SV GN: 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 GN
Largest movements
- Tangible fixed assets +€420,646
up €420,646 (+44.8%), from €938,219 to €1.4m
of which Land and buildings: +€385,236
- Current investments -€393,718
down €393,718 (-30.7%), from €1.3m to €887,597
- Cash -€95,666
down €95,666 (-42.5%), from €224,841 to €129,175
mainly Investment in fixed assets (net) (-€446,396) and Contributions, distributions and other (-€99,138)
- Trade debts -€82,560
down €82,560 (-91.7%), from €90,021 to €7,461
- Tax, wage and social debts +€60,226
up €60,226 (+66.5%), from €90,561 to €150,787
- Reserves -€35,882
down €35,882 (-3.5%), from €1.0m to €979,681
of which Distributable reserves: -€35,882
- Debts after one year -€32,904
down €32,904 (-3.0%), from €1.1m to €1.1m
- Gross operating margin -€321,107
down €321,107 (-67.6%), from €475,312 to €154,205
- Taxes -€46,347
down €46,347 (-55.1%), from €84,162 to €37,815
- Other operating charges -€38,753
down €38,753 (-93.8%), from €41,297 to €2,544
- Financial income -€16,347
down €16,347 (-56.1%), from €29,150 to €12,803
- Financial charges -€15,256
down €15,256 (-44.1%), from €34,625 to €19,369
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 | €2,511,949 | €2,435,350 | -€76,599 | -3.0% |
| Fixed assets | 21/28 | €938,509 | €1,359,156 | +€420,646 | +44.8% |
| Tangible fixed assets | 22/27 | €938,219 | €1,358,865 | +€420,646 | +44.8% |
| Land and buildings | 22 | €803,653 | €1,188,888 | +€385,236 | +47.9% |
| Plant, machinery and equipment | 23 | €12,163 | €12,292 | +€129 | +1.1% |
| Furniture and vehicles | 24 | €105,632 | €140,914 | +€35,282 | +33.4% |
| Other tangible fixed assets | 26 | €16,771 | €16,771 | = | 0.0% |
| Financial fixed assets | 28 | €290 | €290 | = | 0.0% |
| Current assets | 29/58 | €1,573,440 | €1,076,195 | -€497,245 | -31.6% |
| Amounts receivable within one year | 40/41 | €62,113 | €56,766 | -€5,346 | -8.6% |
| Trade receivables | 40 | €61,600 | €0 | -€61,600 | -100.0% |
| Other amounts receivable | 41 | €513 | €56,766 | +€56,254 | +10976.4% |
| Current investments | 50/53 | €1,281,315 | €887,597 | -€393,718 | -30.7% |
| Cash at bank and in hand | 54/58 | €224,841 | €129,175 | -€95,666 | -42.5% |
| Deferred charges and accrued income | 490/1 | €5,172 | €2,656 | -€2,515 | -48.6% |
| Total equity and liabilities | 10/49 | €2,511,949 | €2,435,350 | -€76,599 | -3.0% |
| Equity | 10/15 | €1,027,963 | €992,081 | -€35,882 | -3.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,015,563 | €979,681 | -€35,882 | -3.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €108,082 | €108,082 | = | 0.0% |
| Distributable reserves | 133 | €907,481 | €871,599 | -€35,882 | -4.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €36,027 | €36,027 | = | 0.0% |
| Deferred taxes | 168 | €36,027 | €36,027 | = | 0.0% |
| Amounts payable | 17/49 | €1,447,959 | €1,407,242 | -€40,717 | -2.8% |
| Amounts payable after more than one year | 17 | €1,086,603 | €1,053,699 | -€32,904 | -3.0% |
| Financial debts | 170/4 | €1,086,603 | €1,053,699 | -€32,904 | -3.0% |
| Amounts payable within one year | 42/48 | €350,937 | €353,543 | +€2,606 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €91,575 | €101,092 | +€9,517 | +10.4% |
| Financial debts | 43 | €624 | €22 | -€602 | -96.5% |
| Credit institutions | 430/8 | €624 | €22 | -€602 | -96.5% |
| Trade debts | 44 | €90,021 | €7,461 | -€82,560 | -91.7% |
| Suppliers | 440/4 | €90,021 | €7,461 | -€82,560 | -91.7% |
| Taxes, remuneration and social security | 45 | €90,561 | €150,787 | +€60,226 | +66.5% |
| Taxes | 450/3 | €90,561 | €150,787 | +€60,226 | +66.5% |
| Other amounts payable | 47/48 | €78,156 | €94,181 | +€16,025 | +20.5% |
| Accrued charges and deferred income | 492/3 | €10,419 | €0 | -€10,419 | -100.0% |
| Non-recurring operating income | 76A | €507,530 | €0 | -€507,530 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,409 | €25,750 | -€4,659 | -15.3% |
| Other operating charges | 640/8 | €41,297 | €2,544 | -€38,753 | -93.8% |
| Non-recurring operating charges | 66A | - | €18,275 | +€18,275 | |
| Gross operating margin | 9900 | €475,312 | €154,205 | -€321,107 | -67.6% |
| Operating profit (loss) | 9901 | €403,606 | €107,636 | -€295,970 | -73.3% |
| Financial income | 75/76B | €29,150 | €12,803 | -€16,347 | -56.1% |
| Recurring financial income | 75 | €29,150 | €12,803 | -€16,347 | -56.1% |
| Financial charges | 65/66B | €34,625 | €19,369 | -€15,256 | -44.1% |
| Recurring financial charges | 65 | €34,625 | €19,369 | -€15,256 | -44.1% |
| Profit (loss) for the period before taxes | 9903 | €398,130 | €101,071 | -€297,060 | -74.6% |
| Transfer to deferred taxes | 680 | €36,027 | €0 | -€36,027 | -100.0% |
| Income taxes | 67/77 | €84,162 | €37,815 | -€46,347 | -55.1% |
| Profit (loss) for the period | 9904 | €277,941 | €63,256 | -€214,685 | -77.2% |
| Transfer to tax-exempt reserves | 689 | €108,082 | €0 | -€108,082 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €169,859 | €63,256 | -€106,603 | -62.8% |
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 10 October 2026 via checked.be.