LONG TERM VALUE CREATION: 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.
LONG TERM VALUE CREATION
Largest movements
- Receivables within one year +€34,305
up €34,305 (+125.4%), from €27,351 to €61,656
of which Trade receivables: +€29,380
- Cash -€28,528
down €28,528 (-16.4%), from €173,483 to €144,955
mainly Contributions, distributions and other (-€130,500) and Receivables within one year (-€34,305)
- Tax, wage and social debts +€7,469
up €7,469 (+271.8%), from €2,748 to €10,216
of which Taxes: +€5,643
- Profit (loss) carried forward -€3,486
down €3,486 (-5.8%), from €60,156 to €56,670
- Gross operating margin +€46,438
up €46,438 (+37.6%), from €123,656 to €170,094
- Taxes +€12,227
up €12,227 (+48.8%), from €25,052 to €37,280
- Other operating charges -€4,262
down €4,262 (-74.5%), from €5,719 to €1,457
- Depreciation +€2,140
up €2,140 (+275.6%), from €776 to €2,916
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 | €214,386 | €218,737 | +€4,351 | +2.0% |
| Fixed assets | 21/28 | €8,873 | €7,822 | -€1,051 | -11.8% |
| Tangible fixed assets | 22/27 | €7,913 | €6,862 | -€1,051 | -13.3% |
| Plant, machinery and equipment | 23 | €6,140 | €5,627 | -€513 | -8.4% |
| Other tangible fixed assets | 26 | €1,773 | €1,235 | -€538 | -30.4% |
| Financial fixed assets | 28 | €960 | €960 | = | 0.0% |
| Current assets | 29/58 | €205,513 | €210,915 | +€5,403 | +2.6% |
| Amounts receivable within one year | 40/41 | €27,351 | €61,656 | +€34,305 | +125.4% |
| Trade receivables | 40 | €24,006 | €53,386 | +€29,380 | +122.4% |
| Other amounts receivable | 41 | €3,345 | €8,270 | +€4,925 | +147.2% |
| Cash at bank and in hand | 54/58 | €173,483 | €144,955 | -€28,528 | -16.4% |
| Deferred charges and accrued income | 490/1 | €4,679 | €4,305 | -€374 | -8.0% |
| Total equity and liabilities | 10/49 | €214,386 | €218,737 | +€4,351 | +2.0% |
| Equity | 10/15 | €80,616 | €77,130 | -€3,486 | -4.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,156 | €56,670 | -€3,486 | -5.8% |
| Amounts payable | 17/49 | €133,770 | €141,607 | +€7,837 | +5.9% |
| Amounts payable within one year | 42/48 | €133,730 | €141,576 | +€7,846 | +5.9% |
| Trade debts | 44 | €982 | €860 | -€122 | -12.5% |
| Suppliers | 440/4 | €982 | €860 | -€122 | -12.5% |
| Taxes, remuneration and social security | 45 | €2,748 | €10,216 | +€7,469 | +271.8% |
| Taxes | 450/3 | €2,748 | €8,391 | +€5,643 | +205.4% |
| Remuneration and social security | 454/9 | - | €1,826 | +€1,826 | |
| Other amounts payable | 47/48 | €130,000 | €130,500 | +€500 | +0.4% |
| Accrued charges and deferred income | 492/3 | €40 | €31 | -€9 | -22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €776 | €2,916 | +€2,140 | +275.6% |
| Other operating charges | 640/8 | €5,719 | €1,457 | -€4,262 | -74.5% |
| Gross operating margin | 9900 | €123,656 | €170,094 | +€46,438 | +37.6% |
| Operating profit (loss) | 9901 | €117,160 | €165,721 | +€48,561 | +41.4% |
| Financial income | 75/76B | €785 | €451 | -€334 | -42.5% |
| Recurring financial income | 75 | €785 | €451 | -€334 | -42.5% |
| Financial charges | 65/66B | €2,208 | €1,878 | -€330 | -14.9% |
| Recurring financial charges | 65 | €2,208 | €1,878 | -€330 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €115,737 | €164,294 | +€48,557 | +42.0% |
| Income taxes | 67/77 | €25,052 | €37,280 | +€12,227 | +48.8% |
| Profit (loss) for the period | 9904 | €90,684 | €127,014 | +€36,330 | +40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €90,684 | €127,014 | +€36,330 | +40.1% |
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 2 October 2026 via checked.be.