S&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&V
Largest movements
- Cash +€163,082
up €163,082 (+275.0%), from €59,309 to €222,391
mainly Current portion of long-term debt (+€72,973) and Depreciation (+€59,527)
- Tangible fixed assets -€40,590
down €40,590 (-16.7%), from €243,613 to €203,023
of which Other tangible fixed assets: -€30,329
- Stocks and contracts -€34,476
down €34,476 (-26.2%), from €131,819 to €97,343
- Deferred charges and accrued income +€22,500
up €22,500 (+170.3%), from €13,215 to €35,715
- Intangible fixed assets -€11,000
down €11,000 (-40.0%), from €27,500 to €16,500
- Current portion of long-term debt +€72,973
up €72,973 (+29.9%), from €243,690 to €316,663
- Trade debts +€26,228
up €26,228 (+68.6%), from €38,243 to €64,472
- Debts after one year -€22,086
down €22,086 (-33.6%), from €65,738 to €43,651
- Profit (loss) carried forward +€14,911
up €14,911 (+13.6%), from €109,989 to €124,900
- Staff costs +€100,313
up €100,313 (+15.9%), from €632,239 to €732,552
- Gross operating margin +€92,440
up €92,440 (+12.2%), from €757,982 to €850,423
- Depreciation -€16,790
down €16,790 (-22.0%), from €76,317 to €59,527
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 | €625,693 | €716,403 | +€90,710 | +14.5% |
| Fixed assets | 21/28 | €271,213 | €219,623 | -€51,590 | -19.0% |
| Intangible fixed assets | 21 | €27,500 | €16,500 | -€11,000 | -40.0% |
| Tangible fixed assets | 22/27 | €243,613 | €203,023 | -€40,590 | -16.7% |
| Land and buildings | 22 | €66,969 | €59,366 | -€7,603 | -11.4% |
| Plant, machinery and equipment | 23 | €751 | €71 | -€680 | -90.6% |
| Furniture and vehicles | 24 | €7,183 | €5,205 | -€1,978 | -27.5% |
| Other tangible fixed assets | 26 | €168,710 | €138,381 | -€30,329 | -18.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €354,480 | €496,780 | +€142,300 | +40.1% |
| Amounts receivable after more than one year | 29 | €49,826 | €41,832 | -€7,994 | -16.0% |
| Trade receivables | 290 | €49,826 | €41,832 | -€7,994 | -16.0% |
| Stocks and contracts in progress | 3 | €131,819 | €97,343 | -€34,476 | -26.2% |
| Stocks | 30/36 | €131,819 | €97,343 | -€34,476 | -26.2% |
| Amounts receivable within one year | 40/41 | €100,311 | €99,499 | -€812 | -0.8% |
| Trade receivables | 40 | €75,731 | €91,154 | +€15,423 | +20.4% |
| Other amounts receivable | 41 | €24,580 | €8,345 | -€16,235 | -66.1% |
| Cash at bank and in hand | 54/58 | €59,309 | €222,391 | +€163,082 | +275.0% |
| Deferred charges and accrued income | 490/1 | €13,215 | €35,715 | +€22,500 | +170.3% |
| Total equity and liabilities | 10/49 | €625,693 | €716,403 | +€90,710 | +14.5% |
| Equity | 10/15 | €191,549 | €206,461 | +€14,911 | +7.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €61,561 | €61,561 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €42,811 | €42,811 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,989 | €124,900 | +€14,911 | +13.6% |
| Amounts payable | 17/49 | €434,144 | €509,942 | +€75,798 | +17.5% |
| Amounts payable after more than one year | 17 | €65,738 | €43,651 | -€22,086 | -33.6% |
| Financial debts | 170/4 | €65,738 | €43,651 | -€22,086 | -33.6% |
| Amounts payable within one year | 42/48 | €365,541 | €465,392 | +€99,851 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | €243,690 | €316,663 | +€72,973 | +29.9% |
| Trade debts | 44 | €38,243 | €64,472 | +€26,228 | +68.6% |
| Suppliers | 440/4 | €38,243 | €64,472 | +€26,228 | +68.6% |
| Taxes, remuneration and social security | 45 | €83,608 | €84,257 | +€650 | +0.8% |
| Taxes | 450/3 | €22,050 | €43,883 | +€21,832 | +99.0% |
| Remuneration and social security | 454/9 | €61,557 | €40,375 | -€21,183 | -34.4% |
| Accrued charges and deferred income | 492/3 | €2,865 | €899 | -€1,966 | -68.6% |
| Remuneration, social security and pensions | 62 | €632,239 | €732,552 | +€100,313 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,317 | €59,527 | -€16,790 | -22.0% |
| Other operating charges | 640/8 | €7,941 | €7,830 | -€111 | -1.4% |
| Gross operating margin | 9900 | €757,982 | €850,423 | +€92,440 | +12.2% |
| Operating profit (loss) | 9901 | €41,485 | €50,514 | +€9,029 | +21.8% |
| Financial income | 75/76B | €2,242 | €2,960 | +€718 | +32.0% |
| Recurring financial income | 75 | €2,242 | €2,960 | +€718 | +32.0% |
| Financial charges | 65/66B | €32,183 | €27,419 | -€4,764 | -14.8% |
| Recurring financial charges | 65 | €32,183 | €27,419 | -€4,764 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €11,544 | €26,055 | +€14,511 | +125.7% |
| Income taxes | 67/77 | €7,566 | €11,143 | +€3,578 | +47.3% |
| Profit (loss) for the period | 9904 | €3,978 | €14,911 | +€10,933 | +274.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,978 | €14,911 | +€10,933 | +274.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.