 | €2,053,627 | €2,135,329 | +€81,702 | +4.0% |
| Stocks and contracts in progress | 3 | €104,225 | €95,340 | -€8,885 | -8.5% |
| Stocks | 30/36 | €104,225 | €95,340 | -€8,885 | -8.5% |
| Amounts receivable within one year | 40/41 | €1,572,514 | €1,753,253 | +€180,739 | +11.5% |
| Trade receivables | 40 | €1,032,162 | €1,044,284 | +€12,122 | +1.2% |
| Other amounts receivable | 41 | €540,352 | €708,970 | +€168,618 | +31.2% |
| Current investments | 50/53 | €99,644 | €0 | -€99,644 | -100% |
| Cash at bank and in hand | 54/58 | €270,299 | €286,735 | +€16,435 | +6.1% |
| Deferred charges and accrued income | 490/1 | €6,944 | €0 | -€6,944 | -100% |
| Total equity and liabilities | 10/49 | €2,633,004 | €2,498,094 | -€134,910 | -5.1% |
| Equity | 10/15 | €93,860 | €95,493 | +€1,633 | +1.7% |
| Contributions | 10/11 | €87,500 | €87,500 | = | 0.0% |
| Reserves | 13 | €6,360 | €7,993 | +€1,633 | +25.7% |
| Distributable reserves | 133 | €6,360 | €7,993 | +€1,633 | +25.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,539,144 | €2,402,601 | -€136,543 | -5.4% |
| Amounts payable after more than one year | 17 | €568,068 | €457,014 | -€111,054 | -19.5% |
| Financial debts | 170/4 | €318,068 | €207,014 | -€111,054 | -34.9% |
| Other amounts payable | 178/9 | €250,000 | €250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,799,647 | €1,934,309 | +€134,661 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €108,872 | €111,054 | +€2,182 | +2.0% |
| Trade debts | 44 | €639,735 | €662,145 | +€22,411 | +3.5% |
| Suppliers | 440/4 | €639,735 | €662,145 | +€22,411 | +3.5% |
| Taxes, remuneration and social security | 45 | €105,569 | €129,493 | +€23,924 | +22.7% |
| Taxes | 450/3 | €15,011 | €11,533 | -€3,477 | -23.2% |
| Remuneration and social security | 454/9 | €90,558 | €117,959 | +€27,401 | +30.3% |
| Other amounts payable | 47/48 | €945,472 | €1,031,616 | +€86,144 | +9.1% |
| Accrued charges and deferred income | 492/3 | €171,428 | €11,279 | -€160,150 | -93.4% |
| Remuneration, social security and pensions | 62 | €511,378 | €413,247 | -€98,131 | -19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,220 | €70,394 | -€38,827 | -35.5% |
| Other operating charges | 640/8 | €2,785 | €5,139 | +€2,354 | +84.5% |
| Non-recurring operating charges | 66A | €6 | €51,194 | +€51,188 | +851,717% |
| Gross operating margin | 9900 | €936,083 | €744,117 | -€191,966 | -20.5% |
| Operating profit (loss) | 9901 | €312,694 | €204,143 | -€108,551 | -34.7% |
| Financial income | 75/76B | €0 | €1,998 | +€1,998 | +951,533% |
| Recurring financial income | 75 | €0 | €1,998 | +€1,998 | +951,533% |
| Financial charges | 65/66B | €11,480 | €9,241 | -€2,239 | -19.5% |
| Recurring financial charges | 65 | €11,480 | €9,241 | -€2,239 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €301,214 | €196,900 | -€104,314 | -34.6% |
| Income taxes | 67/77 | €78,738 | €54,091 | -€24,647 | -31.3% |
| Profit (loss) for the period | 9904 | €222,475 | €142,809 | -€79,666 | -35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €222,475 | €142,809 | -€79,666 | -35.8% |
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 13 October 2026 via checked.be.