ADDINGVALUE: 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.
ADDINGVALUE
Largest movements
- Receivables within one year -€53,208
down €53,208 (-34.9%), from €152,373 to €99,164
of which Trade receivables: -€32,489
- Debts after one year -€99,998
down €99,998 (-8.3%), from €1.2m to €1.1m
- Reserves +€72,750
up €72,750 (+13.4%), from €543,460 to €616,210
- Trade debts -€38,549
down €38,549 (-89.0%), from €43,290 to €4,741
- Gross operating margin -€123,200
down €123,200, from €92,667 to -€30,533
- Financial income -€59,996
down €59,996 (-30.0%), from €200,001 to €140,006
- Taxes -€32,428
down €32,428 (-81.3%), from €39,909 to €7,481
- Financial charges -€1,492
down €1,492 (-7.7%), from €19,342 to €17,850
- Depreciation +€1,457
up €1,457 (+16.5%), from €8,808 to €10,265
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 | €3,847,957 | €3,781,990 | -€65,967 | -1.7% |
| Fixed assets | 21/28 | €3,670,030 | €3,660,764 | -€9,266 | -0.3% |
| Intangible fixed assets | 21 | €206 | €103 | -€103 | -50.0% |
| Tangible fixed assets | 22/27 | €35,824 | €26,661 | -€9,163 | -25.6% |
| Plant, machinery and equipment | 23 | €28,551 | €21,148 | -€7,403 | -25.9% |
| Furniture and vehicles | 24 | €7,274 | €5,513 | -€1,760 | -24.2% |
| Financial fixed assets | 28 | €3,634,000 | €3,634,000 | = | 0.0% |
| Current assets | 29/58 | €177,927 | €121,226 | -€56,701 | -31.9% |
| Amounts receivable within one year | 40/41 | €152,373 | €99,164 | -€53,208 | -34.9% |
| Trade receivables | 40 | €42,905 | €10,416 | -€32,489 | -75.7% |
| Other amounts receivable | 41 | €109,468 | €88,748 | -€20,719 | -18.9% |
| Cash at bank and in hand | 54/58 | €25,105 | €22,062 | -€3,044 | -12.1% |
| Deferred charges and accrued income | 490/1 | €449 | €0 | -€449 | -100% |
| Total equity and liabilities | 10/49 | €3,847,957 | €3,781,990 | -€65,967 | -1.7% |
| Equity | 10/15 | €2,410,427 | €2,483,177 | +€72,750 | +3.0% |
| Contributions | 10/11 | €1,866,967 | €1,866,967 | = | 0.0% |
| Reserves | 13 | €543,460 | €616,210 | +€72,750 | +13.4% |
| Distributable reserves | 133 | €543,460 | €616,210 | +€72,750 | +13.4% |
| Amounts payable | 17/49 | €1,437,530 | €1,298,813 | -€138,717 | -9.6% |
| Amounts payable after more than one year | 17 | €1,200,159 | €1,100,161 | -€99,998 | -8.3% |
| Financial debts | 170/4 | €1,200,159 | €1,100,161 | -€99,998 | -8.3% |
| Amounts payable within one year | 42/48 | €224,127 | €185,307 | -€38,821 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €107,198 | €108,286 | +€1,088 | +1.0% |
| Trade debts | 44 | €43,290 | €4,741 | -€38,549 | -89.0% |
| Suppliers | 440/4 | €43,290 | €4,741 | -€38,549 | -89.0% |
| Taxes, remuneration and social security | 45 | €27,050 | €7,277 | -€19,773 | -73.1% |
| Taxes | 450/3 | €27,050 | €7,277 | -€19,773 | -73.1% |
| Other amounts payable | 47/48 | €46,589 | €65,003 | +€18,414 | +39.5% |
| Accrued charges and deferred income | 492/3 | €13,244 | €13,345 | +€102 | +0.8% |
| Non-recurring operating income | 76A | €3,500 | €0 | -€3,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,808 | €10,265 | +€1,457 | +16.5% |
| Other operating charges | 640/8 | €1,691 | €1,126 | -€564 | -33.4% |
| Gross operating margin | 9900 | €92,667 | -€30,533 | -€123,200 | |
| Operating profit (loss) | 9901 | €82,168 | -€41,924 | -€124,092 | |
| Financial income | 75/76B | €200,001 | €140,006 | -€59,996 | -30.0% |
| Recurring financial income | 75 | €200,001 | €140,006 | -€59,996 | -30.0% |
| Financial charges | 65/66B | €19,342 | €17,850 | -€1,492 | -7.7% |
| Recurring financial charges | 65 | €19,342 | €17,850 | -€1,492 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €262,827 | €80,231 | -€182,596 | -69.5% |
| Income taxes | 67/77 | €39,909 | €7,481 | -€32,428 | -81.3% |
| Profit (loss) for the period | 9904 | €222,918 | €72,750 | -€150,168 | -67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €222,918 | €72,750 | -€150,168 | -67.4% |
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 17 October 2026 via checked.be.