VALUE STREAM: 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 STREAM
Largest movements
- Cash +€31,670
up €31,670 (+442.8%), from €7,153 to €38,823
mainly Net result for the year (+€46,161) and Depreciation (+€22,634)
- Tangible fixed assets -€20,650
down €20,650 (-3.2%), from €649,595 to €628,945
of which Land and buildings: -€22,985
- Receivables within one year +€14,428
up €14,428 (+37.5%), from €38,517 to €52,945
of which Trade receivables: +€23,368
- Reserves +€46,161
up €46,161 (+20.8%), from €221,779 to €267,940
of which Distributable reserves: +€46,161
- Other debts -€23,302
down €23,302 (-8.1%), from €287,477 to €264,175
- Debts after one year -€16,692
down €16,692 (-10.4%), from €160,339 to €143,647
- Tax, wage and social debts +€10,288
up €10,288 (+433.8%), from €2,372 to €12,660
- Accrued charges and deferred income +€8,730
new in 2025: €8,730
- Gross operating margin +€63,096
up €63,096 (+192.6%), from €32,756 to €95,852
- Taxes +€13,757
up €13,757 (+3476.8%), from €396 to €14,153
- Depreciation -€8,378
down €8,378 (-27.0%), from €31,012 to €22,634
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 | €706,698 | €728,633 | +€21,935 | +3.1% |
| Fixed assets | 21/28 | €649,595 | €628,945 | -€20,650 | -3.2% |
| Tangible fixed assets | 22/27 | €649,595 | €628,945 | -€20,650 | -3.2% |
| Land and buildings | 22 | €648,177 | €625,191 | -€22,985 | -3.5% |
| Plant, machinery and equipment | 23 | €51 | €0 | -€51 | -100.0% |
| Furniture and vehicles | 24 | €1,367 | €3,754 | +€2,386 | +174.5% |
| Current assets | 29/58 | €57,103 | €99,688 | +€42,585 | +74.6% |
| Stocks and contracts in progress | 3 | €6,999 | €6,999 | = | 0.0% |
| Stocks | 30/36 | €6,999 | €6,999 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €38,517 | €52,945 | +€14,428 | +37.5% |
| Trade receivables | 40 | €29,577 | €52,945 | +€23,368 | +79.0% |
| Other amounts receivable | 41 | €8,940 | €0 | -€8,940 | -100.0% |
| Cash at bank and in hand | 54/58 | €7,153 | €38,823 | +€31,670 | +442.8% |
| Deferred charges and accrued income | 490/1 | €4,433 | €920 | -€3,513 | -79.2% |
| Total equity and liabilities | 10/49 | €706,698 | €728,633 | +€21,935 | +3.1% |
| Equity | 10/15 | €234,179 | €280,340 | +€46,161 | +19.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €221,779 | €267,940 | +€46,161 | +20.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €219,919 | €266,080 | +€46,161 | +21.0% |
| Amounts payable | 17/49 | €472,519 | €448,293 | -€24,226 | -5.1% |
| Amounts payable after more than one year | 17 | €160,339 | €143,647 | -€16,692 | -10.4% |
| Financial debts | 170/4 | €160,339 | €143,647 | -€16,692 | -10.4% |
| Amounts payable within one year | 42/48 | €312,180 | €295,916 | -€16,264 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €16,406 | €16,692 | +€286 | +1.7% |
| Trade debts | 44 | €5,925 | €2,389 | -€3,536 | -59.7% |
| Suppliers | 440/4 | €5,925 | €2,389 | -€3,536 | -59.7% |
| Taxes, remuneration and social security | 45 | €2,372 | €12,660 | +€10,288 | +433.8% |
| Taxes | 450/3 | €2,372 | €12,660 | +€10,288 | +433.8% |
| Other amounts payable | 47/48 | €287,477 | €264,175 | -€23,302 | -8.1% |
| Accrued charges and deferred income | 492/3 | - | €8,730 | +€8,730 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,012 | €22,634 | -€8,378 | -27.0% |
| Other operating charges | 640/8 | €2,617 | €3,476 | +€859 | +32.8% |
| Non-recurring operating charges | 66A | - | €2,979 | +€2,979 | |
| Gross operating margin | 9900 | €32,756 | €95,852 | +€63,096 | +192.6% |
| Operating profit (loss) | 9901 | -€873 | €66,763 | +€67,636 | |
| Financial income | 75/76B | €128 | €3 | -€125 | -97.6% |
| Recurring financial income | 75 | €128 | €3 | -€125 | -97.6% |
| Financial charges | 65/66B | €7,245 | €6,452 | -€793 | -10.9% |
| Recurring financial charges | 65 | €7,245 | €6,452 | -€793 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,990 | €60,314 | +€68,304 | |
| Income taxes | 67/77 | €396 | €14,153 | +€13,757 | +3476.8% |
| Profit (loss) for the period | 9904 | -€8,386 | €46,161 | +€54,547 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,386 | €46,161 | +€54,547 |
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.