SVAD: 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.
SVAD
Largest movements
- Receivables within one year +€46,261
up €46,261 (+65.5%), from €70,642 to €116,903
of which Trade receivables: +€63,600
- Tangible fixed assets +€6,572
up €6,572 (+238%), from €2,759 to €9,331
of which Furniture and vehicles: +€5,033
- Cash +€5,997
up €5,997 (+190%), from €3,150 to €9,147
mainly Trade debts (+€19,880) and Tax, wage and social debts (+€17,629)
- Trade debts +€19,880
up €19,880 (+77.5%), from €25,642 to €45,521
- Tax, wage and social debts +€17,629
up €17,629 (+164%), from €10,738 to €28,367
of which Taxes: +€9,476
- Other debts +€16,059
new in 2025: €16,059
- Reserves +€5,134
up €5,134 (+8.7%), from €59,330 to €64,463
of which Distributable reserves: +€5,134
- Gross operating margin +€5,176
up €5,176 (+72.2%), from €7,165 to €12,342
- Depreciation +€484
up €484 (+51.7%), from €937 to €1,421
- Financial charges +€307
up €307 (+48.2%), from €638 to €945
- Staff costs +€250
new in 2025: €250
- Other operating charges -€133
down €133 (-12.0%), from €1,111 to €978
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 | €101,909 | €160,611 | +€58,701 | +57.6% |
| Fixed assets | 21/28 | €27,759 | €34,331 | +€6,572 | +23.7% |
| Tangible fixed assets | 22/27 | €2,759 | €9,331 | +€6,572 | +238% |
| Plant, machinery and equipment | 23 | €0 | €1,539 | +€1,539 | |
| Furniture and vehicles | 24 | €2,759 | €7,791 | +€5,033 | +182% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €74,151 | €126,280 | +€52,130 | +70.3% |
| Amounts receivable within one year | 40/41 | €70,642 | €116,903 | +€46,261 | +65.5% |
| Trade receivables | 40 | €27,830 | €91,430 | +€63,600 | +229% |
| Other amounts receivable | 41 | €42,812 | €25,473 | -€17,339 | -40.5% |
| Cash at bank and in hand | 54/58 | €3,150 | €9,147 | +€5,997 | +190% |
| Deferred charges and accrued income | 490/1 | €359 | €230 | -€129 | -35.9% |
| Total equity and liabilities | 10/49 | €101,909 | €160,611 | +€58,701 | +57.6% |
| Equity | 10/15 | €65,530 | €70,663 | +€5,134 | +7.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €59,330 | €64,463 | +€5,134 | +8.7% |
| 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 | €57,470 | €62,603 | +€5,134 | +8.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €36,380 | €89,947 | +€53,568 | +147% |
| Amounts payable within one year | 42/48 | €36,380 | €89,947 | +€53,568 | +147% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €25,642 | €45,521 | +€19,880 | +77.5% |
| Suppliers | 440/4 | €25,642 | €45,521 | +€19,880 | +77.5% |
| Taxes, remuneration and social security | 45 | €10,738 | €28,367 | +€17,629 | +164% |
| Taxes | 450/3 | €8,241 | €17,717 | +€9,476 | +115% |
| Remuneration and social security | 454/9 | €2,497 | €10,650 | +€8,153 | +326% |
| Other amounts payable | 47/48 | - | €16,059 | +€16,059 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €250 | +€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €937 | €1,421 | +€484 | +51.7% |
| Other operating charges | 640/8 | €1,111 | €978 | -€133 | -12.0% |
| Gross operating margin | 9900 | €7,165 | €12,342 | +€5,176 | +72.2% |
| Operating profit (loss) | 9901 | €5,118 | €9,693 | +€4,575 | +89.4% |
| Financial income | 75/76B | €3 | €3 | +€0 | +1.6% |
| Recurring financial income | 75 | €3 | €3 | +€0 | +1.6% |
| Financial charges | 65/66B | €638 | €945 | +€307 | +48.2% |
| Recurring financial charges | 65 | €638 | €945 | +€307 | +48.2% |
| Profit (loss) for the period before taxes | 9903 | €4,483 | €8,751 | +€4,268 | +95.2% |
| Income taxes | 67/77 | €3,686 | €3,617 | -€69 | -1.9% |
| Profit (loss) for the period | 9904 | €797 | €5,134 | +€4,337 | +544% |
| Profit (loss) for the period to be appropriated | 9905 | €797 | €5,134 | +€4,337 | +544% |
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 25 October 2026 via checked.be.