INVEST AT 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.
INVEST AT VALUE
Largest movements
- Current investments +€39,866
up €39,866 (+21.0%), from €189,843 to €229,708
- Cash -€8,719
down €8,719 (-44.1%), from €19,782 to €11,063
mainly Current investments (-€39,866)
- Receivables within one year -€5,020
down €5,020 (-29.1%), from €17,253 to €12,233
of which Other amounts receivable: -€4,518
- Reserves +€25,202
up €25,202 (+15.6%), from €161,856 to €187,059
- Financial income -€5,312
down €5,312 (-21.5%), from €24,692 to €19,380
- Gross operating margin -€3,880
down €3,880 (-19.9%), from €19,513 to €15,633
- Financial charges -€3,355
down €3,355 (-89.2%), from €3,761 to €405
- Taxes -€1,525
down €1,525 (-15.0%), from €10,182 to €8,657
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 | €227,883 | €253,788 | +€25,904 | +11.4% |
| Fixed assets | 21/28 | €1,006 | €784 | -€222 | -22.1% |
| Tangible fixed assets | 22/27 | €1,006 | €784 | -€222 | -22.1% |
| Furniture and vehicles | 24 | €1,006 | €784 | -€222 | -22.1% |
| Current assets | 29/58 | €226,877 | €253,004 | +€26,127 | +11.5% |
| Amounts receivable within one year | 40/41 | €17,253 | €12,233 | -€5,020 | -29.1% |
| Trade receivables | 40 | €9,577 | €9,075 | -€502 | -5.2% |
| Other amounts receivable | 41 | €7,676 | €3,158 | -€4,518 | -58.9% |
| Current investments | 50/53 | €189,843 | €229,708 | +€39,866 | +21.0% |
| Cash at bank and in hand | 54/58 | €19,782 | €11,063 | -€8,719 | -44.1% |
| Total equity and liabilities | 10/49 | €227,883 | €253,788 | +€25,904 | +11.4% |
| Equity | 10/15 | €223,856 | €249,059 | +€25,202 | +11.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €161,856 | €187,059 | +€25,202 | +15.6% |
| Distributable reserves | 133 | €161,856 | €187,059 | +€25,202 | +15.6% |
| Amounts payable | 17/49 | €4,027 | €4,729 | +€702 | +17.4% |
| Amounts payable within one year | 42/48 | €4,027 | €4,729 | +€702 | +17.4% |
| Trade debts | 44 | €608 | €1,118 | +€511 | +84.1% |
| Suppliers | 440/4 | €608 | €1,118 | +€511 | +84.1% |
| Taxes, remuneration and social security | 45 | €849 | €1,000 | +€151 | +17.8% |
| Taxes | 450/3 | €849 | €1,000 | +€151 | +17.8% |
| Other amounts payable | 47/48 | €2,571 | €2,611 | +€40 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105 | €222 | +€117 | +112% |
| Other operating charges | 640/8 | €499 | €526 | +€26 | +5.3% |
| Gross operating margin | 9900 | €19,513 | €15,633 | -€3,880 | -19.9% |
| Operating profit (loss) | 9901 | €18,908 | €14,885 | -€4,024 | -21.3% |
| Financial income | 75/76B | €24,692 | €19,380 | -€5,312 | -21.5% |
| Recurring financial income | 75 | €24,692 | €19,380 | -€5,312 | -21.5% |
| Financial charges | 65/66B | €3,761 | €405 | -€3,355 | -89.2% |
| Recurring financial charges | 65 | €3,761 | €405 | -€3,355 | -89.2% |
| Profit (loss) for the period before taxes | 9903 | €39,839 | €33,859 | -€5,980 | -15.0% |
| Income taxes | 67/77 | €10,182 | €8,657 | -€1,525 | -15.0% |
| Profit (loss) for the period | 9904 | €29,658 | €25,202 | -€4,455 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,658 | €25,202 | -€4,455 | -15.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.