Belgian Value Factory: 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.
Belgian Value Factory
Largest movements
- Cash +€93,423
up €93,423 (+162%), from €57,659 to €151,082
mainly Net result for the year (+€132,493) and Advances received (+€16,250)
- Current investments +€12,280
up €12,280 (+11.0%), from €111,586 to €123,865
- Receivables within one year +€7,851
up €7,851 (+9.7%), from €80,746 to €88,598
of which Trade receivables: +€7,213
- Reserves +€132,602
up €132,602 (+172%), from €77,000 to €209,602
- Tax, wage and social debts -€21,496
down €21,496 (-45.6%), from €47,104 to €25,608
- Advances received +€16,250
new in 2025: €16,250
- Other debts -€14,373
down €14,373 (-12.4%), from €115,712 to €101,339
- Gross operating margin +€80,309
up €80,309 (+82.5%), from €97,298 to €177,608
- Taxes +€16,802
up €16,802 (+67.8%), from €24,796 to €41,597
- Financial income -€4,978
down €4,978 (-65.4%), from €7,610 to €2,632
- Financial charges +€2,699
up €2,699 (+774%), from €349 to €3,047
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 | €261,975 | €374,578 | +€112,603 | +43.0% |
| Fixed assets | 21/28 | €11,984 | €10,168 | -€1,815 | -15.1% |
| Tangible fixed assets | 22/27 | €11,897 | €10,081 | -€1,815 | -15.3% |
| Furniture and vehicles | 24 | €3,603 | €2,869 | -€734 | -20.4% |
| Other tangible fixed assets | 26 | €8,294 | €7,213 | -€1,081 | -13.0% |
| Financial fixed assets | 28 | €87 | €87 | = | 0.0% |
| Current assets | 29/58 | €249,991 | €364,410 | +€114,419 | +45.8% |
| Amounts receivable within one year | 40/41 | €80,746 | €88,598 | +€7,851 | +9.7% |
| Trade receivables | 40 | €80,368 | €87,581 | +€7,213 | +9.0% |
| Other amounts receivable | 41 | €378 | €1,017 | +€639 | +169% |
| Current investments | 50/53 | €111,586 | €123,865 | +€12,280 | +11.0% |
| Cash at bank and in hand | 54/58 | €57,659 | €151,082 | +€93,423 | +162% |
| Deferred charges and accrued income | 490/1 | €0 | €865 | +€865 | |
| Total equity and liabilities | 10/49 | €261,975 | €374,578 | +€112,603 | +43.0% |
| Equity | 10/15 | €95,709 | €228,202 | +€132,493 | +138% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,000 | €209,602 | +€132,602 | +172% |
| Distributable reserves | 133 | €77,000 | €209,602 | +€132,602 | +172% |
| Profit (loss) carried forward | 14 | €109 | €0 | -€109 | -100% |
| Amounts payable | 17/49 | €166,266 | €146,376 | -€19,889 | -12.0% |
| Amounts payable within one year | 42/48 | €166,266 | €146,376 | -€19,889 | -12.0% |
| Trade debts | 44 | €3,450 | €3,179 | -€271 | -7.8% |
| Suppliers | 440/4 | €3,450 | €3,179 | -€271 | -7.8% |
| Advances received on contracts in progress | 46 | - | €16,250 | +€16,250 | |
| Taxes, remuneration and social security | 45 | €47,104 | €25,608 | -€21,496 | -45.6% |
| Taxes | 450/3 | €47,104 | €25,608 | -€21,496 | -45.6% |
| Other amounts payable | 47/48 | €115,712 | €101,339 | -€14,373 | -12.4% |
| Non-recurring operating income | 76A | - | €7,951 | +€7,951 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,999 | €1,815 | -€184 | -9.2% |
| Other operating charges | 640/8 | €766 | €1,287 | +€521 | +68.1% |
| Gross operating margin | 9900 | €97,298 | €177,608 | +€80,309 | +82.5% |
| Operating profit (loss) | 9901 | €94,534 | €174,506 | +€79,972 | +84.6% |
| Financial income | 75/76B | €7,610 | €2,632 | -€4,978 | -65.4% |
| Recurring financial income | 75 | €7,610 | €2,632 | -€4,978 | -65.4% |
| Financial charges | 65/66B | €349 | €3,047 | +€2,699 | +774% |
| Recurring financial charges | 65 | €349 | €3,047 | +€2,699 | +774% |
| Profit (loss) for the period before taxes | 9903 | €101,795 | €174,090 | +€72,295 | +71.0% |
| Income taxes | 67/77 | €24,796 | €41,597 | +€16,802 | +67.8% |
| Profit (loss) for the period | 9904 | €76,999 | €132,493 | +€55,494 | +72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €76,999 | €132,493 | +€55,494 | +72.1% |
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 13 October 2026 via checked.be.