Valar: 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.
What changed
Valar
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€19,985
2024 · €1,846-€21,831
Equity
€3.0m
2024 · €3.0m-€19,985
Cash
€117,086
2024 · €29,842+€87,244
Balance sheet total
€10.7m
2024 · €10.8m-€125,465
Largest movements
Assets
- Receivables after one year -€209,000
down €209,000 (-3.0%), from €7.0m to €6.8m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Services and other goods +€12,370
up €12,370 (+85.5%), from €14,474 to €26,844
- Financial income -€8,791
down €8,791 (-7.6%), from €115,599 to €106,808
- Other operating charges +€930
up €930 (+155.0%), from €600 to €1,530
- Financial charges -€260
down €260 (-0.2%), from €112,973 to €112,714
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.
Result 2024
€1,846
Services and other goods
-€12,370
Other operating charges
-€930
Financial income
-€8,791
Financial charges
+€260
Result 2025
-€19,985
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.
From operations
+€87,244
Investment
€0
Financing
€0
Cash 2024
€29,842
From operations (derived)
+€87,244
Net result for the year
-€19,985
Depreciation
+€3,706
Receivables after one year
+€209,000
Receivables within one year
-€3,236
Deferred charges and accrued income
+€3,239
Smaller working-capital items
+€186
Other debts
-€72,366
Accrued charges and deferred income
-€33,300
Cash 2025
€117,086
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,822,672 | €10,697,207 | -€125,465 | -1.2% |
| Formation expenses | 20 | €13,439 | €9,733 | -€3,706 | -27.6% |
| Fixed assets | 21/28 | €3,189,696 | €3,189,696 | = | 0.0% |
| Financial fixed assets | 28 | €3,189,696 | €3,189,696 | = | 0.0% |
| Affiliated companies | 280/1 | €3,189,696 | €3,189,696 | = | 0.0% |
| Participating interests | 280 | €3,189,696 | €3,189,696 | = | 0.0% |
| Current assets | 29/58 | €7,619,537 | €7,497,778 | -€121,759 | -1.6% |
| Amounts receivable after more than one year | 29 | €7,017,624 | €6,808,624 | -€209,000 | -3.0% |
| Other amounts receivable | 291 | €7,017,624 | €6,808,624 | -€209,000 | -3.0% |
| Amounts receivable within one year | 40/41 | €456,471 | €459,707 | +€3,236 | +0.7% |
| Trade receivables | 40 | - | €7,065 | +€7,065 | |
| Other amounts receivable | 41 | €456,471 | €452,642 | -€3,829 | -0.8% |
| Cash at bank and in hand | 54/58 | €29,842 | €117,086 | +€87,244 | +292.4% |
| Deferred charges and accrued income | 490/1 | €115,599 | €112,360 | -€3,239 | -2.8% |
| Total equity and liabilities | 10/49 | €10,822,672 | €10,697,207 | -€125,465 | -1.2% |
| Equity | 10/15 | €2,991,471 | €2,971,486 | -€19,985 | -0.7% |
| Contributions | 10/11 | €3,000,000 | €3,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,529 | -€28,514 | -€19,985 | -234.3% |
| Amounts payable | 17/49 | €7,831,201 | €7,725,721 | -€105,480 | -1.3% |
| Amounts payable within one year | 42/48 | €7,685,326 | €7,613,146 | -€72,180 | -0.9% |
| Trade debts | 44 | €5,818 | €6,046 | +€228 | +3.9% |
| Suppliers | 440/4 | €5,818 | €6,046 | +€228 | +3.9% |
| Taxes, remuneration and social security | 45 | €42 | - | -€42 | |
| Taxes | 450/3 | €42 | - | -€42 | |
| Other amounts payable | 47/48 | €7,679,466 | €7,607,100 | -€72,366 | -0.9% |
| Accrued charges and deferred income | 492/3 | €145,875 | €112,575 | -€33,300 | -22.8% |
| Operating income | 70/76A | €18,000 | €18,000 | = | 0.0% |
| Turnover | 70 | €18,000 | €18,000 | = | 0.0% |
| Operating charges | 60/66A | €18,780 | €32,080 | +€13,300 | +70.8% |
| Services and other goods | 61 | €14,474 | €26,844 | +€12,370 | +85.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,706 | €3,706 | = | 0.0% |
| Other operating charges | 640/8 | €600 | €1,530 | +€930 | +155.0% |
| Operating profit (loss) | 9901 | -€780 | -€14,080 | -€13,300 | -1705.2% |
| Financial income | 75/76B | €115,599 | €106,808 | -€8,791 | -7.6% |
| Recurring financial income | 75 | €115,599 | €106,808 | -€8,791 | -7.6% |
| Income from current assets | 751 | €115,599 | €106,808 | -€8,791 | -7.6% |
| Financial charges | 65/66B | €112,973 | €112,714 | -€260 | -0.2% |
| Recurring financial charges | 65 | €112,973 | €112,714 | -€260 | -0.2% |
| Debt charges | 650 | €112,861 | €112,575 | -€286 | -0.3% |
| Other financial charges | 652/9 | €113 | €139 | +€26 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €1,846 | -€19,985 | -€21,831 | |
| Profit (loss) for the period | 9904 | €1,846 | -€19,985 | -€21,831 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,846 | -€19,985 | -€21,831 |
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 12 October 2026 via checked.be.