SVHV: 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.
SVHV
Largest movements
- Receivables within one year -€246,834
down €246,834 (-68.4%), from €361,083 to €114,249
of which Trade receivables: -€246,834
- Current investments -€152,654
no longer reported in 2025 (was €152,654)
- Cash -€94,076
down €94,076 (-76.7%), from €122,661 to €28,585
mainly Debts after one year (-€296,699) and Trade debts (-€211,367)
- Tangible fixed assets -€93,568
down €93,568 (-11.4%), from €823,693 to €730,125
of which Plant, machinery and equipment: -€61,173
- Debts after one year -€296,699
down €296,699 (-18.8%), from €1.6m to €1.3m
of which Financial debts: -€181,699
- Trade debts -€211,367
down €211,367 (-88.1%), from €239,842 to €28,475
- Other debts -€123,421
down €123,421 (-36.4%), from €338,802 to €215,381
- Gross operating margin -€180,950
down €180,950 (-46.9%), from €386,062 to €205,112
- Financial income +€48,901
new in 2025: €48,901
- Taxes -€45,893
down €45,893 (-63.2%), from €72,575 to €26,682
- Financial charges +€12,916
up €12,916 (+29.1%), from €44,314 to €57,231
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 | €3,789,010 | €3,197,367 | -€591,643 | -15.6% |
| Fixed assets | 21/28 | €3,132,328 | €3,038,760 | -€93,568 | -3.0% |
| Tangible fixed assets | 22/27 | €823,693 | €730,125 | -€93,568 | -11.4% |
| Land and buildings | 22 | €305,098 | €286,090 | -€19,008 | -6.2% |
| Plant, machinery and equipment | 23 | €145,103 | €83,930 | -€61,173 | -42.2% |
| Furniture and vehicles | 24 | - | €2,357 | +€2,357 | |
| Leasing and similar rights | 25 | €43,781 | €28,037 | -€15,744 | -36.0% |
| Other tangible fixed assets | 26 | €329,711 | €329,711 | = | 0.0% |
| Financial fixed assets | 28 | €2,308,635 | €2,308,635 | = | 0.0% |
| Current assets | 29/58 | €656,682 | €158,607 | -€498,075 | -75.8% |
| Amounts receivable within one year | 40/41 | €361,083 | €114,249 | -€246,834 | -68.4% |
| Trade receivables | 40 | €360,886 | €114,052 | -€246,834 | -68.4% |
| Other amounts receivable | 41 | €197 | €197 | = | 0.0% |
| Current investments | 50/53 | €152,654 | - | -€152,654 | |
| Cash at bank and in hand | 54/58 | €122,661 | €28,585 | -€94,076 | -76.7% |
| Deferred charges and accrued income | 490/1 | €20,283 | €15,772 | -€4,511 | -22.2% |
| Total equity and liabilities | 10/49 | €3,789,010 | €3,197,367 | -€591,643 | -15.6% |
| Equity | 10/15 | €1,482,764 | €1,513,096 | +€30,331 | +2.0% |
| Contributions | 10/11 | €485,635 | €485,635 | = | 0.0% |
| Capital | 10 | €485,635 | €485,635 | = | 0.0% |
| Issued capital | 100 | €485,635 | €485,635 | = | 0.0% |
| Reserves | 13 | €927,564 | €957,564 | +€30,000 | +3.2% |
| Non-distributable reserves | 130/1 | €48,564 | €48,564 | = | 0.0% |
| Legal reserve | 130 | €48,564 | €48,564 | = | 0.0% |
| Distributable reserves | 133 | €879,000 | €909,000 | +€30,000 | +3.4% |
| Profit (loss) carried forward | 14 | €69,566 | €69,897 | +€331 | +0.5% |
| Amounts payable | 17/49 | €2,306,245 | €1,684,271 | -€621,974 | -27.0% |
| Amounts payable after more than one year | 17 | €1,578,350 | €1,281,651 | -€296,699 | -18.8% |
| Financial debts | 170/4 | €1,178,350 | €996,651 | -€181,699 | -15.4% |
| Other amounts payable | 178/9 | €400,000 | €285,000 | -€115,000 | -28.8% |
| Amounts payable within one year | 42/48 | €727,895 | €402,124 | -€325,771 | -44.8% |
| Current portion of amounts payable after more than one year | 42 | €96,447 | €83,699 | -€12,748 | -13.2% |
| Trade debts | 44 | €239,842 | €28,475 | -€211,367 | -88.1% |
| Suppliers | 440/4 | €239,842 | €28,475 | -€211,367 | -88.1% |
| Advances received on contracts in progress | 46 | €605 | - | -€605 | |
| Taxes, remuneration and social security | 45 | €52,199 | €74,569 | +€22,370 | +42.9% |
| Taxes | 450/3 | €52,199 | €70,069 | +€17,870 | +34.2% |
| Remuneration and social security | 454/9 | - | €4,500 | +€4,500 | |
| Other amounts payable | 47/48 | €338,802 | €215,381 | -€123,421 | -36.4% |
| Accrued charges and deferred income | 492/3 | - | €496 | +€496 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,939 | €97,697 | -€3,242 | -3.2% |
| Other operating charges | 640/8 | €3,796 | €4,072 | +€276 | +7.3% |
| Gross operating margin | 9900 | €386,062 | €205,112 | -€180,950 | -46.9% |
| Operating profit (loss) | 9901 | €281,327 | €103,343 | -€177,984 | -63.3% |
| Financial income | 75/76B | - | €48,901 | +€48,901 | |
| Recurring financial income | 75 | - | €48,901 | +€48,901 | |
| Financial charges | 65/66B | €44,314 | €57,231 | +€12,916 | +29.1% |
| Recurring financial charges | 65 | €44,314 | €57,231 | +€12,916 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | €237,013 | €95,013 | -€141,999 | -59.9% |
| Income taxes | 67/77 | €72,575 | €26,682 | -€45,893 | -63.2% |
| Profit (loss) for the period | 9904 | €164,438 | €68,331 | -€96,107 | -58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €164,438 | €68,331 | -€96,107 | -58.4% |
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 17 October 2026 via checked.be.