SV PROJECTS: 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.
SV PROJECTS
Largest movements
- Tangible fixed assets +€350,811
up €350,811 (+12.2%), from €2.9m to €3.2m
of which Land and buildings: +€550,851
- Cash +€61,956
up €61,956 (+4403.7%), from €1,407 to €63,363
mainly Debts after one year (+€445,810) and Depreciation (+€73,470)
- Debts after one year +€445,810
up €445,810 (+21.2%), from €2.1m to €2.5m
- Profit (loss) carried forward -€130,489
down €130,489 (-73.3%), from -€177,972 to -€308,462
- Other debts +€62,239
up €62,239 (+19.7%), from €316,676 to €378,915
- Current portion of long-term debt +€33,849
up €33,849 (+130.6%), from €25,913 to €59,762
- Financial charges +€82,148
up €82,148 (+174375.0%), from €47 to €82,195
- Depreciation +€63,570
up €63,570 (+642.1%), from €9,900 to €73,470
- Gross operating margin +€16,362
up €16,362 (+131.2%), from €12,470 to €28,832
- Other operating charges +€2,535
up €2,535 (+226.0%), from €1,122 to €3,657
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 | €2,895,351 | €3,300,823 | +€405,473 | +14.0% |
| Fixed assets | 21/28 | €2,881,548 | €3,232,359 | +€350,811 | +12.2% |
| Tangible fixed assets | 22/27 | €2,881,548 | €3,232,359 | +€350,811 | +12.2% |
| Land and buildings | 22 | €2,422,655 | €2,973,507 | +€550,851 | +22.7% |
| Furniture and vehicles | 24 | €24,275 | €17,198 | -€7,077 | -29.2% |
| Assets under construction and advance payments | 27 | €434,618 | €241,654 | -€192,964 | -44.4% |
| Current assets | 29/58 | €13,802 | €68,464 | +€54,662 | +396.0% |
| Amounts receivable within one year | 40/41 | €11,649 | €2,702 | -€8,947 | -76.8% |
| Trade receivables | 40 | €11,649 | - | -€11,649 | |
| Other amounts receivable | 41 | - | €2,702 | +€2,702 | |
| Cash at bank and in hand | 54/58 | €1,407 | €63,363 | +€61,956 | +4403.7% |
| Deferred charges and accrued income | 490/1 | €747 | €2,400 | +€1,653 | +221.4% |
| Total equity and liabilities | 10/49 | €2,895,351 | €3,300,823 | +€405,473 | +14.0% |
| Equity | 10/15 | €422,028 | €291,538 | -€130,489 | -30.9% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€177,972 | -€308,462 | -€130,489 | -73.3% |
| Amounts payable | 17/49 | €2,473,323 | €3,009,285 | +€535,962 | +21.7% |
| Amounts payable after more than one year | 17 | €2,104,048 | €2,549,857 | +€445,810 | +21.2% |
| Financial debts | 170/4 | €2,104,048 | €2,549,857 | +€445,810 | +21.2% |
| Amounts payable within one year | 42/48 | €369,275 | €457,793 | +€88,517 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | €25,913 | €59,762 | +€33,849 | +130.6% |
| Financial debts | 43 | - | €31 | +€31 | |
| Credit institutions | 430/8 | - | €31 | +€31 | |
| Trade debts | 44 | €20,789 | €19,085 | -€1,703 | -8.2% |
| Suppliers | 440/4 | €20,789 | €19,085 | -€1,703 | -8.2% |
| Taxes, remuneration and social security | 45 | €5,898 | - | -€5,898 | |
| Taxes | 450/3 | €5,898 | - | -€5,898 | |
| Other amounts payable | 47/48 | €316,676 | €378,915 | +€62,239 | +19.7% |
| Accrued charges and deferred income | 492/3 | - | €1,635 | +€1,635 | |
| Non-recurring operating income | 76A | €3 | €448 | +€446 | +17546.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,900 | €73,470 | +€63,570 | +642.1% |
| Other operating charges | 640/8 | €1,122 | €3,657 | +€2,535 | +226.0% |
| Non-recurring operating charges | 66A | €0 | - | -€0 | |
| Gross operating margin | 9900 | €12,470 | €28,832 | +€16,362 | +131.2% |
| Operating profit (loss) | 9901 | €1,449 | -€48,294 | -€49,743 | |
| Financial charges | 65/66B | €47 | €82,195 | +€82,148 | +174375.0% |
| Recurring financial charges | 65 | €47 | €82,195 | +€82,148 | +174375.0% |
| Profit (loss) for the period before taxes | 9903 | €1,402 | -€130,489 | -€131,891 | |
| Profit (loss) for the period | 9904 | €1,402 | -€130,489 | -€131,891 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,402 | -€130,489 | -€131,891 |
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 8 October 2026 via checked.be.