VAL-INVEST: 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-INVEST
Largest movements
- Tangible fixed assets -€19,431
down €19,431 (-2.8%), from €703,269 to €683,838
- Cash +€10,457
up €10,457 (+5.1%), from €205,267 to €215,724
mainly Depreciation (+€19,431) and Receivables within one year (+€488)
- Profit (loss) carried forward -€9,116
down €9,116 (-11.1%), from €82,303 to €73,187
- Gross operating margin -€5,418
down €5,418 (-21.1%), from €25,623 to €20,204
- Other operating charges +€3,644
up €3,644 (+59.8%), from €6,091 to €9,735
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 | €909,024 | €899,623 | -€9,401 | -1.0% |
| Fixed assets | 21/28 | €703,269 | €683,838 | -€19,431 | -2.8% |
| Tangible fixed assets | 22/27 | €703,269 | €683,838 | -€19,431 | -2.8% |
| Land and buildings | 22 | €703,269 | €683,838 | -€19,431 | -2.8% |
| Current assets | 29/58 | €205,755 | €215,785 | +€10,030 | +4.9% |
| Amounts receivable within one year | 40/41 | €488 | - | -€488 | |
| Trade receivables | 40 | €488 | - | -€488 | |
| Cash at bank and in hand | 54/58 | €205,267 | €215,724 | +€10,457 | +5.1% |
| Deferred charges and accrued income | 490/1 | - | €61 | +€61 | |
| Total equity and liabilities | 10/49 | €909,024 | €899,623 | -€9,401 | -1.0% |
| Equity | 10/15 | €797,776 | €788,660 | -€9,116 | -1.1% |
| Contributions | 10/11 | €178,895 | €178,895 | = | 0.0% |
| Reserves | 13 | €536,579 | €536,579 | = | 0.0% |
| Tax-exempt reserves | 132 | €165,538 | €165,538 | = | 0.0% |
| Distributable reserves | 133 | €371,040 | €371,040 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,303 | €73,187 | -€9,116 | -11.1% |
| Provisions and deferred taxes | 16 | €106,274 | €106,274 | = | 0.0% |
| Deferred taxes | 168 | €106,274 | €106,274 | = | 0.0% |
| Amounts payable | 17/49 | €4,974 | €4,689 | -€285 | -5.7% |
| Amounts payable within one year | 42/48 | €3,724 | €3,939 | +€215 | +5.8% |
| Trade debts | 44 | €3,709 | €3,924 | +€215 | +5.8% |
| Suppliers | 440/4 | €3,709 | €3,924 | +€215 | +5.8% |
| Taxes, remuneration and social security | 45 | €15 | €15 | = | 0.0% |
| Taxes | 450/3 | €15 | €15 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,250 | €750 | -€500 | -40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,431 | €19,431 | = | 0.0% |
| Other operating charges | 640/8 | €6,091 | €9,735 | +€3,644 | +59.8% |
| Gross operating margin | 9900 | €25,623 | €20,204 | -€5,418 | -21.1% |
| Operating profit (loss) | 9901 | €101 | -€8,961 | -€9,062 | |
| Financial income | 75/76B | €6 | €3 | -€3 | -52.6% |
| Recurring financial income | 75 | €6 | €3 | -€3 | -52.6% |
| Financial charges | 65/66B | €47 | €157 | +€111 | +236% |
| Recurring financial charges | 65 | €47 | €157 | +€111 | +236% |
| Profit (loss) for the period before taxes | 9903 | €61 | -€9,116 | -€9,176 | |
| Income taxes | 67/77 | €16 | - | -€16 | |
| Profit (loss) for the period | 9904 | €44 | -€9,116 | -€9,160 | |
| Profit (loss) for the period to be appropriated | 9905 | €44 | -€9,116 | -€9,160 |
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.