VALAAR: 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.
VALAAR
Largest movements
- Current investments +€24,952
up €24,952 (+8.6%), from €290,305 to €315,257
- Tax, wage and social debts +€15,864
up €15,864 (+118.8%), from €13,358 to €29,221
- Reserves +€8,865
up €8,865 (+9.1%), from €97,354 to €106,220
of which Distributable reserves: +€8,865
- Gross operating margin +€11,489
up €11,489 (+3.0%), from €384,479 to €395,968
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 | €426,834 | €451,850 | +€25,015 | +5.9% |
| Fixed assets | 21/28 | €136,396 | €136,396 | = | 0.0% |
| Tangible fixed assets | 22/27 | €115,169 | €115,169 | = | 0.0% |
| Land and buildings | 22 | €115,169 | €115,169 | = | 0.0% |
| Financial fixed assets | 28 | €21,227 | €21,227 | = | 0.0% |
| Current assets | 29/58 | €290,439 | €315,454 | +€25,015 | +8.6% |
| Amounts receivable after more than one year | 29 | - | €153 | +€153 | |
| Trade receivables | 290 | - | €153 | +€153 | |
| Current investments | 50/53 | €290,305 | €315,257 | +€24,952 | +8.6% |
| Cash at bank and in hand | 54/58 | €134 | €45 | -€89 | -66.8% |
| Total equity and liabilities | 10/49 | €426,834 | €451,850 | +€25,015 | +5.9% |
| Equity | 10/15 | €160,151 | €169,016 | +€8,865 | +5.5% |
| Contributions | 10/11 | €62,796 | €62,796 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €796 | €796 | = | 0.0% |
| Share premium | 1100/10 | €796 | €796 | = | 0.0% |
| Reserves | 13 | €97,354 | €106,220 | +€8,865 | +9.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €91,154 | €100,020 | +€8,865 | +9.7% |
| Amounts payable | 17/49 | €266,684 | €282,834 | +€16,150 | +6.1% |
| Amounts payable within one year | 42/48 | €266,684 | €282,834 | +€16,150 | +6.1% |
| Trade debts | 44 | €3,326 | €3,612 | +€286 | +8.6% |
| Suppliers | 440/4 | €3,326 | €3,612 | +€286 | +8.6% |
| Taxes, remuneration and social security | 45 | €13,358 | €29,221 | +€15,864 | +118.8% |
| Taxes | 450/3 | €13,358 | €29,221 | +€15,864 | +118.8% |
| Other amounts payable | 47/48 | €250,000 | €250,000 | = | 0.0% |
| Other operating charges | 640/8 | €50,678 | €52,267 | +€1,588 | +3.1% |
| Gross operating margin | 9900 | €384,479 | €395,968 | +€11,489 | +3.0% |
| Operating profit (loss) | 9901 | €333,800 | €343,701 | +€9,901 | +3.0% |
| Financial income | 75/76B | €1,667 | €2,027 | +€360 | +21.6% |
| Recurring financial income | 75 | €1,667 | €2,027 | +€360 | +21.6% |
| Financial charges | 65/66B | €503 | €574 | +€72 | +14.2% |
| Recurring financial charges | 65 | €503 | €574 | +€72 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €334,965 | €345,153 | +€10,189 | +3.0% |
| Income taxes | 67/77 | €83,741 | €86,288 | +€2,547 | +3.0% |
| Profit (loss) for the period | 9904 | €251,223 | €258,865 | +€7,642 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €251,223 | €258,865 | +€7,642 | +3.0% |
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 9 October 2026 via checked.be.