VALUE COMPANY: 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.
VALUE COMPANY
Largest movements
- Receivables within one year -€267,825
down €267,825 (-86.1%), from €311,103 to €43,278
of which Trade receivables: -€268,691
- Cash +€189,080
up €189,080 (+47.5%), from €398,104 to €587,184
mainly Receivables within one year (+€267,825) and Trade debts (+€37,995)
- Stocks and contracts +€41,483
up €41,483 (+2.3%), from €1.8m to €1.8m
- Other debts -€103,179
down €103,179 (-4.7%), from €2.2m to €2.1m
- Trade debts +€37,995
up €37,995 (+183%), from €20,771 to €58,767
- Reserves +€29,041
up €29,041 (+12.7%), from €229,463 to €258,503
- Financial income +€117,252
up €117,252 (+192%), from €61,030 to €178,282
- Gross operating margin -€113,050
down €113,050 (-88.7%), from €127,468 to €14,418
- Financial charges +€24,098
up €24,098 (+20.0%), from €120,672 to €144,770
- Staff costs -€9,716
down €9,716 (-66.4%), from €14,627 to €4,911
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 | €2,484,295 | €2,447,437 | -€36,858 | -1.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €2,484,295 | €2,447,437 | -€36,858 | -1.5% |
| Stocks and contracts in progress | 3 | €1,775,087 | €1,816,570 | +€41,483 | +2.3% |
| Stocks | 30/36 | €1,775,087 | €1,816,570 | +€41,483 | +2.3% |
| Amounts receivable within one year | 40/41 | €311,103 | €43,278 | -€267,825 | -86.1% |
| Trade receivables | 40 | €303,612 | €34,921 | -€268,691 | -88.5% |
| Other amounts receivable | 41 | €7,492 | €8,357 | +€865 | +11.5% |
| Cash at bank and in hand | 54/58 | €398,104 | €587,184 | +€189,080 | +47.5% |
| Deferred charges and accrued income | 490/1 | - | €404 | +€404 | |
| Total equity and liabilities | 10/49 | €2,484,295 | €2,447,437 | -€36,858 | -1.5% |
| Equity | 10/15 | €248,063 | €277,103 | +€29,041 | +11.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €229,463 | €258,503 | +€29,041 | +12.7% |
| Distributable reserves | 133 | €229,463 | €258,503 | +€29,041 | +12.7% |
| Amounts payable | 17/49 | €2,236,232 | €2,170,333 | -€65,899 | -2.9% |
| Amounts payable within one year | 42/48 | €2,236,232 | €2,170,333 | -€65,899 | -2.9% |
| Trade debts | 44 | €20,771 | €58,767 | +€37,995 | +183% |
| Suppliers | 440/4 | €20,771 | €58,767 | +€37,995 | +183% |
| Taxes, remuneration and social security | 45 | €1,447 | €731 | -€716 | -49.5% |
| Remuneration and social security | 454/9 | €1,447 | €731 | -€716 | -49.5% |
| Other amounts payable | 47/48 | €2,214,014 | €2,110,836 | -€103,179 | -4.7% |
| Remuneration, social security and pensions | 62 | €14,627 | €4,911 | -€9,716 | -66.4% |
| Other operating charges | 640/8 | €1,214 | €1,547 | +€333 | +27.4% |
| Gross operating margin | 9900 | €127,468 | €14,418 | -€113,050 | -88.7% |
| Operating profit (loss) | 9901 | €111,627 | €7,960 | -€103,667 | -92.9% |
| Financial income | 75/76B | €61,030 | €178,282 | +€117,252 | +192% |
| Recurring financial income | 75 | €61,030 | €178,282 | +€117,252 | +192% |
| Financial charges | 65/66B | €120,672 | €144,770 | +€24,098 | +20.0% |
| Recurring financial charges | 65 | €120,672 | €144,770 | +€24,098 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | €51,985 | €41,472 | -€10,513 | -20.2% |
| Income taxes | 67/77 | €12,457 | €12,431 | -€25 | -0.2% |
| Profit (loss) for the period | 9904 | €39,528 | €29,041 | -€10,488 | -26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,528 | €29,041 | -€10,488 | -26.5% |
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 19 October 2026 via checked.be.