VALANMAX: 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.
VALANMAX
Largest movements
- Receivables within one year +€3,704
up €3,704 (+63.8%), from €5,806 to €9,510
of which Other amounts receivable: +€4,774
- Cash -€3,482
down €3,482 (-37.4%), from €9,321 to €5,839
mainly Receivables within one year (-€3,704) and Other debts (-€2,776)
- Tangible fixed assets -€555
down €555 (-50.0%), from €1,111 to €555
- Reserves +€2,897
up €2,897 (+28.5%), from €10,147 to €13,044
- Other debts -€2,776
down €2,776 (-90.6%), from €3,064 to €288
- Short-term financial debts +€1,146
up €1,146 (+169.2%), from €677 to €1,823
- Advances received -€788
down €788 (-100.0%), from €788 to €0
- Tax, wage and social debts -€694
down €694 (-100.0%), from €694 to €0
- Gross operating margin -€1,959
down €1,959 (-23.7%), from €8,267 to €6,307
- Other operating charges +€519
up €519 (+267.3%), from €194 to €713
- Taxes -€504
down €504 (-19.3%), from €2,606 to €2,102
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 | €16,238 | €15,905 | -€333 | -2.1% |
| Fixed assets | 21/28 | €1,111 | €555 | -€555 | -50.0% |
| Tangible fixed assets | 22/27 | €1,111 | €555 | -€555 | -50.0% |
| Plant, machinery and equipment | 23 | €1,111 | €555 | -€555 | -50.0% |
| Current assets | 29/58 | €15,127 | €15,349 | +€222 | +1.5% |
| Amounts receivable within one year | 40/41 | €5,806 | €9,510 | +€3,704 | +63.8% |
| Trade receivables | 40 | €4,466 | €3,395 | -€1,070 | -24.0% |
| Other amounts receivable | 41 | €1,341 | €6,115 | +€4,774 | +356.0% |
| Cash at bank and in hand | 54/58 | €9,321 | €5,839 | -€3,482 | -37.4% |
| Total equity and liabilities | 10/49 | €16,238 | €15,905 | -€333 | -2.1% |
| Equity | 10/15 | €10,147 | €13,044 | +€2,897 | +28.5% |
| Reserves | 13 | €10,147 | €13,044 | +€2,897 | +28.5% |
| Distributable reserves | 133 | €10,147 | €13,044 | +€2,897 | +28.5% |
| Amounts payable | 17/49 | €6,091 | €2,861 | -€3,230 | -53.0% |
| Amounts payable within one year | 42/48 | €6,091 | €2,861 | -€3,230 | -53.0% |
| Financial debts | 43 | €677 | €1,823 | +€1,146 | +169.2% |
| Credit institutions | 430/8 | €677 | €1,823 | +€1,146 | +169.2% |
| Trade debts | 44 | €868 | €750 | -€118 | -13.6% |
| Suppliers | 440/4 | €868 | €750 | -€118 | -13.6% |
| Advances received on contracts in progress | 46 | €788 | €0 | -€788 | -100.0% |
| Taxes, remuneration and social security | 45 | €694 | €0 | -€694 | -100.0% |
| Taxes | 450/3 | €694 | €0 | -€694 | -100.0% |
| Other amounts payable | 47/48 | €3,064 | €288 | -€2,776 | -90.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €555 | €555 | +€0 | 0.0% |
| Other operating charges | 640/8 | €194 | €713 | +€519 | +267.3% |
| Gross operating margin | 9900 | €8,267 | €6,307 | -€1,959 | -23.7% |
| Operating profit (loss) | 9901 | €7,517 | €5,039 | -€2,478 | -33.0% |
| Financial income | 75/76B | €23 | €85 | +€62 | +263.1% |
| Recurring financial income | 75 | €23 | €85 | +€62 | +263.1% |
| Financial charges | 65/66B | €131 | €126 | -€6 | -4.4% |
| Recurring financial charges | 65 | €131 | €126 | -€6 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €7,409 | €4,998 | -€2,411 | -32.5% |
| Income taxes | 67/77 | €2,606 | €2,102 | -€504 | -19.3% |
| Profit (loss) for the period | 9904 | €4,803 | €2,897 | -€1,907 | -39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,803 | €2,897 | -€1,907 | -39.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.