V.A.L.: 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.
V.A.L.
Largest movements
- Receivables within one year -€18,721
down €18,721 (-38.5%), from €48,600 to €29,879
of which Other amounts receivable: -€21,556
- Stocks and contracts +€15,000
new in 2022: €15,000
- Cash -€9,338
down €9,338 (-93.8%), from €9,959 to €621
mainly Stocks and contracts (-€15,000) and Contributions, distributions and other (-€7,000)
- Tangible fixed assets +€801
up €801 (+24.8%), from €3,224 to €4,025
of which Furniture and vehicles: +€1,386
- Reserves -€7,000
down €7,000 (-32.8%), from €21,360 to €14,360
of which Distributable reserves: -€7,000
- Profit (loss) carried forward -€4,794
down €4,794 (-24.6%), from €19,452 to €14,658
- Trade debts -€1,441
down €1,441 (-44.8%), from €3,217 to €1,776
- Tax, wage and social debts +€795
up €795 (+26.3%), from €3,017 to €3,812
- Gross operating margin -€579
down €579 (-27.0%), from -€2,143 to -€2,721
- Other operating charges +€437
up €437 (+104.7%), from €417 to €854
- Depreciation +€414
up €414 (+70.8%), from €585 to €999
- Financial charges -€151
down €151 (-49.8%), from €304 to €152
- Taxes -€49
down €49 (-42.1%), from €117 to €68
From the 2021 result to the 2022 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 2021 and 2022 balance sheets and the 2022 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2021 | 2022 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,246 | €49,806 | -€12,440 | -20.0% |
| Fixed assets | 21/28 | €3,314 | €4,115 | +€801 | +24.2% |
| Tangible fixed assets | 22/27 | €3,224 | €4,025 | +€801 | +24.8% |
| Furniture and vehicles | 24 | - | €1,386 | +€1,386 | |
| Other tangible fixed assets | 26 | €3,224 | €2,639 | -€585 | -18.1% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €58,933 | €45,692 | -€13,241 | -22.5% |
| Stocks and contracts in progress | 3 | - | €15,000 | +€15,000 | |
| Stocks | 30/36 | - | €15,000 | +€15,000 | |
| Amounts receivable within one year | 40/41 | €48,600 | €29,879 | -€18,721 | -38.5% |
| Trade receivables | 40 | €2,190 | €5,025 | +€2,835 | +129.4% |
| Other amounts receivable | 41 | €46,410 | €24,854 | -€21,556 | -46.4% |
| Cash at bank and in hand | 54/58 | €9,959 | €621 | -€9,338 | -93.8% |
| Deferred charges and accrued income | 490/1 | €374 | €191 | -€182 | -48.8% |
| Total equity and liabilities | 10/49 | €62,246 | €49,806 | -€12,440 | -20.0% |
| Equity | 10/15 | €56,012 | €44,218 | -€11,794 | -21.1% |
| Contributions | 10/11 | €15,200 | €15,200 | = | 0.0% |
| Capital | 10 | €15,200 | - | -€15,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €3,400 | - | -€3,400 | |
| Reserves | 13 | €21,360 | €14,360 | -€7,000 | -32.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €15,500 | €8,500 | -€7,000 | -45.2% |
| Profit (loss) carried forward | 14 | €19,452 | €14,658 | -€4,794 | -24.6% |
| Amounts payable | 17/49 | €6,234 | €5,588 | -€646 | -10.4% |
| Amounts payable within one year | 42/48 | €6,234 | €5,588 | -€646 | -10.4% |
| Trade debts | 44 | €3,217 | €1,776 | -€1,441 | -44.8% |
| Suppliers | 440/4 | €3,217 | €1,776 | -€1,441 | -44.8% |
| Taxes, remuneration and social security | 45 | €3,017 | €3,812 | +€795 | +26.3% |
| Taxes | 450/3 | €3,017 | €3,812 | +€795 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €585 | €999 | +€414 | +70.8% |
| Other operating charges | 640/8 | €417 | €854 | +€437 | +104.7% |
| Gross operating margin | 9900 | -€2,143 | -€2,721 | -€579 | -27.0% |
| Operating profit (loss) | 9901 | -€3,145 | -€4,574 | -€1,429 | -45.5% |
| Financial income | 75/76B | €20 | €0 | -€20 | -99.0% |
| Recurring financial income | 75 | €20 | €0 | -€20 | -99.0% |
| Financial charges | 65/66B | €304 | €152 | -€151 | -49.8% |
| Recurring financial charges | 65 | €304 | €152 | -€151 | -49.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,428 | -€4,726 | -€1,298 | -37.9% |
| Income taxes | 67/77 | €117 | €68 | -€49 | -42.1% |
| Profit (loss) for the period | 9904 | -€3,545 | -€4,794 | -€1,249 | -35.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,545 | -€4,794 | -€1,249 | -35.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2021 and 31 December 2022. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.