CYCLE VALLEY: 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.
CYCLE VALLEY
Largest movements
- Tangible fixed assets -€1.0m
down €1.0m (-27.8%), from €3.7m to €2.7m
of which Other tangible fixed assets: -€859,548
- Receivables within one year -€278,142
down €278,142 (-60.1%), from €463,100 to €184,958
of which Trade receivables: -€271,591
- Cash +€212,600
up €212,600 (+349.2%), from €60,887 to €273,486
mainly Depreciation (+€2.3m) and Receivables within one year (+€278,142)
- Deferred charges and accrued income +€157,512
up €157,512 (+963.2%), from €16,353 to €173,866
- Debts after one year -€1.0m
down €1.0m (-43.8%), from €2.3m to €1.3m
- Profit (loss) carried forward +€104,029
up €104,029 (+35.1%), from €296,148 to €400,177
- Short-term financial debts -€85,526
down €85,526 (-5.5%), from €1.6m to €1.5m
of which Credit institutions: -€65,865
- Trade debts +€65,237
up €65,237 (+28.4%), from €229,838 to €295,074
- Gross operating margin +€276,345
up €276,345 (+10.8%), from €2.6m to €2.8m
- Depreciation +€240,630
up €240,630 (+12.0%), from €2.0m to €2.3m
- Staff costs +€33,618
up €33,618 (+15.7%), from €214,580 to €248,197
- Financial charges -€30,619
down €30,619 (-13.0%), from €235,467 to €204,849
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 | €4,390,563 | €3,488,343 | -€902,220 | -20.5% |
| Fixed assets | 21/28 | €3,850,223 | €2,856,032 | -€994,190 | -25.8% |
| Intangible fixed assets | 21 | €97,171 | €139,501 | +€42,330 | +43.6% |
| Tangible fixed assets | 22/27 | €3,740,552 | €2,702,426 | -€1.0m | -27.8% |
| Plant, machinery and equipment | 23 | €4,039 | €6,062 | +€2,023 | +50.1% |
| Furniture and vehicles | 24 | €300,274 | €119,674 | -€180,601 | -60.1% |
| Other tangible fixed assets | 26 | €3,436,238 | €2,576,690 | -€859,548 | -25.0% |
| Financial fixed assets | 28 | €12,500 | €14,105 | +€1,605 | +12.8% |
| Current assets | 29/58 | €540,340 | €632,310 | +€91,970 | +17.0% |
| Amounts receivable within one year | 40/41 | €463,100 | €184,958 | -€278,142 | -60.1% |
| Trade receivables | 40 | €444,368 | €172,777 | -€271,591 | -61.1% |
| Other amounts receivable | 41 | €18,732 | €12,182 | -€6,550 | -35.0% |
| Cash at bank and in hand | 54/58 | €60,887 | €273,486 | +€212,600 | +349.2% |
| Deferred charges and accrued income | 490/1 | €16,353 | €173,866 | +€157,512 | +963.2% |
| Total equity and liabilities | 10/49 | €4,390,563 | €3,488,343 | -€902,220 | -20.5% |
| Equity | 10/15 | €303,228 | €419,557 | +€116,329 | +38.4% |
| Contributions | 10/11 | €6,300 | €18,600 | +€12,300 | +195.2% |
| Reserves | 13 | €780 | €780 | = | 0.0% |
| Non-distributable reserves | 130/1 | €780 | €780 | = | 0.0% |
| Reserves not available under the articles | 1311 | €780 | €780 | = | 0.0% |
| Profit (loss) carried forward | 14 | €296,148 | €400,177 | +€104,029 | +35.1% |
| Amounts payable | 17/49 | €4,087,335 | €3,068,786 | -€1.0m | -24.9% |
| Amounts payable after more than one year | 17 | €2,284,474 | €1,283,147 | -€1.0m | -43.8% |
| Financial debts | 170/4 | €2,284,474 | €1,283,147 | -€1.0m | -43.8% |
| Amounts payable within one year | 42/48 | €1,802,861 | €1,782,133 | -€20,728 | -1.1% |
| Financial debts | 43 | €1,567,385 | €1,481,858 | -€85,526 | -5.5% |
| Credit institutions | 430/8 | €1,547,723 | €1,481,858 | -€65,865 | -4.3% |
| Other loans | 439 | €19,662 | - | -€19,662 | |
| Trade debts | 44 | €229,838 | €295,074 | +€65,237 | +28.4% |
| Suppliers | 440/4 | €229,838 | €295,074 | +€65,237 | +28.4% |
| Advances received on contracts in progress | 46 | €4,958 | - | -€4,958 | |
| Taxes, remuneration and social security | 45 | €437 | €5,200 | +€4,763 | +1089.8% |
| Taxes | 450/3 | €437 | €5,200 | +€4,763 | +1089.8% |
| Other amounts payable | 47/48 | €243 | - | -€243 | |
| Accrued charges and deferred income | 492/3 | - | €3,505 | +€3,505 | |
| Remuneration, social security and pensions | 62 | €214,580 | €248,197 | +€33,618 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,012,021 | €2,252,651 | +€240,630 | +12.0% |
| Other operating charges | 640/8 | €4,641 | €5,656 | +€1,015 | +21.9% |
| Gross operating margin | 9900 | €2,566,795 | €2,843,141 | +€276,345 | +10.8% |
| Operating profit (loss) | 9901 | €335,554 | €336,636 | +€1,082 | +0.3% |
| Financial income | 75/76B | €554 | €1,084 | +€530 | +95.6% |
| Recurring financial income | 75 | €554 | €1,084 | +€530 | +95.6% |
| Financial charges | 65/66B | €235,467 | €204,849 | -€30,619 | -13.0% |
| Recurring financial charges | 65 | €235,467 | €204,849 | -€30,619 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €100,641 | €132,871 | +€32,231 | +32.0% |
| Income taxes | 67/77 | €21,495 | €28,842 | +€7,347 | +34.2% |
| Profit (loss) for the period | 9904 | €79,146 | €104,029 | +€24,883 | +31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €79,146 | €104,029 | +€24,883 | +31.4% |
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 12 October 2026 via checked.be.