VALANVER: 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.
VALANVER
Largest movements
- Cash +€6,659
up €6,659 (+29.9%), from €22,240 to €28,899
mainly Other debts (+€5,546) and Receivables within one year (+€5,207)
- Receivables within one year -€5,207
no longer reported in 2025 (was €5,207)
of which Trade receivables: -€3,195
- Deferred charges and accrued income +€3,421
up €3,421 (+187.6%), from €1,823 to €5,244
- Tangible fixed assets -€1,136
down €1,136 (-58.3%), from €1,947 to €812
- Other debts +€5,546
up €5,546 (+12781.8%), from €43 to €5,589
- Tax, wage and social debts -€3,348
down €3,348 (-17.2%), from €19,502 to €16,154
of which Remuneration and social security: -€2,089
- Accrued charges and deferred income +€2,493
new in 2025: €2,493
- Staff costs +€6,004
up €6,004 (+6.2%), from €96,562 to €102,566
- Gross operating margin -€5,475
down €5,475 (-4.7%), from €115,835 to €110,361
- Taxes -€4,304
down €4,304 (-90.4%), from €4,761 to €456
- Other operating charges +€2,609
up €2,609 (+72.0%), from €3,622 to €6,231
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 | €53,089 | €57,250 | +€4,161 | +7.8% |
| Fixed assets | 21/28 | €19,368 | €18,232 | -€1,136 | -5.9% |
| Tangible fixed assets | 22/27 | €1,947 | €812 | -€1,136 | -58.3% |
| Plant, machinery and equipment | 23 | €1,947 | €812 | -€1,136 | -58.3% |
| Financial fixed assets | 28 | €17,421 | €17,421 | = | 0.0% |
| Current assets | 29/58 | €33,721 | €39,018 | +€5,297 | +15.7% |
| Stocks and contracts in progress | 3 | €4,451 | €4,874 | +€424 | +9.5% |
| Stocks | 30/36 | €4,451 | €4,874 | +€424 | +9.5% |
| Amounts receivable within one year | 40/41 | €5,207 | - | -€5,207 | |
| Trade receivables | 40 | €3,195 | - | -€3,195 | |
| Other amounts receivable | 41 | €2,012 | - | -€2,012 | |
| Cash at bank and in hand | 54/58 | €22,240 | €28,899 | +€6,659 | +29.9% |
| Deferred charges and accrued income | 490/1 | €1,823 | €5,244 | +€3,421 | +187.6% |
| Total equity and liabilities | 10/49 | €53,089 | €57,250 | +€4,161 | +7.8% |
| Equity | 10/15 | €33,153 | €33,005 | -€148 | -0.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €30,153 | €30,005 | -€148 | -0.5% |
| Distributable reserves | 133 | €30,153 | €30,005 | -€148 | -0.5% |
| Amounts payable | 17/49 | €19,936 | €24,245 | +€4,309 | +21.6% |
| Amounts payable within one year | 42/48 | €19,936 | €21,753 | +€1,816 | +9.1% |
| Trade debts | 44 | €391 | €10 | -€381 | -97.5% |
| Suppliers | 440/4 | €391 | €10 | -€381 | -97.5% |
| Taxes, remuneration and social security | 45 | €19,502 | €16,154 | -€3,348 | -17.2% |
| Taxes | 450/3 | €12,659 | €11,400 | -€1,260 | -9.9% |
| Remuneration and social security | 454/9 | €6,843 | €4,754 | -€2,089 | -30.5% |
| Other amounts payable | 47/48 | €43 | €5,589 | +€5,546 | +12781.8% |
| Accrued charges and deferred income | 492/3 | - | €2,493 | +€2,493 | |
| Remuneration, social security and pensions | 62 | €96,562 | €102,566 | +€6,004 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,380 | €1,136 | -€244 | -17.7% |
| Other operating charges | 640/8 | €3,622 | €6,231 | +€2,609 | +72.0% |
| Gross operating margin | 9900 | €115,835 | €110,361 | -€5,475 | -4.7% |
| Operating profit (loss) | 9901 | €14,271 | €428 | -€13,843 | -97.0% |
| Financial income | 75/76B | €203 | €38 | -€164 | -81.1% |
| Recurring financial income | 75 | €203 | €38 | -€164 | -81.1% |
| Financial charges | 65/66B | €207 | €158 | -€49 | -23.6% |
| Recurring financial charges | 65 | €207 | €158 | -€49 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €14,267 | €308 | -€13,958 | -97.8% |
| Income taxes | 67/77 | €4,761 | €456 | -€4,304 | -90.4% |
| Profit (loss) for the period | 9904 | €9,506 | -€148 | -€9,654 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,506 | -€148 | -€9,654 |
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 5 October 2026 via checked.be.