SVAL: 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.
SVAL
Largest movements
- Tangible fixed assets -€75,972
down €75,972 (-13.6%), from €558,213 to €482,241
of which Plant, machinery and equipment: -€68,953
- Cash -€26,055
down €26,055 (-33.6%), from €77,519 to €51,464
mainly Current portion of long-term debt (-€50,626) and Trade debts (-€46,429)
- Receivables within one year +€15,223
up €15,223 (+61.3%), from €24,823 to €40,045
of which Trade receivables: +€10,037
- Current portion of long-term debt -€50,626
down €50,626 (-62.8%), from €80,673 to €30,047
- Trade debts -€46,429
down €46,429 (-57.2%), from €81,176 to €34,747
- Reserves +€40,516
up €40,516 (+16.2%), from €250,802 to €291,318
of which Distributable reserves: +€40,516
- Debts after one year -€29,820
down €29,820 (-19.3%), from €154,222 to €124,402
- Other debts -€26,694
down €26,694 (-64.7%), from €41,235 to €14,542
- Gross operating margin -€102,049
down €102,049 (-14.9%), from €683,817 to €581,768
- Staff costs +€35,931
up €35,931 (+10.0%), from €359,860 to €395,791
- Depreciation -€22,302
down €22,302 (-18.2%), from €122,314 to €100,012
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €683,474 | €595,733 | -€87,741 | -12.8% |
| Fixed assets | 21/28 | €570,131 | €494,159 | -€75,972 | -13.3% |
| Tangible fixed assets | 22/27 | €558,213 | €482,241 | -€75,972 | -13.6% |
| Land and buildings | 22 | €90,792 | €75,605 | -€15,187 | -16.7% |
| Plant, machinery and equipment | 23 | €463,853 | €394,900 | -€68,953 | -14.9% |
| Furniture and vehicles | 24 | €3,567 | €11,735 | +€8,168 | +229.0% |
| Financial fixed assets | 28 | €11,918 | €11,918 | = | 0.0% |
| Current assets | 29/58 | €113,344 | €101,574 | -€11,769 | -10.4% |
| Stocks and contracts in progress | 3 | €10,802 | €7,805 | -€2,997 | -27.7% |
| Stocks | 30/36 | €10,802 | €7,805 | -€2,997 | -27.7% |
| Amounts receivable within one year | 40/41 | €24,823 | €40,045 | +€15,223 | +61.3% |
| Trade receivables | 40 | €14,504 | €24,541 | +€10,037 | +69.2% |
| Other amounts receivable | 41 | €10,319 | €15,504 | +€5,185 | +50.2% |
| Cash at bank and in hand | 54/58 | €77,519 | €51,464 | -€26,055 | -33.6% |
| Deferred charges and accrued income | 490/1 | €200 | €2,260 | +€2,060 | +1029.9% |
| Total equity and liabilities | 10/49 | €683,474 | €595,733 | -€87,741 | -12.8% |
| Equity | 10/15 | €275,889 | €316,405 | +€40,516 | +14.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €250,802 | €291,318 | +€40,516 | +16.2% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €248,302 | €288,818 | +€40,516 | +16.3% |
| Profit (loss) carried forward | 14 | €87 | €87 | = | 0.0% |
| Amounts payable | 17/49 | €407,585 | €279,328 | -€128,257 | -31.5% |
| Amounts payable after more than one year | 17 | €154,222 | €124,402 | -€29,820 | -19.3% |
| Financial debts | 170/4 | €154,222 | €124,402 | -€29,820 | -19.3% |
| Amounts payable within one year | 42/48 | €252,681 | €151,960 | -€100,722 | -39.9% |
| Current portion of amounts payable after more than one year | 42 | €80,673 | €30,047 | -€50,626 | -62.8% |
| Trade debts | 44 | €81,176 | €34,747 | -€46,429 | -57.2% |
| Suppliers | 440/4 | €81,176 | €34,747 | -€46,429 | -57.2% |
| Taxes, remuneration and social security | 45 | €49,597 | €72,624 | +€23,027 | +46.4% |
| Taxes | 450/3 | €19,068 | €35,752 | +€16,685 | +87.5% |
| Remuneration and social security | 454/9 | €30,529 | €36,872 | +€6,343 | +20.8% |
| Other amounts payable | 47/48 | €41,235 | €14,542 | -€26,694 | -64.7% |
| Accrued charges and deferred income | 492/3 | €682 | €2,966 | +€2,284 | +335.1% |
| Non-recurring operating income | 76A | - | €40,450 | +€40,450 | |
| Remuneration, social security and pensions | 62 | €359,860 | €395,791 | +€35,931 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,314 | €100,012 | -€22,302 | -18.2% |
| Other operating charges | 640/8 | €5,205 | €8,803 | +€3,598 | +69.1% |
| Gross operating margin | 9900 | €683,817 | €581,768 | -€102,049 | -14.9% |
| Operating profit (loss) | 9901 | €196,438 | €77,162 | -€119,277 | -60.7% |
| Financial income | 75/76B | €164 | €53 | -€111 | -67.6% |
| Recurring financial income | 75 | €164 | €53 | -€111 | -67.6% |
| Financial charges | 65/66B | €28,918 | €22,766 | -€6,153 | -21.3% |
| Recurring financial charges | 65 | €28,918 | €22,766 | -€6,153 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €167,684 | €54,449 | -€113,235 | -67.5% |
| Income taxes | 67/77 | €20,190 | €13,933 | -€6,257 | -31.0% |
| Profit (loss) for the period | 9904 | €147,494 | €40,516 | -€106,978 | -72.5% |
| Profit (loss) for the period to be appropriated | 9905 | €147,494 | €40,516 | -€106,978 | -72.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.