ADDED VALUE: 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.
ADDED VALUE
Largest movements
- Cash +€503,422
up €503,422 (+1,289%), from €39,042 to €542,464
mainly Net result for the year (+€1.1m) and Trade debts (+€210,121)
- Receivables within one year +€213,176
up €213,176 (+86.5%), from €246,328 to €459,504
of which Trade receivables: +€288,899
- Reserves +€298,773
up €298,773 (+465%), from €64,186 to €362,959
of which Distributable reserves: +€298,773
- Trade debts +€210,121
up €210,121 (+385%), from €54,546 to €264,667
- Tax, wage and social debts +€129,588
new in 2025: €129,588
- Other debts +€76,361
new in 2025: €76,361
- Gross operating margin +€1.1m
up €1.1m (+24,662%), from €4,467 to €1.1m
- Other operating charges -€115,303
down €115,303 (-99.7%), from €115,704 to €401
- Write-downs +€105,104
no longer reported in 2025 (was -€105,104)
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.
Derived cash bridge
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 | €302,488 | €1,018,245 | +€715,757 | +237% |
| Fixed assets | 21/28 | €17,118 | €16,097 | -€1,021 | -6.0% |
| Tangible fixed assets | 22/27 | €2,183 | €1,162 | -€1,021 | -46.8% |
| Plant, machinery and equipment | 23 | €1,637 | €1,021 | -€616 | -37.6% |
| Furniture and vehicles | 24 | €546 | €141 | -€405 | -74.2% |
| Financial fixed assets | 28 | €14,935 | €14,935 | = | 0.0% |
| Current assets | 29/58 | €285,370 | €1,002,148 | +€716,778 | +251% |
| Amounts receivable within one year | 40/41 | €246,328 | €459,504 | +€213,176 | +86.5% |
| Trade receivables | 40 | €121,001 | €409,900 | +€288,899 | +239% |
| Other amounts receivable | 41 | €125,327 | €49,603 | -€75,723 | -60.4% |
| Cash at bank and in hand | 54/58 | €39,042 | €542,464 | +€503,422 | +1,289% |
| Deferred charges and accrued income | 490/1 | - | €180 | +€180 | |
| Total equity and liabilities | 10/49 | €302,488 | €1,018,245 | +€715,757 | +237% |
| Equity | 10/15 | €201,686 | €500,459 | +€298,773 | +148% |
| Contributions | 10/11 | €137,500 | €137,500 | = | 0.0% |
| Reserves | 13 | €64,186 | €362,959 | +€298,773 | +465% |
| Non-distributable reserves | 130/1 | €11,100 | €11,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,100 | €11,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €34,336 | €333,109 | +€298,773 | +870% |
| Amounts payable | 17/49 | €100,802 | €517,787 | +€416,985 | +414% |
| Amounts payable within one year | 42/48 | €97,110 | €516,087 | +€418,977 | +431% |
| Trade debts | 44 | €54,546 | €264,667 | +€210,121 | +385% |
| Suppliers | 440/4 | €54,546 | €264,667 | +€210,121 | +385% |
| Advances received on contracts in progress | 46 | €42,564 | €45,470 | +€2,906 | +6.8% |
| Taxes, remuneration and social security | 45 | - | €129,588 | +€129,588 | |
| Taxes | 450/3 | - | €129,588 | +€129,588 | |
| Other amounts payable | 47/48 | - | €76,361 | +€76,361 | |
| Accrued charges and deferred income | 492/3 | €3,692 | €1,700 | -€1,992 | -54.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,021 | €1,021 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€105,104 | - | +€105,104 | |
| Other operating charges | 640/8 | €115,704 | €401 | -€115,303 | -99.7% |
| Gross operating margin | 9900 | €4,467 | €1,106,179 | +€1.1m | +24,662% |
| Operating profit (loss) | 9901 | -€7,154 | €1,104,756 | +€1.1m | |
| Financial income | 75/76B | €1,201 | €3,392 | +€2,192 | +183% |
| Recurring financial income | 75 | €1,201 | €3,392 | +€2,192 | +183% |
| Financial charges | 65/66B | €482 | €169 | -€313 | -65.0% |
| Recurring financial charges | 65 | €482 | €169 | -€313 | -65.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,434 | €1,107,980 | +€1.1m | |
| Income taxes | 67/77 | €3 | €9,207 | +€9,204 | +300,797% |
| Profit (loss) for the period | 9904 | -€6,437 | €1,098,773 | +€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,437 | €1,098,773 | +€1.1m |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.