BELGIUM VALUE ADDED I: 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.
BELGIUM VALUE ADDED I
Largest movements
- Receivables within one year +€434,424
up €434,424 (+494%), from €88,010 to €522,435
of which Other amounts receivable: +€223,398
- Tangible fixed assets -€139,344
down €139,344 (-3.5%), from €3.9m to €3.8m
of which Land and buildings: -€139,344
- Profit (loss) carried forward +€175,936
up €175,936 (+7.9%), from -€2.2m to -€2.0m
- Trade debts +€123,124
up €123,124 (+331%), from €37,205 to €160,329
- Financial charges -€102,670
down €102,670 (-99.8%), from €102,854 to €184
- Gross operating margin +€83,873
up €83,873 (+25.3%), from €330,956 to €414,829
- Depreciation +€6,105
up €6,105 (+4.6%), from €133,240 to €139,344
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,028,130 | €4,324,764 | +€296,633 | +7.4% |
| Fixed assets | 21/28 | €3,937,702 | €3,798,357 | -€139,344 | -3.5% |
| Tangible fixed assets | 22/27 | €3,937,702 | €3,798,357 | -€139,344 | -3.5% |
| Land and buildings | 22 | €3,937,702 | €3,798,357 | -€139,344 | -3.5% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €90,429 | €526,406 | +€435,978 | +482% |
| Amounts receivable within one year | 40/41 | €88,010 | €522,435 | +€434,424 | +494% |
| Trade receivables | 40 | €0 | €211,027 | +€211,027 | |
| Other amounts receivable | 41 | €88,010 | €311,408 | +€223,398 | +254% |
| Deferred charges and accrued income | 490/1 | €2,418 | €3,972 | +€1,553 | +64.2% |
| Total equity and liabilities | 10/49 | €4,028,130 | €4,324,764 | +€296,633 | +7.4% |
| Equity | 10/15 | €3,955,996 | €4,131,932 | +€175,936 | +4.4% |
| Contributions | 10/11 | €4,330,000 | €4,330,000 | = | 0.0% |
| Capital | 10 | €4,330,000 | €4,330,000 | = | 0.0% |
| Issued capital | 100 | €4,330,000 | €4,330,000 | = | 0.0% |
| Reserves | 13 | €1,843,675 | €1,843,675 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,717 | €5,717 | = | 0.0% |
| Legal reserve | 130 | €5,717 | €5,717 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,816,996 | €1,816,996 | = | 0.0% |
| Distributable reserves | 133 | €20,962 | €20,962 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,217,679 | -€2,041,744 | +€175,936 | +7.9% |
| Amounts payable | 17/49 | €72,134 | €192,832 | +€120,698 | +167% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €72,134 | €192,832 | +€120,698 | +167% |
| Trade debts | 44 | €37,205 | €160,329 | +€123,124 | +331% |
| Suppliers | 440/4 | €37,205 | €160,329 | +€123,124 | +331% |
| Taxes, remuneration and social security | 45 | €16,604 | €19,064 | +€2,460 | +14.8% |
| Taxes | 450/3 | €16,604 | €19,064 | +€2,460 | +14.8% |
| Other amounts payable | 47/48 | €18,325 | €13,439 | -€4,886 | -26.7% |
| Non-recurring operating income | 76A | €623 | €2,757 | +€2,134 | +343% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,240 | €139,344 | +€6,105 | +4.6% |
| Other operating charges | 640/8 | €99,148 | €100,097 | +€949 | +1.0% |
| Gross operating margin | 9900 | €330,956 | €414,829 | +€83,873 | +25.3% |
| Operating profit (loss) | 9901 | €98,568 | €175,388 | +€76,820 | +77.9% |
| Financial income | 75/76B | €0 | €732 | +€732 | |
| Recurring financial income | 75 | €0 | €732 | +€732 | |
| Financial charges | 65/66B | €102,854 | €184 | -€102,670 | -99.8% |
| Recurring financial charges | 65 | €102,854 | €184 | -€102,670 | -99.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,286 | €175,936 | +€180,222 | |
| Profit (loss) for the period | 9904 | -€4,286 | €175,936 | +€180,222 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,286 | €175,936 | +€180,222 |
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 23 October 2026 via checked.be.