Focus on Value: what changed
Two fiscal 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.
Focus on Value
Largest movements
- Current investments +€31,715
new in 2025: €31,715
- Cash -€16,768
down €16,768 (-30.1%), from €55,670 to €38,903
mainly Current investments (-€31,715) and Debts after one year (-€13,031)
- Tangible fixed assets -€15,495
down €15,495 (-18.6%), from €83,298 to €67,803
of which Furniture and vehicles: -€14,556
- Debts after one year -€13,031
down €13,031 (-40.2%), from €32,417 to €19,386
- Reserves +€9,282
up €9,282 (+10.7%), from €86,362 to €95,644
- Tax, wage and social debts +€5,640
up €5,640 (+50.5%), from €11,158 to €16,799
of which Taxes: +€4,640
- Current portion of long-term debt -€4,564
down €4,564 (-25.9%), from €17,595 to €13,031
- Gross operating margin -€40,360
down €40,360 (-55.5%), from €72,667 to €32,308
- Taxes -€10,176
down €10,176 (-78.4%), from €12,986 to €2,810
- Depreciation +€6,642
up €6,642 (+89.1%), from €7,452 to €14,094
- Financial charges +€4,012
up €4,012 (+262.8%), from €1,527 to €5,539
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 | €157,752 | €155,396 | -€2,356 | -1.5% |
| Fixed assets | 21/28 | €83,573 | €68,078 | -€15,495 | -18.5% |
| Tangible fixed assets | 22/27 | €83,298 | €67,803 | -€15,495 | -18.6% |
| Plant, machinery and equipment | 23 | €2,804 | €2,632 | -€172 | -6.1% |
| Furniture and vehicles | 24 | €77,074 | €62,518 | -€14,556 | -18.9% |
| Other tangible fixed assets | 26 | €3,420 | €2,652 | -€767 | -22.4% |
| Financial fixed assets | 28 | €275 | €275 | = | 0.0% |
| Current assets | 29/58 | €74,179 | €87,318 | +€13,139 | +17.7% |
| Amounts receivable within one year | 40/41 | €17,428 | €16,115 | -€1,313 | -7.5% |
| Trade receivables | 40 | €15,334 | €12,445 | -€2,889 | -18.8% |
| Other amounts receivable | 41 | €2,094 | €3,670 | +€1,576 | +75.2% |
| Current investments | 50/53 | - | €31,715 | +€31,715 | |
| Cash at bank and in hand | 54/58 | €55,670 | €38,903 | -€16,768 | -30.1% |
| Deferred charges and accrued income | 490/1 | €1,081 | €586 | -€495 | -45.8% |
| Total equity and liabilities | 10/49 | €157,752 | €155,396 | -€2,356 | -1.5% |
| Equity | 10/15 | €90,362 | €99,644 | +€9,282 | +10.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €86,362 | €95,644 | +€9,282 | +10.7% |
| Distributable reserves | 133 | €86,362 | €95,644 | +€9,282 | +10.7% |
| Amounts payable | 17/49 | €67,390 | €55,752 | -€11,638 | -17.3% |
| Amounts payable after more than one year | 17 | €32,417 | €19,386 | -€13,031 | -40.2% |
| Financial debts | 170/4 | €32,417 | €19,386 | -€13,031 | -40.2% |
| Amounts payable within one year | 42/48 | €34,973 | €36,366 | +€1,394 | +4.0% |
| Current portion of amounts payable after more than one year | 42 | €17,595 | €13,031 | -€4,564 | -25.9% |
| Trade debts | 44 | €168 | €62 | -€106 | -63.1% |
| Suppliers | 440/4 | €168 | €62 | -€106 | -63.1% |
| Taxes, remuneration and social security | 45 | €11,158 | €16,799 | +€5,640 | +50.5% |
| Taxes | 450/3 | €11,158 | €15,799 | +€4,640 | +41.6% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €6,051 | €6,474 | +€424 | +7.0% |
| Non-recurring operating income | 76A | - | €103 | +€103 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,452 | €14,094 | +€6,642 | +89.1% |
| Other operating charges | 640/8 | €828 | €594 | -€234 | -28.2% |
| Gross operating margin | 9900 | €72,667 | €32,308 | -€40,360 | -55.5% |
| Operating profit (loss) | 9901 | €64,388 | €17,620 | -€46,768 | -72.6% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €1,527 | €5,539 | +€4,012 | +262.8% |
| Recurring financial charges | 65 | €1,527 | €5,539 | +€4,012 | +262.8% |
| Profit (loss) for the period before taxes | 9903 | €62,861 | €12,092 | -€50,769 | -80.8% |
| Income taxes | 67/77 | €12,986 | €2,810 | -€10,176 | -78.4% |
| Profit (loss) for the period | 9904 | €49,875 | €9,282 | -€40,593 | -81.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,875 | €9,282 | -€40,593 | -81.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.