VALUE FINANCE: 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 FINANCE
Largest movements
- Intangible fixed assets -€177,996
down €177,996 (-18.2%), from €978,849 to €800,853
- Receivables within one year +€170,424
up €170,424 (+55.2%), from €308,996 to €479,420
of which Trade receivables: +€162,551
- Cash -€58,171
down €58,171 (-26.8%), from €217,327 to €159,156
mainly Contributions, distributions and other (-€279,000) and Receivables within one year (-€170,424)
- Tangible fixed assets +€16,833
up €16,833 (+18.3%), from €92,070 to €108,903
of which Furniture and vehicles: +€17,544
- Debts after one year -€93,721
down €93,721 (-12.2%), from €769,123 to €675,402
- Other debts +€37,000
up €37,000 (+10.2%), from €362,837 to €399,837
- Gross operating margin +€288,626
up €288,626 (+38.6%), from €747,576 to €1.0m
- Staff costs +€57,810
up €57,810 (+13.1%), from €441,683 to €499,493
- Depreciation +€17,451
up €17,451 (+9.1%), from €191,474 to €208,925
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 | €1,600,806 | €1,556,424 | -€44,382 | -2.8% |
| Fixed assets | 21/28 | €1,071,079 | €909,916 | -€161,163 | -15.0% |
| Intangible fixed assets | 21 | €978,849 | €800,853 | -€177,996 | -18.2% |
| Tangible fixed assets | 22/27 | €92,070 | €108,903 | +€16,833 | +18.3% |
| Furniture and vehicles | 24 | €85,355 | €102,899 | +€17,544 | +20.6% |
| Other tangible fixed assets | 26 | €6,715 | €6,004 | -€711 | -10.6% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €529,727 | €646,508 | +€116,781 | +22.0% |
| Amounts receivable within one year | 40/41 | €308,996 | €479,420 | +€170,424 | +55.2% |
| Trade receivables | 40 | €308,996 | €471,547 | +€162,551 | +52.6% |
| Other amounts receivable | 41 | - | €7,873 | +€7,873 | |
| Cash at bank and in hand | 54/58 | €217,327 | €159,156 | -€58,171 | -26.8% |
| Deferred charges and accrued income | 490/1 | €3,404 | €7,931 | +€4,527 | +133.0% |
| Total equity and liabilities | 10/49 | €1,600,806 | €1,556,424 | -€44,382 | -2.8% |
| Equity | 10/15 | €27,426 | €27,966 | +€540 | +2.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Other | 1319 | €1,860 | - | -€1,860 | |
| Profit (loss) carried forward | 14 | €19,366 | €19,906 | +€540 | +2.8% |
| Amounts payable | 17/49 | €1,573,380 | €1,528,457 | -€44,922 | -2.9% |
| Amounts payable after more than one year | 17 | €769,123 | €675,402 | -€93,721 | -12.2% |
| Financial debts | 170/4 | €769,123 | €675,402 | -€93,721 | -12.2% |
| Amounts payable within one year | 42/48 | €772,265 | €832,055 | +€59,790 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €121,103 | €133,582 | +€12,480 | +10.3% |
| Financial debts | 43 | €205,318 | €194,990 | -€10,328 | -5.0% |
| Credit institutions | 430/8 | €205,318 | €194,990 | -€10,328 | -5.0% |
| Trade debts | 44 | €15,217 | €26,493 | +€11,276 | +74.1% |
| Suppliers | 440/4 | €15,217 | €26,493 | +€11,276 | +74.1% |
| Taxes, remuneration and social security | 45 | €67,790 | €77,153 | +€9,363 | +13.8% |
| Taxes | 450/3 | €17,951 | €17,342 | -€609 | -3.4% |
| Remuneration and social security | 454/9 | €49,839 | €59,812 | +€9,972 | +20.0% |
| Other amounts payable | 47/48 | €362,837 | €399,837 | +€37,000 | +10.2% |
| Accrued charges and deferred income | 492/3 | €31,992 | €21,000 | -€10,992 | -34.4% |
| Remuneration, social security and pensions | 62 | €441,683 | €499,493 | +€57,810 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €191,474 | €208,925 | +€17,451 | +9.1% |
| Other operating charges | 640/8 | €2,207 | €3,312 | +€1,106 | +50.1% |
| Gross operating margin | 9900 | €747,576 | €1,036,202 | +€288,626 | +38.6% |
| Operating profit (loss) | 9901 | €112,212 | €324,472 | +€212,259 | +189.2% |
| Financial income | 75/76B | €8,336 | €1,435 | -€6,901 | -82.8% |
| Recurring financial income | 75 | €8,336 | €1,435 | -€6,901 | -82.8% |
| Financial charges | 65/66B | €29,188 | €38,144 | +€8,956 | +30.7% |
| Recurring financial charges | 65 | €29,188 | €38,144 | +€8,956 | +30.7% |
| Profit (loss) for the period before taxes | 9903 | €91,360 | €287,762 | +€196,402 | +215.0% |
| Income taxes | 67/77 | €9,119 | €8,223 | -€897 | -9.8% |
| Profit (loss) for the period | 9904 | €82,241 | €279,540 | +€197,299 | +239.9% |
| Profit (loss) for the period to be appropriated | 9905 | €82,241 | €279,540 | +€197,299 | +239.9% |
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 10 October 2026 via checked.be.