Value Creation: 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 Creation
Largest movements
- Cash +€91,565
up €91,565 (+478.8%), from €19,125 to €110,690
mainly Net result for the year (+€188,593) and Depreciation (+€44,517)
- Receivables within one year +€27,105
up €27,105 (+16.7%), from €162,597 to €189,702
of which Other amounts receivable: +€32,045
- Reserves +€188,593
up €188,593 (+11.8%), from €1.6m to €1.8m
- Accrued charges and deferred income -€46,298
down €46,298 (-54.3%), from €85,186 to €38,888
- Tax, wage and social debts -€25,148
down €25,148 (-52.8%), from €47,642 to €22,494
of which Remuneration and social security: -€13,165
- Financial income -€274,752
down €274,752 (-79.1%), from €347,531 to €72,779
- Gross operating margin +€141,559
up €141,559 (+155.4%), from €91,091 to €232,650
- Staff costs -€100,639
down €100,639, from €100,519 to -€120
- Depreciation +€5,232
up €5,232 (+13.3%), from €39,285 to €44,517
- Financial charges -€4,227
down €4,227 (-63.1%), from €6,697 to €2,471
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 | €2,360,996 | €2,471,921 | +€110,925 | +4.7% |
| Fixed assets | 21/28 | €898,380 | €878,396 | -€19,984 | -2.2% |
| Tangible fixed assets | 22/27 | €570,929 | €550,945 | -€19,984 | -3.5% |
| Land and buildings | 22 | €508,354 | €487,436 | -€20,919 | -4.1% |
| Plant, machinery and equipment | 23 | €893 | €545 | -€348 | -39.0% |
| Furniture and vehicles | 24 | €24,029 | €33,533 | +€9,504 | +39.6% |
| Leasing and similar rights | 25 | €34,522 | €26,887 | -€7,634 | -22.1% |
| Other tangible fixed assets | 26 | €3,131 | €2,544 | -€587 | -18.7% |
| Financial fixed assets | 28 | €327,451 | €327,451 | = | 0.0% |
| Current assets | 29/58 | €1,462,616 | €1,593,525 | +€130,909 | +9.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €162,597 | €189,702 | +€27,105 | +16.7% |
| Trade receivables | 40 | €30,790 | €25,850 | -€4,940 | -16.0% |
| Other amounts receivable | 41 | €131,807 | €163,852 | +€32,045 | +24.3% |
| Current investments | 50/53 | €1,279,327 | €1,289,532 | +€10,206 | +0.8% |
| Cash at bank and in hand | 54/58 | €19,125 | €110,690 | +€91,565 | +478.8% |
| Deferred charges and accrued income | 490/1 | €1,567 | €3,600 | +€2,033 | +129.7% |
| Total equity and liabilities | 10/49 | €2,360,996 | €2,471,921 | +€110,925 | +4.7% |
| Equity | 10/15 | €2,149,929 | €2,338,521 | +€188,593 | +8.8% |
| Contributions | 10/11 | €545,460 | €545,460 | = | 0.0% |
| Reserves | 13 | €1,604,469 | €1,793,061 | +€188,593 | +11.8% |
| Distributable reserves | 133 | €1,604,469 | €1,793,061 | +€188,593 | +11.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €211,067 | €133,400 | -€77,668 | -36.8% |
| Amounts payable after more than one year | 17 | €27,433 | €37,717 | +€10,283 | +37.5% |
| Financial debts | 170/4 | €27,433 | €37,717 | +€10,283 | +37.5% |
| Amounts payable within one year | 42/48 | €98,448 | €56,795 | -€41,653 | -42.3% |
| Current portion of amounts payable after more than one year | 42 | €7,223 | €15,586 | +€8,363 | +115.8% |
| Trade debts | 44 | €29,894 | €9,712 | -€20,182 | -67.5% |
| Suppliers | 440/4 | €29,894 | €9,712 | -€20,182 | -67.5% |
| Advances received on contracts in progress | 46 | €2,500 | €3,059 | +€559 | +22.3% |
| Taxes, remuneration and social security | 45 | €47,642 | €22,494 | -€25,148 | -52.8% |
| Taxes | 450/3 | €34,478 | €22,494 | -€11,983 | -34.8% |
| Remuneration and social security | 454/9 | €13,165 | €0 | -€13,165 | -100.0% |
| Other amounts payable | 47/48 | €11,188 | €5,944 | -€5,244 | -46.9% |
| Accrued charges and deferred income | 492/3 | €85,186 | €38,888 | -€46,298 | -54.3% |
| Non-recurring operating income | 76A | - | €4,364 | +€4,364 | |
| Remuneration, social security and pensions | 62 | €100,519 | -€120 | -€100,639 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,285 | €44,517 | +€5,232 | +13.3% |
| Other operating charges | 640/8 | €3,719 | €3,746 | +€27 | +0.7% |
| Gross operating margin | 9900 | €91,091 | €232,650 | +€141,559 | +155.4% |
| Operating profit (loss) | 9901 | -€52,432 | €184,507 | +€236,940 | |
| Financial income | 75/76B | €347,531 | €72,779 | -€274,752 | -79.1% |
| Recurring financial income | 75 | €347,531 | €72,779 | -€274,752 | -79.1% |
| Financial charges | 65/66B | €6,697 | €2,471 | -€4,227 | -63.1% |
| Recurring financial charges | 65 | €6,697 | €2,471 | -€4,227 | -63.1% |
| Profit (loss) for the period before taxes | 9903 | €288,402 | €254,815 | -€33,586 | -11.6% |
| Income taxes | 67/77 | €69,819 | €66,223 | -€3,596 | -5.2% |
| Profit (loss) for the period | 9904 | €218,583 | €188,593 | -€29,990 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €218,583 | €188,593 | -€29,990 | -13.7% |
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 5 October 2026 via checked.be.