ADDED VALUE: 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.
ADDED VALUE
Largest movements
- Current investments +€45,667
new in 2025: €45,667
- Cash -€16,024
down €16,024 (-44.6%), from €35,924 to €19,900
mainly Current investments (-€45,667) and Contributions, distributions and other (-€15,448)
- Receivables within one year -€8,321
down €8,321 (-26.5%), from €31,380 to €23,058
of which Trade receivables: -€15,480
- Tangible fixed assets +€3,734
up €3,734 (+20.9%), from €17,822 to €21,555
of which Furniture and vehicles: +€1,877
- Reserves +€16,284
up €16,284 (+28.0%), from €58,186 to €74,469
- Other debts +€15,448
new in 2025: €15,448
- Tax, wage and social debts -€3,704
down €3,704 (-27.2%), from €13,622 to €9,918
- Trade debts -€1,791
down €1,791 (-85.3%), from €2,099 to €308
- Depreciation -€5,382
no longer reported in 2025 (was €5,382)
- Gross operating margin +€2,315
up €2,315 (+5.1%), from €45,135 to €47,450
- Financial charges +€1,998
up €1,998 (+854.4%), from €234 to €2,232
- Taxes +€1,593
up €1,593 (+14.0%), from €11,396 to €12,989
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 | €101,086 | €127,187 | +€26,102 | +25.8% |
| Fixed assets | 21/28 | €17,972 | €21,705 | +€3,734 | +20.8% |
| Tangible fixed assets | 22/27 | €17,822 | €21,555 | +€3,734 | +20.9% |
| Plant, machinery and equipment | 23 | €16,015 | €17,871 | +€1,856 | +11.6% |
| Furniture and vehicles | 24 | €1,807 | €3,684 | +€1,877 | +103.9% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €83,114 | €105,482 | +€22,368 | +26.9% |
| Amounts receivable after more than one year | 29 | €15,000 | €15,000 | = | 0.0% |
| Other amounts receivable | 291 | €15,000 | €15,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €31,380 | €23,058 | -€8,321 | -26.5% |
| Trade receivables | 40 | €31,290 | €15,810 | -€15,480 | -49.5% |
| Other amounts receivable | 41 | €90 | €7,248 | +€7,159 | +7996.2% |
| Current investments | 50/53 | - | €45,667 | +€45,667 | |
| Cash at bank and in hand | 54/58 | €35,924 | €19,900 | -€16,024 | -44.6% |
| Deferred charges and accrued income | 490/1 | €811 | €1,858 | +€1,047 | +129.1% |
| Total equity and liabilities | 10/49 | €101,086 | €127,187 | +€26,102 | +25.8% |
| Equity | 10/15 | €85,230 | €101,513 | +€16,284 | +19.1% |
| Contributions | 10/11 | €16,313 | €16,313 | = | 0.0% |
| Reserves | 13 | €58,186 | €74,469 | +€16,284 | +28.0% |
| Distributable reserves | 133 | €58,186 | €74,469 | +€16,284 | +28.0% |
| Profit (loss) carried forward | 14 | €10,731 | €10,731 | = | 0.0% |
| Amounts payable | 17/49 | €15,856 | €25,674 | +€9,818 | +61.9% |
| Amounts payable within one year | 42/48 | €15,721 | €25,674 | +€9,953 | +63.3% |
| Trade debts | 44 | €2,099 | €308 | -€1,791 | -85.3% |
| Suppliers | 440/4 | €2,099 | €308 | -€1,791 | -85.3% |
| Taxes, remuneration and social security | 45 | €13,622 | €9,918 | -€3,704 | -27.2% |
| Taxes | 450/3 | €13,622 | €9,918 | -€3,704 | -27.2% |
| Other amounts payable | 47/48 | - | €15,448 | +€15,448 | |
| Accrued charges and deferred income | 492/3 | €135 | - | -€135 | |
| Non-recurring operating income | 76A | - | €146 | +€146 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,382 | - | -€5,382 | |
| Other operating charges | 640/8 | €502 | €507 | +€5 | +1.0% |
| Gross operating margin | 9900 | €45,135 | €47,450 | +€2,315 | +5.1% |
| Operating profit (loss) | 9901 | €39,250 | €46,943 | +€7,692 | +19.6% |
| Financial income | 75/76B | €69 | €10 | -€60 | -86.2% |
| Recurring financial income | 75 | €69 | €10 | -€60 | -86.2% |
| Financial charges | 65/66B | €234 | €2,232 | +€1,998 | +854.4% |
| Recurring financial charges | 65 | €234 | €2,232 | +€1,998 | +854.4% |
| Profit (loss) for the period before taxes | 9903 | €39,086 | €44,721 | +€5,635 | +14.4% |
| Income taxes | 67/77 | €11,396 | €12,989 | +€1,593 | +14.0% |
| Profit (loss) for the period | 9904 | €27,690 | €31,732 | +€4,042 | +14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,690 | €31,732 | +€4,042 | +14.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.