VALAPHARMA: 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.
VALAPHARMA
Largest movements
- Current investments +€275,000
up €275,000 (+2777.8%), from €9,900 to €284,900
- Receivables within one year +€150,503
up €150,503 (+84.0%), from €179,168 to €329,672
of which Other amounts receivable: +€159,905
- Cash -€118,001
down €118,001 (-20.5%), from €576,521 to €458,520
mainly Current investments (-€275,000) and Other debts (-€199,818)
- Reserves +€591,858
up €591,858 (+24.9%), from €2.4m to €3.0m
of which Distributable reserves: +€591,858
- Other debts -€199,818
down €199,818 (-28.0%), from €713,771 to €513,953
- Debts after one year -€117,598
down €117,598 (-24.1%), from €487,153 to €369,555
- Financial income -€254,548
down €254,548 (-36.5%), from €697,535 to €442,987
- Gross operating margin +€48,610
up €48,610 (+18.6%), from €260,866 to €309,476
- Taxes -€5,691
down €5,691 (-4.3%), from €133,618 to €127,927
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 | €3,818,906 | €4,123,738 | +€304,831 | +8.0% |
| Fixed assets | 21/28 | €3,052,012 | €3,042,478 | -€9,534 | -0.3% |
| Tangible fixed assets | 22/27 | €33,642 | €24,109 | -€9,534 | -28.3% |
| Furniture and vehicles | 24 | €33,642 | €24,109 | -€9,534 | -28.3% |
| Financial fixed assets | 28 | €3,018,370 | €3,018,370 | = | 0.0% |
| Current assets | 29/58 | €766,894 | €1,081,259 | +€314,365 | +41.0% |
| Amounts receivable within one year | 40/41 | €179,168 | €329,672 | +€150,503 | +84.0% |
| Trade receivables | 40 | €38,744 | €29,343 | -€9,401 | -24.3% |
| Other amounts receivable | 41 | €140,425 | €300,329 | +€159,905 | +113.9% |
| Current investments | 50/53 | €9,900 | €284,900 | +€275,000 | +2777.8% |
| Cash at bank and in hand | 54/58 | €576,521 | €458,520 | -€118,001 | -20.5% |
| Deferred charges and accrued income | 490/1 | €1,305 | €8,168 | +€6,863 | +525.9% |
| Total equity and liabilities | 10/49 | €3,818,906 | €4,123,738 | +€304,831 | +8.0% |
| Equity | 10/15 | €2,394,389 | €2,986,247 | +€591,858 | +24.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,375,789 | €2,967,647 | +€591,858 | +24.9% |
| Non-distributable reserves | 130/1 | €23,246 | €23,246 | = | 0.0% |
| Reserves not available under the articles | 1311 | €23,246 | €23,246 | = | 0.0% |
| Distributable reserves | 133 | €2,352,543 | €2,944,401 | +€591,858 | +25.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,424,517 | €1,137,491 | -€287,026 | -20.1% |
| Amounts payable after more than one year | 17 | €487,153 | €369,555 | -€117,598 | -24.1% |
| Financial debts | 170/4 | €487,153 | €369,555 | -€117,598 | -24.1% |
| Amounts payable within one year | 42/48 | €937,364 | €767,936 | -€169,428 | -18.1% |
| Current portion of amounts payable after more than one year | 42 | €113,232 | €117,598 | +€4,367 | +3.9% |
| Trade debts | 44 | €702 | €1,289 | +€588 | +83.8% |
| Suppliers | 440/4 | €702 | €1,289 | +€588 | +83.8% |
| Taxes, remuneration and social security | 45 | €109,660 | €135,096 | +€25,436 | +23.2% |
| Taxes | 450/3 | €109,660 | €135,096 | +€25,436 | +23.2% |
| Other amounts payable | 47/48 | €713,771 | €513,953 | -€199,818 | -28.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,534 | €9,534 | = | 0.0% |
| Other operating charges | 640/8 | €814 | €2,048 | +€1,235 | +151.8% |
| Gross operating margin | 9900 | €260,866 | €309,476 | +€48,610 | +18.6% |
| Operating profit (loss) | 9901 | €250,519 | €297,894 | +€47,376 | +18.9% |
| Financial income | 75/76B | €697,535 | €442,987 | -€254,548 | -36.5% |
| Recurring financial income | 75 | €697,535 | €442,987 | -€254,548 | -36.5% |
| Financial charges | 65/66B | €19,835 | €21,096 | +€1,262 | +6.4% |
| Recurring financial charges | 65 | €19,835 | €21,096 | +€1,262 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €928,219 | €719,785 | -€208,434 | -22.5% |
| Income taxes | 67/77 | €133,618 | €127,927 | -€5,691 | -4.3% |
| Profit (loss) for the period | 9904 | €794,601 | €591,858 | -€202,743 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €794,601 | €591,858 | -€202,743 | -25.5% |
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.