VALARE: 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.
VALARE
Largest movements
- Tangible fixed assets -€40,629
down €40,629 (-5.5%), from €740,231 to €699,601
- Receivables within one year +€27,525
up €27,525 (+41.0%), from €67,197 to €94,721
of which Trade receivables: +€18,870
- Reserves +€21,341
up €21,341 (+4.3%), from €501,706 to €523,047
of which Distributable reserves: +€24,945
- Debts after one year -€18,970
down €18,970 (-7.9%), from €241,419 to €222,449
- Other debts -€10,146
no longer reported in 2025 (was €10,146)
- Financial charges -€36,098
down €36,098 (-99.7%), from €36,220 to €121
- Gross operating margin +€22,717
up €22,717 (+51.5%), from €44,100 to €66,816
- Other operating charges -€10,231
down €10,231 (-74.9%), from €13,663 to €3,432
- Write-downs -€10,000
no longer reported in 2025 (was €10,000)
- Taxes +€2,448
up €2,448 (+5239.2%), from €47 to €2,494
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 | €869,327 | €863,425 | -€5,903 | -0.7% |
| Fixed assets | 21/28 | €796,677 | €756,047 | -€40,629 | -5.1% |
| Tangible fixed assets | 22/27 | €740,231 | €699,601 | -€40,629 | -5.5% |
| Land and buildings | 22 | €740,231 | €699,601 | -€40,629 | -5.5% |
| Financial fixed assets | 28 | €56,446 | €56,446 | = | 0.0% |
| Current assets | 29/58 | €72,650 | €107,377 | +€34,727 | +47.8% |
| Amounts receivable within one year | 40/41 | €67,197 | €94,721 | +€27,525 | +41.0% |
| Trade receivables | 40 | €24,950 | €43,820 | +€18,870 | +75.6% |
| Other amounts receivable | 41 | €42,247 | €50,901 | +€8,655 | +20.5% |
| Cash at bank and in hand | 54/58 | €3,409 | €11,017 | +€7,608 | +223.2% |
| Deferred charges and accrued income | 490/1 | €2,045 | €1,639 | -€406 | -19.8% |
| Total equity and liabilities | 10/49 | €869,327 | €863,425 | -€5,903 | -0.7% |
| Equity | 10/15 | €563,679 | €585,020 | +€21,341 | +3.8% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €501,706 | €523,047 | +€21,341 | +4.3% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €106,572 | €102,968 | -€3,604 | -3.4% |
| Distributable reserves | 133 | €388,937 | €413,881 | +€24,945 | +6.4% |
| Provisions and deferred taxes | 16 | €35,524 | €34,323 | -€1,201 | -3.4% |
| Deferred taxes | 168 | €35,524 | €34,323 | -€1,201 | -3.4% |
| Amounts payable | 17/49 | €270,124 | €244,082 | -€26,042 | -9.6% |
| Amounts payable after more than one year | 17 | €241,419 | €222,449 | -€18,970 | -7.9% |
| Other amounts payable | 178/9 | €241,419 | €222,449 | -€18,970 | -7.9% |
| Amounts payable within one year | 42/48 | €28,706 | €19,134 | -€9,572 | -33.3% |
| Trade debts | 44 | €18,560 | €12,324 | -€6,236 | -33.6% |
| Suppliers | 440/4 | €18,560 | €12,324 | -€6,236 | -33.6% |
| Taxes, remuneration and social security | 45 | - | €6,809 | +€6,809 | |
| Taxes | 450/3 | - | €6,809 | +€6,809 | |
| Other amounts payable | 47/48 | €10,146 | - | -€10,146 | |
| Accrued charges and deferred income | 492/3 | - | €2,500 | +€2,500 | |
| Non-recurring operating income | 76A | - | €180 | +€180 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,526 | €40,629 | +€104 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,000 | - | -€10,000 | |
| Other operating charges | 640/8 | €13,663 | €3,432 | -€10,231 | -74.9% |
| Gross operating margin | 9900 | €44,100 | €66,816 | +€22,717 | +51.5% |
| Operating profit (loss) | 9901 | -€20,088 | €22,755 | +€42,844 | |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €36,220 | €121 | -€36,098 | -99.7% |
| Recurring financial charges | 65 | €36,220 | €121 | -€36,098 | -99.7% |
| Profit (loss) for the period before taxes | 9903 | -€56,304 | €22,634 | +€78,938 | |
| Transfer from deferred taxes | 780 | €1,201 | €1,201 | = | 0.0% |
| Income taxes | 67/77 | €47 | €2,494 | +€2,448 | +5239.2% |
| Profit (loss) for the period | 9904 | -€55,150 | €21,341 | +€76,490 | |
| Transfer from tax-exempt reserves | 789 | €3,604 | €3,604 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,546 | €24,945 | +€76,490 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.