SV-HOLD: 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-HOLD
Largest movements
- Receivables within one year +€125,127
up €125,127 (+90.8%), from €137,876 to €263,003
of which Trade receivables: +€116,283
- Tangible fixed assets +€26,709
up €26,709 (+91.2%), from €29,279 to €55,989
- Other debts +€117,264
up €117,264 (+9.7%), from €1.2m to €1.3m
- Trade debts +€116,634
up €116,634 (+3,749%), from €3,111 to €119,745
- Reserves -€77,413
down €77,413 (-37.8%), from €204,559 to €127,146
of which Distributable reserves: -€77,413
- Write-downs -€123,315
down €123,315 (-100%), from €123,315 to €0
- Gross operating margin -€114,477
down €114,477, from €112,990 to -€1,487
- Financial income -€59,241
down €59,241 (-98.7%), from €60,000 to €759
- Staff costs +€19,939
up €19,939 (+83.8%), from €23,802 to €43,740
- Financial charges -€6,767
down €6,767 (-36.2%), from €18,707 to €11,941
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 | €1,536,103 | €1,697,730 | +€161,627 | +10.5% |
| Fixed assets | 21/28 | €1,169,005 | €1,195,714 | +€26,709 | +2.3% |
| Tangible fixed assets | 22/27 | €29,279 | €55,989 | +€26,709 | +91.2% |
| Furniture and vehicles | 24 | €29,279 | €55,989 | +€26,709 | +91.2% |
| Financial fixed assets | 28 | €1,139,725 | €1,139,725 | = | 0.0% |
| Current assets | 29/58 | €367,098 | €502,016 | +€134,917 | +36.8% |
| Stocks and contracts in progress | 3 | €210,800 | €210,800 | = | 0.0% |
| Stocks | 30/36 | €210,800 | €210,800 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €137,876 | €263,003 | +€125,127 | +90.8% |
| Trade receivables | 40 | €37,873 | €154,156 | +€116,283 | +307% |
| Other amounts receivable | 41 | €100,003 | €108,846 | +€8,844 | +8.8% |
| Cash at bank and in hand | 54/58 | €18,423 | €28,213 | +€9,790 | +53.1% |
| Total equity and liabilities | 10/49 | €1,536,103 | €1,697,730 | +€161,627 | +10.5% |
| Equity | 10/15 | €210,759 | €133,346 | -€77,413 | -36.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €204,559 | €127,146 | -€77,413 | -37.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €202,699 | €125,286 | -€77,413 | -38.2% |
| Amounts payable | 17/49 | €1,325,344 | €1,564,384 | +€239,039 | +18.0% |
| Amounts payable after more than one year | 17 | €26,539 | €32,900 | +€6,361 | +24.0% |
| Financial debts | 170/4 | €26,539 | €32,900 | +€6,361 | +24.0% |
| Amounts payable within one year | 42/48 | €1,286,666 | €1,519,345 | +€232,678 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €40,321 | €38,677 | -€1,644 | -4.1% |
| Trade debts | 44 | €3,111 | €119,745 | +€116,634 | +3,749% |
| Suppliers | 440/4 | €3,111 | €119,745 | +€116,634 | +3,749% |
| Taxes, remuneration and social security | 45 | €28,807 | €29,232 | +€425 | +1.5% |
| Taxes | 450/3 | €15,800 | €15,843 | +€44 | +0.3% |
| Remuneration and social security | 454/9 | €13,007 | €13,388 | +€381 | +2.9% |
| Other amounts payable | 47/48 | €1,214,427 | €1,331,691 | +€117,264 | +9.7% |
| Accrued charges and deferred income | 492/3 | €12,139 | €12,139 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €23,802 | €43,740 | +€19,939 | +83.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,111 | €7,573 | -€4,538 | -37.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €123,315 | €0 | -€123,315 | -100% |
| Other operating charges | 640/8 | €367 | €1,510 | +€1,143 | +311% |
| Non-recurring operating charges | 66A | - | €11,768 | +€11,768 | |
| Gross operating margin | 9900 | €112,990 | -€1,487 | -€114,477 | |
| Operating profit (loss) | 9901 | -€46,604 | -€66,078 | -€19,474 | -41.8% |
| Financial income | 75/76B | €60,000 | €759 | -€59,241 | -98.7% |
| Recurring financial income | 75 | €60,000 | €759 | -€59,241 | -98.7% |
| Financial charges | 65/66B | €18,707 | €11,941 | -€6,767 | -36.2% |
| Recurring financial charges | 65 | €18,707 | €11,941 | -€6,767 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,312 | -€77,259 | -€71,948 | -1,355% |
| Income taxes | 67/77 | €165 | €154 | -€11 | -6.9% |
| Profit (loss) for the period | 9904 | -€5,477 | -€77,413 | -€71,936 | -1,313% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,477 | -€77,413 | -€71,936 | -1,313% |
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 1 November 2026 via checked.be.