S.V.R.: 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.
What changed
S.V.R.
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€17,455
2024 · -€5,304-€12,151
Equity
€914,029
2024 · €931,484-€17,455
Cash
€2,567
2024 · €2,036+€532
Balance sheet total
€948,419
2024 · €967,262-€18,843
Largest movements
Assets
- Tangible fixed assets -€21,175
down €21,175 (-4.6%), from €456,188 to €435,012
of which Land and buildings: -€20,171
Equity and liabilities
- Profit (loss) carried forward -€13,388
down €13,388 (-4.2%), from €321,128 to €307,741
Income statement
- Gross operating margin -€11,795
down €11,795 (-21.8%), from €54,013 to €42,218
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.
Result 2024
-€5,304
Gross operating margin
-€11,795
Other operating charges
-€423
Financial income
+€127
Financial charges
-€60
Result 2025
-€17,455
raises the resultlowers the result
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.
From operations
+€532
Investment
€0
Financing
€0
Cash 2024
€2,036
From operations (derived)
+€532
Net result for the year
-€17,455
Depreciation
+€21,175
Receivables after one year
-€8,451
Receivables within one year
+€3,000
Deferred charges and accrued income
+€3,651
Provisions
-€1,356
Accrued charges and deferred income
-€32
Cash 2025
€2,567
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €967,262 | €948,419 | -€18,843 | -1.9% |
| Fixed assets | 21/28 | €486,701 | €465,526 | -€21,175 | -4.4% |
| Tangible fixed assets | 22/27 | €456,188 | €435,012 | -€21,175 | -4.6% |
| Land and buildings | 22 | €452,841 | €432,670 | -€20,171 | -4.5% |
| Plant, machinery and equipment | 23 | €3,347 | €2,343 | -€1,004 | -30.0% |
| Financial fixed assets | 28 | €30,513 | €30,513 | = | 0.0% |
| Current assets | 29/58 | €480,561 | €482,893 | +€2,332 | +0.5% |
| Amounts receivable after more than one year | 29 | €471,874 | €480,326 | +€8,451 | +1.8% |
| Other amounts receivable | 291 | €471,874 | €480,326 | +€8,451 | +1.8% |
| Amounts receivable within one year | 40/41 | €3,000 | - | -€3,000 | |
| Trade receivables | 40 | €3,000 | - | -€3,000 | |
| Cash at bank and in hand | 54/58 | €2,036 | €2,567 | +€532 | +26.1% |
| Deferred charges and accrued income | 490/1 | €3,651 | - | -€3,651 | |
| Total equity and liabilities | 10/49 | €967,262 | €948,419 | -€18,843 | -1.9% |
| Equity | 10/15 | €931,484 | €914,029 | -€17,455 | -1.9% |
| Contributions | 10/11 | €497,100 | €497,100 | = | 0.0% |
| Capital | 10 | €497,100 | €497,100 | = | 0.0% |
| Issued capital | 100 | €497,100 | €497,100 | = | 0.0% |
| Reserves | 13 | €113,255 | €109,188 | -€4,067 | -3.6% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €107,105 | €103,038 | -€4,067 | -3.8% |
| Profit (loss) carried forward | 14 | €321,128 | €307,741 | -€13,388 | -4.2% |
| Provisions and deferred taxes | 16 | €35,702 | €34,346 | -€1,356 | -3.8% |
| Deferred taxes | 168 | €35,702 | €34,346 | -€1,356 | -3.8% |
| Amounts payable | 17/49 | €76 | €44 | -€32 | -42.5% |
| Accrued charges and deferred income | 492/3 | €76 | €44 | -€32 | -42.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,175 | €21,175 | = | 0.0% |
| Other operating charges | 640/8 | €13,478 | €13,902 | +€423 | +3.1% |
| Gross operating margin | 9900 | €54,013 | €42,218 | -€11,795 | -21.8% |
| Operating profit (loss) | 9901 | €19,359 | €7,141 | -€12,218 | -63.1% |
| Financial income | 75/76B | €4,720 | €4,847 | +€127 | +2.7% |
| Recurring financial income | 75 | €4,720 | €4,847 | +€127 | +2.7% |
| Financial charges | 65/66B | €30,738 | €30,798 | +€60 | +0.2% |
| Recurring financial charges | 65 | €30,738 | €30,798 | +€60 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | -€6,660 | -€18,811 | -€12,151 | -182% |
| Transfer from deferred taxes | 780 | €1,356 | €1,356 | +€0 | 0.0% |
| Profit (loss) for the period | 9904 | -€5,304 | -€17,455 | -€12,151 | -229% |
| Transfer from tax-exempt reserves | 789 | €4,067 | €4,067 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,237 | -€13,388 | -€12,151 | -983% |
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 15 October 2026 via checked.be.