DI 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.
DI VALERIO
Largest movements
- Cash +€37,861
up €37,861 (+3.9%), from €980,387 to €1.0m
mainly Net result for the year (+€45,824) and Stocks and contracts (+€9,756)
- Receivables within one year +€18,634
up €18,634 (+252%), from €7,404 to €26,038
of which Trade receivables: +€11,633
- Reserves +€45,824
up €45,824 (+6.6%), from €689,189 to €735,013
of which Distributable reserves: +€45,824
- Gross operating margin -€19,357
down €19,357 (-21.7%), from €89,260 to €69,903
- Taxes -€6,596
down €6,596 (-27.1%), from €24,310 to €17,714
- Other operating charges +€2,130
up €2,130 (+68.7%), from €3,101 to €5,231
- Financial income -€1,484
down €1,484 (-30.8%), from €4,825 to €3,341
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 | €1,058,811 | €1,100,677 | +€41,867 | +4.0% |
| Fixed assets | 21/28 | €7,545 | €4,150 | -€3,395 | -45.0% |
| Tangible fixed assets | 22/27 | €7,545 | €4,150 | -€3,395 | -45.0% |
| Plant, machinery and equipment | 23 | €1,356 | €961 | -€395 | -29.1% |
| Furniture and vehicles | 24 | €6,189 | €3,189 | -€3,000 | -48.5% |
| Current assets | 29/58 | €1,051,266 | €1,096,527 | +€45,262 | +4.3% |
| Stocks and contracts in progress | 3 | €57,263 | €47,507 | -€9,756 | -17.0% |
| Stocks | 30/36 | €57,263 | €47,507 | -€9,756 | -17.0% |
| Amounts receivable within one year | 40/41 | €7,404 | €26,038 | +€18,634 | +252% |
| Trade receivables | 40 | €3,869 | €15,502 | +€11,633 | +301% |
| Other amounts receivable | 41 | €3,536 | €10,536 | +€7,001 | +198% |
| Cash at bank and in hand | 54/58 | €980,387 | €1,018,248 | +€37,861 | +3.9% |
| Deferred charges and accrued income | 490/1 | €6,212 | €4,735 | -€1,476 | -23.8% |
| Total equity and liabilities | 10/49 | €1,058,811 | €1,100,677 | +€41,867 | +4.0% |
| Equity | 10/15 | €1,030,710 | €1,076,534 | +€45,824 | +4.4% |
| Contributions | 10/11 | €341,500 | €341,500 | = | 0.0% |
| Reserves | 13 | €689,189 | €735,013 | +€45,824 | +6.6% |
| Non-distributable reserves | 130/1 | €90,171 | €90,171 | = | 0.0% |
| Reserves not available under the articles | 1311 | €90,171 | €90,171 | = | 0.0% |
| Distributable reserves | 133 | €599,018 | €644,842 | +€45,824 | +7.6% |
| Profit (loss) carried forward | 14 | €21 | €21 | +€0 | 0.0% |
| Amounts payable | 17/49 | €28,101 | €24,143 | -€3,957 | -14.1% |
| Amounts payable within one year | 42/48 | €19,101 | €18,143 | -€957 | -5.0% |
| Trade debts | 44 | €9,877 | €4,676 | -€5,202 | -52.7% |
| Suppliers | 440/4 | €9,877 | €4,676 | -€5,202 | -52.7% |
| Advances received on contracts in progress | 46 | - | €7,000 | +€7,000 | |
| Taxes, remuneration and social security | 45 | €5,932 | €3,176 | -€2,756 | -46.5% |
| Taxes | 450/3 | €5,932 | €3,176 | -€2,756 | -46.5% |
| Other amounts payable | 47/48 | €3,292 | €3,292 | +€0 | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,000 | €6,000 | -€3,000 | -33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,512 | €3,395 | -€117 | -3.3% |
| Other operating charges | 640/8 | €3,101 | €5,231 | +€2,130 | +68.7% |
| Gross operating margin | 9900 | €89,260 | €69,903 | -€19,357 | -21.7% |
| Operating profit (loss) | 9901 | €82,647 | €61,277 | -€21,370 | -25.9% |
| Financial income | 75/76B | €4,825 | €3,341 | -€1,484 | -30.8% |
| Recurring financial income | 75 | €4,825 | €3,341 | -€1,484 | -30.8% |
| Financial charges | 65/66B | €1,130 | €1,080 | -€50 | -4.5% |
| Recurring financial charges | 65 | €1,130 | €1,080 | -€50 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €86,342 | €63,538 | -€22,804 | -26.4% |
| Income taxes | 67/77 | €24,310 | €17,714 | -€6,596 | -27.1% |
| Profit (loss) for the period | 9904 | €62,032 | €45,824 | -€16,208 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €62,032 | €45,824 | -€16,208 | -26.1% |
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 31 October 2026 via checked.be.