THE VALUE PARTNERSHIP: 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 PARTNERSHIP
Largest movements
- Receivables within one year +€41,829
up €41,829 (+63.4%), from €65,929 to €107,758
of which Other amounts receivable: +€37,114
- Cash +€8,066
up €8,066 (+17.1%), from €47,123 to €55,189
mainly Net result for the year (+€70,531) and Other debts (+€49,714)
- Tangible fixed assets -€2,812
down €2,812 (-5.3%), from €52,872 to €50,060
of which Furniture and vehicles: -€9,550
- Other debts +€49,714
up €49,714 (+239%), from €20,800 to €70,513
- Tax, wage and social debts +€19,680
up €19,680 (+57.6%), from €34,140 to €53,820
of which Taxes: +€18,327
- Contributions -€12,400
no longer reported in 2025 (was €12,400)
- Debts after one year -€7,016
no longer reported in 2025 (was €7,016)
- Gross operating margin +€102,622
up €102,622 (+212%), from €48,413 to €151,036
- Taxes +€32,244
up €32,244 (+384%), from €8,405 to €40,649
- Staff costs +€22,833
new in 2025: €22,833
- Depreciation -€5,792
down €5,792 (-25.5%), from €22,708 to €16,916
- Other operating charges +€2,785
up €2,785 (+224%), from €1,243 to €4,029
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 | €167,914 | €214,997 | +€47,083 | +28.0% |
| Fixed assets | 21/28 | €54,862 | €52,050 | -€2,812 | -5.1% |
| Tangible fixed assets | 22/27 | €52,872 | €50,060 | -€2,812 | -5.3% |
| Land and buildings | 22 | €4,228 | €2,446 | -€1,782 | -42.2% |
| Plant, machinery and equipment | 23 | €8,974 | €17,494 | +€8,520 | +94.9% |
| Furniture and vehicles | 24 | €39,670 | €30,120 | -€9,550 | -24.1% |
| Financial fixed assets | 28 | €1,990 | €1,990 | = | 0.0% |
| Current assets | 29/58 | €113,052 | €162,946 | +€49,895 | +44.1% |
| Amounts receivable within one year | 40/41 | €65,929 | €107,758 | +€41,829 | +63.4% |
| Trade receivables | 40 | €16,533 | €21,248 | +€4,715 | +28.5% |
| Other amounts receivable | 41 | €49,396 | €86,509 | +€37,114 | +75.1% |
| Cash at bank and in hand | 54/58 | €47,123 | €55,189 | +€8,066 | +17.1% |
| Total equity and liabilities | 10/49 | €167,914 | €214,997 | +€47,083 | +28.0% |
| Equity | 10/15 | €82,913 | €70,531 | -€12,382 | -14.9% |
| Contributions | 10/11 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €70,513 | €70,531 | +€18 | 0.0% |
| Distributable reserves | 133 | €70,513 | €70,531 | +€18 | 0.0% |
| Amounts payable | 17/49 | €85,001 | €144,465 | +€59,465 | +70.0% |
| Amounts payable after more than one year | 17 | €7,016 | - | -€7,016 | |
| Financial debts | 170/4 | €7,016 | - | -€7,016 | |
| Amounts payable within one year | 42/48 | €74,484 | €140,965 | +€66,481 | +89.3% |
| Current portion of amounts payable after more than one year | 42 | €9,038 | €7,016 | -€2,022 | -22.4% |
| Trade debts | 44 | €10,506 | €9,616 | -€890 | -8.5% |
| Suppliers | 440/4 | €10,506 | €9,616 | -€890 | -8.5% |
| Taxes, remuneration and social security | 45 | €34,140 | €53,820 | +€19,680 | +57.6% |
| Taxes | 450/3 | €34,140 | €52,468 | +€18,327 | +53.7% |
| Remuneration and social security | 454/9 | - | €1,352 | +€1,352 | |
| Other amounts payable | 47/48 | €20,800 | €70,513 | +€49,714 | +239% |
| Accrued charges and deferred income | 492/3 | €3,500 | €3,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €22,833 | +€22,833 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,708 | €16,916 | -€5,792 | -25.5% |
| Other operating charges | 640/8 | €1,243 | €4,029 | +€2,785 | +224% |
| Non-recurring operating charges | 66A | €177 | €63 | -€114 | -64.3% |
| Gross operating margin | 9900 | €48,413 | €151,036 | +€102,622 | +212% |
| Operating profit (loss) | 9901 | €24,285 | €107,195 | +€82,910 | +341% |
| Financial income | 75/76B | €3,425 | €4,741 | +€1,316 | +38.4% |
| Recurring financial income | 75 | €3,425 | €4,741 | +€1,316 | +38.4% |
| Financial charges | 65/66B | €366 | €757 | +€391 | +107% |
| Recurring financial charges | 65 | €366 | €757 | +€391 | +107% |
| Profit (loss) for the period before taxes | 9903 | €27,345 | €111,180 | +€83,835 | +307% |
| Income taxes | 67/77 | €8,405 | €40,649 | +€32,244 | +384% |
| Profit (loss) for the period | 9904 | €18,940 | €70,531 | +€51,592 | +272% |
| Profit (loss) for the period to be appropriated | 9905 | €18,940 | €70,531 | +€51,592 | +272% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.