SVD: 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.
SVD
Largest movements
- Cash +€31,188
up €31,188 (+9.9%), from €314,174 to €345,361
mainly Depreciation (+€37,287) and Net result for the year (+€34,182)
- Tangible fixed assets -€29,158
down €29,158 (-8.1%), from €359,591 to €330,432
of which Land and buildings: -€25,100
- Debts after one year -€35,750
down €35,750 (-14.8%), from €241,375 to €205,625
- Reserves +€34,182
up €34,182 (+8.7%), from €394,960 to €429,143
- Gross operating margin -€22,444
down €22,444 (-18.8%), from €119,458 to €97,014
- Taxes -€5,875
down €5,875 (-25.8%), from €22,767 to €16,892
- Depreciation +€2,828
up €2,828 (+8.2%), from €34,460 to €37,287
- Financial income -€1,959
down €1,959 (-48.7%), from €4,019 to €2,060
of which Financial income: -€1,959
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €806,737 | €805,545 | -€1,192 | -0.1% |
| Fixed assets | 21/28 | €359,591 | €330,432 | -€29,158 | -8.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €359,591 | €330,432 | -€29,158 | -8.1% |
| Land and buildings | 22 | €313,576 | €288,476 | -€25,100 | -8.0% |
| Plant, machinery and equipment | 23 | €6,137 | €5,429 | -€707 | -11.5% |
| Furniture and vehicles | 24 | €39,878 | €36,527 | -€3,350 | -8.4% |
| Current assets | 29/58 | €447,146 | €475,112 | +€27,966 | +6.3% |
| Amounts receivable within one year | 40/41 | €72,420 | €69,023 | -€3,397 | -4.7% |
| Trade receivables | 40 | €29,458 | €20,689 | -€8,769 | -29.8% |
| Other amounts receivable | 41 | €42,962 | €48,334 | +€5,372 | +12.5% |
| Current investments | 50/53 | €57,000 | €57,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €314,174 | €345,361 | +€31,188 | +9.9% |
| Deferred charges and accrued income | 490/1 | €3,552 | €3,728 | +€175 | +4.9% |
| Total equity and liabilities | 10/49 | €806,737 | €805,545 | -€1,192 | -0.1% |
| Equity | 10/15 | €401,960 | €436,143 | +€34,182 | +8.5% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €394,960 | €429,143 | +€34,182 | +8.7% |
| Distributable reserves | 133 | €394,960 | €429,143 | +€34,182 | +8.7% |
| Amounts payable | 17/49 | €404,777 | €369,402 | -€35,375 | -8.7% |
| Amounts payable after more than one year | 17 | €241,375 | €205,625 | -€35,750 | -14.8% |
| Financial debts | 170/4 | €241,375 | €205,625 | -€35,750 | -14.8% |
| Amounts payable within one year | 42/48 | €163,402 | €163,777 | +€376 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €36,135 | €37,000 | +€865 | +2.4% |
| Trade debts | 44 | €95,654 | €94,952 | -€702 | -0.7% |
| Suppliers | 440/4 | €95,654 | €94,952 | -€702 | -0.7% |
| Taxes, remuneration and social security | 45 | €31,612 | €31,825 | +€213 | +0.7% |
| Taxes | 450/3 | €28,271 | €28,464 | +€193 | +0.7% |
| Remuneration and social security | 454/9 | €3,341 | €3,361 | +€20 | +0.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,460 | €37,287 | +€2,828 | +8.2% |
| Other operating charges | 640/8 | €3,568 | €3,769 | +€201 | +5.6% |
| Gross operating margin | 9900 | €119,458 | €97,014 | -€22,444 | -18.8% |
| Operating profit (loss) | 9901 | €81,430 | €55,957 | -€25,472 | -31.3% |
| Financial income | 75/76B | €4,019 | €2,060 | -€1,959 | -48.7% |
| Recurring financial income | 75 | €4,019 | €2,060 | -€1,959 | -48.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €8,134 | €6,944 | -€1,191 | -14.6% |
| Recurring financial charges | 65 | €8,134 | €6,944 | -€1,191 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €77,315 | €51,074 | -€26,241 | -33.9% |
| Income taxes | 67/77 | €22,767 | €16,892 | -€5,875 | -25.8% |
| Profit (loss) for the period | 9904 | €54,548 | €34,182 | -€20,366 | -37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €54,548 | €34,182 | -€20,366 | -37.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.