Real Value Management: 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.
Real Value Management
Largest movements
- Cash +€205,676
up €205,676 (+140%), from €146,613 to €352,289
mainly Net result for the year (+€378,228) and Current investments (+€74,366)
- Current investments -€74,366
down €74,366 (-39.2%), from €189,713 to €115,347
- Tangible fixed assets -€58,940
down €58,940 (-4.1%), from €1.4m to €1.4m
of which Land and buildings: -€44,051
- Profit (loss) carried forward +€378,228
up €378,228 (+134%), from €282,560 to €660,788
- Other debts -€180,622
down €180,622 (-99.9%), from €180,782 to €161
- Debts after one year -€89,881
down €89,881 (-17.5%), from €514,120 to €424,240
- Tax, wage and social debts -€29,658
down €29,658 (-28.2%), from €105,087 to €75,429
of which Taxes: -€29,658
- Gross operating margin +€46,508
up €46,508 (+8.7%), from €533,007 to €579,515
- Taxes -€24,787
down €24,787 (-16.4%), from €150,866 to €126,078
- Depreciation +€15,351
up €15,351 (+29.5%), from €52,035 to €67,385
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 | €1,832,461 | €1,905,742 | +€73,281 | +4.0% |
| Fixed assets | 21/28 | €1,444,108 | €1,385,168 | -€58,940 | -4.1% |
| Tangible fixed assets | 22/27 | €1,444,108 | €1,385,168 | -€58,940 | -4.1% |
| Land and buildings | 22 | €1,323,476 | €1,279,425 | -€44,051 | -3.3% |
| Plant, machinery and equipment | 23 | - | €2,810 | +€2,810 | |
| Furniture and vehicles | 24 | €110,911 | €91,942 | -€18,969 | -17.1% |
| Other tangible fixed assets | 26 | €9,721 | €10,991 | +€1,270 | +13.1% |
| Current assets | 29/58 | €388,353 | €520,574 | +€132,221 | +34.0% |
| Amounts receivable within one year | 40/41 | €50,791 | €51,835 | +€1,044 | +2.1% |
| Trade receivables | 40 | €47,013 | €48,476 | +€1,463 | +3.1% |
| Other amounts receivable | 41 | €3,778 | €3,359 | -€419 | -11.1% |
| Current investments | 50/53 | €189,713 | €115,347 | -€74,366 | -39.2% |
| Cash at bank and in hand | 54/58 | €146,613 | €352,289 | +€205,676 | +140% |
| Deferred charges and accrued income | 490/1 | €1,236 | €1,103 | -€133 | -10.8% |
| Total equity and liabilities | 10/49 | €1,832,461 | €1,905,742 | +€73,281 | +4.0% |
| Equity | 10/15 | €923,932 | €1,302,160 | +€378,228 | +40.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €622,822 | €622,822 | = | 0.0% |
| Distributable reserves | 133 | €622,822 | €622,822 | = | 0.0% |
| Profit (loss) carried forward | 14 | €282,560 | €660,788 | +€378,228 | +134% |
| Amounts payable | 17/49 | €908,529 | €603,582 | -€304,947 | -33.6% |
| Amounts payable after more than one year | 17 | €514,120 | €424,240 | -€89,881 | -17.5% |
| Financial debts | 170/4 | €514,120 | €424,240 | -€89,881 | -17.5% |
| Amounts payable within one year | 42/48 | €383,907 | €167,687 | -€216,220 | -56.3% |
| Current portion of amounts payable after more than one year | 42 | €88,942 | €89,881 | +€938 | +1.1% |
| Trade debts | 44 | €9,096 | €2,216 | -€6,879 | -75.6% |
| Suppliers | 440/4 | €9,096 | €2,216 | -€6,879 | -75.6% |
| Taxes, remuneration and social security | 45 | €105,087 | €75,429 | -€29,658 | -28.2% |
| Taxes | 450/3 | €102,587 | €72,929 | -€29,658 | -28.9% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €180,782 | €161 | -€180,622 | -99.9% |
| Accrued charges and deferred income | 492/3 | €10,502 | €11,655 | +€1,154 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,035 | €67,385 | +€15,351 | +29.5% |
| Other operating charges | 640/8 | €5,161 | €4,764 | -€397 | -7.7% |
| Non-recurring operating charges | 66A | €3,620 | - | -€3,620 | |
| Gross operating margin | 9900 | €533,007 | €579,515 | +€46,508 | +8.7% |
| Operating profit (loss) | 9901 | €472,192 | €507,365 | +€35,173 | +7.4% |
| Financial income | 75/76B | €6,641 | €4,307 | -€2,334 | -35.1% |
| Recurring financial income | 75 | €6,641 | €4,307 | -€2,334 | -35.1% |
| Financial charges | 65/66B | €8,421 | €7,366 | -€1,055 | -12.5% |
| Recurring financial charges | 65 | €8,421 | €7,366 | -€1,055 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €470,413 | €504,307 | +€33,894 | +7.2% |
| Income taxes | 67/77 | €150,866 | €126,078 | -€24,787 | -16.4% |
| Profit (loss) for the period | 9904 | €319,547 | €378,228 | +€58,682 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €319,547 | €378,228 | +€58,682 | +18.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.