SVN: 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.
SVN
Largest movements
- Receivables within one year -€245,766
down €245,766 (-78.1%), from €314,608 to €68,842
of which Other amounts receivable: -€232,132
- Deferred charges and accrued income -€11,352
down €11,352 (-82.2%), from €13,812 to €2,460
- Profit (loss) carried forward -€209,883
new in 2025: -€209,883
- Reserves -€91,367
no longer reported in 2025 (was €91,367)
- Trade debts +€62,501
up €62,501 (+86.5%), from €72,267 to €134,768
- Tax, wage and social debts -€10,669
down €10,669 (-9.7%), from €109,711 to €99,042
of which Taxes: -€22,152
- Other debts -€8,136
no longer reported in 2025 (was €8,136)
- Write-downs +€328,167
new in 2025: €328,167
- Gross operating margin +€85,770
up €85,770 (+40.5%), from €211,962 to €297,732
- Staff costs +€42,840
up €42,840 (+28.1%), from €152,267 to €195,107
- Financial income -€11,678
down €11,678 (-99.1%), from €11,786 to €108
- Taxes +€4,484
up €4,484 (+35.5%), from €12,646 to €17,130
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €335,204 | €76,362 | -€258,842 | -77.2% |
| Fixed assets | 21/28 | €6,784 | €5,059 | -€1,725 | -25.4% |
| Tangible fixed assets | 22/27 | €6,784 | €5,059 | -€1,725 | -25.4% |
| Plant, machinery and equipment | 23 | €6,589 | €4,968 | -€1,621 | -24.6% |
| Furniture and vehicles | 24 | €195 | €91 | -€103 | -53.1% |
| Current assets | 29/58 | €328,420 | €71,303 | -€257,117 | -78.3% |
| Amounts receivable within one year | 40/41 | €314,608 | €68,842 | -€245,766 | -78.1% |
| Trade receivables | 40 | €76,979 | €63,345 | -€13,634 | -17.7% |
| Other amounts receivable | 41 | €237,629 | €5,497 | -€232,132 | -97.7% |
| Deferred charges and accrued income | 490/1 | €13,812 | €2,460 | -€11,352 | -82.2% |
| Total equity and liabilities | 10/49 | €335,204 | €76,362 | -€258,842 | -77.2% |
| Equity | 10/15 | €109,367 | -€191,883 | -€301,249 | |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Reserves | 13 | €91,367 | - | -€91,367 | |
| Distributable reserves | 133 | €91,367 | - | -€91,367 | |
| Profit (loss) carried forward | 14 | - | -€209,883 | -€209,883 | |
| Amounts payable | 17/49 | €225,837 | €268,245 | +€42,407 | +18.8% |
| Amounts payable within one year | 42/48 | €225,837 | €268,245 | +€42,407 | +18.8% |
| Financial debts | 43 | €35,724 | €34,435 | -€1,289 | -3.6% |
| Credit institutions | 430/8 | €4,974 | €34,435 | +€29,461 | +592.3% |
| Other loans | 439 | €30,750 | - | -€30,750 | |
| Trade debts | 44 | €72,267 | €134,768 | +€62,501 | +86.5% |
| Suppliers | 440/4 | €72,267 | €134,768 | +€62,501 | +86.5% |
| Taxes, remuneration and social security | 45 | €109,711 | €99,042 | -€10,669 | -9.7% |
| Taxes | 450/3 | €67,381 | €45,229 | -€22,152 | -32.9% |
| Remuneration and social security | 454/9 | €42,330 | €53,813 | +€11,483 | +27.1% |
| Other amounts payable | 47/48 | €8,136 | - | -€8,136 | |
| Non-recurring operating income | 76A | €1,861 | - | -€1,861 | |
| Remuneration, social security and pensions | 62 | €152,267 | €195,107 | +€42,840 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,954 | €1,725 | -€229 | -11.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €328,167 | +€328,167 | |
| Other operating charges | 640/8 | €10,143 | €5,889 | -€4,255 | -41.9% |
| Non-recurring operating charges | 66A | - | €39,426 | +€39,426 | |
| Gross operating margin | 9900 | €211,962 | €297,732 | +€85,770 | +40.5% |
| Operating profit (loss) | 9901 | €47,597 | -€272,582 | -€320,179 | |
| Financial income | 75/76B | €11,786 | €108 | -€11,678 | -99.1% |
| Recurring financial income | 75 | €11,786 | €108 | -€11,678 | -99.1% |
| Financial charges | 65/66B | €7,209 | €11,646 | +€4,437 | +61.5% |
| Recurring financial charges | 65 | €7,209 | €11,646 | +€4,437 | +61.5% |
| Profit (loss) for the period before taxes | 9903 | €52,174 | -€284,120 | -€336,294 | |
| Income taxes | 67/77 | €12,646 | €17,130 | +€4,484 | +35.5% |
| Profit (loss) for the period | 9904 | €39,528 | -€301,249 | -€340,778 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,528 | -€301,249 | -€340,778 |
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 2 October 2026 via checked.be.