MOST VALUABLE PLAYER: 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.
MOST VALUABLE PLAYER
Largest movements
- Current investments +€200,000
up €200,000 (+404.0%), from €49,500 to €249,500
- Cash -€153,501
down €153,501 (-62.7%), from €244,803 to €91,302
mainly Current investments (-€200,000) and Debts after one year (-€12,890)
- Receivables within one year -€9,820
down €9,820 (-18.7%), from €52,413 to €42,593
of which Trade receivables: -€9,650
- Profit (loss) carried forward +€44,470
up €44,470 (+14.6%), from €305,508 to €349,978
- Debts after one year -€12,890
down €12,890 (-53.8%), from €23,975 to €11,085
- Tax, wage and social debts +€7,111
up €7,111 (+86.0%), from €8,264 to €15,375
- Gross operating margin +€34,960
up €34,960 (+71.7%), from €48,766 to €83,726
- Taxes +€7,264
up €7,264 (+85.5%), from €8,492 to €15,756
- Financial income +€7,064
up €7,064 (+756.9%), from €933 to €7,997
of which Non-recurring financial income: +€7,990
- Other operating charges -€4,614
down €4,614 (-47.5%), from €9,705 to €5,092
- Depreciation -€1,645
down €1,645 (-22.1%), from €7,428 to €5,783
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 | €397,131 | €436,980 | +€39,849 | +10.0% |
| Fixed assets | 21/28 | €37,813 | €38,775 | +€962 | +2.5% |
| Tangible fixed assets | 22/27 | €37,689 | €38,651 | +€962 | +2.6% |
| Furniture and vehicles | 24 | €37,689 | €38,651 | +€962 | +2.6% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €359,318 | €398,204 | +€38,887 | +10.8% |
| Amounts receivable within one year | 40/41 | €52,413 | €42,593 | -€9,820 | -18.7% |
| Trade receivables | 40 | €51,602 | €41,952 | -€9,650 | -18.7% |
| Other amounts receivable | 41 | €811 | €641 | -€170 | -20.9% |
| Current investments | 50/53 | €49,500 | €249,500 | +€200,000 | +404.0% |
| Cash at bank and in hand | 54/58 | €244,803 | €91,302 | -€153,501 | -62.7% |
| Deferred charges and accrued income | 490/1 | €12,602 | €14,809 | +€2,207 | +17.5% |
| Total equity and liabilities | 10/49 | €397,131 | €436,980 | +€39,849 | +10.0% |
| Equity | 10/15 | €313,573 | €358,043 | +€44,470 | +14.2% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €305,508 | €349,978 | +€44,470 | +14.6% |
| Amounts payable | 17/49 | €83,558 | €78,936 | -€4,621 | -5.5% |
| Amounts payable after more than one year | 17 | €23,975 | €11,085 | -€12,890 | -53.8% |
| Financial debts | 170/4 | €23,975 | €11,085 | -€12,890 | -53.8% |
| Amounts payable within one year | 42/48 | €59,366 | €67,412 | +€8,046 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €12,456 | €12,890 | +€435 | +3.5% |
| Trade debts | 44 | €2,942 | €2,399 | -€542 | -18.4% |
| Suppliers | 440/4 | €2,942 | €2,399 | -€542 | -18.4% |
| Taxes, remuneration and social security | 45 | €8,264 | €15,375 | +€7,111 | +86.0% |
| Taxes | 450/3 | €8,264 | €15,375 | +€7,111 | +86.0% |
| Other amounts payable | 47/48 | €35,705 | €36,748 | +€1,042 | +2.9% |
| Accrued charges and deferred income | 492/3 | €217 | €440 | +€223 | +102.9% |
| Non-recurring operating income | 76A | €1,810 | - | -€1,810 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,428 | €5,783 | -€1,645 | -22.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€902 | - | +€902 | |
| Other operating charges | 640/8 | €9,705 | €5,092 | -€4,614 | -47.5% |
| Non-recurring operating charges | 66A | - | €19,372 | +€19,372 | |
| Gross operating margin | 9900 | €48,766 | €83,726 | +€34,960 | +71.7% |
| Operating profit (loss) | 9901 | €32,534 | €53,478 | +€20,944 | +64.4% |
| Financial income | 75/76B | €933 | €7,997 | +€7,064 | +756.9% |
| Recurring financial income | 75 | €926 | €7,997 | +€7,071 | +763.9% |
| Non-recurring financial income | 76B | €8 | €7,997 | +€7,990 | +106527.5% |
| Financial charges | 65/66B | €1,211 | €1,249 | +€38 | +3.2% |
| Recurring financial charges | 65 | €1,099 | €1,168 | +€70 | +6.3% |
| Non-recurring financial charges | 66B | €112 | €81 | -€31 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €32,256 | €60,226 | +€27,970 | +86.7% |
| Income taxes | 67/77 | €8,492 | €15,756 | +€7,264 | +85.5% |
| Profit (loss) for the period | 9904 | €23,765 | €44,470 | +€20,705 | +87.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,765 | €44,470 | +€20,705 | +87.1% |
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 7 October 2026 via checked.be.