VALANJO: 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.
VALANJO
Largest movements
- Tangible fixed assets +€345,909
new in 2025: €345,909
- Cash -€23,279
down €23,279 (-50.6%), from €45,997 to €22,718
mainly Investment in fixed assets (net) (-€382,149) and Tax, wage and social debts (-€6,313)
- Debts after one year +€266,314
new in 2025: €266,314
- Other debts +€41,328
new in 2025: €41,328
- Profit (loss) carried forward +€12,810
up €12,810 (+35.1%), from €36,469 to €49,280
- Current portion of long-term debt +€9,638
new in 2025: €9,638
- Tax, wage and social debts -€6,313
down €6,313 (-41.1%), from €15,354 to €9,041
- Depreciation +€36,240
new in 2025: €36,240
- Gross operating margin +€14,434
up €14,434 (+31.4%), from €45,922 to €60,356
- Financial charges +€6,973
up €6,973 (+5300.1%), from €132 to €7,104
- Taxes -€5,951
down €5,951 (-63.8%), from €9,321 to €3,370
- Other operating charges +€831
new in 2025: €831
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 | €56,282 | €379,910 | +€323,628 | +575.0% |
| Fixed assets | 21/28 | - | €345,909 | +€345,909 | |
| Tangible fixed assets | 22/27 | - | €345,909 | +€345,909 | |
| Land and buildings | 22 | - | €345,909 | +€345,909 | |
| Current assets | 29/58 | €56,282 | €34,001 | -€22,281 | -39.6% |
| Amounts receivable within one year | 40/41 | €10,285 | €11,283 | +€998 | +9.7% |
| Trade receivables | 40 | €10,285 | €11,283 | +€998 | +9.7% |
| Cash at bank and in hand | 54/58 | €45,997 | €22,718 | -€23,279 | -50.6% |
| Total equity and liabilities | 10/49 | €56,282 | €379,910 | +€323,628 | +575.0% |
| Equity | 10/15 | €39,469 | €52,280 | +€12,810 | +32.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,469 | €49,280 | +€12,810 | +35.1% |
| Amounts payable | 17/49 | €16,813 | €327,630 | +€310,818 | +1848.7% |
| Amounts payable after more than one year | 17 | - | €266,314 | +€266,314 | |
| Financial debts | 170/4 | - | €266,314 | +€266,314 | |
| Amounts payable within one year | 42/48 | €16,813 | €61,316 | +€44,504 | +264.7% |
| Current portion of amounts payable after more than one year | 42 | - | €9,638 | +€9,638 | |
| Trade debts | 44 | €1,459 | €1,311 | -€148 | -10.2% |
| Suppliers | 440/4 | €1,459 | €1,311 | -€148 | -10.2% |
| Taxes, remuneration and social security | 45 | €15,354 | €9,041 | -€6,313 | -41.1% |
| Taxes | 450/3 | €15,354 | €9,041 | -€6,313 | -41.1% |
| Other amounts payable | 47/48 | - | €41,328 | +€41,328 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €36,240 | +€36,240 | |
| Other operating charges | 640/8 | - | €831 | +€831 | |
| Gross operating margin | 9900 | €45,922 | €60,356 | +€14,434 | +31.4% |
| Operating profit (loss) | 9901 | €45,922 | €23,285 | -€22,637 | -49.3% |
| Financial charges | 65/66B | €132 | €7,104 | +€6,973 | +5300.1% |
| Recurring financial charges | 65 | €132 | €7,104 | +€6,973 | +5300.1% |
| Profit (loss) for the period before taxes | 9903 | €45,791 | €16,180 | -€29,610 | -64.7% |
| Income taxes | 67/77 | €9,321 | €3,370 | -€5,951 | -63.8% |
| Profit (loss) for the period | 9904 | €36,469 | €12,810 | -€23,659 | -64.9% |
| Profit (loss) for the period to be appropriated | 9905 | €36,469 | €12,810 | -€23,659 | -64.9% |
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 11 October 2026 via checked.be.