VALALIM: 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.
VALALIM
Largest movements
- Cash -€223,451
down €223,451 (-88.6%), from €252,190 to €28,739
mainly Debts after one year (-€203,911) and Tax, wage and social debts (-€41,723)
- Debts after one year -€203,911
down €203,911 (-9.8%), from €2.1m to €1.9m
of which Financial debts: -€203,911
- Tax, wage and social debts -€41,723
down €41,723 (-79.5%), from €52,496 to €10,772
- Reserves +€36,018
up €36,018 (+22.7%), from €158,565 to €194,583
of which Distributable reserves: +€36,018
- Gross operating margin -€218,996
down €218,996 (-63.4%), from €345,411 to €126,415
- Taxes -€38,637
down €38,637 (-80.4%), from €48,034 to €9,397
- Staff costs -€31,821
down €31,821 (-99.5%), from €31,973 to €151
- Financial charges -€24,172
down €24,172 (-23.1%), from €104,550 to €80,379
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 | €2,863,748 | €2,660,225 | -€203,523 | -7.1% |
| Fixed assets | 21/28 | €2,550,548 | €2,550,548 | = | 0.0% |
| Financial fixed assets | 28 | €2,550,548 | €2,550,548 | = | 0.0% |
| Current assets | 29/58 | €313,200 | €109,677 | -€203,523 | -65.0% |
| Amounts receivable within one year | 40/41 | €60,304 | €79,842 | +€19,538 | +32.4% |
| Trade receivables | 40 | €58,280 | €76,637 | +€18,357 | +31.5% |
| Other amounts receivable | 41 | €2,024 | €3,205 | +€1,181 | +58.4% |
| Cash at bank and in hand | 54/58 | €252,190 | €28,739 | -€223,451 | -88.6% |
| Deferred charges and accrued income | 490/1 | €706 | €1,096 | +€390 | +55.2% |
| Total equity and liabilities | 10/49 | €2,863,748 | €2,660,225 | -€203,523 | -7.1% |
| Equity | 10/15 | €258,565 | €294,583 | +€36,018 | +13.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €158,565 | €194,583 | +€36,018 | +22.7% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €148,565 | €184,583 | +€36,018 | +24.2% |
| Amounts payable | 17/49 | €2,605,183 | €2,365,642 | -€239,541 | -9.2% |
| Amounts payable after more than one year | 17 | €2,076,721 | €1,872,810 | -€203,911 | -9.8% |
| Financial debts | 170/4 | €1,876,721 | €1,672,810 | -€203,911 | -10.9% |
| Other amounts payable | 178/9 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €527,921 | €492,832 | -€35,088 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €196,129 | €203,911 | +€7,782 | +4.0% |
| Trade debts | 44 | €210 | €2,642 | +€2,432 | +1159.7% |
| Suppliers | 440/4 | €210 | €2,642 | +€2,432 | +1159.7% |
| Taxes, remuneration and social security | 45 | €52,496 | €10,772 | -€41,723 | -79.5% |
| Taxes | 450/3 | €52,496 | €10,772 | -€41,723 | -79.5% |
| Other amounts payable | 47/48 | €279,086 | €275,507 | -€3,579 | -1.3% |
| Accrued charges and deferred income | 492/3 | €542 | €0 | -€542 | -100.0% |
| Remuneration, social security and pensions | 62 | €31,973 | €151 | -€31,821 | -99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,351 | €0 | -€1,351 | -100.0% |
| Other operating charges | 640/8 | €938 | €515 | -€423 | -45.1% |
| Gross operating margin | 9900 | €345,411 | €126,415 | -€218,996 | -63.4% |
| Operating profit (loss) | 9901 | €311,149 | €125,749 | -€185,400 | -59.6% |
| Financial income | 75/76B | - | €45 | +€45 | |
| Recurring financial income | 75 | - | €45 | +€45 | |
| Financial charges | 65/66B | €104,550 | €80,379 | -€24,172 | -23.1% |
| Recurring financial charges | 65 | €104,550 | €80,379 | -€24,172 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €206,599 | €45,415 | -€161,184 | -78.0% |
| Income taxes | 67/77 | €48,034 | €9,397 | -€38,637 | -80.4% |
| Profit (loss) for the period | 9904 | €158,565 | €36,018 | -€122,547 | -77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €158,565 | €36,018 | -€122,547 | -77.3% |
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 3 October 2026 via checked.be.