VAL-R: 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-R
Largest movements
- Receivables within one year -€64,595
down €64,595 (-82.7%), from €78,134 to €13,539
of which Trade receivables: -€39,146
- Cash -€55,083
down €55,083 (-15.3%), from €361,003 to €305,920
mainly Trade debts (-€106,868) and Accrued charges and deferred income (-€35,271)
- Tangible fixed assets -€40,668
down €40,668 (-15.5%), from €262,468 to €221,800
of which Plant, machinery and equipment: -€35,278
- Stocks and contracts -€14,796
down €14,796 (-9.3%), from €159,179 to €144,383
- Trade debts -€106,868
down €106,868 (-20.0%), from €533,879 to €427,012
- Accrued charges and deferred income -€35,271
down €35,271 (-58.0%), from €60,849 to €25,578
- Debts after one year -€27,760
down €27,760 (-19.8%), from €140,300 to €112,539
- Profit (loss) carried forward +€22,827
up €22,827 (+49.8%), from -€45,831 to -€23,004
- Current portion of long-term debt -€14,518
down €14,518 (-32.6%), from €44,571 to €30,053
- Staff costs -€36,459
down €36,459 (-7.8%), from €469,659 to €433,200
- Gross operating margin -€8,830
down €8,830 (-1.6%), from €555,543 to €546,713
- Financial charges +€7,347
up €7,347 (+24.5%), from €30,001 to €37,348
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 | €900,226 | €724,107 | -€176,119 | -19.6% |
| Formation expenses | 20 | €3,642 | €3,017 | -€625 | -17.2% |
| Fixed assets | 21/28 | €262,468 | €221,800 | -€40,668 | -15.5% |
| Tangible fixed assets | 22/27 | €262,468 | €221,800 | -€40,668 | -15.5% |
| Land and buildings | 22 | €115,554 | €108,538 | -€7,016 | -6.1% |
| Plant, machinery and equipment | 23 | €144,139 | €108,862 | -€35,278 | -24.5% |
| Furniture and vehicles | 24 | €2,774 | €4,400 | +€1,626 | +58.6% |
| Current assets | 29/58 | €634,117 | €499,290 | -€134,826 | -21.3% |
| Stocks and contracts in progress | 3 | €159,179 | €144,383 | -€14,796 | -9.3% |
| Stocks | 30/36 | €159,179 | €144,383 | -€14,796 | -9.3% |
| Amounts receivable within one year | 40/41 | €78,134 | €13,539 | -€64,595 | -82.7% |
| Trade receivables | 40 | €45,145 | €5,999 | -€39,146 | -86.7% |
| Other amounts receivable | 41 | €32,990 | €7,540 | -€25,449 | -77.1% |
| Cash at bank and in hand | 54/58 | €361,003 | €305,920 | -€55,083 | -15.3% |
| Deferred charges and accrued income | 490/1 | €35,801 | €35,448 | -€352 | -1.0% |
| Total equity and liabilities | 10/49 | €900,226 | €724,107 | -€176,119 | -19.6% |
| Equity | 10/15 | €41,278 | €59,920 | +€18,642 | +45.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,831 | -€23,004 | +€22,827 | +49.8% |
| Investment grants | 15 | €25,109 | €20,924 | -€4,185 | -16.7% |
| Amounts payable | 17/49 | €858,948 | €664,187 | -€194,761 | -22.7% |
| Amounts payable after more than one year | 17 | €140,300 | €112,539 | -€27,760 | -19.8% |
| Financial debts | 170/4 | €140,300 | €112,539 | -€27,760 | -19.8% |
| Amounts payable within one year | 42/48 | €657,799 | €526,069 | -€131,730 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €44,571 | €30,053 | -€14,518 | -32.6% |
| Trade debts | 44 | €533,879 | €427,012 | -€106,868 | -20.0% |
| Suppliers | 440/4 | €533,879 | €427,012 | -€106,868 | -20.0% |
| Taxes, remuneration and social security | 45 | €77,979 | €69,005 | -€8,974 | -11.5% |
| Taxes | 450/3 | - | €1,107 | +€1,107 | |
| Remuneration and social security | 454/9 | €77,979 | €67,898 | -€10,080 | -12.9% |
| Other amounts payable | 47/48 | €1,370 | - | -€1,370 | |
| Accrued charges and deferred income | 492/3 | €60,849 | €25,578 | -€35,271 | -58.0% |
| Remuneration, social security and pensions | 62 | €469,659 | €433,200 | -€36,459 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,393 | €53,397 | +€4 | 0.0% |
| Other operating charges | 640/8 | €2,136 | €3,019 | +€883 | +41.3% |
| Gross operating margin | 9900 | €555,543 | €546,713 | -€8,830 | -1.6% |
| Operating profit (loss) | 9901 | €30,354 | €57,097 | +€26,743 | +88.1% |
| Financial income | 75/76B | €4,185 | €4,185 | = | 0.0% |
| Recurring financial income | 75 | €4,185 | €4,185 | = | 0.0% |
| Financial charges | 65/66B | €30,001 | €37,348 | +€7,347 | +24.5% |
| Recurring financial charges | 65 | €30,001 | €37,348 | +€7,347 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €4,538 | €23,933 | +€19,395 | +427.4% |
| Income taxes | 67/77 | - | €1,107 | +€1,107 | |
| Profit (loss) for the period | 9904 | €4,538 | €22,827 | +€18,289 | +403.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,538 | €22,827 | +€18,289 | +403.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.