VAL-U ADVISORY: 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-U ADVISORY
Largest movements
- Cash +€72,645
up €72,645 (+52.9%), from €137,425 to €210,070
mainly Net result for the year (+€104,339) and Depreciation (+€23,305)
- Tangible fixed assets -€23,305
down €23,305 (-4.2%), from €557,625 to €534,320
of which Land and buildings: -€14,423
- Reserves +€104,339
up €104,339 (+62.8%), from €166,152 to €270,491
of which Distributable reserves: +€104,339
- Other debts -€42,830
down €42,830 (-91.1%), from €47,033 to €4,204
- Debts after one year -€28,053
down €28,053 (-11.0%), from €254,139 to €226,086
- Tax, wage and social debts +€12,640
up €12,640 (+22.8%), from €55,533 to €68,172
of which Taxes: +€12,640
- Gross operating margin +€12,450
up €12,450 (+7.2%), from €173,916 to €186,366
- Taxes +€6,403
up €6,403 (+14.6%), from €43,976 to €50,379
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 | €715,870 | €762,346 | +€46,476 | +6.5% |
| Fixed assets | 21/28 | €558,925 | €534,320 | -€24,605 | -4.4% |
| Tangible fixed assets | 22/27 | €557,625 | €534,320 | -€23,305 | -4.2% |
| Land and buildings | 22 | €501,252 | €486,829 | -€14,423 | -2.9% |
| Furniture and vehicles | 24 | €1,511 | - | -€1,511 | |
| Other tangible fixed assets | 26 | €54,862 | €47,491 | -€7,371 | -13.4% |
| Financial fixed assets | 28 | €1,300 | - | -€1,300 | |
| Current assets | 29/58 | €156,945 | €228,027 | +€71,081 | +45.3% |
| Amounts receivable within one year | 40/41 | €17,799 | €15,213 | -€2,585 | -14.5% |
| Trade receivables | 40 | €17,799 | €15,213 | -€2,585 | -14.5% |
| Cash at bank and in hand | 54/58 | €137,425 | €210,070 | +€72,645 | +52.9% |
| Deferred charges and accrued income | 490/1 | €1,722 | €2,743 | +€1,021 | +59.3% |
| Total equity and liabilities | 10/49 | €715,870 | €762,346 | +€46,476 | +6.5% |
| Equity | 10/15 | €327,454 | €431,793 | +€104,339 | +31.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €166,152 | €270,491 | +€104,339 | +62.8% |
| Non-distributable reserves | 130/1 | €1,124 | €1,124 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,124 | €1,124 | = | 0.0% |
| Distributable reserves | 133 | €165,028 | €269,367 | +€104,339 | +63.2% |
| Profit (loss) carried forward | 14 | €155,102 | €155,102 | = | 0.0% |
| Amounts payable | 17/49 | €388,416 | €330,553 | -€57,863 | -14.9% |
| Amounts payable after more than one year | 17 | €254,139 | €226,086 | -€28,053 | -11.0% |
| Financial debts | 170/4 | €254,139 | €226,086 | -€28,053 | -11.0% |
| Amounts payable within one year | 42/48 | €132,277 | €102,467 | -€29,810 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €27,661 | €28,053 | +€392 | +1.4% |
| Trade debts | 44 | €2,050 | €2,038 | -€12 | -0.6% |
| Suppliers | 440/4 | €2,050 | €2,038 | -€12 | -0.6% |
| Taxes, remuneration and social security | 45 | €55,533 | €68,172 | +€12,640 | +22.8% |
| Taxes | 450/3 | €38,853 | €51,492 | +€12,640 | +32.5% |
| Remuneration and social security | 454/9 | €16,680 | €16,680 | = | 0.0% |
| Other amounts payable | 47/48 | €47,033 | €4,204 | -€42,830 | -91.1% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,349 | €23,305 | +€956 | +4.3% |
| Other operating charges | 640/8 | €4,988 | €4,350 | -€637 | -12.8% |
| Gross operating margin | 9900 | €173,916 | €186,366 | +€12,450 | +7.2% |
| Operating profit (loss) | 9901 | €146,579 | €158,711 | +€12,132 | +8.3% |
| Financial charges | 65/66B | €4,356 | €3,994 | -€362 | -8.3% |
| Recurring financial charges | 65 | €4,356 | €3,994 | -€362 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €142,224 | €154,718 | +€12,494 | +8.8% |
| Income taxes | 67/77 | €43,976 | €50,379 | +€6,403 | +14.6% |
| Profit (loss) for the period | 9904 | €98,248 | €104,339 | +€6,091 | +6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €98,248 | €104,339 | +€6,091 | +6.2% |
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 5 October 2026 via checked.be.