VALUE DRIVE: 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 DRIVE
Largest movements
- Cash -€104,913
down €104,913 (-59.6%), from €176,170 to €71,257
mainly Other debts (-€100,300) and Contributions, distributions and other (-€24,000)
- Receivables within one year -€2,247
down €2,247 (-7.4%), from €30,175 to €27,929
of which Trade receivables: -€2,741
- Other debts -€100,300
down €100,300 (-83.1%), from €120,700 to €20,400
- Tax, wage and social debts -€19,417
down €19,417 (-70.0%), from €27,722 to €8,304
of which Taxes: -€19,417
- Profit (loss) carried forward +€13,104
up €13,104 (+33.7%), from €38,837 to €51,940
- Gross operating margin +€37,319
up €37,319 (+351%), from €10,623 to €47,942
- Taxes +€7,759
up €7,759 (+245%), from €3,173 to €10,932
- Financial income +€669
up €669 (+54.2%), from €1,236 to €1,905
- Depreciation -€564
down €564 (-41.7%), from €1,353 to €789
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 | €208,064 | €101,805 | -€106,259 | -51.1% |
| Fixed assets | 21/28 | €1,050 | €1,170 | +€121 | +11.5% |
| Tangible fixed assets | 22/27 | €1,006 | €1,127 | +€121 | +12.0% |
| Furniture and vehicles | 24 | €1,006 | €1,127 | +€121 | +12.0% |
| Financial fixed assets | 28 | €43 | €43 | = | 0.0% |
| Current assets | 29/58 | €207,014 | €100,635 | -€106,379 | -51.4% |
| Amounts receivable within one year | 40/41 | €30,175 | €27,929 | -€2,247 | -7.4% |
| Trade receivables | 40 | €19,842 | €17,101 | -€2,741 | -13.8% |
| Other amounts receivable | 41 | €10,334 | €10,828 | +€494 | +4.8% |
| Cash at bank and in hand | 54/58 | €176,170 | €71,257 | -€104,913 | -59.6% |
| Deferred charges and accrued income | 490/1 | €669 | €1,449 | +€780 | +117% |
| Total equity and liabilities | 10/49 | €208,064 | €101,805 | -€106,259 | -51.1% |
| Equity | 10/15 | €57,437 | €70,540 | +€13,104 | +22.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,837 | €51,940 | +€13,104 | +33.7% |
| Amounts payable | 17/49 | €150,627 | €31,265 | -€119,363 | -79.2% |
| Amounts payable within one year | 42/48 | €150,025 | €29,970 | -€120,055 | -80.0% |
| Trade debts | 44 | €1,604 | €1,266 | -€338 | -21.1% |
| Suppliers | 440/4 | €1,604 | €1,266 | -€338 | -21.1% |
| Taxes, remuneration and social security | 45 | €27,722 | €8,304 | -€19,417 | -70.0% |
| Taxes | 450/3 | €27,722 | €8,304 | -€19,417 | -70.0% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €120,700 | €20,400 | -€100,300 | -83.1% |
| Accrued charges and deferred income | 492/3 | €602 | €1,294 | +€692 | +115% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,353 | €789 | -€564 | -41.7% |
| Other operating charges | 640/8 | €576 | €580 | +€4 | +0.7% |
| Gross operating margin | 9900 | €10,623 | €47,942 | +€37,319 | +351% |
| Operating profit (loss) | 9901 | €8,694 | €46,573 | +€37,879 | +436% |
| Financial income | 75/76B | €1,236 | €1,905 | +€669 | +54.2% |
| Recurring financial income | 75 | €1,236 | €1,905 | +€669 | +54.2% |
| Financial charges | 65/66B | €276 | €442 | +€166 | +59.9% |
| Recurring financial charges | 65 | €276 | €442 | +€166 | +59.9% |
| Profit (loss) for the period before taxes | 9903 | €9,654 | €48,036 | +€38,382 | +398% |
| Income taxes | 67/77 | €3,173 | €10,932 | +€7,759 | +245% |
| Profit (loss) for the period | 9904 | €6,480 | €37,104 | +€30,623 | +473% |
| Profit (loss) for the period to be appropriated | 9905 | €6,480 | €37,104 | +€30,623 | +473% |
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 23 October 2026 via checked.be.