Value Partners: 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 Partners
Largest movements
- Receivables within one year -€156,139
down €156,139 (-45.0%), from €346,818 to €190,679
of which Other amounts receivable: -€142,623
- Stocks and contracts +€17,253
up €17,253 (+4.0%), from €429,983 to €447,236
- Tangible fixed assets +€9,807
up €9,807 (+210.4%), from €4,662 to €14,469
of which Furniture and vehicles: +€11,567
- Intangible fixed assets +€9,174
new in 2024: €9,174
- Tax, wage and social debts -€140,987
down €140,987 (-91.3%), from €154,339 to €13,352
of which Taxes: -€149,544
- Accrued charges and deferred income +€34,382
up €34,382 (+21.2%), from €162,474 to €196,856
- Current portion of long-term debt -€10,000
down €10,000 (-10.0%), from €100,000 to €90,000
- Profit (loss) carried forward +€9,911
up €9,911 (+17.7%), from €56,129 to €66,039
- Trade debts -€9,600
down €9,600 (-5.6%), from €171,176 to €161,577
- Gross operating margin +€55,062
up €55,062 (+156.7%), from €35,137 to €90,200
- Staff costs +€46,113
up €46,113 (+308.2%), from €14,964 to €61,077
- Financial charges +€3,719
up €3,719 (+70.7%), from €5,263 to €8,982
- Depreciation +€3,354
up €3,354 (+545.8%), from €614 to €3,968
- Taxes +€987
up €987 (+23.3%), from €4,230 to €5,218
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €824,791 | €709,018 | -€115,772 | -14.0% |
| Fixed assets | 21/28 | €7,432 | €32,331 | +€24,899 | +335.0% |
| Intangible fixed assets | 21 | - | €9,174 | +€9,174 | |
| Tangible fixed assets | 22/27 | €4,662 | €14,469 | +€9,807 | +210.4% |
| Plant, machinery and equipment | 23 | €4,662 | €2,902 | -€1,760 | -37.7% |
| Furniture and vehicles | 24 | - | €11,567 | +€11,567 | |
| Financial fixed assets | 28 | €2,770 | €8,687 | +€5,917 | +213.6% |
| Current assets | 29/58 | €817,359 | €676,687 | -€140,671 | -17.2% |
| Stocks and contracts in progress | 3 | €429,983 | €447,236 | +€17,253 | +4.0% |
| Contracts in progress | 37 | €429,983 | €447,236 | +€17,253 | +4.0% |
| Amounts receivable within one year | 40/41 | €346,818 | €190,679 | -€156,139 | -45.0% |
| Trade receivables | 40 | €197,801 | €184,285 | -€13,517 | -6.8% |
| Other amounts receivable | 41 | €149,017 | €6,394 | -€142,623 | -95.7% |
| Cash at bank and in hand | 54/58 | €14,954 | €15,060 | +€106 | +0.7% |
| Deferred charges and accrued income | 490/1 | €25,603 | €23,712 | -€1,891 | -7.4% |
| Total equity and liabilities | 10/49 | €824,791 | €709,018 | -€115,772 | -14.0% |
| Equity | 10/15 | €236,801 | €247,234 | +€10,432 | +4.4% |
| Contributions | 10/11 | €168,000 | €168,000 | = | 0.0% |
| Capital | 10 | €168,000 | €168,000 | = | 0.0% |
| Issued capital | 100 | €168,000 | €168,000 | = | 0.0% |
| Reserves | 13 | €12,673 | €13,194 | +€522 | +4.1% |
| Non-distributable reserves | 130/1 | €12,673 | €13,194 | +€522 | +4.1% |
| Legal reserve | 130 | €12,673 | €13,194 | +€522 | +4.1% |
| Profit (loss) carried forward | 14 | €56,129 | €66,039 | +€9,911 | +17.7% |
| Amounts payable | 17/49 | €587,989 | €461,785 | -€126,205 | -21.5% |
| Amounts payable within one year | 42/48 | €425,515 | €264,929 | -€160,586 | -37.7% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €90,000 | -€10,000 | -10.0% |
| Trade debts | 44 | €171,176 | €161,577 | -€9,600 | -5.6% |
| Suppliers | 440/4 | €171,176 | €161,577 | -€9,600 | -5.6% |
| Taxes, remuneration and social security | 45 | €154,339 | €13,352 | -€140,987 | -91.3% |
| Taxes | 450/3 | €154,339 | €4,795 | -€149,544 | -96.9% |
| Remuneration and social security | 454/9 | - | €8,558 | +€8,558 | |
| Accrued charges and deferred income | 492/3 | €162,474 | €196,856 | +€34,382 | +21.2% |
| Remuneration, social security and pensions | 62 | €14,964 | €61,077 | +€46,113 | +308.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €614 | €3,968 | +€3,354 | +545.8% |
| Other operating charges | 640/8 | €493 | €568 | +€75 | +15.2% |
| Gross operating margin | 9900 | €35,137 | €90,200 | +€55,062 | +156.7% |
| Operating profit (loss) | 9901 | €19,066 | €24,586 | +€5,520 | +29.0% |
| Financial income | 75/76B | - | €45 | +€45 | |
| Recurring financial income | 75 | - | €45 | +€45 | |
| Financial charges | 65/66B | €5,263 | €8,982 | +€3,719 | +70.7% |
| Recurring financial charges | 65 | €5,263 | €8,982 | +€3,719 | +70.7% |
| Profit (loss) for the period before taxes | 9903 | €13,803 | €15,650 | +€1,847 | +13.4% |
| Income taxes | 67/77 | €4,230 | €5,218 | +€987 | +23.3% |
| Profit (loss) for the period | 9904 | €9,573 | €10,432 | +€859 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,573 | €10,432 | +€859 | +9.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.