WAARDE CREATIE: 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.
WAARDE CREATIE
Largest movements
- Receivables within one year +€144,005
up €144,005 (+114%), from €126,125 to €270,131
of which Other amounts receivable: +€76,231
- Tangible fixed assets -€15,603
down €15,603 (-3.4%), from €461,095 to €445,493
of which Plant, machinery and equipment: -€10,366
- Reserves +€107,319
up €107,319 (+43.4%), from €247,023 to €354,342
- Short-term financial debts +€16,715
new in 2025: €16,715
- Trade debts +€15,122
new in 2025: €15,122
- Debts after one year -€10,612
down €10,612 (-4.1%), from €258,426 to €247,814
- Gross operating margin -€72,235
down €72,235 (-30.1%), from €239,874 to €167,638
- Taxes -€15,169
down €15,169 (-29.7%), from €51,040 to €35,871
- Financial income +€5,000
up €5,000 (+141%), from €3,543 to €8,543
- Depreciation +€4,563
up €4,563 (+28.1%), from €16,215 to €20,778
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 | €610,533 | €742,114 | +€131,581 | +21.6% |
| Fixed assets | 21/28 | €461,095 | €445,493 | -€15,603 | -3.4% |
| Tangible fixed assets | 22/27 | €461,095 | €445,493 | -€15,603 | -3.4% |
| Land and buildings | 22 | €314,177 | €305,865 | -€8,313 | -2.6% |
| Plant, machinery and equipment | 23 | €136,927 | €126,561 | -€10,366 | -7.6% |
| Furniture and vehicles | 24 | €9,991 | €13,067 | +€3,076 | +30.8% |
| Current assets | 29/58 | €149,438 | €296,622 | +€147,184 | +98.5% |
| Amounts receivable within one year | 40/41 | €126,125 | €270,131 | +€144,005 | +114% |
| Trade receivables | 40 | €6,594 | €74,368 | +€67,774 | +1,028% |
| Other amounts receivable | 41 | €119,531 | €195,763 | +€76,231 | +63.8% |
| Cash at bank and in hand | 54/58 | €23,313 | €26,380 | +€3,067 | +13.2% |
| Deferred charges and accrued income | 490/1 | - | €111 | +€111 | |
| Total equity and liabilities | 10/49 | €610,533 | €742,114 | +€131,581 | +21.6% |
| Equity | 10/15 | €252,023 | €359,342 | +€107,319 | +42.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €247,023 | €354,342 | +€107,319 | +43.4% |
| Distributable reserves | 133 | €247,023 | €354,342 | +€107,319 | +43.4% |
| Amounts payable | 17/49 | €358,511 | €382,773 | +€24,262 | +6.8% |
| Amounts payable after more than one year | 17 | €258,426 | €247,814 | -€10,612 | -4.1% |
| Financial debts | 170/4 | €258,426 | €247,814 | -€10,612 | -4.1% |
| Amounts payable within one year | 42/48 | €100,085 | €134,958 | +€34,874 | +34.8% |
| Current portion of amounts payable after more than one year | 42 | €10,225 | €10,612 | +€387 | +3.8% |
| Financial debts | 43 | - | €16,715 | +€16,715 | |
| Credit institutions | 430/8 | - | €16,715 | +€16,715 | |
| Trade debts | 44 | - | €15,122 | +€15,122 | |
| Suppliers | 440/4 | - | €15,122 | +€15,122 | |
| Taxes, remuneration and social security | 45 | €89,860 | €92,510 | +€2,649 | +2.9% |
| Taxes | 450/3 | €89,860 | €92,510 | +€2,649 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,215 | €20,778 | +€4,563 | +28.1% |
| Other operating charges | 640/8 | €2,411 | €472 | -€1,939 | -80.4% |
| Gross operating margin | 9900 | €239,874 | €167,638 | -€72,235 | -30.1% |
| Operating profit (loss) | 9901 | €221,248 | €146,389 | -€74,859 | -33.8% |
| Financial income | 75/76B | €3,543 | €8,543 | +€5,000 | +141% |
| Recurring financial income | 75 | €3,543 | €8,543 | +€5,000 | +141% |
| Financial charges | 65/66B | €12,127 | €11,742 | -€385 | -3.2% |
| Recurring financial charges | 65 | €12,127 | €11,742 | -€385 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €212,664 | €143,190 | -€69,474 | -32.7% |
| Income taxes | 67/77 | €51,040 | €35,871 | -€15,169 | -29.7% |
| Profit (loss) for the period | 9904 | €161,624 | €107,319 | -€54,305 | -33.6% |
| Profit (loss) for the period to be appropriated | 9905 | €161,624 | €107,319 | -€54,305 | -33.6% |
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 16 October 2026 via checked.be.