VALUE REPUBLIC: 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 REPUBLIC
Largest movements
- Receivables within one year +€115,414
up €115,414 (+190%), from €60,613 to €176,027
of which Other amounts receivable: +€85,954
- Cash -€28,472
down €28,472 (-100%), from €28,472 to €0
mainly Receivables within one year (-€115,414) and Contributions, distributions and other (-€27,945)
- Receivables after one year -€26,548
down €26,548 (-23.0%), from €115,562 to €89,014
- Tangible fixed assets -€4,868
down €4,868 (-12.6%), from €38,750 to €33,882
of which Other tangible fixed assets: -€5,143
- Reserves +€71,014
up €71,014 (+22.8%), from €310,953 to €381,967
- Tax, wage and social debts -€26,354
down €26,354 (-50.7%), from €51,978 to €25,624
of which Taxes: -€28,574
- Short-term financial debts +€10,003
new in 2025: €10,003
- Gross operating margin -€34,923
down €34,923 (-18.7%), from €186,724 to €151,802
- Taxes -€10,859
down €10,859 (-19.8%), from €54,929 to €44,070
- Financial income +€1,958
up €1,958 (+57.9%), from €3,380 to €5,337
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 | €402,500 | €454,151 | +€51,652 | +12.8% |
| Fixed assets | 21/28 | €188,750 | €183,882 | -€4,868 | -2.6% |
| Tangible fixed assets | 22/27 | €38,750 | €33,882 | -€4,868 | -12.6% |
| Plant, machinery and equipment | 23 | €81 | €0 | -€81 | -100% |
| Furniture and vehicles | 24 | €8,600 | €8,957 | +€356 | +4.1% |
| Other tangible fixed assets | 26 | €30,068 | €24,925 | -€5,143 | -17.1% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €213,750 | €270,269 | +€56,519 | +26.4% |
| Amounts receivable after more than one year | 29 | €115,562 | €89,014 | -€26,548 | -23.0% |
| Other amounts receivable | 291 | €115,562 | €89,014 | -€26,548 | -23.0% |
| Amounts receivable within one year | 40/41 | €60,613 | €176,027 | +€115,414 | +190% |
| Trade receivables | 40 | €35,976 | €65,436 | +€29,460 | +81.9% |
| Other amounts receivable | 41 | €24,637 | €110,592 | +€85,954 | +349% |
| Cash at bank and in hand | 54/58 | €28,472 | €0 | -€28,472 | -100% |
| Deferred charges and accrued income | 490/1 | €9,103 | €5,228 | -€3,875 | -42.6% |
| Total equity and liabilities | 10/49 | €402,500 | €454,151 | +€51,652 | +12.8% |
| Equity | 10/15 | €323,353 | €394,367 | +€71,014 | +22.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €310,953 | €381,967 | +€71,014 | +22.8% |
| Distributable reserves | 133 | €310,953 | €381,967 | +€71,014 | +22.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €79,146 | €59,784 | -€19,362 | -24.5% |
| Amounts payable within one year | 42/48 | €77,359 | €59,456 | -€17,903 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €16,904 | €16,821 | -€82 | -0.5% |
| Financial debts | 43 | - | €10,003 | +€10,003 | |
| Credit institutions | 430/8 | - | €10,003 | +€10,003 | |
| Trade debts | 44 | €8,478 | €7,008 | -€1,470 | -17.3% |
| Suppliers | 440/4 | €8,478 | €7,008 | -€1,470 | -17.3% |
| Taxes, remuneration and social security | 45 | €51,978 | €25,624 | -€26,354 | -50.7% |
| Taxes | 450/3 | €49,931 | €21,357 | -€28,574 | -57.2% |
| Remuneration and social security | 454/9 | €2,047 | €4,267 | +€2,221 | +109% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,787 | €328 | -€1,459 | -81.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,922 | €9,676 | +€754 | +8.5% |
| Other operating charges | 640/8 | €1,274 | €1,863 | +€589 | +46.2% |
| Non-recurring operating charges | 66A | €2,400 | €0 | -€2,400 | -100% |
| Gross operating margin | 9900 | €186,724 | €151,802 | -€34,923 | -18.7% |
| Operating profit (loss) | 9901 | €174,128 | €140,262 | -€33,866 | -19.4% |
| Financial income | 75/76B | €3,380 | €5,337 | +€1,958 | +57.9% |
| Recurring financial income | 75 | €3,380 | €5,337 | +€1,958 | +57.9% |
| Financial charges | 65/66B | €3,690 | €2,571 | -€1,120 | -30.3% |
| Recurring financial charges | 65 | €3,690 | €2,571 | -€1,120 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €173,817 | €143,029 | -€30,788 | -17.7% |
| Income taxes | 67/77 | €54,929 | €44,070 | -€10,859 | -19.8% |
| Profit (loss) for the period | 9904 | €118,888 | €98,959 | -€19,929 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €118,888 | €98,959 | -€19,929 | -16.8% |
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 14 October 2026 via checked.be.