S.I.V.V.: 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.
S.I.V.V.
Largest movements
- Receivables within one year +€95,196
up €95,196 (+50.3%), from €189,350 to €284,546
of which Other amounts receivable: +€100,656
- Cash -€49,935
down €49,935 (-77.8%), from €64,145 to €14,210
mainly Receivables within one year (-€95,196) and Contributions, distributions and other (-€50,190)
- Tangible fixed assets -€36,799
down €36,799 (-7.4%), from €494,506 to €457,707
of which Land and buildings: -€25,792
- Debts after one year -€32,746
down €32,746 (-6.8%), from €481,370 to €448,624
of which Financial debts: -€33,846
- Reserves +€16,579
up €16,579 (+16.1%), from €102,779 to €119,358
of which Distributable reserves: +€16,579
- Tax, wage and social debts +€10,342
up €10,342 (+41.7%), from €24,818 to €35,160
- Trade debts +€9,801
up €9,801 (+168%), from €5,829 to €15,630
- Financial charges -€26,753
down €26,753 (-52.2%), from €51,292 to €24,539
- Other operating charges -€8,887
down €8,887 (-45.2%), from €19,647 to €10,760
- Gross operating margin +€8,417
up €8,417 (+5.5%), from €153,645 to €162,062
- Taxes +€5,310
up €5,310 (+25.4%), from €20,888 to €26,199
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 | €767,006 | €775,559 | +€8,553 | +1.1% |
| Fixed assets | 21/28 | €494,506 | €457,707 | -€36,799 | -7.4% |
| Tangible fixed assets | 22/27 | €494,506 | €457,707 | -€36,799 | -7.4% |
| Land and buildings | 22 | €468,151 | €442,358 | -€25,792 | -5.5% |
| Furniture and vehicles | 24 | €26,356 | €15,349 | -€11,007 | -41.8% |
| Current assets | 29/58 | €272,500 | €317,851 | +€45,352 | +16.6% |
| Amounts receivable after more than one year | 29 | €16,500 | €16,500 | = | 0.0% |
| Other amounts receivable | 291 | €16,500 | €16,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €189,350 | €284,546 | +€95,196 | +50.3% |
| Trade receivables | 40 | €5,460 | €0 | -€5,460 | -100% |
| Other amounts receivable | 41 | €183,890 | €284,546 | +€100,656 | +54.7% |
| Cash at bank and in hand | 54/58 | €64,145 | €14,210 | -€49,935 | -77.8% |
| Deferred charges and accrued income | 490/1 | €2,505 | €2,595 | +€90 | +3.6% |
| Total equity and liabilities | 10/49 | €767,006 | €775,559 | +€8,553 | +1.1% |
| Equity | 10/15 | €221,478 | €238,057 | +€16,579 | +7.5% |
| Contributions | 10/11 | €118,668 | €118,668 | = | 0.0% |
| Reserves | 13 | €102,779 | €119,358 | +€16,579 | +16.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €102,779 | €119,358 | +€16,579 | +16.1% |
| Profit (loss) carried forward | 14 | €31 | €31 | = | 0.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €545,528 | €537,502 | -€8,026 | -1.5% |
| Amounts payable after more than one year | 17 | €481,370 | €448,624 | -€32,746 | -6.8% |
| Financial debts | 170/4 | €481,370 | €447,524 | -€33,846 | -7.0% |
| Other amounts payable | 178/9 | - | €1,100 | +€1,100 | |
| Amounts payable within one year | 42/48 | €63,158 | €87,164 | +€24,006 | +38.0% |
| Current portion of amounts payable after more than one year | 42 | €32,512 | €36,375 | +€3,863 | +11.9% |
| Trade debts | 44 | €5,829 | €15,630 | +€9,801 | +168% |
| Suppliers | 440/4 | €5,829 | €15,630 | +€9,801 | +168% |
| Taxes, remuneration and social security | 45 | €24,818 | €35,160 | +€10,342 | +41.7% |
| Taxes | 450/3 | €24,818 | €35,160 | +€10,342 | +41.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,714 | +€714 | +71.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,822 | €36,799 | -€23 | -0.1% |
| Other operating charges | 640/8 | €19,647 | €10,760 | -€8,887 | -45.2% |
| Non-recurring operating charges | 66A | €379 | €0 | -€379 | -100% |
| Gross operating margin | 9900 | €153,645 | €162,062 | +€8,417 | +5.5% |
| Operating profit (loss) | 9901 | €96,797 | €114,503 | +€17,705 | +18.3% |
| Financial income | 75/76B | €3,387 | €3,004 | -€383 | -11.3% |
| Recurring financial income | 75 | €3,387 | €3,004 | -€383 | -11.3% |
| Financial charges | 65/66B | €51,292 | €24,539 | -€26,753 | -52.2% |
| Recurring financial charges | 65 | €51,292 | €24,539 | -€26,753 | -52.2% |
| Profit (loss) for the period before taxes | 9903 | €48,892 | €92,968 | +€44,075 | +90.1% |
| Transfer from deferred taxes | 780 | €9,539 | €0 | -€9,539 | -100% |
| Income taxes | 67/77 | €20,888 | €26,199 | +€5,310 | +25.4% |
| Profit (loss) for the period | 9904 | €37,542 | €66,769 | +€29,226 | +77.8% |
| Transfer from tax-exempt reserves | 789 | €3,180 | €0 | -€3,180 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €40,722 | €66,769 | +€26,047 | +64.0% |
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 26 October 2026 via checked.be.