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 -€140,441
down €140,441 (-85.5%), from €164,299 to €23,858
mainly Short-term financial debts (-€150,000) and Tax, wage and social debts (-€66,160)
- Intangible fixed assets -€28,600
down €28,600 (-14.8%), from €193,050 to €164,450
- Tangible fixed assets -€18,642
down €18,642 (-13.5%), from €137,649 to €119,008
of which Other tangible fixed assets: -€14,513
- Stocks and contracts +€12,811
up €12,811 (+5.2%), from €248,550 to €261,360
- Short-term financial debts -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Tax, wage and social debts -€66,160
down €66,160 (-53.1%), from €124,529 to €58,369
of which Taxes: -€37,225
- Trade debts +€55,312
up €55,312 (+62.7%), from €88,206 to €143,517
- Profit (loss) carried forward +€52,926
up €52,926 (+28.2%), from -€187,732 to -€134,806
- Advances received -€48,051
down €48,051 (-28.5%), from €168,546 to €120,494
- Financial charges -€198,762
down €198,762 (-89.1%), from €223,184 to €24,423
- Staff costs -€134,012
down €134,012 (-40.2%), from €333,379 to €199,367
- Gross operating margin -€110,695
down €110,695 (-23.7%), from €467,944 to €357,249
- Other operating charges -€18,958
down €18,958 (-36.2%), from €52,304 to €33,346
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €879,591 | €703,725 | -€175,866 | -20.0% |
| Fixed assets | 21/28 | €336,136 | €283,458 | -€52,678 | -15.7% |
| Intangible fixed assets | 21 | €193,050 | €164,450 | -€28,600 | -14.8% |
| Tangible fixed assets | 22/27 | €137,649 | €119,008 | -€18,642 | -13.5% |
| Plant, machinery and equipment | 23 | €4,701 | €1,572 | -€3,129 | -66.6% |
| Furniture and vehicles | 24 | €18,936 | €17,936 | -€1,000 | -5.3% |
| Other tangible fixed assets | 26 | €114,012 | €99,499 | -€14,513 | -12.7% |
| Financial fixed assets | 28 | €5,437 | €0 | -€5,437 | -100.0% |
| Current assets | 29/58 | €543,455 | €420,267 | -€123,188 | -22.7% |
| Stocks and contracts in progress | 3 | €248,550 | €261,360 | +€12,811 | +5.2% |
| Stocks | 30/36 | €248,550 | €261,360 | +€12,811 | +5.2% |
| Amounts receivable within one year | 40/41 | €129,216 | €133,522 | +€4,306 | +3.3% |
| Trade receivables | 40 | €103,261 | €45,975 | -€57,286 | -55.5% |
| Other amounts receivable | 41 | €25,955 | €87,547 | +€61,592 | +237.3% |
| Cash at bank and in hand | 54/58 | €164,299 | €23,858 | -€140,441 | -85.5% |
| Deferred charges and accrued income | 490/1 | €1,390 | €1,527 | +€137 | +9.9% |
| Total equity and liabilities | 10/49 | €879,591 | €703,725 | -€175,866 | -20.0% |
| Equity | 10/15 | €4,427 | €57,353 | +€52,926 | +1195.6% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €17,159 | €17,159 | = | 0.0% |
| Distributable reserves | 133 | €17,159 | €17,159 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€187,732 | -€134,806 | +€52,926 | +28.2% |
| Amounts payable | 17/49 | €875,165 | €646,372 | -€228,792 | -26.1% |
| Amounts payable after more than one year | 17 | €267,304 | €222,352 | -€44,952 | -16.8% |
| Financial debts | 170/4 | €267,304 | €222,352 | -€44,952 | -16.8% |
| Amounts payable within one year | 42/48 | €607,861 | €424,020 | -€183,841 | -30.2% |
| Current portion of amounts payable after more than one year | 42 | €72,331 | €101,639 | +€29,309 | +40.5% |
| Financial debts | 43 | €150,000 | €0 | -€150,000 | -100.0% |
| Credit institutions | 430/8 | €150,000 | €0 | -€150,000 | -100.0% |
| Trade debts | 44 | €88,206 | €143,517 | +€55,312 | +62.7% |
| Suppliers | 440/4 | €88,206 | €143,517 | +€55,312 | +62.7% |
| Advances received on contracts in progress | 46 | €168,546 | €120,494 | -€48,051 | -28.5% |
| Taxes, remuneration and social security | 45 | €124,529 | €58,369 | -€66,160 | -53.1% |
| Taxes | 450/3 | €84,215 | €46,991 | -€37,225 | -44.2% |
| Remuneration and social security | 454/9 | €40,314 | €11,378 | -€28,935 | -71.8% |
| Other amounts payable | 47/48 | €4,250 | €0 | -€4,250 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €333,379 | €199,367 | -€134,012 | -40.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,567 | €47,242 | -€325 | -0.7% |
| Other operating charges | 640/8 | €52,304 | €33,346 | -€18,958 | -36.2% |
| Gross operating margin | 9900 | €467,944 | €357,249 | -€110,695 | -23.7% |
| Operating profit (loss) | 9901 | €34,694 | €77,294 | +€42,600 | +122.8% |
| Financial income | 75/76B | €759 | €55 | -€704 | -92.7% |
| Recurring financial income | 75 | €759 | €55 | -€704 | -92.7% |
| Financial charges | 65/66B | €223,184 | €24,423 | -€198,762 | -89.1% |
| Recurring financial charges | 65 | €223,184 | €24,423 | -€198,762 | -89.1% |
| Profit (loss) for the period before taxes | 9903 | -€187,732 | €52,926 | +€240,658 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€187,732 | €52,926 | +€240,658 | |
| Profit (loss) for the period to be appropriated | 9905 | -€187,732 | €52,926 | +€240,658 |
Source: filed annual accounts (NBB), financial years ended 30 April 2025 and 30 April 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.