ADDED VALUE CONCEPT: what changed
ADDED VALUE CONCEPT
Largest movements
- Cash -€41,970
down €41,970 (-43.4%), from €96,709 to €54,740
mainly Receivables within one year (-€41,424) and Current investments (-€11,500)
- Receivables within one year +€41,424
up €41,424 (+104%), from €39,708 to €81,132
of which Other amounts receivable: +€34,331
- Current investments +€11,500
up €11,500 (+82.2%), from €13,991 to €25,491
- Reserves +€15,102
up €15,102 (+13.7%), from €110,637 to €125,740
of which Distributable reserves: +€15,102
- Tax, wage and social debts +€7,474
up €7,474 (+68.4%), from €10,930 to €18,405
- Trade debts -€6,537
down €6,537 (-62.5%), from €10,452 to €3,915
- Short-term financial debts -€6,000
down €6,000 (-37.5%), from €16,000 to €10,000
- Gross operating margin -€52,503
down €52,503 (-66.6%), from €78,828 to €26,325
- Taxes -€14,330
down €14,330 (-64.8%), from €22,099 to €7,769
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €154,219 | €164,740 | +€10,521 | +6.8% |
| Fixed assets | 21/28 | €2,349 | €1,080 | -€1,269 | -54.0% |
| Tangible fixed assets | 22/27 | €2,349 | €1,080 | -€1,269 | -54.0% |
| Furniture and vehicles | 24 | €2,349 | €1,080 | -€1,269 | -54.0% |
| Current assets | 29/58 | €151,870 | €163,660 | +€11,789 | +7.8% |
| Amounts receivable within one year | 40/41 | €39,708 | €81,132 | +€41,424 | +104% |
| Trade receivables | 40 | €38,379 | €45,472 | +€7,093 | +18.5% |
| Other amounts receivable | 41 | €1,329 | €35,660 | +€34,331 | +2,583% |
| Current investments | 50/53 | €13,991 | €25,491 | +€11,500 | +82.2% |
| Cash at bank and in hand | 54/58 | €96,709 | €54,740 | -€41,970 | -43.4% |
| Deferred charges and accrued income | 490/1 | €1,462 | €2,297 | +€835 | +57.1% |
| Total equity and liabilities | 10/49 | €154,219 | €164,740 | +€10,521 | +6.8% |
| Equity | 10/15 | €116,837 | €131,940 | +€15,102 | +12.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €110,637 | €125,740 | +€15,102 | +13.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €108,777 | €123,880 | +€15,102 | +13.9% |
| Amounts payable | 17/49 | €37,382 | €32,800 | -€4,582 | -12.3% |
| Amounts payable within one year | 42/48 | €37,382 | €32,800 | -€4,582 | -12.3% |
| Financial debts | 43 | €16,000 | €10,000 | -€6,000 | -37.5% |
| Credit institutions | 430/8 | €16,000 | €10,000 | -€6,000 | -37.5% |
| Trade debts | 44 | €10,452 | €3,915 | -€6,537 | -62.5% |
| Suppliers | 440/4 | €10,452 | €3,915 | -€6,537 | -62.5% |
| Taxes, remuneration and social security | 45 | €10,930 | €18,405 | +€7,474 | +68.4% |
| Taxes | 450/3 | €10,930 | €18,405 | +€7,474 | +68.4% |
| Other amounts payable | 47/48 | €0 | €481 | +€481 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €14 | +€14 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,316 | €1,269 | -€47 | -3.5% |
| Other operating charges | 640/8 | €1,119 | €758 | -€361 | -32.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €78,828 | €26,325 | -€52,503 | -66.6% |
| Operating profit (loss) | 9901 | €76,394 | €24,285 | -€52,109 | -68.2% |
| Financial charges | 65/66B | €883 | €1,414 | +€531 | +60.1% |
| Recurring financial charges | 65 | €883 | €1,414 | +€531 | +60.1% |
| Profit (loss) for the period before taxes | 9903 | €75,511 | €22,871 | -€52,640 | -69.7% |
| Income taxes | 67/77 | €22,099 | €7,769 | -€14,330 | -64.8% |
| Profit (loss) for the period | 9904 | €53,412 | €15,102 | -€38,310 | -71.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,412 | €15,102 | -€38,310 | -71.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.