Value Squared: 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 Squared
Largest movements
- Current investments +€338,157
up €338,157 (+11271.9%), from €3,000 to €341,157
- Cash -€70,728
down €70,728 (-57.3%), from €123,330 to €52,602
mainly Current investments (-€338,157) and Investment in fixed assets (net) (-€2,434)
- Receivables within one year -€15,150
down €15,150 (-98.1%), from €15,438 to €288
of which Trade receivables: -€15,438
- Reserves +€133,342
up €133,342 (+166.8%), from €79,952 to €213,294
- Tax, wage and social debts +€55,656
up €55,656 (+131.2%), from €42,432 to €98,088
- Trade debts +€54,036
up €54,036 (+644.8%), from €8,380 to €62,416
- Gross operating margin +€81,309
up €81,309 (+70.4%), from €115,416 to €196,726
- Taxes +€32,549
up €32,549 (+98.5%), from €33,060 to €65,608
- Financial income +€6,747
up €6,747 (+207599.7%), from €3 to €6,750
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 | €149,293 | €399,447 | +€250,154 | +167.6% |
| Fixed assets | 21/28 | €4,107 | €5,018 | +€911 | +22.2% |
| Tangible fixed assets | 22/27 | €4,107 | €5,018 | +€911 | +22.2% |
| Furniture and vehicles | 24 | €4,107 | €5,018 | +€911 | +22.2% |
| Current assets | 29/58 | €145,185 | €394,429 | +€249,244 | +171.7% |
| Stocks and contracts in progress | 3 | €3,250 | €0 | -€3,250 | -100.0% |
| Stocks | 30/36 | €3,250 | €0 | -€3,250 | -100.0% |
| Amounts receivable within one year | 40/41 | €15,438 | €288 | -€15,150 | -98.1% |
| Trade receivables | 40 | €15,438 | €0 | -€15,438 | -100.0% |
| Other amounts receivable | 41 | - | €288 | +€288 | |
| Current investments | 50/53 | €3,000 | €341,157 | +€338,157 | +11271.9% |
| Cash at bank and in hand | 54/58 | €123,330 | €52,602 | -€70,728 | -57.3% |
| Deferred charges and accrued income | 490/1 | €167 | €382 | +€215 | +128.4% |
| Total equity and liabilities | 10/49 | €149,293 | €399,447 | +€250,154 | +167.6% |
| Equity | 10/15 | €79,952 | €216,294 | +€136,342 | +170.5% |
| Contributions | 10/11 | - | €3,000 | +€3,000 | |
| Reserves | 13 | €79,952 | €213,294 | +€133,342 | +166.8% |
| Distributable reserves | 133 | €79,952 | €213,294 | +€133,342 | +166.8% |
| Amounts payable | 17/49 | €69,340 | €183,153 | +€113,812 | +164.1% |
| Amounts payable after more than one year | 17 | €18,529 | €21,233 | +€2,704 | +14.6% |
| Other amounts payable | 178/9 | €18,529 | €21,233 | +€2,704 | +14.6% |
| Amounts payable within one year | 42/48 | €50,812 | €160,504 | +€109,692 | +215.9% |
| Trade debts | 44 | €8,380 | €62,416 | +€54,036 | +644.8% |
| Suppliers | 440/4 | €8,380 | €62,416 | +€54,036 | +644.8% |
| Taxes, remuneration and social security | 45 | €42,432 | €98,088 | +€55,656 | +131.2% |
| Taxes | 450/3 | €42,432 | €98,088 | +€55,656 | +131.2% |
| Accrued charges and deferred income | 492/3 | - | €1,416 | +€1,416 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31 | €1,523 | +€1,492 | +4862.6% |
| Other operating charges | 640/8 | €379 | €0 | -€379 | -100.0% |
| Gross operating margin | 9900 | €115,416 | €196,726 | +€81,309 | +70.4% |
| Operating profit (loss) | 9901 | €115,006 | €195,203 | +€80,197 | +69.7% |
| Financial income | 75/76B | €3 | €6,750 | +€6,747 | +207599.7% |
| Recurring financial income | 75 | €3 | €6,750 | +€6,747 | +207599.7% |
| Financial charges | 65/66B | €1,998 | €3,003 | +€1,005 | +50.3% |
| Recurring financial charges | 65 | €1,998 | €3,003 | +€1,005 | +50.3% |
| Profit (loss) for the period before taxes | 9903 | €113,012 | €198,950 | +€85,938 | +76.0% |
| Income taxes | 67/77 | €33,060 | €65,608 | +€32,549 | +98.5% |
| Profit (loss) for the period | 9904 | €79,952 | €133,342 | +€53,390 | +66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €79,952 | €133,342 | +€53,390 | +66.8% |
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 6 October 2026 via checked.be.