AA - VALLEI: 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.
AA - VALLEI
Largest movements
- Cash -€1.5m
down €1.5m (-99.9%), from €1.5m to €1,886
mainly Other debts (-€1.4m) and Net result for the year (-€167,509)
- Receivables within one year -€110,039
down €110,039 (-99.8%), from €110,236 to €197
- Deferred charges and accrued income +€23,921
up €23,921 (+21.0%), from €114,079 to €138,000
- Other debts -€1.4m
down €1.4m (-35.6%), from €4.0m to €2.5m
- Profit (loss) carried forward -€167,509
down €167,509 (-7.8%), from -€2.1m to -€2.3m
- Accrued charges and deferred income -€23,635
down €23,635 (-100%), from €23,635 to €0
- Financial charges -€378,089
down €378,089 (-65.3%), from €579,396 to €201,307
- Gross operating margin +€72,268
up €72,268, from -€30,870 to €41,397
- Other operating charges +€1,197
up €1,197 (+18.0%), from €6,644 to €7,841
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 | €1,949,621 | €352,218 | -€1.6m | -81.9% |
| Current assets | 29/58 | €1,949,621 | €352,218 | -€1.6m | -81.9% |
| Stocks and contracts in progress | 3 | €222,956 | €212,134 | -€10,821 | -4.9% |
| Stocks | 30/36 | €222,956 | €212,134 | -€10,821 | -4.9% |
| Amounts receivable within one year | 40/41 | €110,236 | €197 | -€110,039 | -99.8% |
| Other amounts receivable | 41 | €110,236 | €197 | -€110,039 | -99.8% |
| Cash at bank and in hand | 54/58 | €1,502,349 | €1,886 | -€1.5m | -99.9% |
| Deferred charges and accrued income | 490/1 | €114,079 | €138,000 | +€23,921 | +21.0% |
| Total equity and liabilities | 10/49 | €1,949,621 | €352,218 | -€1.6m | -81.9% |
| Equity | 10/15 | -€2,070,194 | -€2,237,704 | -€167,509 | -8.1% |
| Contributions | 10/11 | €67,100 | €67,100 | = | 0.0% |
| Capital | 10 | €67,100 | €67,100 | = | 0.0% |
| Issued capital | 100 | €67,100 | €67,100 | = | 0.0% |
| Reserves | 13 | €6,710 | €6,710 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,710 | €6,710 | = | 0.0% |
| Legal reserve | 130 | €6,710 | €6,710 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,144,004 | -€2,311,514 | -€167,509 | -7.8% |
| Amounts payable | 17/49 | €4,019,815 | €2,589,921 | -€1.4m | -35.6% |
| Amounts payable within one year | 42/48 | €3,996,180 | €2,589,921 | -€1.4m | -35.2% |
| Trade debts | 44 | €44,905 | €46,004 | +€1,099 | +2.4% |
| Suppliers | 440/4 | €44,905 | €46,004 | +€1,099 | +2.4% |
| Other amounts payable | 47/48 | €3,951,275 | €2,543,917 | -€1.4m | -35.6% |
| Accrued charges and deferred income | 492/3 | €23,635 | €0 | -€23,635 | -100% |
| Other operating charges | 640/8 | €6,644 | €7,841 | +€1,197 | +18.0% |
| Gross operating margin | 9900 | -€30,870 | €41,397 | +€72,268 | |
| Operating profit (loss) | 9901 | -€37,514 | €33,556 | +€71,070 | |
| Financial income | 75/76B | €329 | €241 | -€88 | -26.7% |
| Recurring financial income | 75 | €329 | €241 | -€88 | -26.7% |
| Financial charges | 65/66B | €579,396 | €201,307 | -€378,089 | -65.3% |
| Recurring financial charges | 65 | €579,396 | €201,307 | -€378,089 | -65.3% |
| Profit (loss) for the period before taxes | 9903 | -€616,581 | -€167,509 | +€449,071 | +72.8% |
| Profit (loss) for the period | 9904 | -€616,581 | -€167,509 | +€449,071 | +72.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€616,581 | -€167,509 | +€449,071 | +72.8% |
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 13 October 2026 via checked.be.