VAL: 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.
VAL
Largest movements
- Cash +€34,071
up €34,071 (+60.9%), from €55,956 to €90,027
mainly Net result for the year (+€38,468) and Tax, wage and social debts (+€29,906)
- Tangible fixed assets +€24,169
up €24,169 (+4.1%), from €590,190 to €614,359
- Receivables within one year +€11,041
new in 2025: €11,041
- Reserves +€38,468
up €38,468 (+1307.9%), from €2,941 to €41,409
- Tax, wage and social debts +€29,906
up €29,906 (+1920.7%), from €1,557 to €31,463
- Debts after one year -€15,582
down €15,582 (-3.8%), from €413,736 to €398,154
- Other debts +€8,100
up €8,100 (+7.5%), from €107,425 to €115,525
- Gross operating margin +€65,171
up €65,171 (+144.8%), from €45,003 to €110,174
- Taxes +€16,992
up €16,992 (+1404.8%), from €1,210 to €18,202
- Depreciation +€9,146
up €9,146 (+52.8%), from €17,310 to €26,456
- Financial charges +€4,011
up €4,011 (+24.1%), from €16,673 to €20,685
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 | €646,146 | €715,427 | +€69,281 | +10.7% |
| Fixed assets | 21/28 | €590,190 | €614,359 | +€24,169 | +4.1% |
| Tangible fixed assets | 22/27 | €590,190 | €614,359 | +€24,169 | +4.1% |
| Land and buildings | 22 | €590,190 | €614,359 | +€24,169 | +4.1% |
| Current assets | 29/58 | €55,956 | €101,069 | +€45,113 | +80.6% |
| Amounts receivable within one year | 40/41 | - | €11,041 | +€11,041 | |
| Trade receivables | 40 | - | €11,041 | +€11,041 | |
| Cash at bank and in hand | 54/58 | €55,956 | €90,027 | +€34,071 | +60.9% |
| Total equity and liabilities | 10/49 | €646,146 | €715,427 | +€69,281 | +10.7% |
| Equity | 10/15 | €102,941 | €141,409 | +€38,468 | +37.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,941 | €41,409 | +€38,468 | +1307.9% |
| Distributable reserves | 133 | €2,941 | €41,409 | +€38,468 | +1307.9% |
| Amounts payable | 17/49 | €543,205 | €574,018 | +€30,813 | +5.7% |
| Amounts payable after more than one year | 17 | €413,736 | €398,154 | -€15,582 | -3.8% |
| Financial debts | 170/4 | €413,736 | €398,154 | -€15,582 | -3.8% |
| Amounts payable within one year | 42/48 | €124,404 | €165,300 | +€40,895 | +32.9% |
| Financial debts | 43 | €15,035 | €15,582 | +€547 | +3.6% |
| Credit institutions | 430/8 | €15,035 | €15,582 | +€547 | +3.6% |
| Trade debts | 44 | €387 | €2,730 | +€2,342 | +604.7% |
| Suppliers | 440/4 | €387 | €2,730 | +€2,342 | +604.7% |
| Taxes, remuneration and social security | 45 | €1,557 | €31,463 | +€29,906 | +1920.7% |
| Taxes | 450/3 | €1,557 | €31,463 | +€29,906 | +1920.7% |
| Other amounts payable | 47/48 | €107,425 | €115,525 | +€8,100 | +7.5% |
| Accrued charges and deferred income | 492/3 | €5,064 | €10,564 | +€5,500 | +108.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,310 | €26,456 | +€9,146 | +52.8% |
| Other operating charges | 640/8 | €6,869 | €6,363 | -€506 | -7.4% |
| Gross operating margin | 9900 | €45,003 | €110,174 | +€65,171 | +144.8% |
| Operating profit (loss) | 9901 | €20,824 | €77,355 | +€56,531 | +271.5% |
| Financial charges | 65/66B | €16,673 | €20,685 | +€4,011 | +24.1% |
| Recurring financial charges | 65 | €16,673 | €20,685 | +€4,011 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | €4,151 | €56,670 | +€52,519 | +1265.3% |
| Income taxes | 67/77 | €1,210 | €18,202 | +€16,992 | +1404.8% |
| Profit (loss) for the period | 9904 | €2,941 | €38,468 | +€35,527 | +1207.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,941 | €38,468 | +€35,527 | +1207.9% |
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 12 October 2026 via checked.be.