Economic performance of a company does not depend on the company itself, but on its relationships to other subjects and the ability to create value from such relationships. Paradigm shift in management towards network perspective goes hand in hand with new understanding of value and value-creation process. In our article we try to identify direct and indirect ways of how value is created in relationships. Beside that, we also analyse two different kinds of relationships to prove that relationships, which stimulate further development of companies, create value more indirectly than relationships, which just support economical stability of companies.