S.V.WZ: 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.WZ
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€80,512
2024 · €43,068+€37,444
Equity
€966,860
2024 · €886,349+€80,512
Cash
€80,267
2024 · €70,888+€9,378
Balance sheet total
€3.7m
2024 · €3.8m-€48,258
Largest movements
Assets
- Tangible fixed assets -€137,600
down €137,600 (-4.3%), from €3.2m to €3.1m
of which Land and buildings: -€96,768
- Current investments +€51,178
up €51,178 (+76.2%), from €67,154 to €118,332
Equity and liabilities
- Debts after one year -€124,533
down €124,533 (-5.6%), from €2.2m to €2.1m
- Profit (loss) carried forward +€80,512
up €80,512 (+10.2%), from €787,139 to €867,650
Income statement
- Gross operating margin +€44,274
up €44,274 (+12.7%), from €347,536 to €391,810
- Other operating charges +€8,745
up €8,745 (+68.1%), from €12,847 to €21,593
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
€43,068
Gross operating margin
+€44,274
Depreciation
-€1,576
Other operating charges
-€8,745
Other operating items
+€210
Financial income
+€838
Financial charges
+€3,750
Taxes
-€1,306
Result 2025
€80,512
raises the resultlowers the resultnot broken down further in the accounts
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
+€232,383
Investment
-€107,464
Financing
-€115,540
Cash 2024
€70,888
From operations (derived)
+€232,383
Net result for the year
+€80,512
Depreciation
+€193,886
Receivables within one year
-€28,814
Deferred charges and accrued income
+€28
Trade debts
-€6,455
Tax, wage and social debts
-€16,639
Advances received
+€1,525
Other debts
+€8,339
Investment (derived)
-€107,464
Investment in fixed assets (net)
-€56,286
Current investments
-€51,178
Financing
-€115,540
Debts after one year
-€124,533
Current portion of long-term debt
+€10,840
Short-term financial debts
-€1,846
Cash 2025
€80,267
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,774,842 | €3,726,584 | -€48,258 | -1.3% |
| Fixed assets | 21/28 | €3,600,671 | €3,463,071 | -€137,600 | -3.8% |
| Tangible fixed assets | 22/27 | €3,200,442 | €3,062,842 | -€137,600 | -4.3% |
| Land and buildings | 22 | €2,631,825 | €2,535,057 | -€96,768 | -3.7% |
| Plant, machinery and equipment | 23 | €6,959 | €4,711 | -€2,247 | -32.3% |
| Furniture and vehicles | 24 | €539,758 | €497,949 | -€41,809 | -7.7% |
| Other tangible fixed assets | 26 | €21,900 | €25,124 | +€3,225 | +14.7% |
| Financial fixed assets | 28 | €400,230 | €400,230 | = | 0.0% |
| Current assets | 29/58 | €174,171 | €263,512 | +€89,342 | +51.3% |
| Amounts receivable within one year | 40/41 | €36,101 | €64,914 | +€28,814 | +79.8% |
| Trade receivables | 40 | €15,048 | €46,298 | +€31,250 | +208% |
| Other amounts receivable | 41 | €21,053 | €18,616 | -€2,436 | -11.6% |
| Current investments | 50/53 | €67,154 | €118,332 | +€51,178 | +76.2% |
| Cash at bank and in hand | 54/58 | €70,888 | €80,267 | +€9,378 | +13.2% |
| Deferred charges and accrued income | 490/1 | €28 | - | -€28 | |
| Total equity and liabilities | 10/49 | €3,774,842 | €3,726,584 | -€48,258 | -1.3% |
| Equity | 10/15 | €886,349 | €966,860 | +€80,512 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €80,610 | €80,610 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,750 | €28,750 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €787,139 | €867,650 | +€80,512 | +10.2% |
| Provisions and deferred taxes | 16 | €132,826 | €132,826 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €132,826 | €132,826 | = | 0.0% |
| Pensions and similar obligations | 160 | €132,826 | €132,826 | = | 0.0% |
| Amounts payable | 17/49 | €2,755,668 | €2,626,898 | -€128,770 | -4.7% |
| Amounts payable after more than one year | 17 | €2,233,541 | €2,109,008 | -€124,533 | -5.6% |
| Financial debts | 170/4 | €2,233,541 | €2,109,008 | -€124,533 | -5.6% |
| Amounts payable within one year | 42/48 | €522,126 | €517,890 | -€4,237 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €302,253 | €313,093 | +€10,840 | +3.6% |
| Financial debts | 43 | €1,846 | - | -€1,846 | |
| Credit institutions | 430/8 | €1,846 | - | -€1,846 | |
| Trade debts | 44 | €65,875 | €59,421 | -€6,455 | -9.8% |
| Suppliers | 440/4 | €65,875 | €59,421 | -€6,455 | -9.8% |
| Advances received on contracts in progress | 46 | - | €1,525 | +€1,525 | |
| Taxes, remuneration and social security | 45 | €27,636 | €10,997 | -€16,639 | -60.2% |
| Taxes | 450/3 | €27,636 | €10,997 | -€16,639 | -60.2% |
| Other amounts payable | 47/48 | €124,516 | €132,854 | +€8,339 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,310 | €193,886 | +€1,576 | +0.8% |
| Other operating charges | 640/8 | €12,847 | €21,593 | +€8,745 | +68.1% |
| Non-recurring operating charges | 66A | €210 | - | -€210 | |
| Gross operating margin | 9900 | €347,536 | €391,810 | +€44,274 | +12.7% |
| Operating profit (loss) | 9901 | €142,168 | €176,331 | +€34,163 | +24.0% |
| Financial income | 75/76B | €5,340 | €6,178 | +€838 | +15.7% |
| Recurring financial income | 75 | €5,340 | €6,178 | +€838 | +15.7% |
| Financial charges | 65/66B | €79,023 | €75,273 | -€3,750 | -4.7% |
| Recurring financial charges | 65 | €74,993 | €75,273 | +€280 | +0.4% |
| Non-recurring financial charges | 66B | €4,030 | - | -€4,030 | |
| Profit (loss) for the period before taxes | 9903 | €68,485 | €107,235 | +€38,750 | +56.6% |
| Income taxes | 67/77 | €25,417 | €26,723 | +€1,306 | +5.1% |
| Profit (loss) for the period | 9904 | €43,068 | €80,512 | +€37,444 | +86.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,068 | €80,512 | +€37,444 | +86.9% |
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.