ValueGrowth: 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.
ValueGrowth
Largest movements
- Cash +€106,856
up €106,856 (+251.3%), from €42,518 to €149,374
mainly Other debts (+€138,940) and Net result for the year (+€90,514)
- Tangible fixed assets +€20,418
up €20,418 (+113.8%), from €17,940 to €38,358
of which Other tangible fixed assets: +€23,602
- Receivables within one year +€9,297
up €9,297 (+46.5%), from €20,010 to €29,307
of which Other amounts receivable: +€5,071
- Other debts +€138,940
new in 2025: €138,940
- Reserves -€48,425
no longer reported in 2025 (was €48,425)
- Tax, wage and social debts +€31,555
up €31,555 (+142.3%), from €22,170 to €53,725
of which Taxes: +€31,555
- Accrued charges and deferred income +€11,666
up €11,666 (+113.6%), from €10,266 to €21,932
- Gross operating margin +€104,861
up €104,861 (+470.5%), from €22,286 to €127,147
- Taxes +€22,341
up €22,341 (+398.2%), from €5,611 to €27,951
- Depreciation +€1,407
up €1,407 (+21.0%), from €6,709 to €8,117
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 | €84,301 | €220,052 | +€135,752 | +161.0% |
| Fixed assets | 21/28 | €20,835 | €40,756 | +€19,922 | +95.6% |
| Intangible fixed assets | 21 | €1,394 | €898 | -€496 | -35.6% |
| Tangible fixed assets | 22/27 | €17,940 | €38,358 | +€20,418 | +113.8% |
| Plant, machinery and equipment | 23 | €17,328 | €13,381 | -€3,946 | -22.8% |
| Furniture and vehicles | 24 | - | €762 | +€762 | |
| Other tangible fixed assets | 26 | €613 | €24,215 | +€23,602 | +3851.0% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €63,466 | €179,296 | +€115,830 | +182.5% |
| Amounts receivable within one year | 40/41 | €20,010 | €29,307 | +€9,297 | +46.5% |
| Trade receivables | 40 | €19,457 | €23,683 | +€4,226 | +21.7% |
| Other amounts receivable | 41 | €553 | €5,624 | +€5,071 | +917.5% |
| Cash at bank and in hand | 54/58 | €42,518 | €149,374 | +€106,856 | +251.3% |
| Deferred charges and accrued income | 490/1 | €938 | €615 | -€322 | -34.4% |
| Total equity and liabilities | 10/49 | €84,301 | €220,052 | +€135,752 | +161.0% |
| Equity | 10/15 | €50,925 | €2,500 | -€48,425 | -95.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €48,425 | - | -€48,425 | |
| Distributable reserves | 133 | €48,425 | - | -€48,425 | |
| Amounts payable | 17/49 | €33,375 | €217,552 | +€184,177 | +551.8% |
| Amounts payable within one year | 42/48 | €23,109 | €195,620 | +€172,511 | +746.5% |
| Trade debts | 44 | €939 | €2,955 | +€2,017 | +214.8% |
| Suppliers | 440/4 | €939 | €2,955 | +€2,017 | +214.8% |
| Taxes, remuneration and social security | 45 | €22,170 | €53,725 | +€31,555 | +142.3% |
| Taxes | 450/3 | €20,020 | €51,575 | +€31,555 | +157.6% |
| Remuneration and social security | 454/9 | €2,150 | €2,150 | = | 0.0% |
| Other amounts payable | 47/48 | - | €138,940 | +€138,940 | |
| Accrued charges and deferred income | 492/3 | €10,266 | €21,932 | +€11,666 | +113.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,709 | €8,117 | +€1,407 | +21.0% |
| Other operating charges | 640/8 | €337 | €350 | +€13 | +3.9% |
| Gross operating margin | 9900 | €22,286 | €127,147 | +€104,861 | +470.5% |
| Operating profit (loss) | 9901 | €15,240 | €118,680 | +€103,440 | +678.8% |
| Financial income | 75/76B | €149 | €223 | +€74 | +49.3% |
| Recurring financial income | 75 | €149 | €223 | +€74 | +49.3% |
| Financial charges | 65/66B | €1,276 | €437 | -€839 | -65.7% |
| Recurring financial charges | 65 | €1,276 | €437 | -€839 | -65.7% |
| Profit (loss) for the period before taxes | 9903 | €14,113 | €118,465 | +€104,352 | +739.4% |
| Income taxes | 67/77 | €5,611 | €27,951 | +€22,341 | +398.2% |
| Profit (loss) for the period | 9904 | €8,502 | €90,514 | +€82,012 | +964.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,502 | €90,514 | +€82,012 | +964.6% |
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 1 October 2026 via checked.be.