De Val: 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.
De Val
Largest movements
- Cash +€64,368
up €64,368 (+114.0%), from €56,446 to €120,814
mainly Current investments (+€40,000) and Net result for the year (+€22,152)
- Current investments -€40,000
down €40,000 (-100.0%), from €40,000 to €0
- Tangible fixed assets -€5,339
down €5,339 (-5.6%), from €95,156 to €89,817
of which Other tangible fixed assets: -€4,679
- Receivables within one year -€4,328
down €4,328 (-55.6%), from €7,791 to €3,463
of which Trade receivables: -€3,378
- Stocks and contracts +€3,968
up €3,968 (+47.4%), from €8,379 to €12,347
- Reserves +€22,152
up €22,152 (+34.5%), from €64,240 to €86,392
- Debts after one year -€8,181
down €8,181 (-11.7%), from €70,208 to €62,026
- Trade debts +€2,558
up €2,558 (+122.3%), from €2,091 to €4,648
- Gross operating margin -€18,424
down €18,424 (-32.5%), from €56,767 to €38,343
- Taxes -€3,743
down €3,743 (-40.3%), from €9,289 to €5,546
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 | €208,977 | €227,269 | +€18,292 | +8.8% |
| Fixed assets | 21/28 | €95,156 | €89,817 | -€5,339 | -5.6% |
| Tangible fixed assets | 22/27 | €95,156 | €89,817 | -€5,339 | -5.6% |
| Plant, machinery and equipment | 23 | €8,231 | €5,860 | -€2,371 | -28.8% |
| Furniture and vehicles | 24 | €751 | €2,462 | +€1,711 | +227.8% |
| Other tangible fixed assets | 26 | €86,174 | €81,495 | -€4,679 | -5.4% |
| Current assets | 29/58 | €113,821 | €137,452 | +€23,631 | +20.8% |
| Stocks and contracts in progress | 3 | €8,379 | €12,347 | +€3,968 | +47.4% |
| Stocks | 30/36 | €8,379 | €12,347 | +€3,968 | +47.4% |
| Amounts receivable within one year | 40/41 | €7,791 | €3,463 | -€4,328 | -55.6% |
| Trade receivables | 40 | €3,714 | €336 | -€3,378 | -91.0% |
| Other amounts receivable | 41 | €4,077 | €3,127 | -€950 | -23.3% |
| Current investments | 50/53 | €40,000 | €0 | -€40,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €56,446 | €120,814 | +€64,368 | +114.0% |
| Deferred charges and accrued income | 490/1 | €1,205 | €828 | -€377 | -31.3% |
| Total equity and liabilities | 10/49 | €208,977 | €227,269 | +€18,292 | +8.8% |
| Equity | 10/15 | €114,240 | €136,392 | +€22,152 | +19.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €64,240 | €86,392 | +€22,152 | +34.5% |
| Distributable reserves | 133 | €64,240 | €86,392 | +€22,152 | +34.5% |
| Amounts payable | 17/49 | €94,737 | €90,876 | -€3,860 | -4.1% |
| Amounts payable after more than one year | 17 | €70,208 | €62,026 | -€8,181 | -11.7% |
| Financial debts | 170/4 | €70,208 | €62,026 | -€8,181 | -11.7% |
| Amounts payable within one year | 42/48 | €22,281 | €27,145 | +€4,864 | +21.8% |
| Current portion of amounts payable after more than one year | 42 | €7,943 | €8,181 | +€238 | +3.0% |
| Trade debts | 44 | €2,091 | €4,648 | +€2,558 | +122.3% |
| Suppliers | 440/4 | €2,091 | €4,648 | +€2,558 | +122.3% |
| Taxes, remuneration and social security | 45 | €11,697 | €13,714 | +€2,017 | +17.2% |
| Taxes | 450/3 | €8,512 | €9,744 | +€1,232 | +14.5% |
| Remuneration and social security | 454/9 | €3,185 | €3,970 | +€785 | +24.6% |
| Other amounts payable | 47/48 | €551 | €601 | +€51 | +9.2% |
| Accrued charges and deferred income | 492/3 | €2,248 | €1,705 | -€543 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,172 | €7,516 | +€344 | +4.8% |
| Other operating charges | 640/8 | €1,076 | €1,352 | +€276 | +25.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €56,767 | €38,343 | -€18,424 | -32.5% |
| Operating profit (loss) | 9901 | €48,520 | €29,475 | -€19,045 | -39.3% |
| Financial income | 75/76B | €130 | €673 | +€543 | +416.1% |
| Recurring financial income | 75 | €130 | €673 | +€543 | +416.1% |
| Financial charges | 65/66B | €2,542 | €2,450 | -€92 | -3.6% |
| Recurring financial charges | 65 | €2,542 | €2,450 | -€92 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €46,108 | €27,698 | -€18,410 | -39.9% |
| Income taxes | 67/77 | €9,289 | €5,546 | -€3,743 | -40.3% |
| Profit (loss) for the period | 9904 | €36,819 | €22,152 | -€14,667 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,819 | €22,152 | -€14,667 | -39.8% |
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 7 October 2026 via checked.be.