SVE Management: 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.
SVE Management
Largest movements
- Tangible fixed assets +€169,590
up €169,590 (+44.7%), from €379,685 to €549,275
- Cash -€142,511
down €142,511 (-46.6%), from €305,742 to €163,231
mainly Investment in fixed assets (net) (-€193,200) and Other debts (-€164,721)
- Other debts -€164,721
down €164,721 (-91.4%), from €180,151 to €15,430
- Debts after one year +€124,731
new in 2025: €124,731
- Reserves +€68,974
up €68,974 (+21.3%), from €323,164 to €392,138
of which Distributable reserves: +€68,974
- Current portion of long-term debt +€9,141
up €9,141, from €0 to €9,141
- Gross operating margin -€28,720
down €28,720 (-17.5%), from €164,032 to €135,312
- Taxes -€17,254
down €17,254 (-39.0%), from €44,186 to €26,932
- Depreciation +€12,277
up €12,277 (+108%), from €11,333 to €23,610
- Financial charges +€2,570
up €2,570 (+87.8%), from €2,925 to €5,495
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 | €727,332 | €761,542 | +€34,209 | +4.7% |
| Fixed assets | 21/28 | €380,008 | €549,598 | +€169,590 | +44.6% |
| Tangible fixed assets | 22/27 | €379,685 | €549,275 | +€169,590 | +44.7% |
| Land and buildings | 22 | €379,685 | €549,275 | +€169,590 | +44.7% |
| Financial fixed assets | 28 | €323 | €323 | = | 0.0% |
| Current assets | 29/58 | €347,324 | €211,944 | -€135,380 | -39.0% |
| Amounts receivable within one year | 40/41 | €39,328 | €44,370 | +€5,042 | +12.8% |
| Trade receivables | 40 | €39,328 | €44,022 | +€4,694 | +11.9% |
| Other amounts receivable | 41 | €0 | €348 | +€348 | |
| Current investments | 50/53 | €1 | €1 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €305,742 | €163,231 | -€142,511 | -46.6% |
| Deferred charges and accrued income | 490/1 | €2,253 | €4,342 | +€2,089 | +92.7% |
| Total equity and liabilities | 10/49 | €727,332 | €761,542 | +€34,209 | +4.7% |
| Equity | 10/15 | €481,531 | €550,505 | +€68,974 | +14.3% |
| Contributions | 10/11 | €90,600 | €90,600 | = | 0.0% |
| Reserves | 13 | €323,164 | €392,138 | +€68,974 | +21.3% |
| Non-distributable reserves | 130/1 | €9,060 | €9,060 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,060 | €9,060 | = | 0.0% |
| Distributable reserves | 133 | €314,104 | €383,078 | +€68,974 | +22.0% |
| Profit (loss) carried forward | 14 | €67,767 | €67,767 | = | 0.0% |
| Amounts payable | 17/49 | €245,801 | €211,037 | -€34,764 | -14.1% |
| Amounts payable after more than one year | 17 | - | €124,731 | +€124,731 | |
| Financial debts | 170/4 | - | €124,731 | +€124,731 | |
| Amounts payable within one year | 42/48 | €245,801 | €86,306 | -€159,495 | -64.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | €9,141 | +€9,141 | |
| Financial debts | 43 | €270 | €1,164 | +€894 | +331% |
| Credit institutions | 430/8 | €270 | €1,164 | +€894 | +331% |
| Trade debts | 44 | €5,031 | €7,057 | +€2,026 | +40.3% |
| Suppliers | 440/4 | €5,031 | €7,057 | +€2,026 | +40.3% |
| Taxes, remuneration and social security | 45 | €60,349 | €53,515 | -€6,835 | -11.3% |
| Taxes | 450/3 | €58,599 | €51,765 | -€6,835 | -11.7% |
| Remuneration and social security | 454/9 | €1,750 | €1,750 | = | 0.0% |
| Other amounts payable | 47/48 | €180,151 | €15,430 | -€164,721 | -91.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,333 | €23,610 | +€12,277 | +108% |
| Other operating charges | 640/8 | €1,480 | €2,238 | +€758 | +51.2% |
| Gross operating margin | 9900 | €164,032 | €135,312 | -€28,720 | -17.5% |
| Operating profit (loss) | 9901 | €151,219 | €109,464 | -€41,755 | -27.6% |
| Financial income | 75/76B | €1,009 | €937 | -€72 | -7.1% |
| Recurring financial income | 75 | €1,009 | €937 | -€72 | -7.1% |
| Financial charges | 65/66B | €2,925 | €5,495 | +€2,570 | +87.8% |
| Recurring financial charges | 65 | €2,925 | €5,495 | +€2,570 | +87.8% |
| Profit (loss) for the period before taxes | 9903 | €149,302 | €104,906 | -€44,396 | -29.7% |
| Income taxes | 67/77 | €44,186 | €26,932 | -€17,254 | -39.0% |
| Profit (loss) for the period | 9904 | €105,116 | €77,974 | -€27,142 | -25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €105,116 | €77,974 | -€27,142 | -25.8% |
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 21 October 2026 via checked.be.