Value Added: 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.
Value Added
Largest movements
- Receivables within one year +€30,717
up €30,717 (+45.2%), from €67,981 to €98,698
of which Trade receivables: +€40,619
- Cash -€11,692
down €11,692 (-63.3%), from €18,476 to €6,784
mainly Receivables within one year (-€30,717) and Investment in fixed assets (net) (-€9,024)
- Tangible fixed assets +€7,206
up €7,206 (+87.8%), from €8,206 to €15,412
of which Furniture and vehicles: +€5,206
- Deferred charges and accrued income -€3,497
down €3,497 (-72.6%), from €4,814 to €1,317
- Reserves +€32,592
up €32,592 (+110.3%), from €29,540 to €62,132
- Accrued charges and deferred income -€4,380
down €4,380 (-99.5%), from €4,402 to €23
- Trade debts -€3,285
down €3,285 (-7.2%), from €45,395 to €42,111
- Tax, wage and social debts -€2,585
down €2,585 (-18.7%), from €13,828 to €11,243
of which Remuneration and social security: -€2,603
- Gross operating margin +€47,732
up €47,732 (+54.8%), from €87,164 to €134,896
- Staff costs +€28,452
up €28,452 (+48.7%), from €58,429 to €86,881
- Other operating charges -€9,210
down €9,210 (-95.8%), from €9,609 to €400
- Taxes +€4,153
up €4,153 (+74.1%), from €5,605 to €9,759
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
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 | €146,139 | €168,873 | +€22,734 | +15.6% |
| Fixed assets | 21/28 | €54,868 | €62,074 | +€7,206 | +13.1% |
| Tangible fixed assets | 22/27 | €8,206 | €15,412 | +€7,206 | +87.8% |
| Plant, machinery and equipment | 23 | €2,932 | €4,932 | +€2,000 | +68.2% |
| Furniture and vehicles | 24 | €1,735 | €6,942 | +€5,206 | +300.0% |
| Other tangible fixed assets | 26 | €3,538 | €3,538 | = | 0.0% |
| Financial fixed assets | 28 | €46,662 | €46,662 | = | 0.0% |
| Current assets | 29/58 | €91,271 | €106,799 | +€15,528 | +17.0% |
| Amounts receivable within one year | 40/41 | €67,981 | €98,698 | +€30,717 | +45.2% |
| Trade receivables | 40 | €40,665 | €81,284 | +€40,619 | +99.9% |
| Other amounts receivable | 41 | €27,316 | €17,414 | -€9,901 | -36.2% |
| Cash at bank and in hand | 54/58 | €18,476 | €6,784 | -€11,692 | -63.3% |
| Deferred charges and accrued income | 490/1 | €4,814 | €1,317 | -€3,497 | -72.6% |
| Total equity and liabilities | 10/49 | €146,139 | €168,873 | +€22,734 | +15.6% |
| Equity | 10/15 | €32,540 | €65,132 | +€32,592 | +100.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €29,540 | €62,132 | +€32,592 | +110.3% |
| Distributable reserves | 133 | €29,540 | €62,132 | +€32,592 | +110.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €113,599 | €103,741 | -€9,858 | -8.7% |
| Amounts payable within one year | 42/48 | €109,196 | €103,718 | -€5,478 | -5.0% |
| Trade debts | 44 | €45,395 | €42,111 | -€3,285 | -7.2% |
| Suppliers | 440/4 | €45,395 | €42,111 | -€3,285 | -7.2% |
| Taxes, remuneration and social security | 45 | €13,828 | €11,243 | -€2,585 | -18.7% |
| Taxes | 450/3 | €1,241 | €1,259 | +€18 | +1.5% |
| Remuneration and social security | 454/9 | €12,587 | €9,984 | -€2,603 | -20.7% |
| Other amounts payable | 47/48 | €49,973 | €50,365 | +€392 | +0.8% |
| Accrued charges and deferred income | 492/3 | €4,402 | €23 | -€4,380 | -99.5% |
| Remuneration, social security and pensions | 62 | €58,429 | €86,881 | +€28,452 | +48.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €896 | €1,818 | +€922 | +102.9% |
| Other operating charges | 640/8 | €9,609 | €400 | -€9,210 | -95.8% |
| Gross operating margin | 9900 | €87,164 | €134,896 | +€47,732 | +54.8% |
| Operating profit (loss) | 9901 | €18,230 | €45,797 | +€27,568 | +151.2% |
| Financial income | 75/76B | €129 | €529 | +€400 | +310.8% |
| Recurring financial income | 75 | €129 | €529 | +€400 | +310.8% |
| Financial charges | 65/66B | €216 | €265 | +€48 | +22.4% |
| Recurring financial charges | 65 | €216 | €265 | +€48 | +22.4% |
| Profit (loss) for the period before taxes | 9903 | €18,142 | €46,061 | +€27,919 | +153.9% |
| Income taxes | 67/77 | €5,605 | €9,759 | +€4,153 | +74.1% |
| Profit (loss) for the period | 9904 | €12,537 | €36,303 | +€23,766 | +189.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,537 | €36,303 | +€23,766 | +189.6% |
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 28 September 2026 via checked.be.