B-Value Capital: 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.
B-Value Capital
Largest movements
- Financial fixed assets +€652,808
up €652,808 (+209%), from €312,500 to €965,308
- Tangible fixed assets +€430,474
new in 2025: €430,474
- Current investments -€288,326
down €288,326 (-1.5%), from €19.4m to €19.1m
- Receivables within one year -€266,402
down €266,402 (-77.9%), from €342,189 to €75,787
of which Other amounts receivable: -€267,800
- Reserves +€546,952
up €546,952 (+2.8%), from €19.5m to €20.0m
of which Distributable reserves: +€546,952
- Financial income +€865,761
up €865,761 (+575%), from €150,674 to €1.0m
- Financial charges +€278,726
up €278,726 (+14,806%), from €1,882 to €280,608
- Taxes +€48,421
up €48,421 (+544%), from €8,900 to €57,322
- Depreciation +€34,662
new in 2025: €34,662
- Gross operating margin -€24,382
down €24,382 (-72.3%), from -€33,736 to -€58,118
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 | €20,107,321 | €20,633,513 | +€526,191 | +2.6% |
| Fixed assets | 21/28 | €312,500 | €1,395,782 | +€1.1m | +347% |
| Tangible fixed assets | 22/27 | - | €430,474 | +€430,474 | |
| Furniture and vehicles | 24 | - | €430,474 | +€430,474 | |
| Financial fixed assets | 28 | €312,500 | €965,308 | +€652,808 | +209% |
| Current assets | 29/58 | €19,794,821 | €19,237,730 | -€557,091 | -2.8% |
| Amounts receivable within one year | 40/41 | €342,189 | €75,787 | -€266,402 | -77.9% |
| Trade receivables | 40 | €27,397 | €28,795 | +€1,398 | +5.1% |
| Other amounts receivable | 41 | €314,792 | €46,992 | -€267,800 | -85.1% |
| Current investments | 50/53 | €19,399,355 | €19,111,029 | -€288,326 | -1.5% |
| Cash at bank and in hand | 54/58 | €53,277 | €48,081 | -€5,196 | -9.8% |
| Deferred charges and accrued income | 490/1 | - | €2,832 | +€2,832 | |
| Total equity and liabilities | 10/49 | €20,107,321 | €20,633,513 | +€526,191 | +2.6% |
| Equity | 10/15 | €20,079,589 | €20,626,541 | +€546,952 | +2.7% |
| Contributions | 10/11 | €588,007 | €588,007 | = | 0.0% |
| Capital | 10 | €588,007 | €588,007 | = | 0.0% |
| Issued capital | 100 | €588,007 | €588,007 | = | 0.0% |
| Reserves | 13 | €19,491,583 | €20,038,534 | +€546,952 | +2.8% |
| Non-distributable reserves | 130/1 | €58,801 | €58,801 | = | 0.0% |
| Legal reserve | 130 | €58,801 | €58,801 | = | 0.0% |
| Distributable reserves | 133 | €19,432,782 | €19,979,734 | +€546,952 | +2.8% |
| Amounts payable | 17/49 | €27,732 | €6,971 | -€20,761 | -74.9% |
| Amounts payable within one year | 42/48 | €19,982 | €3,628 | -€16,354 | -81.8% |
| Trade debts | 44 | €12,100 | €0 | -€12,100 | -100% |
| Suppliers | 440/4 | €12,100 | €0 | -€12,100 | -100% |
| Taxes, remuneration and social security | 45 | €4,254 | €0 | -€4,254 | -100% |
| Taxes | 450/3 | €4,254 | €0 | -€4,254 | -100% |
| Other amounts payable | 47/48 | €3,628 | €3,628 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,750 | €3,344 | -€4,406 | -56.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €34,662 | +€34,662 | |
| Other operating charges | 640/8 | €26,565 | €38,773 | +€12,207 | +46.0% |
| Gross operating margin | 9900 | -€33,736 | -€58,118 | -€24,382 | -72.3% |
| Operating profit (loss) | 9901 | -€60,301 | -€131,553 | -€71,252 | -118% |
| Financial income | 75/76B | €150,674 | €1,016,434 | +€865,761 | +575% |
| Recurring financial income | 75 | €150,674 | €1,016,434 | +€865,761 | +575% |
| Financial charges | 65/66B | €1,882 | €280,608 | +€278,726 | +14,806% |
| Recurring financial charges | 65 | €1,882 | €280,608 | +€278,726 | +14,806% |
| Profit (loss) for the period before taxes | 9903 | €88,490 | €604,273 | +€515,784 | +583% |
| Income taxes | 67/77 | €8,900 | €57,322 | +€48,421 | +544% |
| Profit (loss) for the period | 9904 | €79,589 | €546,952 | +€467,362 | +587% |
| Transfer from tax-exempt reserves | 789 | €9,415 | €0 | -€9,415 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €89,004 | €546,952 | +€457,947 | +515% |
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 15 October 2026 via checked.be.