VAL T: 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 T
Largest movements
- Tangible fixed assets -€17,801
down €17,801 (-13.0%), from €136,946 to €119,144
of which Plant, machinery and equipment: -€11,166
- Cash +€10,025
up €10,025 (+260.1%), from €3,854 to €13,878
mainly Depreciation (+€24,523) and Trade debts (+€14,724)
- Profit (loss) carried forward -€20,684
down €20,684 (-9.0%), from -€230,996 to -€251,681
- Trade debts +€14,724
up €14,724 (+5000.8%), from €294 to €15,018
- Short-term financial debts -€5,255
no longer reported in 2025 (was €5,255)
- Other debts +€4,045
up €4,045 (+5.0%), from €80,897 to €84,942
- Gross operating margin -€12,044
down €12,044 (-51.5%), from €23,407 to €11,362
- Financial income -€2,000
no longer reported in 2025 (was €2,000)
- Depreciation +€355
up €355 (+1.5%), from €24,169 to €24,523
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 | €143,809 | €136,033 | -€7,777 | -5.4% |
| Fixed assets | 21/28 | €136,946 | €119,144 | -€17,801 | -13.0% |
| Tangible fixed assets | 22/27 | €136,946 | €119,144 | -€17,801 | -13.0% |
| Land and buildings | 22 | €40,132 | €34,818 | -€5,314 | -13.2% |
| Plant, machinery and equipment | 23 | €90,473 | €79,307 | -€11,166 | -12.3% |
| Furniture and vehicles | 24 | €6,341 | €5,020 | -€1,321 | -20.8% |
| Current assets | 29/58 | €6,864 | €16,888 | +€10,025 | +146.1% |
| Amounts receivable within one year | 40/41 | €3,010 | €3,010 | = | 0.0% |
| Trade receivables | 40 | €3,010 | €3,010 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,854 | €13,878 | +€10,025 | +260.1% |
| Total equity and liabilities | 10/49 | €143,809 | €136,033 | -€7,777 | -5.4% |
| Equity | 10/15 | -€224,741 | -€245,426 | -€20,684 | -9.2% |
| Contributions | 10/11 | €6,255 | €6,255 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€230,996 | -€251,681 | -€20,684 | -9.0% |
| Amounts payable | 17/49 | €368,551 | €381,459 | +€12,908 | +3.5% |
| Amounts payable after more than one year | 17 | €282,099 | €281,499 | -€600 | -0.2% |
| Other amounts payable | 178/9 | €282,099 | €281,499 | -€600 | -0.2% |
| Amounts payable within one year | 42/48 | €86,447 | €99,960 | +€13,513 | +15.6% |
| Financial debts | 43 | €5,255 | - | -€5,255 | |
| Credit institutions | 430/8 | €5,255 | - | -€5,255 | |
| Trade debts | 44 | €294 | €15,018 | +€14,724 | +5000.8% |
| Suppliers | 440/4 | €294 | €15,018 | +€14,724 | +5000.8% |
| Other amounts payable | 47/48 | €80,897 | €84,942 | +€4,045 | +5.0% |
| Accrued charges and deferred income | 492/3 | €5 | - | -€5 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,169 | €24,523 | +€355 | +1.5% |
| Other operating charges | 640/8 | €2,908 | €3,119 | +€211 | +7.3% |
| Gross operating margin | 9900 | €23,407 | €11,362 | -€12,044 | -51.5% |
| Operating profit (loss) | 9901 | -€3,670 | -€16,280 | -€12,610 | -343.6% |
| Financial income | 75/76B | €2,000 | - | -€2,000 | |
| Recurring financial income | 75 | €2,000 | - | -€2,000 | |
| Financial charges | 65/66B | €4,341 | €4,405 | +€64 | +1.5% |
| Recurring financial charges | 65 | €4,341 | €4,405 | +€64 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | -€6,011 | -€20,684 | -€14,673 | -244.1% |
| Profit (loss) for the period | 9904 | -€6,011 | -€20,684 | -€14,673 | -244.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,011 | -€20,684 | -€14,673 | -244.1% |
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 8 October 2026 via checked.be.