Inès DE VALKENEER: 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.
Inès DE VALKENEER
Largest movements
- Cash -€266,163
down €266,163 (-91.7%), from €290,347 to €24,184
mainly Receivables within one year (-€243,925) and Net result for the year (-€17,295)
- Receivables within one year +€243,925
up €243,925 (+2,895%), from €8,426 to €252,351
of which Other amounts receivable: +€243,365
- Deferred charges and accrued income +€7,457
up €7,457 (+1,721%), from €433 to €7,890
- Tangible fixed assets -€6,235
down €6,235 (-30.6%), from €20,353 to €14,118
- Reserves -€17,295
down €17,295 (-5.9%), from €294,249 to €276,954
- Debts after one year -€3,476
no longer reported in 2025 (was €3,476)
- Gross operating margin -€270,339
down €270,339, from €255,981 to -€14,358
- Taxes -€69,246
down €69,246 (-94.9%), from €72,960 to €3,714
- Financial income +€7,941
up €7,941 (+2,071%), from €383 to €8,324
- Financial charges -€3,986
down €3,986 (-91.3%), from €4,368 to €382
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 | €319,584 | €298,569 | -€21,015 | -6.6% |
| Fixed assets | 21/28 | €20,378 | €14,143 | -€6,235 | -30.6% |
| Tangible fixed assets | 22/27 | €20,353 | €14,118 | -€6,235 | -30.6% |
| Furniture and vehicles | 24 | €20,353 | €14,118 | -€6,235 | -30.6% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €299,206 | €284,426 | -€14,780 | -4.9% |
| Amounts receivable within one year | 40/41 | €8,426 | €252,351 | +€243,925 | +2,895% |
| Trade receivables | 40 | €1,410 | €1,970 | +€560 | +39.7% |
| Other amounts receivable | 41 | €7,016 | €250,381 | +€243,365 | +3,469% |
| Cash at bank and in hand | 54/58 | €290,347 | €24,184 | -€266,163 | -91.7% |
| Deferred charges and accrued income | 490/1 | €433 | €7,890 | +€7,457 | +1,721% |
| Total equity and liabilities | 10/49 | €319,584 | €298,569 | -€21,015 | -6.6% |
| Equity | 10/15 | €308,509 | €291,214 | -€17,295 | -5.6% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €294,249 | €276,954 | -€17,295 | -5.9% |
| Distributable reserves | 133 | €294,249 | €276,954 | -€17,295 | -5.9% |
| Amounts payable | 17/49 | €11,075 | €7,354 | -€3,720 | -33.6% |
| Amounts payable after more than one year | 17 | €3,476 | - | -€3,476 | |
| Financial debts | 170/4 | €3,476 | - | -€3,476 | |
| Amounts payable within one year | 42/48 | €7,599 | €7,354 | -€245 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €4,096 | €3,476 | -€620 | -15.1% |
| Trade debts | 44 | €36 | €470 | +€434 | +1,199% |
| Suppliers | 440/4 | €36 | €470 | +€434 | +1,199% |
| Taxes, remuneration and social security | 45 | €195 | €1,195 | +€1,000 | +513% |
| Taxes | 450/3 | €195 | €195 | = | 0.0% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €3,271 | €2,213 | -€1,058 | -32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,235 | €6,235 | = | 0.0% |
| Other operating charges | 640/8 | €1,425 | €930 | -€494 | -34.7% |
| Non-recurring operating charges | 66A | €44 | - | -€44 | |
| Gross operating margin | 9900 | €255,981 | -€14,358 | -€270,339 | |
| Operating profit (loss) | 9901 | €248,278 | -€21,523 | -€269,801 | |
| Financial income | 75/76B | €383 | €8,324 | +€7,941 | +2,071% |
| Recurring financial income | 75 | €383 | €8,324 | +€7,941 | +2,071% |
| Financial charges | 65/66B | €4,368 | €382 | -€3,986 | -91.3% |
| Recurring financial charges | 65 | €4,368 | €382 | -€3,986 | -91.3% |
| Profit (loss) for the period before taxes | 9903 | €244,294 | -€13,580 | -€257,874 | |
| Income taxes | 67/77 | €72,960 | €3,714 | -€69,246 | -94.9% |
| Profit (loss) for the period | 9904 | €171,333 | -€17,295 | -€188,628 | |
| Profit (loss) for the period to be appropriated | 9905 | €171,333 | -€17,295 | -€188,628 |
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 28 October 2026 via checked.be.