D’Angelo Valerio: 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.
D’Angelo Valerio
Largest movements
- Cash +€22,591
up €22,591 (+156%), from €14,526 to €37,117
mainly Net result for the year (+€30,808) and Depreciation (+€7,873)
- Tangible fixed assets -€3,060
down €3,060 (-8.9%), from €34,387 to €31,327
of which Furniture and vehicles: -€5,946
- Receivables within one year +€2,983
up €2,983 (+32.1%), from €9,284 to €12,266
of which Trade receivables: +€2,542
- Reserves +€29,975
up €29,975 (+154%), from €19,432 to €49,408
- Debts after one year -€5,774
down €5,774 (-25.3%), from €22,811 to €17,037
- Trade debts -€1,461
down €1,461 (-86.4%), from €1,691 to €230
- Tax, wage and social debts -€934
down €934 (-13.8%), from €6,743 to €5,810
of which Taxes: -€934
- Gross operating margin +€22,895
up €22,895 (+69.9%), from €32,736 to €55,631
- Taxes +€5,566
up €5,566 (+73.6%), from €7,563 to €13,130
- Depreciation +€4,942
up €4,942 (+169%), from €2,931 to €7,873
- Financial charges +€980
up €980 (+40.7%), from €2,405 to €3,385
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 | €58,937 | €81,366 | +€22,429 | +38.1% |
| Fixed assets | 21/28 | €34,387 | €31,327 | -€3,060 | -8.9% |
| Tangible fixed assets | 22/27 | €34,387 | €31,327 | -€3,060 | -8.9% |
| Land and buildings | 22 | €3,051 | €5,455 | +€2,404 | +78.8% |
| Plant, machinery and equipment | 23 | €3,586 | €4,068 | +€482 | +13.4% |
| Furniture and vehicles | 24 | €27,750 | €21,803 | -€5,946 | -21.4% |
| Current assets | 29/58 | €24,550 | €50,039 | +€25,489 | +104% |
| Amounts receivable within one year | 40/41 | €9,284 | €12,266 | +€2,983 | +32.1% |
| Trade receivables | 40 | €8,570 | €11,112 | +€2,542 | +29.7% |
| Other amounts receivable | 41 | €714 | €1,155 | +€441 | +61.7% |
| Cash at bank and in hand | 54/58 | €14,526 | €37,117 | +€22,591 | +156% |
| Deferred charges and accrued income | 490/1 | €740 | €655 | -€85 | -11.5% |
| Total equity and liabilities | 10/49 | €58,937 | €81,366 | +€22,429 | +38.1% |
| Equity | 10/15 | €21,432 | €51,408 | +€29,975 | +140% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €19,432 | €49,408 | +€29,975 | +154% |
| Distributable reserves | 133 | €19,432 | €49,408 | +€29,975 | +154% |
| Amounts payable | 17/49 | €37,505 | €29,958 | -€7,547 | -20.1% |
| Amounts payable after more than one year | 17 | €22,811 | €17,037 | -€5,774 | -25.3% |
| Financial debts | 170/4 | €22,811 | €17,037 | -€5,774 | -25.3% |
| Amounts payable within one year | 42/48 | €14,694 | €12,921 | -€1,773 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €5,562 | €5,774 | +€212 | +3.8% |
| Trade debts | 44 | €1,691 | €230 | -€1,461 | -86.4% |
| Suppliers | 440/4 | €1,691 | €230 | -€1,461 | -86.4% |
| Taxes, remuneration and social security | 45 | €6,743 | €5,810 | -€934 | -13.8% |
| Taxes | 450/3 | €4,563 | €3,630 | -€934 | -20.5% |
| Remuneration and social security | 454/9 | €2,180 | €2,180 | = | 0.0% |
| Other amounts payable | 47/48 | €697 | €1,108 | +€411 | +59.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,931 | €7,873 | +€4,942 | +169% |
| Other operating charges | 640/8 | €405 | €436 | +€31 | +7.7% |
| Gross operating margin | 9900 | €32,736 | €55,631 | +€22,895 | +69.9% |
| Operating profit (loss) | 9901 | €29,400 | €47,322 | +€17,923 | +61.0% |
| Financial income | 75/76B | €1 | €0 | -€1 | -90.5% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -90.5% |
| Financial charges | 65/66B | €2,405 | €3,385 | +€980 | +40.7% |
| Recurring financial charges | 65 | €2,405 | €3,385 | +€980 | +40.7% |
| Profit (loss) for the period before taxes | 9903 | €26,996 | €43,938 | +€16,942 | +62.8% |
| Income taxes | 67/77 | €7,563 | €13,130 | +€5,566 | +73.6% |
| Profit (loss) for the period | 9904 | €19,432 | €30,808 | +€11,376 | +58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,432 | €30,808 | +€11,376 | +58.5% |
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 25 October 2026 via checked.be.