SV2: 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.
SV2
Largest movements
- Cash +€162,945
up €162,945 (+75.5%), from €215,911 to €378,857
mainly Other debts (+€191,024) and Net result for the year (+€31,504)
- Tangible fixed assets -€17,447
down €17,447 (-34.8%), from €50,068 to €32,621
of which Furniture and vehicles: -€16,091
- Receivables within one year -€11,606
down €11,606 (-86.7%), from €13,393 to €1,787
of which Trade receivables: -€12,525
- Deferred charges and accrued income -€5,995
down €5,995 (-33.1%), from €18,084 to €12,089
- Other debts +€191,024
up €191,024 (+234%), from €81,654 to €272,677
- Reserves -€48,496
down €48,496 (-31.5%), from €153,782 to €105,286
- Debts after one year -€6,234
down €6,234 (-49.0%), from €12,721 to €6,487
- Tax, wage and social debts -€5,961
down €5,961 (-26.1%), from €22,797 to €16,837
of which Taxes: -€6,244
- Gross operating margin +€17,257
up €17,257 (+21.0%), from €82,362 to €99,619
- Staff costs -€12,685
down €12,685 (-29.4%), from €43,182 to €30,497
- Taxes +€6,638
up €6,638 (+273%), from €2,431 to €9,069
- Financial charges -€2,282
down €2,282 (-30.7%), from €7,427 to €5,145
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 | €306,344 | €431,931 | +€125,587 | +41.0% |
| Fixed assets | 21/28 | €58,956 | €39,199 | -€19,757 | -33.5% |
| Intangible fixed assets | 21 | €7,688 | €5,378 | -€2,310 | -30.0% |
| Tangible fixed assets | 22/27 | €50,068 | €32,621 | -€17,447 | -34.8% |
| Land and buildings | 22 | €1,919 | €1,213 | -€706 | -36.8% |
| Plant, machinery and equipment | 23 | €1,454 | €804 | -€650 | -44.7% |
| Furniture and vehicles | 24 | €46,695 | €30,603 | -€16,091 | -34.5% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €247,389 | €392,733 | +€145,344 | +58.8% |
| Amounts receivable within one year | 40/41 | €13,393 | €1,787 | -€11,606 | -86.7% |
| Trade receivables | 40 | €13,380 | €856 | -€12,525 | -93.6% |
| Other amounts receivable | 41 | €13 | €931 | +€918 | +7,113% |
| Cash at bank and in hand | 54/58 | €215,911 | €378,857 | +€162,945 | +75.5% |
| Deferred charges and accrued income | 490/1 | €18,084 | €12,089 | -€5,995 | -33.1% |
| Total equity and liabilities | 10/49 | €306,344 | €431,931 | +€125,587 | +41.0% |
| Equity | 10/15 | €172,382 | €123,886 | -€48,496 | -28.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €153,782 | €105,286 | -€48,496 | -31.5% |
| Distributable reserves | 133 | €153,782 | €105,286 | -€48,496 | -31.5% |
| Amounts payable | 17/49 | €133,962 | €308,046 | +€174,083 | +130% |
| Amounts payable after more than one year | 17 | €12,721 | €6,487 | -€6,234 | -49.0% |
| Financial debts | 170/4 | €12,721 | €6,487 | -€6,234 | -49.0% |
| Amounts payable within one year | 42/48 | €114,963 | €297,482 | +€182,519 | +159% |
| Current portion of amounts payable after more than one year | 42 | €5,991 | €6,234 | +€243 | +4.1% |
| Financial debts | 43 | €132 | - | -€132 | |
| Credit institutions | 430/8 | €132 | - | -€132 | |
| Trade debts | 44 | €4,390 | €1,734 | -€2,656 | -60.5% |
| Suppliers | 440/4 | €4,390 | €1,734 | -€2,656 | -60.5% |
| Taxes, remuneration and social security | 45 | €22,797 | €16,837 | -€5,961 | -26.1% |
| Taxes | 450/3 | €20,227 | €13,982 | -€6,244 | -30.9% |
| Remuneration and social security | 454/9 | €2,571 | €2,854 | +€284 | +11.0% |
| Other amounts payable | 47/48 | €81,654 | €272,677 | +€191,024 | +234% |
| Accrued charges and deferred income | 492/3 | €6,278 | €4,076 | -€2,201 | -35.1% |
| Remuneration, social security and pensions | 62 | €43,182 | €30,497 | -€12,685 | -29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,604 | €21,876 | -€728 | -3.2% |
| Other operating charges | 640/8 | €1,190 | €1,679 | +€489 | +41.1% |
| Gross operating margin | 9900 | €82,362 | €99,619 | +€17,257 | +21.0% |
| Operating profit (loss) | 9901 | €15,386 | €45,567 | +€30,181 | +196% |
| Financial income | 75/76B | €45 | €151 | +€106 | +239% |
| Recurring financial income | 75 | €45 | €151 | +€106 | +239% |
| Financial charges | 65/66B | €7,427 | €5,145 | -€2,282 | -30.7% |
| Recurring financial charges | 65 | €7,427 | €5,145 | -€2,282 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | €8,003 | €40,573 | +€32,569 | +407% |
| Income taxes | 67/77 | €2,431 | €9,069 | +€6,638 | +273% |
| Profit (loss) for the period | 9904 | €5,573 | €31,504 | +€25,931 | +465% |
| Profit (loss) for the period to be appropriated | 9905 | €5,573 | €31,504 | +€25,931 | +465% |
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 14 October 2026 via checked.be.