S.V.G.: 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.G.
Largest movements
- Tangible fixed assets -€50,496
down €50,496 (-20.7%), from €243,941 to €193,445
of which Plant, machinery and equipment: -€28,327
- Stocks and contracts +€17,099
up €17,099 (+3.9%), from €433,680 to €450,779
- Reserves -€94,000
down €94,000 (-20.0%), from €469,066 to €375,066
of which Non-distributable reserves: -€76,000
- Contributions +€76,000
up €76,000 (+41.6%), from €182,500 to €258,500
- Other debts +€59,978
up €59,978 (+81.8%), from €73,308 to €133,286
- Current portion of long-term debt -€20,348
down €20,348 (-59.6%), from €34,130 to €13,783
- Trade debts -€15,607
down €15,607 (-13.9%), from €111,924 to €96,318
- Gross operating margin -€132,157
down €132,157 (-22.4%), from €589,902 to €457,746
- Taxes -€37,390
down €37,390 (-57.7%), from €64,809 to €27,418
- Write-downs +€13,348
up €13,348 (+265%), from €5,045 to €18,393
- Staff costs -€12,968
down €12,968 (-4.1%), from €319,484 to €306,516
- Financial charges -€6,763
down €6,763 (-37.2%), from €18,180 to €11,418
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,328,839 | €1,311,521 | -€17,317 | -1.3% |
| Fixed assets | 21/28 | €253,231 | €202,735 | -€50,496 | -19.9% |
| Tangible fixed assets | 22/27 | €243,941 | €193,445 | -€50,496 | -20.7% |
| Land and buildings | 22 | €121,199 | €106,699 | -€14,500 | -12.0% |
| Plant, machinery and equipment | 23 | €112,011 | €83,684 | -€28,327 | -25.3% |
| Furniture and vehicles | 24 | €5,284 | €3,062 | -€2,222 | -42.0% |
| Leasing and similar rights | 25 | €5,448 | - | -€5,448 | |
| Financial fixed assets | 28 | €9,290 | €9,290 | = | 0.0% |
| Current assets | 29/58 | €1,075,608 | €1,108,787 | +€33,179 | +3.1% |
| Stocks and contracts in progress | 3 | €433,680 | €450,779 | +€17,099 | +3.9% |
| Stocks | 30/36 | €433,680 | €450,779 | +€17,099 | +3.9% |
| Amounts receivable within one year | 40/41 | - | €12,791 | +€12,791 | |
| Other amounts receivable | 41 | - | €12,791 | +€12,791 | |
| Current investments | 50/53 | €76,000 | €76,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €565,133 | €569,217 | +€4,084 | +0.7% |
| Deferred charges and accrued income | 490/1 | €795 | - | -€795 | |
| Total equity and liabilities | 10/49 | €1,328,839 | €1,311,521 | -€17,317 | -1.3% |
| Equity | 10/15 | €943,796 | €926,425 | -€17,370 | -1.8% |
| Contributions | 10/11 | €182,500 | €258,500 | +€76,000 | +41.6% |
| Reserves | 13 | €469,066 | €375,066 | -€94,000 | -20.0% |
| Non-distributable reserves | 130/1 | €76,000 | - | -€76,000 | |
| Own shares acquired | 1312 | €76,000 | - | -€76,000 | |
| Tax-exempt reserves | 132 | €73,066 | €73,066 | = | 0.0% |
| Distributable reserves | 133 | €320,000 | €302,000 | -€18,000 | -5.6% |
| Profit (loss) carried forward | 14 | €292,230 | €292,859 | +€630 | +0.2% |
| Amounts payable | 17/49 | €385,043 | €385,096 | +€53 | 0.0% |
| Amounts payable after more than one year | 17 | €72,866 | €59,083 | -€13,783 | -18.9% |
| Financial debts | 170/4 | €72,866 | €59,083 | -€13,783 | -18.9% |
| Amounts payable within one year | 42/48 | €305,931 | €321,274 | +€15,342 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €34,130 | €13,783 | -€20,348 | -59.6% |
| Trade debts | 44 | €111,924 | €96,318 | -€15,607 | -13.9% |
| Suppliers | 440/4 | €111,924 | €96,318 | -€15,607 | -13.9% |
| Taxes, remuneration and social security | 45 | €86,568 | €77,887 | -€8,681 | -10.0% |
| Taxes | 450/3 | €56,051 | €48,559 | -€7,492 | -13.4% |
| Remuneration and social security | 454/9 | €30,517 | €29,328 | -€1,189 | -3.9% |
| Other amounts payable | 47/48 | €73,308 | €133,286 | +€59,978 | +81.8% |
| Accrued charges and deferred income | 492/3 | €6,246 | €4,739 | -€1,507 | -24.1% |
| Remuneration, social security and pensions | 62 | €319,484 | €306,516 | -€12,968 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,004 | €50,846 | -€158 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,045 | €18,393 | +€13,348 | +265% |
| Other operating charges | 640/8 | €10,049 | €10,799 | +€750 | +7.5% |
| Gross operating margin | 9900 | €589,902 | €457,746 | -€132,157 | -22.4% |
| Operating profit (loss) | 9901 | €204,320 | €71,191 | -€133,129 | -65.2% |
| Financial income | 75/76B | €31,474 | €30,274 | -€1,200 | -3.8% |
| Recurring financial income | 75 | €31,474 | €30,274 | -€1,200 | -3.8% |
| Financial charges | 65/66B | €18,180 | €11,418 | -€6,763 | -37.2% |
| Recurring financial charges | 65 | €18,180 | €11,418 | -€6,763 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | €217,614 | €90,048 | -€127,567 | -58.6% |
| Income taxes | 67/77 | €64,809 | €27,418 | -€37,390 | -57.7% |
| Profit (loss) for the period | 9904 | €152,806 | €62,630 | -€90,176 | -59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €152,806 | €62,630 | -€90,176 | -59.0% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.