VAL'U: 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.
VAL'U
Largest movements
- Current investments -€20,105
down €20,105 (-64.1%), from €31,345 to €11,240
- Receivables within one year +€8,871
up €8,871 (+31.4%), from €28,235 to €37,106
of which Trade receivables: +€11,429
- Cash +€4,782
up €4,782 (+16.3%), from €29,277 to €34,059
- Tangible fixed assets -€2,059
down €2,059 (-16.0%), from €12,877 to €10,818
of which Furniture and vehicles: -€1,424
- Stocks and contracts -€1,634
down €1,634 (-11.3%), from €14,434 to €12,800
- Profit (loss) carried forward -€33,140
down €33,140 (-83.8%), from €39,527 to €6,387
- Other debts +€30,000
up €30,000 (+342.9%), from €8,750 to €38,750
- Debts after one year -€10,587
no longer reported in 2025 (was €10,587)
- Current portion of long-term debt -€10,457
down €10,457 (-74.7%), from €13,995 to €3,538
- Trade debts +€9,473
up €9,473 (+59.8%), from €15,831 to €25,304
- Gross operating margin +€51,680
up €51,680 (+115.6%), from €44,694 to €96,374
- Taxes +€15,467
up €15,467 (+309.5%), from €4,997 to €20,464
- Depreciation -€4,331
down €4,331 (-23.1%), from €18,724 to €14,393
- Financial income +€2,205
up €2,205 (+274.9%), from €802 to €3,007
- Other operating charges +€1,131
up €1,131 (+46.4%), from €2,437 to €3,568
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.
Cash bridge derived
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €116,921 | €106,801 | -€10,120 | -8.7% |
| Fixed assets | 21/28 | €12,877 | €10,818 | -€2,059 | -16.0% |
| Tangible fixed assets | 22/27 | €12,877 | €10,818 | -€2,059 | -16.0% |
| Furniture and vehicles | 24 | €12,242 | €10,818 | -€1,424 | -11.6% |
| Other tangible fixed assets | 26 | €635 | - | -€635 | |
| Current assets | 29/58 | €104,044 | €95,983 | -€8,061 | -7.7% |
| Stocks and contracts in progress | 3 | €14,434 | €12,800 | -€1,634 | -11.3% |
| Stocks | 30/36 | €14,434 | €12,800 | -€1,634 | -11.3% |
| Amounts receivable within one year | 40/41 | €28,235 | €37,106 | +€8,871 | +31.4% |
| Trade receivables | 40 | €22,992 | €34,421 | +€11,429 | +49.7% |
| Other amounts receivable | 41 | €5,243 | €2,685 | -€2,558 | -48.8% |
| Current investments | 50/53 | €31,345 | €11,240 | -€20,105 | -64.1% |
| Cash at bank and in hand | 54/58 | €29,277 | €34,059 | +€4,782 | +16.3% |
| Deferred charges and accrued income | 490/1 | €753 | €779 | +€26 | +3.4% |
| Total equity and liabilities | 10/49 | €116,921 | €106,801 | -€10,120 | -8.7% |
| Equity | 10/15 | €59,987 | €24,987 | -€35,000 | -58.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €1,860 | - | -€1,860 | |
| Profit (loss) carried forward | 14 | €39,527 | €6,387 | -€33,140 | -83.8% |
| Amounts payable | 17/49 | €56,934 | €81,814 | +€24,880 | +43.7% |
| Amounts payable after more than one year | 17 | €10,587 | - | -€10,587 | |
| Financial debts | 170/4 | €10,587 | - | -€10,587 | |
| Amounts payable within one year | 42/48 | €44,394 | €80,247 | +€35,853 | +80.8% |
| Current portion of amounts payable after more than one year | 42 | €13,995 | €3,538 | -€10,457 | -74.7% |
| Trade debts | 44 | €15,831 | €25,304 | +€9,473 | +59.8% |
| Suppliers | 440/4 | €15,831 | €25,304 | +€9,473 | +59.8% |
| Taxes, remuneration and social security | 45 | €5,819 | €12,655 | +€6,837 | +117.5% |
| Taxes | 450/3 | €5,819 | €12,655 | +€6,837 | +117.5% |
| Other amounts payable | 47/48 | €8,750 | €38,750 | +€30,000 | +342.9% |
| Accrued charges and deferred income | 492/3 | €1,953 | €1,567 | -€386 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,724 | €14,393 | -€4,331 | -23.1% |
| Other operating charges | 640/8 | €2,437 | €3,568 | +€1,131 | +46.4% |
| Gross operating margin | 9900 | €44,694 | €96,374 | +€51,680 | +115.6% |
| Operating profit (loss) | 9901 | €23,533 | €78,413 | +€54,880 | +233.2% |
| Financial income | 75/76B | €802 | €3,007 | +€2,205 | +274.9% |
| Recurring financial income | 75 | €802 | €3,007 | +€2,205 | +274.9% |
| Financial charges | 65/66B | €651 | €956 | +€305 | +46.8% |
| Recurring financial charges | 65 | €651 | €956 | +€305 | +46.8% |
| Profit (loss) for the period before taxes | 9903 | €23,684 | €80,465 | +€56,780 | +239.7% |
| Income taxes | 67/77 | €4,997 | €20,464 | +€15,467 | +309.5% |
| Profit (loss) for the period | 9904 | €18,687 | €60,000 | +€41,313 | +221.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,687 | €60,000 | +€41,313 | +221.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.