VALUE RESEARCH GROUP: 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 RESEARCH GROUP
Largest movements
- Current investments -€390,650
down €390,650 (-49.5%), from €789,681 to €399,031
- Receivables within one year +€276,512
up €276,512 (+1064.0%), from €25,988 to €302,500
of which Trade receivables: +€284,350
- Cash +€30,551
up €30,551 (+21.9%), from €139,236 to €169,787
mainly Current investments (+€390,650) and Net result for the year (+€178,806)
- Tangible fixed assets -€14,922
down €14,922 (-21.1%), from €70,627 to €55,705
- Debts after one year -€390,000
no longer reported in 2025 (was €390,000)
- Profit (loss) carried forward +€178,806
up €178,806 (+434.3%), from €41,169 to €219,975
- Tax, wage and social debts +€131,081
new in 2025: €131,081
- Accrued charges and deferred income -€21,525
no longer reported in 2025 (was €21,525)
- Gross operating margin +€246,441
up €246,441 (+1628.8%), from €15,130 to €261,571
- Financial income -€78,744
down €78,744 (-48.8%), from €161,329 to €82,585
- Financial charges -€68,337
down €68,337 (-52.5%), from €130,103 to €61,766
- Taxes +€64,157
up €64,157 (+279.3%), from €22,967 to €87,124
- Depreciation +€12,037
up €12,037 (+417.1%), from €2,886 to €14,922
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 | €1,026,505 | €927,986 | -€98,518 | -9.6% |
| Fixed assets | 21/28 | €70,627 | €55,705 | -€14,922 | -21.1% |
| Tangible fixed assets | 22/27 | €70,627 | €55,705 | -€14,922 | -21.1% |
| Furniture and vehicles | 24 | €70,627 | €55,705 | -€14,922 | -21.1% |
| Current assets | 29/58 | €955,878 | €872,281 | -€83,596 | -8.7% |
| Amounts receivable within one year | 40/41 | €25,988 | €302,500 | +€276,512 | +1064.0% |
| Trade receivables | 40 | €18,150 | €302,500 | +€284,350 | +1566.7% |
| Other amounts receivable | 41 | €7,838 | - | -€7,838 | |
| Current investments | 50/53 | €789,681 | €399,031 | -€390,650 | -49.5% |
| Cash at bank and in hand | 54/58 | €139,236 | €169,787 | +€30,551 | +21.9% |
| Deferred charges and accrued income | 490/1 | €972 | €963 | -€9 | -1.0% |
| Total equity and liabilities | 10/49 | €1,026,505 | €927,986 | -€98,518 | -9.6% |
| Equity | 10/15 | €607,322 | €786,128 | +€178,806 | +29.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,592 | +€18,592 | |
| Share premium | 1100/10 | - | €18,592 | +€18,592 | |
| Reserves | 13 | €547,561 | €547,561 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,677 | €42,677 | = | 0.0% |
| Distributable reserves | 133 | €504,884 | €504,884 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,169 | €219,975 | +€178,806 | +434.3% |
| Amounts payable | 17/49 | €419,183 | €141,859 | -€277,324 | -66.2% |
| Amounts payable after more than one year | 17 | €390,000 | - | -€390,000 | |
| Financial debts | 170/4 | €390,000 | - | -€390,000 | |
| Amounts payable within one year | 42/48 | €7,658 | €141,859 | +€134,201 | +1752.4% |
| Trade debts | 44 | €2,317 | €1,180 | -€1,137 | -49.1% |
| Suppliers | 440/4 | €2,317 | €1,180 | -€1,137 | -49.1% |
| Taxes, remuneration and social security | 45 | - | €131,081 | +€131,081 | |
| Taxes | 450/3 | - | €131,081 | +€131,081 | |
| Other amounts payable | 47/48 | €5,341 | €9,598 | +€4,257 | +79.7% |
| Accrued charges and deferred income | 492/3 | €21,525 | - | -€21,525 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,886 | €14,922 | +€12,037 | +417.1% |
| Other operating charges | 640/8 | €1,164 | €1,201 | +€38 | +3.2% |
| Non-recurring operating charges | 66A | €353 | €336 | -€17 | -4.9% |
| Gross operating margin | 9900 | €15,130 | €261,571 | +€246,441 | +1628.8% |
| Operating profit (loss) | 9901 | €10,727 | €245,111 | +€234,384 | +2185.0% |
| Financial income | 75/76B | €161,329 | €82,585 | -€78,744 | -48.8% |
| Recurring financial income | 75 | €161,329 | €82,585 | -€78,744 | -48.8% |
| Financial charges | 65/66B | €130,103 | €61,766 | -€68,337 | -52.5% |
| Recurring financial charges | 65 | €130,103 | €61,766 | -€68,337 | -52.5% |
| Profit (loss) for the period before taxes | 9903 | €41,953 | €265,930 | +€223,977 | +533.9% |
| Income taxes | 67/77 | €22,967 | €87,124 | +€64,157 | +279.3% |
| Profit (loss) for the period | 9904 | €18,986 | €178,806 | +€159,819 | +841.8% |
| Profit (loss) for the period to be appropriated | 9905 | €18,986 | €178,806 | +€159,819 | +841.8% |
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 12 October 2026 via checked.be.