SVA: what changed
Two fiscal 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.
SVA
Largest movements
- Tangible fixed assets -€31,471
down €31,471 (-6.2%), from €504,869 to €473,397
of which Furniture and vehicles: -€24,197
- Cash +€25,624
up €25,624 (+16.2%), from €158,526 to €184,150
mainly Net result for the year (+€98,996) and Other debts (+€46,794)
- Receivables within one year -€17,489
down €17,489 (-18.1%), from €96,805 to €79,316
of which Trade receivables: -€24,147
- Debts after one year -€86,593
down €86,593 (-37.2%), from €232,866 to €146,273
of which Financial debts: -€49,093
- Other debts +€46,794
up €46,794 (+38.8%), from €120,482 to €167,276
- Reserves +€14,628
up €14,628 (+1.5%), from €952,846 to €967,475
- Gross operating margin -€43,434
down €43,434 (-25.0%), from €173,916 to €130,481
- Financial income +€20,000
up €20,000 (+66.7%), from €30,000 to €50,000
- Taxes -€10,976
down €10,976 (-29.9%), from €36,713 to €25,737
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 | €1,409,285 | €1,386,095 | -€23,189 | -1.6% |
| Fixed assets | 21/28 | €1,151,619 | €1,120,147 | -€31,471 | -2.7% |
| Tangible fixed assets | 22/27 | €504,869 | €473,397 | -€31,471 | -6.2% |
| Land and buildings | 22 | €435,916 | €428,642 | -€7,275 | -1.7% |
| Furniture and vehicles | 24 | €68,952 | €44,756 | -€24,197 | -35.1% |
| Financial fixed assets | 28 | €646,750 | €646,750 | = | 0.0% |
| Current assets | 29/58 | €257,666 | €265,948 | +€8,282 | +3.2% |
| Amounts receivable within one year | 40/41 | €96,805 | €79,316 | -€17,489 | -18.1% |
| Trade receivables | 40 | €96,800 | €72,653 | -€24,147 | -24.9% |
| Other amounts receivable | 41 | €5 | €6,662 | +€6,657 | +132613.5% |
| Cash at bank and in hand | 54/58 | €158,526 | €184,150 | +€25,624 | +16.2% |
| Deferred charges and accrued income | 490/1 | €2,335 | €2,482 | +€148 | +6.3% |
| Total equity and liabilities | 10/49 | €1,409,285 | €1,386,095 | -€23,189 | -1.6% |
| Equity | 10/15 | €959,046 | €973,675 | +€14,628 | +1.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €952,846 | €967,475 | +€14,628 | +1.5% |
| Distributable reserves | 133 | €952,846 | €967,475 | +€14,628 | +1.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €450,238 | €412,421 | -€37,817 | -8.4% |
| Amounts payable after more than one year | 17 | €232,866 | €146,273 | -€86,593 | -37.2% |
| Financial debts | 170/4 | €157,866 | €108,773 | -€49,093 | -31.1% |
| Other amounts payable | 178/9 | €75,000 | €37,500 | -€37,500 | -50.0% |
| Amounts payable within one year | 42/48 | €210,727 | €258,146 | +€47,419 | +22.5% |
| Current portion of amounts payable after more than one year | 42 | €48,781 | €49,093 | +€312 | +0.6% |
| Trade debts | 44 | €4,117 | €4,432 | +€315 | +7.7% |
| Suppliers | 440/4 | €4,117 | €4,432 | +€315 | +7.7% |
| Taxes, remuneration and social security | 45 | €37,348 | €37,345 | -€3 | 0.0% |
| Taxes | 450/3 | €37,348 | €37,345 | -€3 | 0.0% |
| Other amounts payable | 47/48 | €120,482 | €167,276 | +€46,794 | +38.8% |
| Accrued charges and deferred income | 492/3 | €6,645 | €8,002 | +€1,357 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,659 | €31,471 | -€188 | -0.6% |
| Other operating charges | 640/8 | €5,568 | €5,972 | +€404 | +7.3% |
| Gross operating margin | 9900 | €173,916 | €130,481 | -€43,434 | -25.0% |
| Operating profit (loss) | 9901 | €136,688 | €93,038 | -€43,650 | -31.9% |
| Financial income | 75/76B | €30,000 | €50,000 | +€20,000 | +66.7% |
| Recurring financial income | 75 | €30,000 | €50,000 | +€20,000 | +66.7% |
| Financial charges | 65/66B | €18,839 | €18,305 | -€535 | -2.8% |
| Recurring financial charges | 65 | €18,839 | €18,305 | -€535 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €147,849 | €124,733 | -€23,116 | -15.6% |
| Income taxes | 67/77 | €36,713 | €25,737 | -€10,976 | -29.9% |
| Profit (loss) for the period | 9904 | €111,136 | €98,996 | -€12,140 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €111,136 | €98,996 | -€12,140 | -10.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.