SVG BRUSSELS: 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.
SVG BRUSSELS
Largest movements
- Receivables within one year +€7,871
up €7,871 (+240%), from €3,284 to €11,155
of which Other amounts receivable: +€9,881
- Cash +€6,541
up €6,541 (+11.7%), from €55,924 to €62,465
mainly Net result for the year (+€41,789) and Other debts (+€34,735)
- Tangible fixed assets -€4,574
down €4,574 (-47.7%), from €9,590 to €5,015
of which Furniture and vehicles: -€4,324
- Other debts +€34,735
up €34,735 (+196%), from €17,755 to €52,489
- Reserves -€10,700
down €10,700 (-100%), from €10,700 to €0
- Tax, wage and social debts -€6,255
down €6,255 (-70.9%), from €8,824 to €2,569
- Current portion of long-term debt -€3,337
down €3,337 (-66.3%), from €5,035 to €1,697
- Trade debts -€2,696
down €2,696 (-54.0%), from €4,992 to €2,296
- Gross operating margin +€2,961
up €2,961 (+4.9%), from €60,384 to €63,344
- Taxes +€1,125
up €1,125 (+7.3%), from €15,347 to €16,472
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 | €69,565 | €80,046 | +€10,482 | +15.1% |
| Fixed assets | 21/28 | €9,590 | €5,015 | -€4,574 | -47.7% |
| Tangible fixed assets | 22/27 | €9,590 | €5,015 | -€4,574 | -47.7% |
| Furniture and vehicles | 24 | €9,340 | €5,015 | -€4,324 | -46.3% |
| Other tangible fixed assets | 26 | €250 | €0 | -€250 | -100% |
| Current assets | 29/58 | €59,975 | €75,031 | +€15,056 | +25.1% |
| Amounts receivable within one year | 40/41 | €3,284 | €11,155 | +€7,871 | +240% |
| Trade receivables | 40 | €3,284 | €1,275 | -€2,010 | -61.2% |
| Other amounts receivable | 41 | €0 | €9,881 | +€9,881 | |
| Cash at bank and in hand | 54/58 | €55,924 | €62,465 | +€6,541 | +11.7% |
| Deferred charges and accrued income | 490/1 | €767 | €1,410 | +€644 | +84.0% |
| Total equity and liabilities | 10/49 | €69,565 | €80,046 | +€10,482 | +15.1% |
| Equity | 10/15 | €31,141 | €20,441 | -€10,700 | -34.4% |
| Contributions | 10/11 | €20,410 | €20,410 | = | 0.0% |
| Reserves | 13 | €10,700 | €0 | -€10,700 | -100% |
| Distributable reserves | 133 | €10,700 | €0 | -€10,700 | -100% |
| Profit (loss) carried forward | 14 | €31 | €31 | = | 0.0% |
| Amounts payable | 17/49 | €38,424 | €59,605 | +€21,182 | +55.1% |
| Amounts payable after more than one year | 17 | €1,697 | €0 | -€1,697 | -100% |
| Financial debts | 170/4 | €1,697 | €0 | -€1,697 | -100% |
| Amounts payable within one year | 42/48 | €36,727 | €59,605 | +€22,879 | +62.3% |
| Current portion of amounts payable after more than one year | 42 | €5,035 | €1,697 | -€3,337 | -66.3% |
| Financial debts | 43 | €121 | €553 | +€433 | +358% |
| Credit institutions | 430/8 | €121 | €553 | +€433 | +358% |
| Trade debts | 44 | €4,992 | €2,296 | -€2,696 | -54.0% |
| Suppliers | 440/4 | €4,992 | €2,296 | -€2,696 | -54.0% |
| Taxes, remuneration and social security | 45 | €8,824 | €2,569 | -€6,255 | -70.9% |
| Taxes | 450/3 | €8,824 | €2,569 | -€6,255 | -70.9% |
| Other amounts payable | 47/48 | €17,755 | €52,489 | +€34,735 | +196% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €655 | €384 | -€271 | -41.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,938 | €4,574 | -€364 | -7.4% |
| Other operating charges | 640/8 | €944 | €608 | -€335 | -35.6% |
| Non-recurring operating charges | 66A | €49 | €0 | -€49 | -100% |
| Gross operating margin | 9900 | €60,384 | €63,344 | +€2,961 | +4.9% |
| Operating profit (loss) | 9901 | €54,453 | €58,162 | +€3,709 | +6.8% |
| Financial income | 75/76B | €116 | €495 | +€379 | +326% |
| Recurring financial income | 75 | €116 | €495 | +€379 | +326% |
| Financial charges | 65/66B | €492 | €396 | -€96 | -19.5% |
| Recurring financial charges | 65 | €492 | €396 | -€96 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €54,077 | €58,261 | +€4,184 | +7.7% |
| Income taxes | 67/77 | €15,347 | €16,472 | +€1,125 | +7.3% |
| Profit (loss) for the period | 9904 | €38,731 | €41,789 | +€3,059 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,731 | €41,789 | +€3,059 | +7.9% |
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 27 October 2026 via checked.be.