14Value: 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.
14Value
Largest movements
- Cash -€132,277
down €132,277 (-80.7%), from €163,956 to €31,679
mainly Contributions, distributions and other (-€184,780) and Receivables within one year (-€66,331)
- Receivables within one year +€66,331
up €66,331 (+328.7%), from €20,179 to €86,510
of which Trade receivables: +€66,659
- Tangible fixed assets +€11,024
up €11,024 (+65.4%), from €16,856 to €27,880
of which Other tangible fixed assets: +€11,343
- Reserves -€69,502
down €69,502 (-37.6%), from €184,780 to €115,278
- Trade debts +€7,682
up €7,682 (+1536.0%), from €500 to €8,182
- Tax, wage and social debts +€6,524
up €6,524 (+56.6%), from €11,529 to €18,053
- Gross operating margin +€54,707
up €54,707 (+52.4%), from €104,310 to €159,017
- Taxes +€14,093
up €14,093 (+67.3%), from €20,938 to €35,031
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 | €207,545 | €152,491 | -€55,054 | -26.5% |
| Fixed assets | 21/28 | €16,856 | €27,880 | +€11,024 | +65.4% |
| Tangible fixed assets | 22/27 | €16,856 | €27,880 | +€11,024 | +65.4% |
| Furniture and vehicles | 24 | €2,715 | €2,396 | -€319 | -11.8% |
| Other tangible fixed assets | 26 | €14,140 | €25,484 | +€11,343 | +80.2% |
| Current assets | 29/58 | €190,689 | €124,611 | -€66,078 | -34.7% |
| Amounts receivable within one year | 40/41 | €20,179 | €86,510 | +€66,331 | +328.7% |
| Trade receivables | 40 | €19,850 | €86,509 | +€66,659 | +335.8% |
| Other amounts receivable | 41 | €329 | €1 | -€328 | -99.6% |
| Cash at bank and in hand | 54/58 | €163,956 | €31,679 | -€132,277 | -80.7% |
| Deferred charges and accrued income | 490/1 | €6,554 | €6,422 | -€132 | -2.0% |
| Total equity and liabilities | 10/49 | €207,545 | €152,491 | -€55,054 | -26.5% |
| Equity | 10/15 | €187,780 | €118,278 | -€69,502 | -37.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €184,780 | €115,278 | -€69,502 | -37.6% |
| Distributable reserves | 133 | €184,780 | €115,278 | -€69,502 | -37.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €19,764 | €34,213 | +€14,449 | +73.1% |
| Amounts payable within one year | 42/48 | €19,764 | €34,213 | +€14,449 | +73.1% |
| Financial debts | 43 | €34 | €7 | -€26 | -78.8% |
| Credit institutions | 430/8 | €34 | €7 | -€26 | -78.8% |
| Trade debts | 44 | €500 | €8,182 | +€7,682 | +1536.0% |
| Suppliers | 440/4 | €500 | €8,182 | +€7,682 | +1536.0% |
| Taxes, remuneration and social security | 45 | €11,529 | €18,053 | +€6,524 | +56.6% |
| Taxes | 450/3 | €11,529 | €18,053 | +€6,524 | +56.6% |
| Other amounts payable | 47/48 | €7,702 | €7,971 | +€269 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,086 | €3,637 | +€551 | +17.9% |
| Other operating charges | 640/8 | €811 | €2,111 | +€1,300 | +160.4% |
| Gross operating margin | 9900 | €104,310 | €159,017 | +€54,707 | +52.4% |
| Operating profit (loss) | 9901 | €100,414 | €153,269 | +€52,855 | +52.6% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €2,676 | €2,961 | +€285 | +10.6% |
| Recurring financial charges | 65 | €2,676 | €2,961 | +€285 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €97,737 | €150,309 | +€52,571 | +53.8% |
| Income taxes | 67/77 | €20,938 | €35,031 | +€14,093 | +67.3% |
| Profit (loss) for the period | 9904 | €76,799 | €115,278 | +€38,479 | +50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €76,799 | €115,278 | +€38,479 | +50.1% |
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 28 September 2026 via checked.be.