TheValueChain: 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.
What changed
TheValueChain
NACE 62.200, Computer consultancy and computer facilities management
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€484,612
2024 · €410,448+€74,165
Equity
€16.7m
2024 · €16.2m+€484,612
Cash
€1.0m
2024 · €1.6m-€594,718
Balance sheet total
€37.3m
2024 · €36.3m+€1.0m
Largest movements
Assets
- Receivables within one year +€1.9m
up €1.9m (+5.8%), from €33.5m to €35.4m
of which Trade receivables: +€1.2m
- Cash -€594,718
down €594,718 (-36.8%), from €1.6m to €1.0m
mainly Receivables within one year (-€1.9m) and Debts after one year (-€564,227)
Equity and liabilities
- Accrued charges and deferred income +€609,241
up €609,241 (+30.4%), from €2.0m to €2.6m
- Debts after one year -€564,227
down €564,227 (-98.9%), from €570,570 to €6,342
- Profit (loss) carried forward +€484,612
up €484,612 (+7.1%), from €6.8m to €7.3m
Income statement
- Turnover -€2.7m
down €2.7m (-5.8%), from €46.3m to €43.6m
- Gross operating margin -€2.1m
down €2.1m (-19.6%), from €10.5m to €8.5m
- Staff costs -€2.0m
down €2.0m (-21.2%), from €9.4m to €7.4m
- Purchases and services -€617,978
down €617,978 (-1.7%), from €36.2m to €35.6m
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.
Result 2024
€410,448
Gross operating margin
-€2.1m
Staff costs
+€2.0m
Depreciation
+€13,655
Write-downs
-€85,470
Other operating charges
-€190
Other operating items
+€33,380
Financial income
+€24,521
Financial charges
+€143,243
Taxes
+€9,460
Result 2025
€484,612
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.
From operations
+€104,142
Investment
-€12,216
Financing
-€686,644
Cash 2024
€1.6m
From operations (derived)
+€104,142
Net result for the year
+€484,612
Depreciation
+€31,732
Receivables within one year
-€1.9m
Deferred charges and accrued income
+€280,756
Trade debts
+€182,589
Tax, wage and social debts
+€95,363
Other debts
+€354,992
Accrued charges and deferred income
+€609,241
Investment (derived)
-€12,216
Investment in fixed assets (net)
-€12,216
Financing
-€686,644
Debts after one year
-€564,227
Current portion of long-term debt
-€289,113
Short-term financial debts
+€166,697
Cash 2025
€1.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,250,218 | €37,290,371 | +€1.0m | +2.9% |
| Fixed assets | 21/28 | €262,501 | €242,985 | -€19,516 | -7.4% |
| Tangible fixed assets | 22/27 | €64,272 | €44,756 | -€19,516 | -30.4% |
| Plant, machinery and equipment | 23 | €15,867 | €21,610 | +€5,744 | +36.2% |
| Furniture and vehicles | 24 | €2,801 | €527 | -€2,274 | -81.2% |
| Leasing and similar rights | 25 | €41,639 | €20,190 | -€21,449 | -51.5% |
| Other tangible fixed assets | 26 | €3,965 | €2,429 | -€1,536 | -38.7% |
| Financial fixed assets | 28 | €198,229 | €198,229 | = | 0.0% |
| Current assets | 29/58 | €35,987,717 | €37,047,386 | +€1.1m | +2.9% |
| Amounts receivable within one year | 40/41 | €33,503,713 | €35,438,854 | +€1.9m | +5.8% |
| Trade receivables | 40 | €11,023,509 | €12,181,749 | +€1.2m | +10.5% |
| Other amounts receivable | 41 | €22,480,203 | €23,257,106 | +€776,902 | +3.5% |
| Cash at bank and in hand | 54/58 | €1,614,795 | €1,020,077 | -€594,718 | -36.8% |
| Deferred charges and accrued income | 490/1 | €869,210 | €588,454 | -€280,756 | -32.3% |
| Total equity and liabilities | 10/49 | €36,250,218 | €37,290,371 | +€1.0m | +2.9% |
| Equity | 10/15 | €16,178,765 | €16,663,377 | +€484,612 | +3.0% |
| Contributions | 10/11 | €5,757,500 | €5,757,500 | = | 0.0% |
| Capital | 10 | €5,757,500 | €5,757,500 | = | 0.0% |
| Issued capital | 100 | €5,768,600 | €5,768,600 | = | 0.0% |
| Uncalled capital | 101 | €11,100 | €11,100 | = | 0.0% |
| Reserves | 13 | €3,593,260 | €3,593,260 | = | 0.0% |
| Non-distributable reserves | 130/1 | €592,532 | €592,532 | = | 0.0% |
| Legal reserve | 130 | €592,532 | €592,532 | = | 0.0% |
| Tax-exempt reserves | 132 | €673,600 | €673,600 | = | 0.0% |
| Distributable reserves | 133 | €2,327,127 | €2,327,127 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,828,005 | €7,312,617 | +€484,612 | +7.1% |
| Amounts payable | 17/49 | €20,071,453 | €20,626,994 | +€555,540 | +2.8% |
| Amounts payable after more than one year | 17 | €570,570 | €6,342 | -€564,227 | -98.9% |
| Financial debts | 170/4 | €570,570 | €6,342 | -€564,227 | -98.9% |
| Amounts payable within one year | 42/48 | €17,497,589 | €18,008,116 | +€510,527 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €923,007 | €633,894 | -€289,113 | -31.3% |
| Financial debts | 43 | €5,802,553 | €5,969,250 | +€166,697 | +2.9% |
| Credit institutions | 430/8 | €5,802,553 | €5,969,250 | +€166,697 | +2.9% |
| Trade debts | 44 | €8,272,780 | €8,455,369 | +€182,589 | +2.2% |
| Suppliers | 440/4 | €8,272,780 | €8,455,369 | +€182,589 | +2.2% |
| Taxes, remuneration and social security | 45 | €1,354,945 | €1,450,308 | +€95,363 | +7.0% |
| Taxes | 450/3 | €409,604 | €703,588 | +€293,985 | +71.8% |
| Remuneration and social security | 454/9 | €945,342 | €746,720 | -€198,622 | -21.0% |
| Other amounts payable | 47/48 | €1,144,303 | €1,499,295 | +€354,992 | +31.0% |
| Accrued charges and deferred income | 492/3 | €2,003,295 | €2,612,535 | +€609,241 | +30.4% |
| Turnover | 70 | €46,280,718 | €43,614,150 | -€2.7m | -5.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €36,239,019 | €35,621,041 | -€617,978 | -1.7% |
| Remuneration, social security and pensions | 62 | €9,422,043 | €7,427,266 | -€2.0m | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,387 | €31,732 | -€13,655 | -30.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €85,470 | +€85,470 | |
| Other operating charges | 640/8 | €10,450 | €10,640 | +€190 | +1.8% |
| Non-recurring operating charges | 66A | €34,127 | €747 | -€33,380 | -97.8% |
| Gross operating margin | 9900 | €10,519,239 | €8,460,028 | -€2.1m | -19.6% |
| Operating profit (loss) | 9901 | €1,007,233 | €904,174 | -€103,059 | -10.2% |
| Financial income | 75/76B | €252,239 | €276,760 | +€24,521 | +9.7% |
| Recurring financial income | 75 | €252,239 | €276,760 | +€24,521 | +9.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €558,462 | €415,219 | -€143,243 | -25.6% |
| Recurring financial charges | 65 | €558,462 | €415,219 | -€143,243 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | €701,010 | €765,715 | +€64,705 | +9.2% |
| Income taxes | 67/77 | €290,563 | €281,103 | -€9,460 | -3.3% |
| Profit (loss) for the period | 9904 | €410,448 | €484,612 | +€74,165 | +18.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €410,448 | €484,612 | +€74,165 | +18.1% |
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.