VAL MANIMMO: 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.
VAL MANIMMO
Largest movements
- Tangible fixed assets -€18,407
down €18,407 (-2.8%), from €653,766 to €635,359
- Debts after one year -€32,375
down €32,375 (-5.9%), from €547,678 to €515,302
of which Financial debts: -€27,375
- Other debts +€11,038
up €11,038 (+6.6%), from €167,797 to €178,836
- Gross operating margin +€26,861
up €26,861 (+113.0%), from €23,767 to €50,628
- Financial charges -€6,264
down €6,264 (-26.2%), from €23,864 to €17,601
- Depreciation -€2,810
down €2,810 (-13.2%), from €21,217 to €18,407
- Other operating charges -€525
down €525 (-4.9%), from €10,657 to €10,132
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 | €674,524 | €654,389 | -€20,135 | -3.0% |
| Fixed assets | 21/28 | €653,766 | €635,359 | -€18,407 | -2.8% |
| Tangible fixed assets | 22/27 | €653,766 | €635,359 | -€18,407 | -2.8% |
| Land and buildings | 22 | €653,766 | €635,359 | -€18,407 | -2.8% |
| Current assets | 29/58 | €20,758 | €19,029 | -€1,729 | -8.3% |
| Amounts receivable within one year | 40/41 | €6,700 | €6,700 | = | 0.0% |
| Trade receivables | 40 | €6,700 | €6,700 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,798 | €12 | -€1,785 | -99.3% |
| Deferred charges and accrued income | 490/1 | €12,260 | €12,317 | +€57 | +0.5% |
| Total equity and liabilities | 10/49 | €674,524 | €654,389 | -€20,135 | -3.0% |
| Equity | 10/15 | -€71,861 | -€67,373 | +€4,488 | +6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€90,461 | -€85,973 | +€4,488 | +5.0% |
| Amounts payable | 17/49 | €746,385 | €721,761 | -€24,623 | -3.3% |
| Amounts payable after more than one year | 17 | €547,678 | €515,302 | -€32,375 | -5.9% |
| Financial debts | 170/4 | €539,678 | €512,302 | -€27,375 | -5.1% |
| Other amounts payable | 178/9 | €8,000 | €3,000 | -€5,000 | -62.5% |
| Amounts payable within one year | 42/48 | €194,639 | €206,459 | +€11,820 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €26,554 | €27,345 | +€792 | +3.0% |
| Trade debts | 44 | €288 | €278 | -€10 | -3.5% |
| Suppliers | 440/4 | €288 | €278 | -€10 | -3.5% |
| Other amounts payable | 47/48 | €167,797 | €178,836 | +€11,038 | +6.6% |
| Accrued charges and deferred income | 492/3 | €4,068 | - | -€4,068 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,217 | €18,407 | -€2,810 | -13.2% |
| Other operating charges | 640/8 | €10,657 | €10,132 | -€525 | -4.9% |
| Gross operating margin | 9900 | €23,767 | €50,628 | +€26,861 | +113.0% |
| Operating profit (loss) | 9901 | -€8,107 | €22,089 | +€30,196 | |
| Financial charges | 65/66B | €23,864 | €17,601 | -€6,264 | -26.2% |
| Recurring financial charges | 65 | €23,864 | €17,601 | -€6,264 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | -€31,971 | €4,488 | +€36,459 | |
| Profit (loss) for the period | 9904 | -€31,971 | €4,488 | +€36,459 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,971 | €4,488 | +€36,459 |
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 3 October 2026 via checked.be.