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 +€39,737
up €39,737 (+17.8%), from €223,439 to €263,176
mainly Depreciation (+€44,769) and Net result for the year (+€40,601)
- Tangible fixed assets -€9,733
down €9,733 (-9.2%), from €105,656 to €95,923
of which Leasing and similar rights: -€8,359
- Deferred charges and accrued income +€4,917
new in 2025: €4,917
- Reserves +€40,600
up €40,600 (+83.4%), from €48,660 to €89,260
- Trade debts -€17,827
down €17,827 (-88.7%), from €20,097 to €2,270
- Tax, wage and social debts +€14,647
up €14,647 (+259.2%), from €5,652 to €20,299
- Debts after one year -€4,374
down €4,374 (-41.1%), from €10,643 to €6,269
- Gross operating margin +€56,393
up €56,393 (+118.5%), from €47,595 to €103,987
- Taxes +€13,860
up €13,860 (+228.4%), from €6,068 to €19,928
- Financial income -€12,378
down €12,378 (-78.0%), from €15,862 to €3,484
of which Non-recurring financial income: -€12,572
- Depreciation +€3,838
up €3,838 (+9.4%), from €40,931 to €44,769
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 | €352,182 | €385,828 | +€33,646 | +9.6% |
| Fixed assets | 21/28 | €105,656 | €95,923 | -€9,733 | -9.2% |
| Tangible fixed assets | 22/27 | €105,656 | €95,923 | -€9,733 | -9.2% |
| Plant, machinery and equipment | 23 | €10,631 | €4,970 | -€5,662 | -53.3% |
| Furniture and vehicles | 24 | €81,421 | €85,709 | +€4,288 | +5.3% |
| Leasing and similar rights | 25 | €13,604 | €5,245 | -€8,359 | -61.4% |
| Current assets | 29/58 | €246,526 | €289,906 | +€43,379 | +17.6% |
| Stocks and contracts in progress | 3 | €3,123 | €3,123 | = | 0.0% |
| Stocks | 30/36 | €3,123 | €3,123 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,964 | €18,690 | -€1,274 | -6.4% |
| Trade receivables | 40 | €8,737 | €18,467 | +€9,730 | +111.4% |
| Other amounts receivable | 41 | €11,228 | €223 | -€11,005 | -98.0% |
| Cash at bank and in hand | 54/58 | €223,439 | €263,176 | +€39,737 | +17.8% |
| Deferred charges and accrued income | 490/1 | - | €4,917 | +€4,917 | |
| Total equity and liabilities | 10/49 | €352,182 | €385,828 | +€33,646 | +9.6% |
| Equity | 10/15 | €222,656 | €263,258 | +€40,601 | +18.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,660 | €89,260 | +€40,600 | +83.4% |
| Distributable reserves | 133 | €48,660 | €89,260 | +€40,600 | +83.4% |
| Profit (loss) carried forward | 14 | €155,396 | €155,398 | +€1 | 0.0% |
| Provisions and deferred taxes | 16 | €3,843 | €4,477 | +€633 | +16.5% |
| Provisions for liabilities and charges | 160/5 | €3,843 | €4,477 | +€633 | +16.5% |
| Environmental obligations | 163 | €3,843 | €4,477 | +€633 | +16.5% |
| Amounts payable | 17/49 | €125,683 | €118,094 | -€7,589 | -6.0% |
| Amounts payable after more than one year | 17 | €10,643 | €6,269 | -€4,374 | -41.1% |
| Financial debts | 170/4 | €10,643 | €6,269 | -€4,374 | -41.1% |
| Amounts payable within one year | 42/48 | €115,040 | €111,825 | -€3,215 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €7,346 | €4,374 | -€2,973 | -40.5% |
| Trade debts | 44 | €20,097 | €2,270 | -€17,827 | -88.7% |
| Suppliers | 440/4 | €20,097 | €2,270 | -€17,827 | -88.7% |
| Taxes, remuneration and social security | 45 | €5,652 | €20,299 | +€14,647 | +259.2% |
| Taxes | 450/3 | €5,652 | €20,299 | +€14,647 | +259.2% |
| Other amounts payable | 47/48 | €81,945 | €84,882 | +€2,937 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,931 | €44,769 | +€3,838 | +9.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €934 | €633 | -€300 | -32.2% |
| Other operating charges | 640/8 | €955 | €986 | +€31 | +3.2% |
| Gross operating margin | 9900 | €47,595 | €103,987 | +€56,393 | +118.5% |
| Operating profit (loss) | 9901 | €4,775 | €57,599 | +€52,824 | +1106.4% |
| Financial income | 75/76B | €15,862 | €3,484 | -€12,378 | -78.0% |
| Recurring financial income | 75 | €3,290 | €3,484 | +€194 | +5.9% |
| Non-recurring financial income | 76B | €12,572 | - | -€12,572 | |
| Financial charges | 65/66B | €759 | €553 | -€205 | -27.1% |
| Recurring financial charges | 65 | €759 | €553 | -€205 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €19,878 | €60,530 | +€40,651 | +204.5% |
| Income taxes | 67/77 | €6,068 | €19,928 | +€13,860 | +228.4% |
| Profit (loss) for the period | 9904 | €13,810 | €40,601 | +€26,791 | +194.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,810 | €40,601 | +€26,791 | +194.0% |
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 8 October 2026 via checked.be.