CVW: 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.
CVW
Largest movements
- Receivables within one year +€23,189
up €23,189 (+31.0%), from €74,689 to €97,877
of which Trade receivables: +€28,074
- Tangible fixed assets -€22,054
down €22,054 (-8.5%), from €260,969 to €238,915
of which Furniture and vehicles: -€11,991
- Receivables after one year -€10,000
down €10,000 (-100.0%), from €10,000 to €0
- Debts after one year -€24,859
down €24,859 (-13.6%), from €183,365 to €158,506
- Other debts -€19,352
down €19,352 (-96.8%), from €20,000 to €648
- Trade debts +€16,548
up €16,548 (+34.7%), from €47,693 to €64,240
- Reserves +€12,153
up €12,153 (+15.1%), from €80,668 to €92,822
of which Distributable reserves: +€12,153
- Tax, wage and social debts +€8,234
up €8,234 (+66.3%), from €12,411 to €20,645
of which Remuneration and social security: +€7,999
- Gross operating margin +€25,513
up €25,513 (+12.2%), from €208,600 to €234,113
- Staff costs +€17,406
up €17,406 (+11.4%), from €152,584 to €169,990
- Depreciation +€6,810
up €6,810 (+26.0%), from €26,183 to €32,993
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 | €432,168 | €426,139 | -€6,028 | -1.4% |
| Fixed assets | 21/28 | €260,969 | €238,915 | -€22,054 | -8.5% |
| Tangible fixed assets | 22/27 | €260,969 | €238,915 | -€22,054 | -8.5% |
| Land and buildings | 22 | €194,554 | €186,027 | -€8,527 | -4.4% |
| Plant, machinery and equipment | 23 | €3,317 | €1,780 | -€1,537 | -46.3% |
| Furniture and vehicles | 24 | €63,098 | €51,107 | -€11,991 | -19.0% |
| Current assets | 29/58 | €171,199 | €187,224 | +€16,026 | +9.4% |
| Amounts receivable after more than one year | 29 | €10,000 | €0 | -€10,000 | -100.0% |
| Other amounts receivable | 291 | €10,000 | €0 | -€10,000 | -100.0% |
| Stocks and contracts in progress | 3 | €64,244 | €67,624 | +€3,379 | +5.3% |
| Stocks | 30/36 | €56,935 | €67,624 | +€10,689 | +18.8% |
| Contracts in progress | 37 | €7,310 | €0 | -€7,310 | -100.0% |
| Amounts receivable within one year | 40/41 | €74,689 | €97,877 | +€23,189 | +31.0% |
| Trade receivables | 40 | €57,509 | €85,583 | +€28,074 | +48.8% |
| Other amounts receivable | 41 | €17,179 | €12,294 | -€4,885 | -28.4% |
| Cash at bank and in hand | 54/58 | €17,232 | €17,511 | +€279 | +1.6% |
| Deferred charges and accrued income | 490/1 | €5,033 | €4,212 | -€821 | -16.3% |
| Total equity and liabilities | 10/49 | €432,168 | €426,139 | -€6,028 | -1.4% |
| Equity | 10/15 | €93,068 | €105,222 | +€12,153 | +13.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €80,668 | €92,822 | +€12,153 | +15.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €80,668 | €92,822 | +€12,153 | +15.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €339,099 | €320,917 | -€18,182 | -5.4% |
| Amounts payable after more than one year | 17 | €183,365 | €158,506 | -€24,859 | -13.6% |
| Financial debts | 170/4 | €183,365 | €158,506 | -€24,859 | -13.6% |
| Amounts payable within one year | 42/48 | €155,734 | €162,411 | +€6,677 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €24,202 | €24,859 | +€657 | +2.7% |
| Financial debts | 43 | €51,428 | €52,019 | +€591 | +1.1% |
| Credit institutions | 430/8 | €51,428 | €52,019 | +€591 | +1.1% |
| Trade debts | 44 | €47,693 | €64,240 | +€16,548 | +34.7% |
| Suppliers | 440/4 | €47,693 | €64,240 | +€16,548 | +34.7% |
| Taxes, remuneration and social security | 45 | €12,411 | €20,645 | +€8,234 | +66.3% |
| Taxes | 450/3 | €1,854 | €2,090 | +€235 | +12.7% |
| Remuneration and social security | 454/9 | €10,556 | €18,556 | +€7,999 | +75.8% |
| Other amounts payable | 47/48 | €20,000 | €648 | -€19,352 | -96.8% |
| Non-recurring operating income | 76A | €7,675 | €1,827 | -€5,848 | -76.2% |
| Remuneration, social security and pensions | 62 | €152,584 | €169,990 | +€17,406 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,183 | €32,993 | +€6,810 | +26.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,169 | €3,013 | -€156 | -4.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €208,600 | €234,113 | +€25,513 | +12.2% |
| Operating profit (loss) | 9901 | €26,663 | €28,116 | +€1,453 | +5.5% |
| Financial income | 75/76B | €448 | €639 | +€191 | +42.6% |
| Recurring financial income | 75 | €448 | €639 | +€191 | +42.6% |
| Financial charges | 65/66B | €9,890 | €10,108 | +€218 | +2.2% |
| Recurring financial charges | 65 | €9,890 | €10,108 | +€218 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €17,221 | €18,647 | +€1,426 | +8.3% |
| Income taxes | 67/77 | €5,072 | €6,494 | +€1,421 | +28.0% |
| Profit (loss) for the period | 9904 | €12,148 | €12,153 | +€5 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,148 | €12,153 | +€5 | 0.0% |
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 9 October 2026 via checked.be.