T Valor: 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.
T Valor
Largest movements
- Current investments +€88,364
up €88,364 (+10.8%), from €814,429 to €902,794
- Tangible fixed assets -€19,370
down €19,370 (-37.7%), from €51,446 to €32,076
of which Furniture and vehicles: -€18,275
- Receivables within one year -€17,339
down €17,339 (-41.4%), from €41,888 to €24,549
of which Trade receivables: -€14,540
- Reserves +€1.0m
new in 2025: €1.0m
- Profit (loss) carried forward -€957,301
down €957,301 (-91.2%), from €1.1m to €92,751
- Gross operating margin +€47,996
up €47,996 (+259%), from €18,510 to €66,507
- Taxes +€16,712
up €16,712 (+5,021%), from €333 to €17,045
- Write-downs +€10,000
new in 2025: €10,000
- Financial income +€3,211
up €3,211 (+14.3%), from €22,516 to €25,727
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 | €1,054,243 | €1,098,602 | +€44,359 | +4.2% |
| Formation expenses | 20 | €378 | €125 | -€253 | -66.8% |
| Fixed assets | 21/28 | €151,449 | €132,079 | -€19,370 | -12.8% |
| Tangible fixed assets | 22/27 | €51,446 | €32,076 | -€19,370 | -37.7% |
| Land and buildings | 22 | €1,519 | €1,020 | -€499 | -32.9% |
| Plant, machinery and equipment | 23 | €1,575 | €979 | -€596 | -37.8% |
| Furniture and vehicles | 24 | €48,351 | €30,077 | -€18,275 | -37.8% |
| Financial fixed assets | 28 | €100,003 | €100,003 | = | 0.0% |
| Current assets | 29/58 | €902,416 | €966,398 | +€63,981 | +7.1% |
| Amounts receivable within one year | 40/41 | €41,888 | €24,549 | -€17,339 | -41.4% |
| Trade receivables | 40 | €31,298 | €16,758 | -€14,540 | -46.5% |
| Other amounts receivable | 41 | €10,590 | €7,791 | -€2,799 | -26.4% |
| Current investments | 50/53 | €814,429 | €902,794 | +€88,364 | +10.8% |
| Cash at bank and in hand | 54/58 | €44,861 | €37,864 | -€6,997 | -15.6% |
| Deferred charges and accrued income | 490/1 | €1,238 | €1,190 | -€47 | -3.8% |
| Total equity and liabilities | 10/49 | €1,054,243 | €1,098,602 | +€44,359 | +4.2% |
| Equity | 10/15 | €1,052,051 | €1,094,751 | +€42,699 | +4.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €1,000,000 | +€1.0m | |
| Distributable reserves | 133 | - | €1,000,000 | +€1.0m | |
| Profit (loss) carried forward | 14 | €1,050,051 | €92,751 | -€957,301 | -91.2% |
| Amounts payable | 17/49 | €2,191 | €3,851 | +€1,660 | +75.7% |
| Amounts payable within one year | 42/48 | €2,191 | €3,851 | +€1,660 | +75.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €103 | €844 | +€741 | +722% |
| Suppliers | 440/4 | €103 | €844 | +€741 | +722% |
| Taxes, remuneration and social security | 45 | €2,089 | €3,007 | +€919 | +44.0% |
| Taxes | 450/3 | €2,089 | €3,007 | +€919 | +44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,119 | €21,051 | -€68 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,000 | +€10,000 | |
| Other operating charges | 640/8 | €1,114 | €998 | -€116 | -10.4% |
| Gross operating margin | 9900 | €18,510 | €66,507 | +€47,996 | +259% |
| Operating profit (loss) | 9901 | -€3,723 | €34,457 | +€38,180 | |
| Financial income | 75/76B | €22,516 | €25,727 | +€3,211 | +14.3% |
| Recurring financial income | 75 | €22,516 | €25,727 | +€3,211 | +14.3% |
| Financial charges | 65/66B | €452 | €439 | -€12 | -2.8% |
| Recurring financial charges | 65 | €452 | €439 | -€12 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €18,341 | €59,744 | +€41,403 | +226% |
| Income taxes | 67/77 | €333 | €17,045 | +€16,712 | +5,021% |
| Profit (loss) for the period | 9904 | €18,008 | €42,699 | +€24,691 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €18,008 | €42,699 | +€24,691 | +137% |
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.