VALUE PARTNER: 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 PARTNER
Largest movements
- Cash -€61,265
down €61,265 (-20.1%), from €304,832 to €243,568
mainly Contributions, distributions and other (-€200,000) and Investment in fixed assets (net) (-€47,464)
- Receivables within one year -€7,118
down €7,118 (-20.5%), from €34,775 to €27,657
of which Trade receivables: -€10,977
- Reserves -€48,912
down €48,912 (-11.3%), from €433,909 to €384,997
- Tax, wage and social debts -€9,692
down €9,692 (-46.7%), from €20,743 to €11,051
- Trade debts -€5,019
down €5,019 (-84.6%), from €5,930 to €911
- Gross operating margin -€26,937
down €26,937 (-10.0%), from €268,131 to €241,194
- Depreciation +€7,793
up €7,793 (+22.3%), from €34,932 to €42,725
- Taxes -€7,730
down €7,730 (-14.3%), from €53,871 to €46,141
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 | €479,182 | €415,560 | -€63,623 | -13.3% |
| Fixed assets | 21/28 | €130,102 | €134,840 | +€4,738 | +3.6% |
| Tangible fixed assets | 22/27 | €130,102 | €134,840 | +€4,738 | +3.6% |
| Plant, machinery and equipment | 23 | €1,229 | €4,320 | +€3,092 | +251.6% |
| Furniture and vehicles | 24 | €126,415 | €128,551 | +€2,136 | +1.7% |
| Other tangible fixed assets | 26 | €2,459 | €1,969 | -€490 | -19.9% |
| Current assets | 29/58 | €349,080 | €280,719 | -€68,361 | -19.6% |
| Amounts receivable within one year | 40/41 | €34,775 | €27,657 | -€7,118 | -20.5% |
| Trade receivables | 40 | €34,775 | €23,797 | -€10,977 | -31.6% |
| Other amounts receivable | 41 | €0 | €3,859 | +€3,859 | |
| Cash at bank and in hand | 54/58 | €304,832 | €243,568 | -€61,265 | -20.1% |
| Deferred charges and accrued income | 490/1 | €9,473 | €9,495 | +€22 | +0.2% |
| Total equity and liabilities | 10/49 | €479,182 | €415,560 | -€63,623 | -13.3% |
| Equity | 10/15 | €452,509 | €403,597 | -€48,912 | -10.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €433,909 | €384,997 | -€48,912 | -11.3% |
| Distributable reserves | 133 | €433,909 | €384,997 | -€48,912 | -11.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €26,673 | €11,962 | -€14,711 | -55.2% |
| Amounts payable within one year | 42/48 | €26,673 | €11,962 | -€14,711 | -55.2% |
| Trade debts | 44 | €5,930 | €911 | -€5,019 | -84.6% |
| Suppliers | 440/4 | €5,930 | €911 | -€5,019 | -84.6% |
| Taxes, remuneration and social security | 45 | €20,743 | €11,051 | -€9,692 | -46.7% |
| Taxes | 450/3 | €20,743 | €11,051 | -€9,692 | -46.7% |
| Non-recurring operating income | 76A | €27,149 | €0 | -€27,149 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,932 | €42,725 | +€7,793 | +22.3% |
| Other operating charges | 640/8 | €1,550 | €1,184 | -€366 | -23.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €268,131 | €241,194 | -€26,937 | -10.0% |
| Operating profit (loss) | 9901 | €231,649 | €197,285 | -€34,364 | -14.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €189 | €56 | -€133 | -70.5% |
| Recurring financial charges | 65 | €189 | €56 | -€133 | -70.5% |
| Profit (loss) for the period before taxes | 9903 | €231,460 | €197,229 | -€34,231 | -14.8% |
| Income taxes | 67/77 | €53,871 | €46,141 | -€7,730 | -14.3% |
| Profit (loss) for the period | 9904 | €177,589 | €151,088 | -€26,501 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €177,589 | €151,088 | -€26,501 | -14.9% |
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 29 September 2026 via checked.be.