VALACH: 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.
VALACH
Largest movements
- Cash +€14,040
up €14,040 (+26.6%), from €52,798 to €66,839
mainly Tax, wage and social debts (+€13,000) and Deferred charges and accrued income (+€7,083)
- Deferred charges and accrued income -€7,083
down €7,083 (-92.2%), from €7,684 to €600
- Receivables within one year +€6,006
up €6,006 (+32.7%), from €18,382 to €24,388
of which Trade receivables: +€6,349
- Financial fixed assets -€2,200
down €2,200 (-100.0%), from €2,200 to €0
- Tangible fixed assets -€1,446
down €1,446 (-47.1%), from €3,070 to €1,624
of which Furniture and vehicles: -€2,413
- Tax, wage and social debts +€13,000
new in 2025: €13,000
- Trade debts -€9,923
down €9,923 (-94.0%), from €10,554 to €632
- Reserves +€6,240
up €6,240 (+11.2%), from €55,646 to €61,886
- Gross operating margin +€36,486
up €36,486, from -€25,822 to €10,664
- Taxes -€1,756
down €1,756 (-100.0%), from €1,756 to €0
- Depreciation +€367
up €367 (+14.5%), from €2,530 to €2,897
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 | €84,133 | €93,450 | +€9,317 | +11.1% |
| Fixed assets | 21/28 | €5,270 | €1,624 | -€3,646 | -69.2% |
| Tangible fixed assets | 22/27 | €3,070 | €1,624 | -€1,446 | -47.1% |
| Plant, machinery and equipment | 23 | - | €967 | +€967 | |
| Furniture and vehicles | 24 | €3,070 | €656 | -€2,413 | -78.6% |
| Financial fixed assets | 28 | €2,200 | €0 | -€2,200 | -100.0% |
| Current assets | 29/58 | €78,864 | €91,826 | +€12,963 | +16.4% |
| Amounts receivable within one year | 40/41 | €18,382 | €24,388 | +€6,006 | +32.7% |
| Trade receivables | 40 | €14,603 | €20,952 | +€6,349 | +43.5% |
| Other amounts receivable | 41 | €3,779 | €3,436 | -€343 | -9.1% |
| Cash at bank and in hand | 54/58 | €52,798 | €66,839 | +€14,040 | +26.6% |
| Deferred charges and accrued income | 490/1 | €7,684 | €600 | -€7,083 | -92.2% |
| Total equity and liabilities | 10/49 | €84,133 | €93,450 | +€9,317 | +11.1% |
| Equity | 10/15 | €70,520 | €76,760 | +€6,240 | +8.8% |
| Contributions | 10/11 | €14,874 | €14,874 | = | 0.0% |
| Reserves | 13 | €55,646 | €61,886 | +€6,240 | +11.2% |
| Distributable reserves | 133 | €55,646 | €61,886 | +€6,240 | +11.2% |
| Amounts payable | 17/49 | €13,613 | €16,691 | +€3,077 | +22.6% |
| Amounts payable within one year | 42/48 | €13,613 | €16,691 | +€3,077 | +22.6% |
| Trade debts | 44 | €10,554 | €632 | -€9,923 | -94.0% |
| Suppliers | 440/4 | €10,554 | €632 | -€9,923 | -94.0% |
| Taxes, remuneration and social security | 45 | - | €13,000 | +€13,000 | |
| Remuneration and social security | 454/9 | - | €13,000 | +€13,000 | |
| Other amounts payable | 47/48 | €3,059 | €3,059 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,530 | €2,897 | +€367 | +14.5% |
| Other operating charges | 640/8 | €1,304 | €1,467 | +€162 | +12.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€25,822 | €10,664 | +€36,486 | |
| Operating profit (loss) | 9901 | -€29,657 | €6,301 | +€35,958 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €61 | €61 | +€0 | +0.2% |
| Recurring financial charges | 65 | €61 | €61 | +€0 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | -€29,718 | €6,240 | +€35,957 | |
| Income taxes | 67/77 | €1,756 | €0 | -€1,756 | -100.0% |
| Profit (loss) for the period | 9904 | -€31,474 | €6,240 | +€37,714 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,474 | €6,240 | +€37,714 |
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 29 September 2026 via checked.be.