S&V: what changed
Two fiscal 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&V
Largest movements
- Cash +€46,612
up €46,612 (+21.0%), from €222,285 to €268,897
mainly Net result for the year (+€57,583) and Depreciation (+€2,428)
- Deferred charges and accrued income +€4,337
up €4,337 (+1176.4%), from €369 to €4,706
- Stocks and contracts +€4,234
up €4,234 (+13.8%), from €30,777 to €35,011
- Reserves +€57,000
up €57,000 (+24.9%), from €229,000 to €286,000
- Write-downs -€43,100
no longer reported in 2025 (was €43,100)
- Gross operating margin -€36,781
down €36,781 (-22.5%), from €163,467 to €126,686
- Staff costs +€16,822
up €16,822 (+83.8%), from €20,072 to €36,894
- Taxes -€3,417
down €3,417 (-11.1%), from €30,796 to €27,379
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 | €267,111 | €322,337 | +€55,226 | +20.7% |
| Fixed assets | 21/28 | €7,976 | €5,548 | -€2,428 | -30.4% |
| Tangible fixed assets | 22/27 | €7,976 | €5,548 | -€2,428 | -30.4% |
| Plant, machinery and equipment | 23 | €7,976 | €5,548 | -€2,428 | -30.4% |
| Current assets | 29/58 | €259,135 | €316,789 | +€57,653 | +22.2% |
| Stocks and contracts in progress | 3 | €30,777 | €35,011 | +€4,234 | +13.8% |
| Stocks | 30/36 | €30,777 | €35,011 | +€4,234 | +13.8% |
| Amounts receivable within one year | 40/41 | €5,704 | €8,174 | +€2,470 | +43.3% |
| Trade receivables | 40 | - | €2,238 | +€2,238 | |
| Other amounts receivable | 41 | €5,704 | €5,937 | +€233 | +4.1% |
| Cash at bank and in hand | 54/58 | €222,285 | €268,897 | +€46,612 | +21.0% |
| Deferred charges and accrued income | 490/1 | €369 | €4,706 | +€4,337 | +1176.4% |
| Total equity and liabilities | 10/49 | €267,111 | €322,337 | +€55,226 | +20.7% |
| Equity | 10/15 | €245,890 | €303,473 | +€57,583 | +23.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €229,000 | €286,000 | +€57,000 | +24.9% |
| Distributable reserves | 133 | €229,000 | €286,000 | +€57,000 | +24.9% |
| Profit (loss) carried forward | 14 | €6,890 | €7,473 | +€583 | +8.5% |
| Amounts payable | 17/49 | €21,222 | €18,864 | -€2,358 | -11.1% |
| Amounts payable within one year | 42/48 | €21,222 | €18,864 | -€2,358 | -11.1% |
| Trade debts | 44 | €4,029 | €4,171 | +€142 | +3.5% |
| Suppliers | 440/4 | €4,029 | €4,171 | +€142 | +3.5% |
| Taxes, remuneration and social security | 45 | €16,142 | €14,693 | -€1,449 | -9.0% |
| Taxes | 450/3 | €12,186 | €12,703 | +€517 | +4.2% |
| Remuneration and social security | 454/9 | €3,956 | €1,990 | -€1,966 | -49.7% |
| Other amounts payable | 47/48 | €1,051 | - | -€1,051 | |
| Remuneration, social security and pensions | 62 | €20,072 | €36,894 | +€16,822 | +83.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,310 | €2,428 | +€1,118 | +85.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €43,100 | - | -€43,100 | |
| Other operating charges | 640/8 | - | €838 | +€838 | |
| Gross operating margin | 9900 | €163,467 | €126,686 | -€36,781 | -22.5% |
| Operating profit (loss) | 9901 | €98,985 | €86,526 | -€12,459 | -12.6% |
| Financial income | 75/76B | €65 | €24 | -€41 | -62.7% |
| Recurring financial income | 75 | €65 | €24 | -€41 | -62.7% |
| Financial charges | 65/66B | €2,043 | €1,588 | -€455 | -22.3% |
| Recurring financial charges | 65 | €2,043 | €1,588 | -€455 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €97,007 | €84,962 | -€12,045 | -12.4% |
| Income taxes | 67/77 | €30,796 | €27,379 | -€3,417 | -11.1% |
| Profit (loss) for the period | 9904 | €66,211 | €57,583 | -€8,628 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,211 | €57,583 | -€8,628 | -13.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.