VA-LEX: 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.
VA-LEX
Largest movements
- Deferred charges and accrued income +€50,012
up €50,012 (+1701.8%), from €2,939 to €52,950
- Cash +€27,877
up €27,877 (+42.0%), from €66,393 to €94,270
mainly Net result for the year (+€76,576) and Tax, wage and social debts (+€25,689)
- Receivables within one year +€16,655
up €16,655 (+1554.0%), from €1,072 to €17,727
of which Trade receivables: +€11,100
- Profit (loss) carried forward +€76,576
up €76,576 (+163.2%), from €46,914 to €123,491
- Tax, wage and social debts +€25,689
up €25,689 (+107.3%), from €23,943 to €49,632
- Debts after one year -€12,290
down €12,290 (-33.9%), from €36,304 to €24,014
- Trade debts +€3,758
up €3,758 (+302.9%), from €1,241 to €4,999
- Gross operating margin +€44,722
up €44,722 (+59.0%), from €75,838 to €120,560
- Taxes +€11,063
up €11,063 (+68.1%), from €16,249 to €27,311
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 | €122,654 | €216,948 | +€94,294 | +76.9% |
| Fixed assets | 21/28 | €52,250 | €52,001 | -€249 | -0.5% |
| Tangible fixed assets | 22/27 | €52,250 | €52,001 | -€249 | -0.5% |
| Land and buildings | 22 | - | €13,258 | +€13,258 | |
| Furniture and vehicles | 24 | €52,250 | €38,744 | -€13,507 | -25.8% |
| Current assets | 29/58 | €70,404 | €164,947 | +€94,543 | +134.3% |
| Amounts receivable within one year | 40/41 | €1,072 | €17,727 | +€16,655 | +1554.0% |
| Trade receivables | 40 | €1,000 | €12,100 | +€11,100 | +1110.0% |
| Other amounts receivable | 41 | €72 | €5,627 | +€5,555 | +7739.8% |
| Cash at bank and in hand | 54/58 | €66,393 | €94,270 | +€27,877 | +42.0% |
| Deferred charges and accrued income | 490/1 | €2,939 | €52,950 | +€50,012 | +1701.8% |
| Total equity and liabilities | 10/49 | €122,654 | €216,948 | +€94,294 | +76.9% |
| Equity | 10/15 | €49,414 | €125,991 | +€76,576 | +155.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,914 | €123,491 | +€76,576 | +163.2% |
| Amounts payable | 17/49 | €73,239 | €90,958 | +€17,718 | +24.2% |
| Amounts payable after more than one year | 17 | €36,304 | €24,014 | -€12,290 | -33.9% |
| Financial debts | 170/4 | €36,304 | €24,014 | -€12,290 | -33.9% |
| Amounts payable within one year | 42/48 | €36,935 | €66,921 | +€29,986 | +81.2% |
| Current portion of amounts payable after more than one year | 42 | €11,751 | €12,290 | +€539 | +4.6% |
| Trade debts | 44 | €1,241 | €4,999 | +€3,758 | +302.9% |
| Suppliers | 440/4 | €1,241 | €4,999 | +€3,758 | +302.9% |
| Taxes, remuneration and social security | 45 | €23,943 | €49,632 | +€25,689 | +107.3% |
| Taxes | 450/3 | €23,943 | €49,632 | +€25,689 | +107.3% |
| Accrued charges and deferred income | 492/3 | - | €23 | +€23 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,507 | €14,429 | +€923 | +6.8% |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €75,838 | €120,560 | +€44,722 | +59.0% |
| Operating profit (loss) | 9901 | €62,331 | €106,011 | +€43,679 | +70.1% |
| Financial charges | 65/66B | €2,626 | €2,123 | -€503 | -19.1% |
| Recurring financial charges | 65 | €2,626 | €2,123 | -€503 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €59,705 | €103,887 | +€44,182 | +74.0% |
| Income taxes | 67/77 | €16,249 | €27,311 | +€11,063 | +68.1% |
| Profit (loss) for the period | 9904 | €43,457 | €76,576 | +€33,119 | +76.2% |
| Profit (loss) for the period to be appropriated | 9905 | €43,457 | €76,576 | +€33,119 | +76.2% |
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 5 October 2026 via checked.be.