Valart: 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.
Valart
Largest movements
- Cash -€55,301
down €55,301 (-20.0%), from €276,932 to €221,631
mainly Contributions, distributions and other (-€70,588) and Other debts (-€54,562)
- Tangible fixed assets +€8,392
up €8,392 (+22.7%), from €37,029 to €45,421
of which Plant, machinery and equipment: +€14,798
- Other debts -€54,562
down €54,562 (-100.0%), from €54,563 to €1
- Profit (loss) carried forward -€46,091
down €46,091 (-69.4%), from €66,427 to €20,336
- Trade debts +€21,163
up €21,163 (+5978.2%), from €354 to €21,517
- Short-term financial debts +€15,000
new in 2025: €15,000
- Tax, wage and social debts +€8,261
up €8,261 (+16.5%), from €50,192 to €58,453
of which Remuneration and social security: +€20,167
- Staff costs +€42,337
up €42,337 (+17.8%), from €237,779 to €280,116
- Taxes -€7,817
down €7,817 (-27.4%), from €28,541 to €20,724
- Gross operating margin -€6,033
down €6,033 (-1.7%), from €363,695 to €357,662
- Depreciation +€4,665
up €4,665 (+29.9%), from €15,622 to €20,287
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 | €340,086 | €291,010 | -€49,076 | -14.4% |
| Fixed assets | 21/28 | €47,429 | €54,721 | +€7,292 | +15.4% |
| Tangible fixed assets | 22/27 | €37,029 | €45,421 | +€8,392 | +22.7% |
| Land and buildings | 22 | €7,274 | €4,261 | -€3,013 | -41.4% |
| Plant, machinery and equipment | 23 | €20,287 | €35,085 | +€14,798 | +72.9% |
| Furniture and vehicles | 24 | €9,468 | €6,075 | -€3,393 | -35.8% |
| Financial fixed assets | 28 | €10,400 | €9,300 | -€1,100 | -10.6% |
| Current assets | 29/58 | €292,657 | €236,289 | -€56,368 | -19.3% |
| Stocks and contracts in progress | 3 | €11,251 | €10,570 | -€681 | -6.1% |
| Stocks | 30/36 | €11,251 | €10,570 | -€681 | -6.1% |
| Amounts receivable within one year | 40/41 | €2,929 | €4,088 | +€1,159 | +39.6% |
| Other amounts receivable | 41 | €2,929 | €4,088 | +€1,159 | +39.6% |
| Cash at bank and in hand | 54/58 | €276,932 | €221,631 | -€55,301 | -20.0% |
| Deferred charges and accrued income | 490/1 | €1,545 | - | -€1,545 | |
| Total equity and liabilities | 10/49 | €340,086 | €291,010 | -€49,076 | -14.4% |
| Equity | 10/15 | €234,977 | €188,886 | -€46,091 | -19.6% |
| Contributions | 10/11 | €168,550 | €168,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,427 | €20,336 | -€46,091 | -69.4% |
| Amounts payable | 17/49 | €105,109 | €102,124 | -€2,985 | -2.8% |
| Amounts payable within one year | 42/48 | €105,109 | €102,124 | -€2,985 | -2.8% |
| Financial debts | 43 | - | €15,000 | +€15,000 | |
| Credit institutions | 430/8 | - | €15,000 | +€15,000 | |
| Trade debts | 44 | €354 | €21,517 | +€21,163 | +5978.2% |
| Suppliers | 440/4 | €354 | €21,517 | +€21,163 | +5978.2% |
| Advances received on contracts in progress | 46 | - | €7,153 | +€7,153 | |
| Taxes, remuneration and social security | 45 | €50,192 | €58,453 | +€8,261 | +16.5% |
| Taxes | 450/3 | €35,303 | €23,397 | -€11,906 | -33.7% |
| Remuneration and social security | 454/9 | €14,889 | €35,056 | +€20,167 | +135.4% |
| Other amounts payable | 47/48 | €54,563 | €1 | -€54,562 | -100.0% |
| Remuneration, social security and pensions | 62 | €237,779 | €280,116 | +€42,337 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,622 | €20,287 | +€4,665 | +29.9% |
| Other operating charges | 640/8 | €4,244 | €615 | -€3,629 | -85.5% |
| Non-recurring operating charges | 66A | - | €5,800 | +€5,800 | |
| Gross operating margin | 9900 | €363,695 | €357,662 | -€6,033 | -1.7% |
| Operating profit (loss) | 9901 | €106,050 | €50,844 | -€55,206 | -52.1% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €5,188 | €5,634 | +€446 | +8.6% |
| Recurring financial charges | 65 | €5,188 | €5,634 | +€446 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €100,862 | €45,221 | -€55,641 | -55.2% |
| Income taxes | 67/77 | €28,541 | €20,724 | -€7,817 | -27.4% |
| Profit (loss) for the period | 9904 | €72,321 | €24,497 | -€47,824 | -66.1% |
| Profit (loss) for the period to be appropriated | 9905 | €72,321 | €24,497 | -€47,824 | -66.1% |
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 6 October 2026 via checked.be.