SVES: 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.
SVES
Largest movements
- Tangible fixed assets -€48,982
down €48,982 (-4.9%), from €1.0m to €953,187
- Receivables after one year +€14,100
up €14,100 (+11.6%), from €121,500 to €135,600
- Debts after one year -€56,116
down €56,116 (-5.1%), from €1.1m to €1.0m
of which Financial debts: -€56,116
- Reserves +€23,077
up €23,077 (+62.5%), from €36,912 to €59,989
- Gross operating margin +€45,094
up €45,094 (+79.3%), from €56,896 to €101,991
- Depreciation +€24,525
up €24,525 (+100.3%), from €24,457 to €48,982
- Taxes +€5,877
up €5,877 (+103.7%), from €5,668 to €11,545
- Financial income +€4,763
up €4,763 (+1909.2%), from €249 to €5,012
- Financial charges +€4,192
up €4,192 (+36.8%), from €11,390 to €15,582
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 | €1,201,931 | €1,181,275 | -€20,656 | -1.7% |
| Fixed assets | 21/28 | €1,002,169 | €953,187 | -€48,982 | -4.9% |
| Tangible fixed assets | 22/27 | €1,002,169 | €953,187 | -€48,982 | -4.9% |
| Land and buildings | 22 | €1,002,169 | €953,187 | -€48,982 | -4.9% |
| Current assets | 29/58 | €199,762 | €228,088 | +€28,326 | +14.2% |
| Amounts receivable after more than one year | 29 | €121,500 | €135,600 | +€14,100 | +11.6% |
| Other amounts receivable | 291 | €121,500 | €135,600 | +€14,100 | +11.6% |
| Amounts receivable within one year | 40/41 | €149 | €49 | -€100 | -67.2% |
| Other amounts receivable | 41 | €149 | €49 | -€100 | -67.2% |
| Cash at bank and in hand | 54/58 | €78,113 | €87,542 | +€9,429 | +12.1% |
| Deferred charges and accrued income | 490/1 | - | €4,897 | +€4,897 | |
| Total equity and liabilities | 10/49 | €1,201,931 | €1,181,275 | -€20,656 | -1.7% |
| Equity | 10/15 | €41,912 | €64,989 | +€23,077 | +55.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €36,912 | €59,989 | +€23,077 | +62.5% |
| Distributable reserves | 133 | €36,912 | €59,989 | +€23,077 | +62.5% |
| Amounts payable | 17/49 | €1,160,019 | €1,116,287 | -€43,733 | -3.8% |
| Amounts payable after more than one year | 17 | €1,098,317 | €1,042,201 | -€56,116 | -5.1% |
| Financial debts | 170/4 | €733,317 | €677,201 | -€56,116 | -7.7% |
| Other amounts payable | 178/9 | €365,000 | €365,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €61,702 | €74,086 | +€12,384 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €55,243 | €56,116 | +€873 | +1.6% |
| Trade debts | 44 | €126 | €0 | -€126 | -100.0% |
| Suppliers | 440/4 | €126 | €0 | -€126 | -100.0% |
| Taxes, remuneration and social security | 45 | €4,094 | €15,605 | +€11,511 | +281.1% |
| Taxes | 450/3 | €4,094 | €15,605 | +€11,511 | +281.1% |
| Other amounts payable | 47/48 | €2,239 | €2,365 | +€126 | +5.6% |
| Non-recurring operating income | 76A | €238 | €0 | -€238 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,457 | €48,982 | +€24,525 | +100.3% |
| Other operating charges | 640/8 | €4,301 | €7,818 | +€3,517 | +81.8% |
| Gross operating margin | 9900 | €56,896 | €101,991 | +€45,094 | +79.3% |
| Operating profit (loss) | 9901 | €28,138 | €45,191 | +€17,053 | +60.6% |
| Financial income | 75/76B | €249 | €5,012 | +€4,763 | +1909.2% |
| Recurring financial income | 75 | €249 | €5,012 | +€4,763 | +1909.2% |
| Financial charges | 65/66B | €11,390 | €15,582 | +€4,192 | +36.8% |
| Recurring financial charges | 65 | €11,390 | €15,582 | +€4,192 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | €16,998 | €34,622 | +€17,624 | +103.7% |
| Income taxes | 67/77 | €5,668 | €11,545 | +€5,877 | +103.7% |
| Profit (loss) for the period | 9904 | €11,330 | €23,077 | +€11,747 | +103.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,330 | €23,077 | +€11,747 | +103.7% |
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 1 October 2026 via checked.be.