TheValueChain HXM: 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.
TheValueChain HXM
Largest movements
- Cash +€60,900
up €60,900 (+66.9%), from €91,044 to €151,944
mainly Contributions, distributions and other (+€75,000) and Trade debts (+€51,557)
- Receivables within one year +€44,672
up €44,672 (+43.0%), from €103,981 to €148,654
of which Trade receivables: +€54,735
- Profit (loss) carried forward -€124,022
down €124,022 (-52.8%), from -€234,886 to -€358,909
- Contributions +€75,000
up €75,000 (+25.0%), from €300,000 to €375,000
- Trade debts +€51,557
up €51,557 (+45.2%), from €114,052 to €165,608
- Other debts +€32,551
new in 2025: €32,551
- Accrued charges and deferred income +€30,866
new in 2025: €30,866
- Turnover +€333,406
up €333,406 (+77.7%), from €429,076 to €762,482
- Gross operating margin +€284,953
up €284,953, from -€125,102 to €159,852
- Staff costs +€168,104
up €168,104 (+157%), from €106,840 to €274,944
- Purchases and services +€56,745
up €56,745 (+10.2%), from €556,605 to €613,349
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 | €197,833 | €304,107 | +€106,275 | +53.7% |
| Current assets | 29/58 | €197,833 | €304,107 | +€106,275 | +53.7% |
| Amounts receivable within one year | 40/41 | €103,981 | €148,654 | +€44,672 | +43.0% |
| Trade receivables | 40 | €86,671 | €141,405 | +€54,735 | +63.2% |
| Other amounts receivable | 41 | €17,311 | €7,249 | -€10,062 | -58.1% |
| Cash at bank and in hand | 54/58 | €91,044 | €151,944 | +€60,900 | +66.9% |
| Deferred charges and accrued income | 490/1 | €2,807 | €3,510 | +€703 | +25.0% |
| Total equity and liabilities | 10/49 | €197,833 | €304,107 | +€106,275 | +53.7% |
| Equity | 10/15 | €65,114 | €16,091 | -€49,022 | -75.3% |
| Contributions | 10/11 | €300,000 | €375,000 | +€75,000 | +25.0% |
| Capital | 10 | €300,000 | €375,000 | +€75,000 | +25.0% |
| Issued capital | 100 | €300,000 | €375,000 | +€75,000 | +25.0% |
| Profit (loss) carried forward | 14 | -€234,886 | -€358,909 | -€124,022 | -52.8% |
| Amounts payable | 17/49 | €132,719 | €288,016 | +€155,297 | +117% |
| Amounts payable within one year | 42/48 | €132,719 | €257,150 | +€124,432 | +93.8% |
| Financial debts | 43 | - | €17,812 | +€17,812 | |
| Credit institutions | 430/8 | - | €17,812 | +€17,812 | |
| Trade debts | 44 | €114,052 | €165,608 | +€51,557 | +45.2% |
| Suppliers | 440/4 | €114,052 | €165,608 | +€51,557 | +45.2% |
| Taxes, remuneration and social security | 45 | €18,667 | €41,179 | +€22,512 | +121% |
| Taxes | 450/3 | €3,722 | €5,947 | +€2,225 | +59.8% |
| Remuneration and social security | 454/9 | €14,945 | €35,232 | +€20,286 | +136% |
| Other amounts payable | 47/48 | - | €32,551 | +€32,551 | |
| Accrued charges and deferred income | 492/3 | - | €30,866 | +€30,866 | |
| Turnover | 70 | €429,076 | €762,482 | +€333,406 | +77.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €556,605 | €613,349 | +€56,745 | +10.2% |
| Remuneration, social security and pensions | 62 | €106,840 | €274,944 | +€168,104 | +157% |
| Other operating charges | 640/8 | €970 | €1,077 | +€107 | +11.0% |
| Gross operating margin | 9900 | -€125,102 | €159,852 | +€284,953 | |
| Operating profit (loss) | 9901 | -€232,912 | -€116,169 | +€116,743 | +50.1% |
| Financial income | 75/76B | - | €113 | +€113 | |
| Recurring financial income | 75 | - | €113 | +€113 | |
| Financial charges | 65/66B | €1,688 | €7,214 | +€5,526 | +327% |
| Recurring financial charges | 65 | €1,688 | €7,214 | +€5,526 | +327% |
| Profit (loss) for the period before taxes | 9903 | -€234,600 | -€123,270 | +€111,330 | +47.5% |
| Income taxes | 67/77 | €286 | €752 | +€466 | +163% |
| Profit (loss) for the period | 9904 | -€234,886 | -€124,022 | +€110,864 | +47.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€234,886 | -€124,022 | +€110,864 | +47.2% |
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 30 October 2026 via checked.be.