S.C.V.W.: what changed
S.C.V.W.
Largest movements
- Cash +€153,960
up €153,960 (+108%), from €143,018 to €296,978
mainly Receivables within one year (+€101,589) and Net result for the year (+€62,612)
- Receivables within one year -€101,589
down €101,589 (-79.1%), from €128,477 to €26,888
of which Trade receivables: -€82,947
- Tangible fixed assets -€44,700
down €44,700 (-40.8%), from €109,617 to €64,917
of which Land and buildings: -€43,468
- Reserves +€49,374
up €49,374 (+21.1%), from €234,191 to €283,565
of which Distributable reserves: +€49,374
- Debts after one year -€46,705
down €46,705 (-49.0%), from €95,333 to €48,628
- Tax, wage and social debts +€11,461
up €11,461 (+64.4%), from €17,783 to €29,244
of which Taxes: +€13,903
- Trade debts -€7,640
down €7,640 (-34.0%), from €22,478 to €14,838
- Financial income +€14,554
new in 2025: €14,554
of which Non-recurring financial income: +€12,906
- Staff costs +€9,000
up €9,000 (+17.6%), from €51,147 to €60,147
- Depreciation -€4,655
down €4,655 (-9.0%), from €51,912 to €47,257
- Taxes +€3,234
up €3,234 (+13.9%), from €23,223 to €26,457
- Gross operating margin -€2,305
down €2,305 (-1.2%), from €195,007 to €192,702
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €497,310 | €506,271 | +€8,961 | +1.8% |
| Fixed assets | 21/28 | €109,617 | €64,917 | -€44,700 | -40.8% |
| Tangible fixed assets | 22/27 | €109,617 | €64,917 | -€44,700 | -40.8% |
| Land and buildings | 22 | €99,183 | €55,715 | -€43,468 | -43.8% |
| Furniture and vehicles | 24 | €10,434 | €9,202 | -€1,232 | -11.8% |
| Current assets | 29/58 | €387,693 | €441,354 | +€53,661 | +13.8% |
| Stocks and contracts in progress | 3 | €15,681 | €15,591 | -€90 | -0.6% |
| Stocks | 30/36 | €15,681 | €15,591 | -€90 | -0.6% |
| Amounts receivable within one year | 40/41 | €128,477 | €26,888 | -€101,589 | -79.1% |
| Trade receivables | 40 | €98,054 | €15,107 | -€82,947 | -84.6% |
| Other amounts receivable | 41 | €30,423 | €11,781 | -€18,642 | -61.3% |
| Current investments | 50/53 | €100,517 | €101,897 | +€1,380 | +1.4% |
| Cash at bank and in hand | 54/58 | €143,018 | €296,978 | +€153,960 | +108% |
| Total equity and liabilities | 10/49 | €497,310 | €506,271 | +€8,961 | +1.8% |
| Equity | 10/15 | €304,257 | €353,631 | +€49,374 | +16.2% |
| Contributions | 10/11 | €19,840 | €19,840 | = | 0.0% |
| Reserves | 13 | €234,191 | €283,565 | +€49,374 | +21.1% |
| Tax-exempt reserves | 132 | €97 | €97 | = | 0.0% |
| Distributable reserves | 133 | €234,094 | €283,468 | +€49,374 | +21.1% |
| Profit (loss) carried forward | 14 | €50,226 | €50,226 | = | 0.0% |
| Amounts payable | 17/49 | €193,053 | €152,640 | -€40,413 | -20.9% |
| Amounts payable after more than one year | 17 | €95,333 | €48,628 | -€46,705 | -49.0% |
| Financial debts | 170/4 | €95,333 | €48,628 | -€46,705 | -49.0% |
| Amounts payable within one year | 42/48 | €97,720 | €103,372 | +€5,652 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €44,548 | €46,704 | +€2,156 | +4.8% |
| Trade debts | 44 | €22,478 | €14,838 | -€7,640 | -34.0% |
| Suppliers | 440/4 | €22,478 | €14,838 | -€7,640 | -34.0% |
| Taxes, remuneration and social security | 45 | €17,783 | €29,244 | +€11,461 | +64.4% |
| Taxes | 450/3 | €15,341 | €29,244 | +€13,903 | +90.6% |
| Remuneration and social security | 454/9 | €2,442 | - | -€2,442 | |
| Other amounts payable | 47/48 | €12,911 | €12,586 | -€325 | -2.5% |
| Accrued charges and deferred income | 492/3 | - | €640 | +€640 | |
| Remuneration, social security and pensions | 62 | €51,147 | €60,147 | +€9,000 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,912 | €47,257 | -€4,655 | -9.0% |
| Other operating charges | 640/8 | €4,381 | €4,284 | -€97 | -2.2% |
| Gross operating margin | 9900 | €195,007 | €192,702 | -€2,305 | -1.2% |
| Operating profit (loss) | 9901 | €87,567 | €81,014 | -€6,553 | -7.5% |
| Financial income | 75/76B | - | €14,554 | +€14,554 | |
| Recurring financial income | 75 | - | €1,648 | +€1,648 | |
| Non-recurring financial income | 76B | - | €12,906 | +€12,906 | |
| Financial charges | 65/66B | €8,194 | €6,499 | -€1,695 | -20.7% |
| Recurring financial charges | 65 | €8,194 | €6,499 | -€1,695 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €79,373 | €89,069 | +€9,696 | +12.2% |
| Income taxes | 67/77 | €23,223 | €26,457 | +€3,234 | +13.9% |
| Profit (loss) for the period | 9904 | €56,150 | €62,612 | +€6,462 | +11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €56,150 | €62,612 | +€6,462 | +11.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.