VALAMA: 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.
VALAMA
Largest movements
- Cash +€192,405
up €192,405 (+1,230%), from €15,642 to €208,047
mainly Net result for the year (+€118,261) and Debts after one year (+€114,000)
- Current investments -€90,517
no longer reported in 2025 (was €90,517)
- Tangible fixed assets +€52,265
up €52,265 (+6.8%), from €763,818 to €816,083
of which Land and buildings: +€46,027
- Receivables within one year -€17,084
down €17,084 (-42.1%), from €40,625 to €23,541
of which Trade receivables: -€14,553
- Reserves +€118,261
up €118,261 (+17.3%), from €682,284 to €800,545
of which Distributable reserves: +€118,261
- Debts after one year +€114,000
new in 2025: €114,000
- Other debts -€96,628
down €96,628 (-69.9%), from €138,262 to €41,634
- Gross operating margin -€59,116
down €59,116 (-31.7%), from €186,715 to €127,599
- Financial income +€29,555
up €29,555 (+1,315%), from €2,247 to €31,802
- Taxes -€13,332
down €13,332 (-29.6%), from €44,987 to €31,655
- Depreciation -€9,359
down €9,359 (-65.0%), from €14,394 to €5,035
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.
Derived cash bridge
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 | €910,602 | €1,047,671 | +€137,069 | +15.1% |
| Fixed assets | 21/28 | €763,818 | €816,083 | +€52,265 | +6.8% |
| Tangible fixed assets | 22/27 | €763,818 | €816,083 | +€52,265 | +6.8% |
| Land and buildings | 22 | €238,938 | €284,965 | +€46,027 | +19.3% |
| Furniture and vehicles | 24 | €719 | - | -€719 | |
| Other tangible fixed assets | 26 | €524,161 | €531,118 | +€6,957 | +1.3% |
| Current assets | 29/58 | €146,784 | €231,588 | +€84,804 | +57.8% |
| Amounts receivable within one year | 40/41 | €40,625 | €23,541 | -€17,084 | -42.1% |
| Trade receivables | 40 | €38,094 | €23,541 | -€14,553 | -38.2% |
| Other amounts receivable | 41 | €2,531 | - | -€2,531 | |
| Current investments | 50/53 | €90,517 | - | -€90,517 | |
| Cash at bank and in hand | 54/58 | €15,642 | €208,047 | +€192,405 | +1,230% |
| Total equity and liabilities | 10/49 | €910,602 | €1,047,671 | +€137,069 | +15.1% |
| Equity | 10/15 | €745,734 | €863,995 | +€118,261 | +15.9% |
| Contributions | 10/11 | €63,450 | €63,450 | = | 0.0% |
| Capital | 10 | €63,450 | €63,450 | = | 0.0% |
| Issued capital | 100 | €63,450 | €63,450 | = | 0.0% |
| Reserves | 13 | €682,284 | €800,545 | +€118,261 | +17.3% |
| Non-distributable reserves | 130/1 | €6,345 | €6,345 | = | 0.0% |
| Legal reserve | 130 | €6,345 | €6,345 | = | 0.0% |
| Distributable reserves | 133 | €675,939 | €794,200 | +€118,261 | +17.5% |
| Amounts payable | 17/49 | €164,868 | €183,676 | +€18,808 | +11.4% |
| Amounts payable after more than one year | 17 | - | €114,000 | +€114,000 | |
| Other amounts payable | 178/9 | - | €114,000 | +€114,000 | |
| Amounts payable within one year | 42/48 | €163,368 | €58,695 | -€104,673 | -64.1% |
| Current portion of amounts payable after more than one year | 42 | €7,668 | - | -€7,668 | |
| Financial debts | 43 | €6,140 | €6,093 | -€47 | -0.8% |
| Credit institutions | 430/8 | €6,140 | €6,093 | -€47 | -0.8% |
| Trade debts | 44 | €1,986 | - | -€1,986 | |
| Suppliers | 440/4 | €1,986 | - | -€1,986 | |
| Taxes, remuneration and social security | 45 | €9,312 | €10,968 | +€1,656 | +17.8% |
| Taxes | 450/3 | €9,312 | €10,968 | +€1,656 | +17.8% |
| Other amounts payable | 47/48 | €138,262 | €41,634 | -€96,628 | -69.9% |
| Accrued charges and deferred income | 492/3 | €1,500 | €10,981 | +€9,481 | +632% |
| Non-recurring operating income | 76A | - | €9,343 | +€9,343 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,394 | €5,035 | -€9,359 | -65.0% |
| Other operating charges | 640/8 | €2,169 | €1,633 | -€536 | -24.7% |
| Gross operating margin | 9900 | €186,715 | €127,599 | -€59,116 | -31.7% |
| Operating profit (loss) | 9901 | €170,152 | €120,931 | -€49,221 | -28.9% |
| Financial income | 75/76B | €2,247 | €31,802 | +€29,555 | +1,315% |
| Recurring financial income | 75 | €2,247 | €31,802 | +€29,555 | +1,315% |
| Financial charges | 65/66B | €1,111 | €2,817 | +€1,706 | +154% |
| Recurring financial charges | 65 | €1,111 | €2,817 | +€1,706 | +154% |
| Profit (loss) for the period before taxes | 9903 | €171,288 | €149,916 | -€21,372 | -12.5% |
| Income taxes | 67/77 | €44,987 | €31,655 | -€13,332 | -29.6% |
| Profit (loss) for the period | 9904 | €126,301 | €118,261 | -€8,040 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €126,301 | €118,261 | -€8,040 | -6.4% |
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 14 October 2026 via checked.be.