SVOET: 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.
SVOET
Largest movements
- Receivables after one year -€150,000
down €150,000 (-34.9%), from €430,000 to €280,000
- Tangible fixed assets +€18,317
up €18,317 (+4.9%), from €372,865 to €391,182
of which Furniture and vehicles: +€20,940
- Receivables within one year +€17,999
up €17,999 (+59.0%), from €30,483 to €48,482
of which Trade receivables: +€16,050
- Cash +€14,272
up €14,272 (+64.7%), from €22,045 to €36,317
mainly Receivables after one year (+€150,000) and Net result for the year (+€97,798)
- Debts after one year -€145,385
down €145,385 (-47.0%), from €309,582 to €164,197
- Reserves +€70,798
up €70,798 (+17.3%), from €410,093 to €480,892
- Current portion of long-term debt -€15,240
down €15,240 (-21.2%), from €71,771 to €56,531
- Trade debts -€14,562
down €14,562 (-53.8%), from €27,047 to €12,485
- Gross operating margin +€34,021
up €34,021 (+21.3%), from €159,589 to €193,610
- Depreciation +€18,178
up €18,178 (+79.3%), from €22,932 to €41,110
- Taxes +€5,288
up €5,288 (+13.8%), from €38,323 to €43,610
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 | €855,525 | €758,286 | -€97,239 | -11.4% |
| Fixed assets | 21/28 | €372,865 | €391,182 | +€18,317 | +4.9% |
| Tangible fixed assets | 22/27 | €372,865 | €391,182 | +€18,317 | +4.9% |
| Land and buildings | 22 | €318,637 | €318,208 | -€428 | -0.1% |
| Plant, machinery and equipment | 23 | €11,025 | €8,831 | -€2,194 | -19.9% |
| Furniture and vehicles | 24 | €43,203 | €64,143 | +€20,940 | +48.5% |
| Current assets | 29/58 | €482,660 | €367,104 | -€115,556 | -23.9% |
| Amounts receivable after more than one year | 29 | €430,000 | €280,000 | -€150,000 | -34.9% |
| Other amounts receivable | 291 | €430,000 | €280,000 | -€150,000 | -34.9% |
| Amounts receivable within one year | 40/41 | €30,483 | €48,482 | +€17,999 | +59.0% |
| Trade receivables | 40 | €21,462 | €37,513 | +€16,050 | +74.8% |
| Other amounts receivable | 41 | €9,021 | €10,970 | +€1,949 | +21.6% |
| Cash at bank and in hand | 54/58 | €22,045 | €36,317 | +€14,272 | +64.7% |
| Deferred charges and accrued income | 490/1 | €132 | €2,305 | +€2,173 | +1646.9% |
| Total equity and liabilities | 10/49 | €855,525 | €758,286 | -€97,239 | -11.4% |
| Equity | 10/15 | €424,353 | €495,152 | +€70,798 | +16.7% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €410,093 | €480,892 | +€70,798 | +17.3% |
| Distributable reserves | 133 | €410,093 | €480,892 | +€70,798 | +17.3% |
| Amounts payable | 17/49 | €431,172 | €263,135 | -€168,037 | -39.0% |
| Amounts payable after more than one year | 17 | €309,582 | €164,197 | -€145,385 | -47.0% |
| Financial debts | 170/4 | €309,582 | €164,197 | -€145,385 | -47.0% |
| Amounts payable within one year | 42/48 | €121,589 | €98,938 | -€22,652 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €71,771 | €56,531 | -€15,240 | -21.2% |
| Financial debts | 43 | €743 | €2,055 | +€1,313 | +176.7% |
| Credit institutions | 430/8 | €743 | €2,055 | +€1,313 | +176.7% |
| Trade debts | 44 | €27,047 | €12,485 | -€14,562 | -53.8% |
| Suppliers | 440/4 | €27,047 | €12,485 | -€14,562 | -53.8% |
| Taxes, remuneration and social security | 45 | €22,028 | €27,866 | +€5,838 | +26.5% |
| Taxes | 450/3 | - | €27,866 | +€27,866 | |
| Remuneration and social security | 454/9 | €22,028 | - | -€22,028 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,932 | €41,110 | +€18,178 | +79.3% |
| Other operating charges | 640/8 | €2,027 | €2,481 | +€454 | +22.4% |
| Gross operating margin | 9900 | €159,589 | €193,610 | +€34,021 | +21.3% |
| Operating profit (loss) | 9901 | €134,630 | €150,019 | +€15,389 | +11.4% |
| Financial income | 75/76B | €1 | €1 | = | 0.0% |
| Recurring financial income | 75 | €1 | €1 | = | 0.0% |
| Financial charges | 65/66B | €10,004 | €8,611 | -€1,393 | -13.9% |
| Recurring financial charges | 65 | €10,004 | €8,611 | -€1,393 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €124,627 | €141,408 | +€16,781 | +13.5% |
| Income taxes | 67/77 | €38,323 | €43,610 | +€5,288 | +13.8% |
| Profit (loss) for the period | 9904 | €86,305 | €97,798 | +€11,494 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,305 | €97,798 | +€11,494 | +13.3% |
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 11 October 2026 via checked.be.