VALUEDEC: 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.
VALUEDEC
Largest movements
- Financial fixed assets +€6.3m
up €6.3m (+9.4%), from €66.9m to €73.2m
- Receivables within one year +€2.6m
up €2.6m (+39.1%), from €6.8m to €9.4m
- Other debts +€8.7m
up €8.7m (+65.5%), from €13.3m to €21.9m
- Financial income +€366,457
up €366,457 (+60.4%), from €606,896 to €973,353
- Financial charges +€236,716
up €236,716 (+39.7%), from €596,537 to €833,253
- Gross operating margin -€179,696
down €179,696 (-376%), from -€47,757 to -€227,453
- Depreciation -€2,296
down €2,296 (-48.4%), from €4,747 to €2,451
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 | €74,006,609 | €82,766,114 | +€8.8m | +11.8% |
| Formation expenses | 20 | €5,633 | €3,182 | -€2,451 | -43.5% |
| Fixed assets | 21/28 | €66,888,713 | €73,171,130 | +€6.3m | +9.4% |
| Financial fixed assets | 28 | €66,888,713 | €73,171,130 | +€6.3m | +9.4% |
| Current assets | 29/58 | €7,112,263 | €9,591,802 | +€2.5m | +34.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €6,751,235 | €9,393,841 | +€2.6m | +39.1% |
| Other amounts receivable | 41 | €6,751,235 | €9,393,841 | +€2.6m | +39.1% |
| Cash at bank and in hand | 54/58 | €144,515 | €4,618 | -€139,897 | -96.8% |
| Deferred charges and accrued income | 490/1 | €216,513 | €193,343 | -€23,171 | -10.7% |
| Total equity and liabilities | 10/49 | €74,006,609 | €82,766,114 | +€8.8m | +11.8% |
| Equity | 10/15 | €60,445,859 | €60,355,296 | -€90,563 | -0.1% |
| Contributions | 10/11 | €60,633,667 | €60,633,667 | = | 0.0% |
| Capital | 10 | €60,633,667 | €60,633,667 | = | 0.0% |
| Issued capital | 100 | €60,633,667 | €60,633,667 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€187,808 | -€278,371 | -€90,563 | -48.2% |
| Amounts payable | 17/49 | €13,560,750 | €22,410,817 | +€8.9m | +65.3% |
| Amounts payable within one year | 42/48 | €13,262,541 | €21,964,192 | +€8.7m | +65.6% |
| Trade debts | 44 | €2,541 | €23,042 | +€20,501 | +807% |
| Suppliers | 440/4 | €2,541 | €23,042 | +€20,501 | +807% |
| Other amounts payable | 47/48 | €13,260,000 | €21,941,150 | +€8.7m | +65.5% |
| Accrued charges and deferred income | 492/3 | €298,209 | €446,625 | +€148,417 | +49.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,747 | €2,451 | -€2,296 | -48.4% |
| Other operating charges | 640/8 | €603 | €1,243 | +€640 | +106% |
| Gross operating margin | 9900 | -€47,757 | -€227,453 | -€179,696 | -376% |
| Operating profit (loss) | 9901 | -€53,106 | -€231,147 | -€178,040 | -335% |
| Financial income | 75/76B | €606,896 | €973,353 | +€366,457 | +60.4% |
| Recurring financial income | 75 | €606,896 | €973,353 | +€366,457 | +60.4% |
| Financial charges | 65/66B | €596,537 | €833,253 | +€236,716 | +39.7% |
| Recurring financial charges | 65 | €596,537 | €833,253 | +€236,716 | +39.7% |
| Profit (loss) for the period before taxes | 9903 | -€42,747 | -€91,047 | -€48,299 | -113% |
| Profit (loss) for the period | 9904 | -€42,747 | -€91,047 | -€48,299 | -113% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,747 | -€91,047 | -€48,299 | -113% |
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.