ValueTree: 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.
ValueTree
Largest movements
- Tangible fixed assets +€408,978
up €408,978 (+10,645%), from €3,842 to €412,820
of which Land and buildings: +€403,222
- Stocks and contracts -€300,541
no longer reported in 2025 (was €300,541)
- Cash -€36,897
down €36,897 (-99.9%), from €36,917 to €20
mainly Investment in fixed assets (net) (-€413,529) and Contributions, distributions and other (-€31,700)
- Receivables within one year -€26,110
down €26,110 (-42.8%), from €61,044 to €34,934
of which Other amounts receivable: -€27,012
- Other debts +€62,542
up €62,542 (+183%), from €34,158 to €96,700
- Debts after one year -€15,999
down €15,999 (-5.9%), from €270,000 to €254,001
- Current portion of long-term debt +€14,879
new in 2025: €14,879
- Trade debts -€8,293
down €8,293 (-79.7%), from €10,411 to €2,119
- Tax, wage and social debts -€5,368
down €5,368 (-30.0%), from €17,908 to €12,540
- Financial charges -€12,186
down €12,186 (-45.5%), from €26,760 to €14,574
- Gross operating margin +€9,911
up €9,911 (+18.8%), from €52,825 to €62,736
- Taxes +€6,995
up €6,995 (+94.1%), from €7,432 to €14,427
- Depreciation +€3,094
up €3,094 (+212%), from €1,457 to €4,551
- Other operating charges -€2,669
down €2,669 (-83.9%), from €3,183 to €514
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 | €410,921 | €455,061 | +€44,140 | +10.7% |
| Fixed assets | 21/28 | €6,342 | €415,320 | +€408,978 | +6,449% |
| Tangible fixed assets | 22/27 | €3,842 | €412,820 | +€408,978 | +10,645% |
| Land and buildings | 22 | - | €403,222 | +€403,222 | |
| Plant, machinery and equipment | 23 | €2,096 | €2,104 | +€8 | +0.4% |
| Furniture and vehicles | 24 | €1,746 | €7,494 | +€5,748 | +329% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €404,579 | €39,741 | -€364,838 | -90.2% |
| Stocks and contracts in progress | 3 | €300,541 | - | -€300,541 | |
| Stocks | 30/36 | €300,541 | - | -€300,541 | |
| Amounts receivable within one year | 40/41 | €61,044 | €34,934 | -€26,110 | -42.8% |
| Trade receivables | 40 | €3,887 | €4,789 | +€902 | +23.2% |
| Other amounts receivable | 41 | €57,157 | €30,144 | -€27,012 | -47.3% |
| Cash at bank and in hand | 54/58 | €36,917 | €20 | -€36,897 | -99.9% |
| Deferred charges and accrued income | 490/1 | €6,078 | €4,787 | -€1,290 | -21.2% |
| Total equity and liabilities | 10/49 | €410,921 | €455,061 | +€44,140 | +10.7% |
| Equity | 10/15 | €71,100 | €68,858 | -€2,242 | -3.2% |
| Reserves | 13 | €71,100 | €68,800 | -€2,300 | -3.2% |
| Distributable reserves | 133 | €71,100 | €68,800 | -€2,300 | -3.2% |
| Profit (loss) carried forward | 14 | - | €58 | +€58 | |
| Amounts payable | 17/49 | €339,821 | €386,203 | +€46,382 | +13.6% |
| Amounts payable after more than one year | 17 | €270,000 | €254,001 | -€15,999 | -5.9% |
| Financial debts | 170/4 | €270,000 | €254,001 | -€15,999 | -5.9% |
| Amounts payable within one year | 42/48 | €69,821 | €132,202 | +€62,381 | +89.3% |
| Current portion of amounts payable after more than one year | 42 | - | €14,879 | +€14,879 | |
| Financial debts | 43 | €5,124 | €5,965 | +€841 | +16.4% |
| Credit institutions | 430/8 | €5,124 | €5,965 | +€841 | +16.4% |
| Trade debts | 44 | €10,411 | €2,119 | -€8,293 | -79.7% |
| Suppliers | 440/4 | €10,411 | €2,119 | -€8,293 | -79.7% |
| Advances received on contracts in progress | 46 | €2,220 | - | -€2,220 | |
| Taxes, remuneration and social security | 45 | €17,908 | €12,540 | -€5,368 | -30.0% |
| Taxes | 450/3 | €17,908 | €12,540 | -€5,368 | -30.0% |
| Other amounts payable | 47/48 | €34,158 | €96,700 | +€62,542 | +183% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,457 | €4,551 | +€3,094 | +212% |
| Other operating charges | 640/8 | €3,183 | €514 | -€2,669 | -83.9% |
| Gross operating margin | 9900 | €52,825 | €62,736 | +€9,911 | +18.8% |
| Operating profit (loss) | 9901 | €48,185 | €57,671 | +€9,486 | +19.7% |
| Financial income | 75/76B | €0 | €789 | +€788 | +262,793% |
| Recurring financial income | 75 | €0 | €789 | +€788 | +262,793% |
| Financial charges | 65/66B | €26,760 | €14,574 | -€12,186 | -45.5% |
| Recurring financial charges | 65 | €26,760 | €14,574 | -€12,186 | -45.5% |
| Profit (loss) for the period before taxes | 9903 | €21,426 | €43,885 | +€22,460 | +105% |
| Income taxes | 67/77 | €7,432 | €14,427 | +€6,995 | +94.1% |
| Profit (loss) for the period | 9904 | €13,994 | €29,458 | +€15,464 | +111% |
| Profit (loss) for the period to be appropriated | 9905 | €13,994 | €29,458 | +€15,464 | +111% |
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 21 October 2026 via checked.be.