SV: 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.
SV
Largest movements
- Tangible fixed assets -€28,229
down €28,229 (-30.5%), from €92,636 to €64,406
of which Land and buildings: -€16,400
- Cash +€12,993
up €12,993 (+18.7%), from €69,319 to €82,312
mainly Net result for the year (+€32,462) and Depreciation (+€30,498)
- Receivables within one year +€9,676
up €9,676 (+12.6%), from €76,965 to €86,641
of which Other amounts receivable: +€4,973
- Deferred charges and accrued income +€3,730
up €3,730, from €0 to €3,730
- Profit (loss) carried forward +€75,599
up €75,599, from -€75,599 to €0
- Reserves -€43,137
down €43,137 (-58.7%), from €73,494 to €30,357
of which Distributable reserves: -€43,137
- Debts after one year -€27,107
down €27,107 (-20.3%), from €133,813 to €106,705
- Tax, wage and social debts -€12,423
down €12,423 (-73.9%), from €16,820 to €4,397
of which Remuneration and social security: -€15,500
- Trade debts +€3,123
up €3,123 (+5.8%), from €54,003 to €57,126
- Staff costs -€47,242
down €47,242 (-42.1%), from €112,196 to €64,954
- Gross operating margin -€29,826
down €29,826 (-17.7%), from €168,569 to €138,743
- Depreciation -€6,841
down €6,841 (-18.3%), from €37,339 to €30,498
- Taxes +€2,529
up €2,529 (+440.3%), from €574 to €3,104
- Financial charges -€2,160
down €2,160 (-25.9%), from €8,345 to €6,185
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 | €253,841 | €250,882 | -€2,959 | -1.2% |
| Fixed assets | 21/28 | €102,291 | €71,793 | -€30,498 | -29.8% |
| Intangible fixed assets | 21 | €8,505 | €6,237 | -€2,268 | -26.7% |
| Tangible fixed assets | 22/27 | €92,636 | €64,406 | -€28,229 | -30.5% |
| Land and buildings | 22 | €61,500 | €45,100 | -€16,400 | -26.7% |
| Plant, machinery and equipment | 23 | €31,136 | €19,306 | -€11,829 | -38.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €1,150 | €1,150 | = | 0.0% |
| Current assets | 29/58 | €151,550 | €179,089 | +€27,539 | +18.2% |
| Stocks and contracts in progress | 3 | €5,267 | €6,407 | +€1,140 | +21.7% |
| Stocks | 30/36 | €5,267 | €6,407 | +€1,140 | +21.7% |
| Amounts receivable within one year | 40/41 | €76,965 | €86,641 | +€9,676 | +12.6% |
| Trade receivables | 40 | - | €4,703 | +€4,703 | |
| Other amounts receivable | 41 | €76,965 | €81,938 | +€4,973 | +6.5% |
| Cash at bank and in hand | 54/58 | €69,319 | €82,312 | +€12,993 | +18.7% |
| Deferred charges and accrued income | 490/1 | €0 | €3,730 | +€3,730 | |
| Total equity and liabilities | 10/49 | €253,841 | €250,882 | -€2,959 | -1.2% |
| Equity | 10/15 | €22,895 | €55,357 | +€32,462 | +141.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €73,494 | €30,357 | -€43,137 | -58.7% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €70,994 | €27,857 | -€43,137 | -60.8% |
| Profit (loss) carried forward | 14 | -€75,599 | €0 | +€75,599 | |
| Amounts payable | 17/49 | €230,946 | €195,525 | -€35,421 | -15.3% |
| Amounts payable after more than one year | 17 | €133,813 | €106,705 | -€27,107 | -20.3% |
| Financial debts | 170/4 | €133,813 | €106,705 | -€27,107 | -20.3% |
| Amounts payable within one year | 42/48 | €97,133 | €88,820 | -€8,313 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €26,310 | €27,107 | +€798 | +3.0% |
| Trade debts | 44 | €54,003 | €57,126 | +€3,123 | +5.8% |
| Suppliers | 440/4 | €54,003 | €57,126 | +€3,123 | +5.8% |
| Advances received on contracts in progress | 46 | - | €189 | +€189 | |
| Taxes, remuneration and social security | 45 | €16,820 | €4,397 | -€12,423 | -73.9% |
| Taxes | 450/3 | €574 | €3,652 | +€3,077 | +535.6% |
| Remuneration and social security | 454/9 | €16,246 | €746 | -€15,500 | -95.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €112,196 | €64,954 | -€47,242 | -42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,339 | €30,498 | -€6,841 | -18.3% |
| Other operating charges | 640/8 | €3,273 | €3,575 | +€302 | +9.2% |
| Gross operating margin | 9900 | €168,569 | €138,743 | -€29,826 | -17.7% |
| Operating profit (loss) | 9901 | €15,761 | €39,717 | +€23,955 | +152.0% |
| Financial income | 75/76B | €2,635 | €2,034 | -€600 | -22.8% |
| Recurring financial income | 75 | €2,635 | €2,034 | -€600 | -22.8% |
| Financial charges | 65/66B | €8,345 | €6,185 | -€2,160 | -25.9% |
| Recurring financial charges | 65 | €8,345 | €6,185 | -€2,160 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €10,051 | €35,566 | +€25,515 | +253.8% |
| Income taxes | 67/77 | €574 | €3,104 | +€2,529 | +440.3% |
| Profit (loss) for the period | 9904 | €9,477 | €32,462 | +€22,985 | +242.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,477 | €32,462 | +€22,985 | +242.5% |
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 11 October 2026 via checked.be.