A. VALENTIN: 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.
A. VALENTIN
Largest movements
- Tangible fixed assets -€23,718
down €23,718 (-80.9%), from €29,331 to €5,613
of which Furniture and vehicles: -€20,839
- Receivables within one year -€12,678
down €12,678 (-22.6%), from €56,161 to €43,483
of which Trade receivables: -€8,341
- Profit (loss) carried forward -€27,763
down €27,763 (-23.2%), from -€119,634 to -€147,396
- Trade debts -€17,047
down €17,047 (-24.8%), from €68,735 to €51,688
- Other debts +€6,118
up €6,118 (+5.2%), from €118,286 to €124,404
- Accrued charges and deferred income +€1,000
new in 2025: €1,000
- Gross operating margin +€84,442
up €84,442 (+82.1%), from -€102,856 to -€18,414
- Staff costs -€30,696
down €30,696 (-99.7%), from €30,796 to €100
- Depreciation -€5,373
down €5,373 (-52.4%), from €10,262 to €4,889
- Other operating charges -€2,642
down €2,642 (-46.7%), from €5,663 to €3,021
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 | €89,021 | €51,711 | -€37,310 | -41.9% |
| Fixed assets | 21/28 | €29,661 | €5,943 | -€23,718 | -80.0% |
| Tangible fixed assets | 22/27 | €29,331 | €5,613 | -€23,718 | -80.9% |
| Plant, machinery and equipment | 23 | €5,557 | €2,678 | -€2,879 | -51.8% |
| Furniture and vehicles | 24 | €23,774 | €2,935 | -€20,839 | -87.7% |
| Financial fixed assets | 28 | €331 | €331 | = | 0.0% |
| Current assets | 29/58 | €59,360 | €45,768 | -€13,592 | -22.9% |
| Stocks and contracts in progress | 3 | €1,761 | €881 | -€881 | -50.0% |
| Stocks | 30/36 | €1,761 | €881 | -€881 | -50.0% |
| Amounts receivable within one year | 40/41 | €56,161 | €43,483 | -€12,678 | -22.6% |
| Trade receivables | 40 | €51,080 | €42,739 | -€8,341 | -16.3% |
| Other amounts receivable | 41 | €5,081 | €744 | -€4,338 | -85.4% |
| Cash at bank and in hand | 54/58 | €1,066 | €1,404 | +€338 | +31.8% |
| Deferred charges and accrued income | 490/1 | €371 | - | -€371 | |
| Total equity and liabilities | 10/49 | €89,021 | €51,711 | -€37,310 | -41.9% |
| Equity | 10/15 | -€98,001 | -€125,763 | -€27,763 | -28.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,633 | €1,633 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,633 | €1,633 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,633 | €1,633 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€119,634 | -€147,396 | -€27,763 | -23.2% |
| Amounts payable | 17/49 | €187,021 | €177,474 | -€9,547 | -5.1% |
| Amounts payable within one year | 42/48 | €187,021 | €176,474 | -€10,547 | -5.6% |
| Trade debts | 44 | €68,735 | €51,688 | -€17,047 | -24.8% |
| Suppliers | 440/4 | €68,735 | €51,688 | -€17,047 | -24.8% |
| Taxes, remuneration and social security | 45 | - | €382 | +€382 | |
| Taxes | 450/3 | - | €382 | +€382 | |
| Other amounts payable | 47/48 | €118,286 | €124,404 | +€6,118 | +5.2% |
| Accrued charges and deferred income | 492/3 | - | €1,000 | +€1,000 | |
| Remuneration, social security and pensions | 62 | €30,796 | €100 | -€30,696 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,262 | €4,889 | -€5,373 | -52.4% |
| Other operating charges | 640/8 | €5,663 | €3,021 | -€2,642 | -46.7% |
| Gross operating margin | 9900 | -€102,856 | -€18,414 | +€84,442 | +82.1% |
| Operating profit (loss) | 9901 | -€149,577 | -€26,424 | +€123,153 | +82.3% |
| Financial income | 75/76B | €5 | €33 | +€29 | +592.3% |
| Recurring financial income | 75 | €5 | €33 | +€29 | +592.3% |
| Financial charges | 65/66B | €1,495 | €1,372 | -€122 | -8.2% |
| Recurring financial charges | 65 | €1,495 | €1,372 | -€122 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | -€151,067 | -€27,763 | +€123,304 | +81.6% |
| Profit (loss) for the period | 9904 | -€151,067 | -€27,763 | +€123,304 | +81.6% |
| Transfer from tax-exempt reserves | 789 | €170,439 | - | -€170,439 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,372 | -€27,763 | -€47,135 |
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 4 October 2026 via checked.be.