S-TVR: 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-TVR
Largest movements
- Receivables within one year -€60,873
down €60,873 (-72.9%), from €83,555 to €22,682
of which Trade receivables: -€60,516
- Cash +€4,656
up €4,656 (+573%), from €812 to €5,469
mainly Receivables within one year (+€60,873) and Other debts (+€9,537)
- Trade debts -€57,794
down €57,794 (-98.3%), from €58,775 to €982
- Other debts +€9,537
up €9,537 (+2,869%), from €332 to €9,870
- Profit (loss) carried forward -€6,250
down €6,250 (-34.7%), from €18,032 to €11,782
- Tax, wage and social debts -€3,804
down €3,804 (-61.9%), from €6,143 to €2,339
- Reserves +€2,575
new in 2025: €2,575
- Gross operating margin -€2,270
down €2,270 (-35.4%), from €6,418 to €4,149
- Financial charges -€570
down €570 (-84.7%), from €673 to €103
- Other operating charges -€273
down €273 (-69.5%), from €393 to €120
- Depreciation -€79
down €79 (-23.2%), from €341 to €262
- Taxes -€70
down €70 (-6.0%), from €1,159 to €1,089
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 | €85,783 | €30,047 | -€55,736 | -65.0% |
| Fixed assets | 21/28 | €1,416 | €1,897 | +€481 | +34.0% |
| Tangible fixed assets | 22/27 | €1,416 | €1,897 | +€481 | +34.0% |
| Plant, machinery and equipment | 23 | €285 | €228 | -€57 | -20.1% |
| Furniture and vehicles | 24 | €283 | €898 | +€615 | +217% |
| Other tangible fixed assets | 26 | €847 | €770 | -€77 | -9.1% |
| Current assets | 29/58 | €84,367 | €28,150 | -€56,217 | -66.6% |
| Amounts receivable within one year | 40/41 | €83,555 | €22,682 | -€60,873 | -72.9% |
| Trade receivables | 40 | €82,082 | €21,566 | -€60,516 | -73.7% |
| Other amounts receivable | 41 | €1,473 | €1,116 | -€357 | -24.3% |
| Cash at bank and in hand | 54/58 | €812 | €5,469 | +€4,656 | +573% |
| Total equity and liabilities | 10/49 | €85,783 | €30,047 | -€55,736 | -65.0% |
| Equity | 10/15 | €20,532 | €16,857 | -€3,675 | -17.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €2,575 | +€2,575 | |
| Distributable reserves | 133 | - | €2,575 | +€2,575 | |
| Profit (loss) carried forward | 14 | €18,032 | €11,782 | -€6,250 | -34.7% |
| Amounts payable | 17/49 | €65,251 | €13,190 | -€52,061 | -79.8% |
| Amounts payable within one year | 42/48 | €65,251 | €13,190 | -€52,061 | -79.8% |
| Trade debts | 44 | €58,775 | €982 | -€57,794 | -98.3% |
| Suppliers | 440/4 | €58,775 | €982 | -€57,794 | -98.3% |
| Taxes, remuneration and social security | 45 | €6,143 | €2,339 | -€3,804 | -61.9% |
| Taxes | 450/3 | €6,143 | €2,339 | -€3,804 | -61.9% |
| Other amounts payable | 47/48 | €332 | €9,870 | +€9,537 | +2,869% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €341 | €262 | -€79 | -23.2% |
| Other operating charges | 640/8 | €393 | €120 | -€273 | -69.5% |
| Gross operating margin | 9900 | €6,418 | €4,149 | -€2,270 | -35.4% |
| Operating profit (loss) | 9901 | €5,683 | €3,766 | -€1,917 | -33.7% |
| Financial income | 75/76B | €7 | €1 | -€6 | -87.3% |
| Recurring financial income | 75 | €7 | €1 | -€6 | -87.3% |
| Financial charges | 65/66B | €673 | €103 | -€570 | -84.7% |
| Recurring financial charges | 65 | €673 | €103 | -€570 | -84.7% |
| Profit (loss) for the period before taxes | 9903 | €5,018 | €3,664 | -€1,353 | -27.0% |
| Income taxes | 67/77 | €1,159 | €1,089 | -€70 | -6.0% |
| Profit (loss) for the period | 9904 | €3,858 | €2,575 | -€1,284 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,858 | €2,575 | -€1,284 | -33.3% |
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 21 October 2026 via checked.be.