The Value Factory: 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.
The Value Factory
Largest movements
- Cash +€53,401
up €53,401 (+19.0%), from €280,785 to €334,185
mainly Depreciation (+€34,241) and Receivables within one year (+€19,296)
- Receivables within one year -€19,296
down €19,296 (-34.0%), from €56,832 to €37,536
of which Trade receivables: -€23,017
- Intangible fixed assets -€8,699
down €8,699 (-34.6%), from €25,131 to €16,431
- Tangible fixed assets -€8,553
down €8,553 (-11.7%), from €73,103 to €64,550
of which Furniture and vehicles: -€4,332
- Profit (loss) carried forward +€16,627
up €16,627 (+4.1%), from €402,376 to €419,003
- Gross operating margin -€63,229
down €63,229 (-55.2%), from €114,634 to €51,405
- Staff costs -€42,555
no longer reported in 2025 (was €42,555)
- Depreciation +€8,273
up €8,273 (+31.9%), from €25,968 to €34,241
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 | €437,730 | €454,919 | +€17,189 | +3.9% |
| Fixed assets | 21/28 | €98,234 | €80,982 | -€17,252 | -17.6% |
| Intangible fixed assets | 21 | €25,131 | €16,431 | -€8,699 | -34.6% |
| Tangible fixed assets | 22/27 | €73,103 | €64,550 | -€8,553 | -11.7% |
| Plant, machinery and equipment | 23 | €6,594 | €5,513 | -€1,081 | -16.4% |
| Furniture and vehicles | 24 | €45,034 | €40,702 | -€4,332 | -9.6% |
| Other tangible fixed assets | 26 | €21,475 | €18,335 | -€3,140 | -14.6% |
| Current assets | 29/58 | €339,496 | €373,937 | +€34,441 | +10.1% |
| Amounts receivable within one year | 40/41 | €56,832 | €37,536 | -€19,296 | -34.0% |
| Trade receivables | 40 | €37,987 | €14,969 | -€23,017 | -60.6% |
| Other amounts receivable | 41 | €18,846 | €22,567 | +€3,721 | +19.7% |
| Cash at bank and in hand | 54/58 | €280,785 | €334,185 | +€53,401 | +19.0% |
| Deferred charges and accrued income | 490/1 | €1,879 | €2,216 | +€337 | +17.9% |
| Total equity and liabilities | 10/49 | €437,730 | €454,919 | +€17,189 | +3.9% |
| Equity | 10/15 | €402,376 | €419,003 | +€16,627 | +4.1% |
| Profit (loss) carried forward | 14 | €402,376 | €419,003 | +€16,627 | +4.1% |
| Amounts payable | 17/49 | €35,355 | €35,916 | +€562 | +1.6% |
| Amounts payable within one year | 42/48 | €35,355 | €35,916 | +€562 | +1.6% |
| Trade debts | 44 | €35,355 | €35,916 | +€562 | +1.6% |
| Suppliers | 440/4 | €35,355 | €35,916 | +€562 | +1.6% |
| Remuneration, social security and pensions | 62 | €42,555 | - | -€42,555 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,968 | €34,241 | +€8,273 | +31.9% |
| Other operating charges | 640/8 | €366 | €496 | +€131 | +35.8% |
| Gross operating margin | 9900 | €114,634 | €51,405 | -€63,229 | -55.2% |
| Operating profit (loss) | 9901 | €45,746 | €16,668 | -€29,078 | -63.6% |
| Financial income | 75/76B | €0 | €7 | +€6 | +1,684% |
| Recurring financial income | 75 | €0 | €7 | +€6 | +1,684% |
| Financial charges | 65/66B | €76 | €48 | -€28 | -36.9% |
| Recurring financial charges | 65 | €76 | €48 | -€28 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | €45,671 | €16,627 | -€29,044 | -63.6% |
| Profit (loss) for the period | 9904 | €45,671 | €16,627 | -€29,044 | -63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €45,671 | €16,627 | -€29,044 | -63.6% |
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 19 October 2026 via checked.be.