ValueBased: 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.
ValueBased
Largest movements
- Receivables within one year -€15,876
down €15,876 (-49.0%), from €32,381 to €16,504
of which Trade receivables: -€11,463
- Cash +€10,349
up €10,349 (+26.2%), from €39,521 to €49,869
mainly Net result for the year (+€41,536) and Other debts (+€19,029)
- Tangible fixed assets -€3,655
down €3,655 (-13.8%), from €26,411 to €22,757
- Reserves -€21,006
down €21,006 (-100.0%), from €21,006 to €0
- Other debts +€19,029
up €19,029 (+52.9%), from €36,000 to €55,029
- Debts after one year -€7,143
down €7,143 (-59.7%), from €11,965 to €4,823
- Gross operating margin -€10,118
down €10,118 (-14.3%), from €70,531 to €60,413
- Taxes -€1,601
down €1,601 (-11.4%), from €14,057 to €12,456
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 | €98,378 | €89,298 | -€9,080 | -9.2% |
| Fixed assets | 21/28 | €26,411 | €22,757 | -€3,655 | -13.8% |
| Tangible fixed assets | 22/27 | €26,411 | €22,757 | -€3,655 | -13.8% |
| Other tangible fixed assets | 26 | €26,411 | €22,757 | -€3,655 | -13.8% |
| Current assets | 29/58 | €71,967 | €66,541 | -€5,426 | -7.5% |
| Amounts receivable within one year | 40/41 | €32,381 | €16,504 | -€15,876 | -49.0% |
| Trade receivables | 40 | €26,424 | €14,960 | -€11,463 | -43.4% |
| Other amounts receivable | 41 | €5,957 | €1,544 | -€4,413 | -74.1% |
| Cash at bank and in hand | 54/58 | €39,521 | €49,869 | +€10,349 | +26.2% |
| Deferred charges and accrued income | 490/1 | €66 | €168 | +€102 | +155.0% |
| Total equity and liabilities | 10/49 | €98,378 | €89,298 | -€9,080 | -9.2% |
| Equity | 10/15 | €24,006 | €3,000 | -€21,006 | -87.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €21,006 | €0 | -€21,006 | -100.0% |
| Distributable reserves | 133 | €21,006 | €0 | -€21,006 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €74,372 | €86,298 | +€11,926 | +16.0% |
| Amounts payable after more than one year | 17 | €11,965 | €4,823 | -€7,143 | -59.7% |
| Financial debts | 170/4 | €11,965 | €4,823 | -€7,143 | -59.7% |
| Amounts payable within one year | 42/48 | €62,242 | €81,369 | +€19,126 | +30.7% |
| Current portion of amounts payable after more than one year | 42 | €7,034 | €7,143 | +€108 | +1.5% |
| Trade debts | 44 | €1,743 | €1,617 | -€126 | -7.2% |
| Suppliers | 440/4 | €1,743 | €1,617 | -€126 | -7.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €17,465 | €17,580 | +€115 | +0.7% |
| Taxes | 450/3 | €17,465 | €16,580 | -€885 | -5.1% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €36,000 | €55,029 | +€19,029 | +52.9% |
| Accrued charges and deferred income | 492/3 | €165 | €107 | -€58 | -35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,655 | €3,655 | = | 0.0% |
| Other operating charges | 640/8 | €739 | €976 | +€237 | +32.0% |
| Gross operating margin | 9900 | €70,531 | €60,413 | -€10,118 | -14.3% |
| Operating profit (loss) | 9901 | €66,137 | €55,783 | -€10,355 | -15.7% |
| Financial income | 75/76B | €77 | €293 | +€216 | +281.6% |
| Recurring financial income | 75 | €77 | €293 | +€216 | +281.6% |
| Financial charges | 65/66B | €2,456 | €2,084 | -€372 | -15.1% |
| Recurring financial charges | 65 | €2,456 | €2,084 | -€372 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €63,759 | €53,992 | -€9,766 | -15.3% |
| Income taxes | 67/77 | €14,057 | €12,456 | -€1,601 | -11.4% |
| Profit (loss) for the period | 9904 | €49,701 | €41,536 | -€8,165 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,701 | €41,536 | -€8,165 | -16.4% |
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 8 October 2026 via checked.be.