S&VG: 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&VG
Largest movements
- Tangible fixed assets -€196,215
down €196,215 (-13.0%), from €1.5m to €1.3m
of which Land and buildings: -€189,192
- Receivables within one year +€69,072
up €69,072 (+81.6%), from €84,609 to €153,681
of which Trade receivables: +€71,484
- Cash -€31,730
down €31,730 (-79.6%), from €39,884 to €8,154
mainly Debts after one year (-€149,251) and Receivables within one year (-€69,072)
- Debts after one year -€149,251
down €149,251 (-49.3%), from €302,962 to €153,711
- Accrued charges and deferred income -€59,809
down €59,809 (-58.1%), from €102,925 to €43,116
- Other debts +€32,826
up €32,826 (+6.5%), from €501,593 to €534,419
- Depreciation -€36,312
down €36,312 (-15.6%), from €232,527 to €196,215
- Gross operating margin -€11,861
down €11,861 (-3.7%), from €316,436 to €304,575
- Taxes +€8,100
new in 2025: €8,100
- Other operating charges +€7,834
up €7,834 (+20.3%), from €38,568 to €46,402
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,640,763 | €1,480,430 | -€160,333 | -9.8% |
| Fixed assets | 21/28 | €1,511,036 | €1,314,821 | -€196,215 | -13.0% |
| Tangible fixed assets | 22/27 | €1,511,036 | €1,314,821 | -€196,215 | -13.0% |
| Land and buildings | 22 | €1,441,308 | €1,252,116 | -€189,192 | -13.1% |
| Plant, machinery and equipment | 23 | €7,723 | €6,938 | -€785 | -10.2% |
| Other tangible fixed assets | 26 | €62,005 | €55,767 | -€6,238 | -10.1% |
| Current assets | 29/58 | €129,726 | €165,608 | +€35,882 | +27.7% |
| Amounts receivable within one year | 40/41 | €84,609 | €153,681 | +€69,072 | +81.6% |
| Trade receivables | 40 | €65,555 | €137,040 | +€71,484 | +109% |
| Other amounts receivable | 41 | €19,053 | €16,641 | -€2,412 | -12.7% |
| Cash at bank and in hand | 54/58 | €39,884 | €8,154 | -€31,730 | -79.6% |
| Deferred charges and accrued income | 490/1 | €5,233 | €3,774 | -€1,460 | -27.9% |
| Total equity and liabilities | 10/49 | €1,640,763 | €1,480,430 | -€160,333 | -9.8% |
| Equity | 10/15 | €567,531 | €583,064 | +€15,533 | +2.7% |
| Contributions | 10/11 | €162,000 | €162,000 | = | 0.0% |
| Reserves | 13 | €16,200 | €16,200 | = | 0.0% |
| Distributable reserves | 133 | €16,200 | €16,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €389,331 | €404,864 | +€15,533 | +4.0% |
| Amounts payable | 17/49 | €1,073,232 | €897,365 | -€175,866 | -16.4% |
| Amounts payable after more than one year | 17 | €302,962 | €153,711 | -€149,251 | -49.3% |
| Financial debts | 170/4 | €302,962 | €153,711 | -€149,251 | -49.3% |
| Amounts payable within one year | 42/48 | €667,345 | €700,539 | +€33,194 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €147,222 | €149,251 | +€2,029 | +1.4% |
| Trade debts | 44 | €4,759 | €1,087 | -€3,672 | -77.2% |
| Suppliers | 440/4 | €4,759 | €1,087 | -€3,672 | -77.2% |
| Taxes, remuneration and social security | 45 | €13,771 | €15,782 | +€2,011 | +14.6% |
| Taxes | 450/3 | €13,771 | €15,782 | +€2,011 | +14.6% |
| Other amounts payable | 47/48 | €501,593 | €534,419 | +€32,826 | +6.5% |
| Accrued charges and deferred income | 492/3 | €102,925 | €43,116 | -€59,809 | -58.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €232,527 | €196,215 | -€36,312 | -15.6% |
| Other operating charges | 640/8 | €38,568 | €46,402 | +€7,834 | +20.3% |
| Gross operating margin | 9900 | €316,436 | €304,575 | -€11,861 | -3.7% |
| Operating profit (loss) | 9901 | €45,342 | €61,958 | +€16,616 | +36.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €36,735 | €38,325 | +€1,590 | +4.3% |
| Recurring financial charges | 65 | €36,735 | €38,325 | +€1,590 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €8,606 | €23,633 | +€15,027 | +175% |
| Income taxes | 67/77 | - | €8,100 | +€8,100 | |
| Profit (loss) for the period | 9904 | €8,606 | €15,533 | +€6,927 | +80.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,606 | €15,533 | +€6,927 | +80.5% |
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 17 October 2026 via checked.be.