S.K.V.R.: what changed
S.K.V.R.
Largest movements
- Cash -€2.3m
down €2.3m (-93.3%), from €2.5m to €164,817
mainly Receivables within one year (-€2.1m) and Current investments (-€210,484)
- Receivables within one year +€2.1m
up €2.1m (+9,695%), from €21,385 to €2.1m
of which Other amounts receivable: +€2.0m
- Current investments +€210,484
up €210,484 (+4.5%), from €4.7m to €4.9m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€7.0m
down €7.0m (-98.7%), from €7.1m to €89,626
- Taxes -€650,869
down €650,869 (-96.4%), from €674,967 to €24,097
- Financial charges +€56,925
up €56,925 (+3,476%), from €1,638 to €58,562
- Gross operating margin -€22,347
down €22,347 (-32.8%), from €68,056 to €45,709
- Depreciation -€8,973
down €8,973 (-77.9%), from €11,514 to €2,540
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 | €7,507,705 | €7,498,918 | -€8,787 | -0.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €343,201 | €340,660 | -€2,540 | -0.7% |
| Tangible fixed assets | 22/27 | €9,041 | €6,500 | -€2,540 | -28.1% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €575 | €0 | -€575 | -100% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €8,466 | €6,500 | -€1,965 | -23.2% |
| Financial fixed assets | 28 | €334,160 | €334,160 | = | 0.0% |
| Current assets | 29/58 | €7,164,504 | €7,158,258 | -€6,246 | -0.1% |
| Amounts receivable within one year | 40/41 | €21,385 | €2,094,726 | +€2.1m | +9,695% |
| Trade receivables | 40 | €18,401 | €49,368 | +€30,968 | +168% |
| Other amounts receivable | 41 | €2,985 | €2,045,358 | +€2.0m | +68,427% |
| Current investments | 50/53 | €4,686,263 | €4,896,747 | +€210,484 | +4.5% |
| Cash at bank and in hand | 54/58 | €2,454,987 | €164,817 | -€2.3m | -93.3% |
| Deferred charges and accrued income | 490/1 | €1,869 | €1,969 | +€100 | +5.3% |
| Total equity and liabilities | 10/49 | €7,507,705 | €7,498,918 | -€8,787 | -0.1% |
| Equity | 10/15 | €6,792,780 | €6,841,901 | +€49,122 | +0.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €6,772,780 | €6,821,901 | +€49,122 | +0.7% |
| Tax-exempt reserves | 132 | €2,297 | €2,297 | = | 0.0% |
| Distributable reserves | 133 | €6,770,483 | €6,819,604 | +€49,122 | +0.7% |
| Amounts payable | 17/49 | €714,925 | €657,017 | -€57,908 | -8.1% |
| Amounts payable within one year | 42/48 | €714,925 | €657,017 | -€57,908 | -8.1% |
| Trade debts | 44 | €66,327 | €4,096 | -€62,231 | -93.8% |
| Suppliers | 440/4 | €66,327 | €4,096 | -€62,231 | -93.8% |
| Taxes, remuneration and social security | 45 | €648,598 | €652,921 | +€4,323 | +0.7% |
| Taxes | 450/3 | €648,598 | €652,921 | +€4,323 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,514 | €2,540 | -€8,973 | -77.9% |
| Other operating charges | 640/8 | €2,772 | €1,013 | -€1,759 | -63.4% |
| Gross operating margin | 9900 | €68,056 | €45,709 | -€22,347 | -32.8% |
| Operating profit (loss) | 9901 | €53,771 | €42,155 | -€11,615 | -21.6% |
| Financial income | 75/76B | €7,063,992 | €89,626 | -€7.0m | -98.7% |
| Recurring financial income | 75 | €7,063,992 | €89,626 | -€7.0m | -98.7% |
| Financial charges | 65/66B | €1,638 | €58,562 | +€56,925 | +3,476% |
| Recurring financial charges | 65 | €1,638 | €58,562 | +€56,925 | +3,476% |
| Profit (loss) for the period before taxes | 9903 | €7,116,124 | €73,219 | -€7.0m | -99.0% |
| Income taxes | 67/77 | €674,967 | €24,097 | -€650,869 | -96.4% |
| Profit (loss) for the period | 9904 | €6,441,158 | €49,122 | -€6.4m | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,441,158 | €49,122 | -€6.4m | -99.2% |
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 7 November 2026 via checked.be.