ARS-VALENDI: 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.
ARS-VALENDI
Largest movements
- Tangible fixed assets +€116,340
up €116,340 (+16.8%), from €691,605 to €807,945
of which Land and buildings: +€115,194
- Receivables within one year -€75,653
down €75,653 (-99.7%), from €75,849 to €197
of which Other amounts receivable: -€75,621
- Other debts +€28,462
up €28,462 (+14230.8%), from €200 to €28,662
- Tax, wage and social debts +€25,287
up €25,287 (+167.3%), from €15,118 to €40,405
of which Taxes: +€26,560
- Debts after one year +€20,650
up €20,650 (+6.0%), from €344,356 to €365,006
- Profit (loss) carried forward -€20,516
down €20,516 (-36.8%), from -€55,718 to -€76,234
- Trade debts -€13,237
down €13,237 (-49.4%), from €26,792 to €13,555
- Gross operating margin +€54,963
up €54,963 (+41.9%), from €131,076 to €186,039
- Taxes +€16,714
up €16,714 (+89.6%), from €18,644 to €35,358
- Depreciation -€12,150
down €12,150 (-31.8%), from €38,159 to €26,010
- Other operating charges +€6,325
up €6,325 (+5.2%), from €122,222 to €128,546
- Staff costs -€5,867
down €5,867 (-59.3%), from €9,899 to €4,032
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 | €767,697 | €809,609 | +€41,912 | +5.5% |
| Fixed assets | 21/28 | €691,605 | €807,945 | +€116,340 | +16.8% |
| Tangible fixed assets | 22/27 | €691,605 | €807,945 | +€116,340 | +16.8% |
| Land and buildings | 22 | €688,843 | €804,038 | +€115,194 | +16.7% |
| Plant, machinery and equipment | 23 | €803 | €2,657 | +€1,855 | +231.0% |
| Furniture and vehicles | 24 | €1,959 | €1,250 | -€709 | -36.2% |
| Current assets | 29/58 | €76,093 | €1,664 | -€74,429 | -97.8% |
| Amounts receivable within one year | 40/41 | €75,849 | €197 | -€75,653 | -99.7% |
| Trade receivables | 40 | €179 | €147 | -€31 | -17.5% |
| Other amounts receivable | 41 | €75,671 | €50 | -€75,621 | -99.9% |
| Current investments | 50/53 | €221 | €221 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €23 | €747 | +€724 | +3172.5% |
| Deferred charges and accrued income | 490/1 | - | €500 | +€500 | |
| Total equity and liabilities | 10/49 | €767,697 | €809,609 | +€41,912 | +5.5% |
| Equity | 10/15 | €328,949 | €308,433 | -€20,516 | -6.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Revaluation surpluses | 12 | €117,500 | €108,750 | -€8,750 | -7.4% |
| Reserves | 13 | €67,167 | €75,917 | +€8,750 | +13.0% |
| Distributable reserves | 133 | €67,167 | €75,917 | +€8,750 | +13.0% |
| Profit (loss) carried forward | 14 | -€55,718 | -€76,234 | -€20,516 | -36.8% |
| Amounts payable | 17/49 | €438,749 | €501,176 | +€62,428 | +14.2% |
| Amounts payable after more than one year | 17 | €344,356 | €365,006 | +€20,650 | +6.0% |
| Financial debts | 170/4 | €344,356 | €365,006 | +€20,650 | +6.0% |
| Amounts payable within one year | 42/48 | €94,392 | €136,170 | +€41,778 | +44.3% |
| Current portion of amounts payable after more than one year | 42 | €25,138 | €34,350 | +€9,212 | +36.6% |
| Financial debts | 43 | €27,145 | €19,198 | -€7,946 | -29.3% |
| Credit institutions | 430/8 | €27,145 | €19,198 | -€7,946 | -29.3% |
| Trade debts | 44 | €26,792 | €13,555 | -€13,237 | -49.4% |
| Suppliers | 440/4 | €26,792 | €13,555 | -€13,237 | -49.4% |
| Taxes, remuneration and social security | 45 | €15,118 | €40,405 | +€25,287 | +167.3% |
| Taxes | 450/3 | €13,644 | €40,204 | +€26,560 | +194.7% |
| Remuneration and social security | 454/9 | €1,474 | €200 | -€1,273 | -86.4% |
| Other amounts payable | 47/48 | €200 | €28,662 | +€28,462 | +14230.8% |
| Remuneration, social security and pensions | 62 | €9,899 | €4,032 | -€5,867 | -59.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,159 | €26,010 | -€12,150 | -31.8% |
| Other operating charges | 640/8 | €122,222 | €128,546 | +€6,325 | +5.2% |
| Gross operating margin | 9900 | €131,076 | €186,039 | +€54,963 | +41.9% |
| Operating profit (loss) | 9901 | -€39,203 | €27,452 | +€66,655 | |
| Financial income | 75/76B | €5,262 | €4 | -€5,258 | -99.9% |
| Recurring financial income | 75 | €5,262 | €4 | -€5,258 | -99.9% |
| Financial charges | 65/66B | €11,883 | €12,614 | +€731 | +6.2% |
| Recurring financial charges | 65 | €11,883 | €12,614 | +€731 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | -€45,824 | €14,842 | +€60,666 | |
| Income taxes | 67/77 | €18,644 | €35,358 | +€16,714 | +89.6% |
| Profit (loss) for the period | 9904 | -€64,468 | -€20,516 | +€43,952 | +68.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,468 | -€20,516 | +€43,952 | +68.2% |
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 8 October 2026 via checked.be.