SVEX: 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.
SVEX
Largest movements
- Receivables within one year +€5.7m
up €5.7m (+46.7%), from €12.2m to €17.9m
of which Trade receivables: +€5.7m
- Stocks and contracts +€861,537
up €861,537 (+8.3%), from €10.4m to €11.2m
- Cash -€399,951
down €399,951 (-76.4%), from €523,163 to €123,212
mainly Receivables within one year (-€5.7m) and Trade debts (-€2.4m)
- Tangible fixed assets -€365,144
down €365,144 (-45.1%), from €810,015 to €444,871
of which Furniture and vehicles: -€365,144
- Other debts +€6.6m
up €6.6m (+8369.4%), from €78,686 to €6.7m
- Trade debts -€2.4m
down €2.4m (-12.9%), from €18.9m to €16.5m
- Tax, wage and social debts +€859,562
up €859,562 (+26.7%), from €3.2m to €4.1m
of which Remuneration and social security: +€505,671
- Profit (loss) carried forward +€337,381
up €337,381 (+24.0%), from €1.4m to €1.7m
- Reserves +€330,485
up €330,485 (+54.7%), from €604,700 to €935,185
of which Tax-exempt reserves: +€330,485
- Goods and materials +€2.5m
up €2.5m (+24.4%), from €10.4m to €12.9m
of which Purchases: +€1.5m
- Turnover +€2.3m
up €2.3m (+2.4%), from €93.1m to €95.4m
- Services and other goods -€1.7m
down €1.7m (-2.2%), from €78.7m to €77.0m
- Staff costs +€1.2m
up €1.2m (+7.6%), from €16.2m to €17.4m
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 | €24,254,071 | €29,966,821 | +€5.7m | +23.6% |
| Fixed assets | 21/28 | €810,015 | €444,871 | -€365,144 | -45.1% |
| Tangible fixed assets | 22/27 | €810,015 | €444,871 | -€365,144 | -45.1% |
| Furniture and vehicles | 24 | €810,015 | €444,871 | -€365,144 | -45.1% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €23,444,056 | €29,521,950 | +€6.1m | +25.9% |
| Stocks and contracts in progress | 3 | €10,383,369 | €11,244,906 | +€861,537 | +8.3% |
| Stocks | 30/36 | €10,383,369 | €11,244,906 | +€861,537 | +8.3% |
| Raw materials and consumables | 30/31 | €10,383,369 | €11,055,396 | +€672,027 | +6.5% |
| Advance payments | 36 | - | €189,510 | +€189,510 | |
| Amounts receivable within one year | 40/41 | €12,198,784 | €17,893,164 | +€5.7m | +46.7% |
| Trade receivables | 40 | €12,198,784 | €17,893,164 | +€5.7m | +46.7% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €523,163 | €123,212 | -€399,951 | -76.4% |
| Deferred charges and accrued income | 490/1 | €338,740 | €260,667 | -€78,072 | -23.0% |
| Total equity and liabilities | 10/49 | €24,254,071 | €29,966,821 | +€5.7m | +23.6% |
| Equity | 10/15 | €2,074,612 | €2,742,479 | +€667,866 | +32.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €604,700 | €935,185 | +€330,485 | +54.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | €330,485 | +€330,485 | |
| Distributable reserves | 133 | €598,500 | €598,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,407,912 | €1,745,293 | +€337,381 | +24.0% |
| Amounts payable | 17/49 | €22,179,459 | €27,224,342 | +€5.0m | +22.7% |
| Amounts payable within one year | 42/48 | €22,179,459 | €27,195,635 | +€5.0m | +22.6% |
| Trade debts | 44 | €18,886,369 | €16,457,435 | -€2.4m | -12.9% |
| Suppliers | 440/4 | €18,886,369 | €16,457,435 | -€2.4m | -12.9% |
| Taxes, remuneration and social security | 45 | €3,214,404 | €4,073,966 | +€859,562 | +26.7% |
| Taxes | 450/3 | €867,100 | €1,220,990 | +€353,891 | +40.8% |
| Remuneration and social security | 454/9 | €2,347,304 | €2,852,975 | +€505,671 | +21.5% |
| Other amounts payable | 47/48 | €78,686 | €6,664,234 | +€6.6m | +8369.4% |
| Accrued charges and deferred income | 492/3 | - | €28,707 | +€28,707 | |
| Operating income | 70/76A | €107,314,571 | €109,646,424 | +€2.3m | +2.2% |
| Turnover | 70 | €93,137,115 | €95,417,175 | +€2.3m | +2.4% |
| Other operating income | 74 | €14,068,248 | €14,009,123 | -€59,124 | -0.4% |
| Non-recurring operating income | 76A | €109,208 | €220,125 | +€110,917 | +101.6% |
| Operating charges | 60/66A | €106,301,846 | €108,578,814 | +€2.3m | +2.1% |
| Goods for resale, raw materials and consumables | 60 | €10,404,329 | €12,942,270 | +€2.5m | +24.4% |
| Purchases | 600/8 | €12,931,157 | €14,435,484 | +€1.5m | +11.6% |
| Change in stocks: decrease (increase) | 609 | -€2,526,827 | -€1,493,214 | +€1.0m | +40.9% |
| Services and other goods | 61 | €78,717,926 | €76,992,008 | -€1.7m | -2.2% |
| Remuneration, social security and pensions | 62 | €16,211,035 | €17,447,123 | +€1.2m | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €525,747 | €360,028 | -€165,719 | -31.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €420,187 | €821,188 | +€401,000 | +95.4% |
| Other operating charges | 640/8 | €18,211 | €15,070 | -€3,141 | -17.2% |
| Non-recurring operating charges | 66A | €4,410 | €1,127 | -€3,283 | -74.4% |
| Operating profit (loss) | 9901 | €1,012,726 | €1,067,610 | +€54,885 | +5.4% |
| Financial income | 75/76B | €28,245 | €41,718 | +€13,473 | +47.7% |
| Recurring financial income | 75 | €28,245 | €41,718 | +€13,473 | +47.7% |
| Income from current assets | 751 | €27,318 | €29,246 | +€1,928 | +7.1% |
| Other financial income | 752/9 | €927 | €12,472 | +€11,545 | +1245.4% |
| Financial charges | 65/66B | €6,148 | €100,871 | +€94,724 | +1540.8% |
| Recurring financial charges | 65 | €6,148 | €100,871 | +€94,724 | +1540.8% |
| Debt charges | 650 | €4,797 | €99,482 | +€94,685 | +1973.7% |
| Other financial charges | 652/9 | €1,350 | €1,389 | +€39 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €1,034,823 | €1,008,457 | -€26,366 | -2.5% |
| Income taxes | 67/77 | €384,265 | €340,591 | -€43,675 | -11.4% |
| Taxes | 670/3 | €384,265 | €340,591 | -€43,675 | -11.4% |
| Profit (loss) for the period | 9904 | €650,558 | €667,866 | +€17,308 | +2.7% |
| Transfer from tax-exempt reserves | 789 | €231,550 | - | -€231,550 | |
| Transfer to tax-exempt reserves | 689 | - | €330,485 | +€330,485 | |
| Profit (loss) for the period to be appropriated | 9905 | €882,108 | €337,381 | -€544,727 | -61.8% |
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 7 October 2026 via checked.be.