C-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.
C-Value
Largest movements
- Receivables within one year -€563,436
down €563,436 (-16.3%), from €3.4m to €2.9m
of which Trade receivables: -€504,279
- Cash -€167,455
down €167,455 (-90.9%), from €184,293 to €16,838
mainly Trade debts (-€842,184) and Deferred charges and accrued income (-€123,617)
- Deferred charges and accrued income +€123,617
up €123,617 (+9571.5%), from €1,292 to €124,908
- Trade debts -€842,184
down €842,184 (-35.4%), from €2.4m to €1.5m
- Reserves +€161,400
up €161,400 (+15.5%), from €1.0m to €1.2m
of which Distributable reserves: +€161,400
- Accrued charges and deferred income +€73,903
up €73,903 (+97.0%), from €76,166 to €150,070
- Turnover -€3.1m
down €3.1m (-23.7%), from €12.9m to €9.9m
- Purchases and services -€2.7m
down €2.7m (-21.8%), from €12.4m to €9.7m
- Gross operating margin -€361,961
down €361,961 (-64.3%), from €562,604 to €200,643
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.
Cash bridge derived
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 | €3,635,676 | €3,026,590 | -€609,086 | -16.8% |
| Fixed assets | 21/28 | €2,800 | €989 | -€1,811 | -64.7% |
| Tangible fixed assets | 22/27 | €2,800 | €989 | -€1,811 | -64.7% |
| Plant, machinery and equipment | 23 | €1,689 | €277 | -€1,412 | -83.6% |
| Other tangible fixed assets | 26 | €1,111 | €712 | -€399 | -35.9% |
| Current assets | 29/58 | €3,632,877 | €3,025,602 | -€607,275 | -16.7% |
| Amounts receivable within one year | 40/41 | €3,447,292 | €2,883,856 | -€563,436 | -16.3% |
| Trade receivables | 40 | €2,085,253 | €1,580,974 | -€504,279 | -24.2% |
| Other amounts receivable | 41 | €1,362,039 | €1,302,882 | -€59,157 | -4.3% |
| Cash at bank and in hand | 54/58 | €184,293 | €16,838 | -€167,455 | -90.9% |
| Deferred charges and accrued income | 490/1 | €1,292 | €124,908 | +€123,617 | +9571.5% |
| Total equity and liabilities | 10/49 | €3,635,676 | €3,026,590 | -€609,086 | -16.8% |
| Equity | 10/15 | €1,104,252 | €1,265,702 | +€161,450 | +14.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,042,210 | €1,203,610 | +€161,400 | +15.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,310 | €46,310 | = | 0.0% |
| Distributable reserves | 133 | €989,700 | €1,151,100 | +€161,400 | +16.3% |
| Profit (loss) carried forward | 14 | €42 | €92 | +€50 | +119.1% |
| Amounts payable | 17/49 | €2,531,424 | €1,760,888 | -€770,536 | -30.4% |
| Amounts payable within one year | 42/48 | €2,455,258 | €1,610,819 | -€844,439 | -34.4% |
| Trade debts | 44 | €2,378,777 | €1,536,593 | -€842,184 | -35.4% |
| Suppliers | 440/4 | €2,378,777 | €1,536,593 | -€842,184 | -35.4% |
| Taxes, remuneration and social security | 45 | €71,481 | €74,225 | +€2,745 | +3.8% |
| Taxes | 450/3 | €71,481 | €74,225 | +€2,745 | +3.8% |
| Other amounts payable | 47/48 | €5,000 | - | -€5,000 | |
| Accrued charges and deferred income | 492/3 | €76,166 | €150,070 | +€73,903 | +97.0% |
| Turnover | 70 | €12,942,989 | €9,876,753 | -€3.1m | -23.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €12,391,776 | €9,694,944 | -€2.7m | -21.8% |
| Remuneration, social security and pensions | 62 | €33,440 | - | -€33,440 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,394 | €1,811 | -€3,584 | -66.4% |
| Other operating charges | 640/8 | €3,432 | €1,327 | -€2,105 | -61.3% |
| Gross operating margin | 9900 | €562,604 | €200,643 | -€361,961 | -64.3% |
| Operating profit (loss) | 9901 | €520,337 | €197,505 | -€322,832 | -62.0% |
| Financial income | 75/76B | €7,358 | €20,042 | +€12,683 | +172.4% |
| Recurring financial income | 75 | €7,358 | €20,042 | +€12,683 | +172.4% |
| Financial charges | 65/66B | €1,580 | €1,453 | -€128 | -8.1% |
| Recurring financial charges | 65 | €1,580 | €1,453 | -€128 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €526,115 | €216,095 | -€310,021 | -58.9% |
| Income taxes | 67/77 | €123,619 | €54,645 | -€68,975 | -55.8% |
| Profit (loss) for the period | 9904 | €402,496 | €161,450 | -€241,046 | -59.9% |
| Transfer to tax-exempt reserves | 689 | €21,050 | - | -€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €381,446 | €161,450 | -€219,996 | -57.7% |
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 12 October 2026 via checked.be.