Valeur Ajoutée: 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.
Valeur Ajoutée
Largest movements
- Receivables within one year -€127,790
no longer reported in 2025 (was €127,790)
- Cash +€105,944
up €105,944 (+168%), from €63,068 to €169,013
mainly Receivables within one year (+€127,790) and Other debts (+€20,919)
- Current investments -€7,993
down €7,993 (-9.5%), from €84,095 to €76,102
- Tangible fixed assets -€6,974
no longer reported in 2025 (was €6,974)
- Trade debts -€48,205
down €48,205 (-99.6%), from €48,418 to €213
- Other debts +€20,919
up €20,919 (+523%), from €4,000 to €24,919
- Tax, wage and social debts -€11,810
down €11,810 (-33.6%), from €35,183 to €23,373
- Short-term financial debts +€7,000
new in 2025: €7,000
- Reserves -€6,000
down €6,000 (-3.9%), from €151,983 to €145,983
- Gross operating margin -€43,681
down €43,681 (-57.5%), from €75,950 to €32,269
- Taxes -€13,974
down €13,974 (-59.2%), from €23,586 to €9,612
- Financial income -€2,430
down €2,430 (-39.0%), from €6,222 to €3,793
- Depreciation -€1,395
down €1,395 (-16.7%), from €8,369 to €6,974
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 | €282,173 | €245,115 | -€37,058 | -13.1% |
| Fixed assets | 21/28 | €6,974 | - | -€6,974 | |
| Tangible fixed assets | 22/27 | €6,974 | - | -€6,974 | |
| Furniture and vehicles | 24 | €6,974 | - | -€6,974 | |
| Current assets | 29/58 | €275,199 | €245,115 | -€30,084 | -10.9% |
| Amounts receivable within one year | 40/41 | €127,790 | - | -€127,790 | |
| Trade receivables | 40 | €127,790 | - | -€127,790 | |
| Current investments | 50/53 | €84,095 | €76,102 | -€7,993 | -9.5% |
| Cash at bank and in hand | 54/58 | €63,068 | €169,013 | +€105,944 | +168% |
| Deferred charges and accrued income | 490/1 | €246 | - | -€246 | |
| Total equity and liabilities | 10/49 | €282,173 | €245,115 | -€37,058 | -13.1% |
| Equity | 10/15 | €194,572 | €189,610 | -€4,962 | -2.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €151,983 | €145,983 | -€6,000 | -3.9% |
| Distributable reserves | 133 | €151,983 | €145,983 | -€6,000 | -3.9% |
| Profit (loss) carried forward | 14 | €40,589 | €41,627 | +€1,038 | +2.6% |
| Amounts payable | 17/49 | €87,600 | €55,505 | -€32,096 | -36.6% |
| Amounts payable within one year | 42/48 | €87,600 | €55,505 | -€32,096 | -36.6% |
| Financial debts | 43 | - | €7,000 | +€7,000 | |
| Credit institutions | 430/8 | - | €7,000 | +€7,000 | |
| Trade debts | 44 | €48,418 | €213 | -€48,205 | -99.6% |
| Suppliers | 440/4 | €48,418 | €213 | -€48,205 | -99.6% |
| Taxes, remuneration and social security | 45 | €35,183 | €23,373 | -€11,810 | -33.6% |
| Taxes | 450/3 | €35,183 | €23,373 | -€11,810 | -33.6% |
| Other amounts payable | 47/48 | €4,000 | €24,919 | +€20,919 | +523% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,369 | €6,974 | -€1,395 | -16.7% |
| Other operating charges | 640/8 | €476 | €386 | -€90 | -18.9% |
| Gross operating margin | 9900 | €75,950 | €32,269 | -€43,681 | -57.5% |
| Operating profit (loss) | 9901 | €67,106 | €24,909 | -€42,196 | -62.9% |
| Financial income | 75/76B | €6,222 | €3,793 | -€2,430 | -39.0% |
| Recurring financial income | 75 | €6,222 | €3,793 | -€2,430 | -39.0% |
| Financial charges | 65/66B | €42 | €52 | +€10 | +23.9% |
| Recurring financial charges | 65 | €42 | €52 | +€10 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €73,285 | €28,649 | -€44,636 | -60.9% |
| Income taxes | 67/77 | €23,586 | €9,612 | -€13,974 | -59.2% |
| Profit (loss) for the period | 9904 | €49,699 | €19,038 | -€30,662 | -61.7% |
| Profit (loss) for the period to be appropriated | 9905 | €49,699 | €19,038 | -€30,662 | -61.7% |
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 20 October 2026 via checked.be.