VALATI: 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.
VALATI
Largest movements
- Tangible fixed assets +€38,991
up €38,991 (+39.0%), from €99,920 to €138,910
of which Leasing and similar rights: +€58,740
- Receivables within one year -€28,327
down €28,327 (-67.0%), from €42,290 to €13,964
of which Trade receivables: -€29,060
- Stocks and contracts +€11,900
up €11,900 (+3.8%), from €313,399 to €325,299
- Cash +€9,757
up €9,757 (+49.4%), from €19,754 to €29,511
mainly Debts after one year (+€36,629) and Depreciation (+€33,422)
- Debts after one year +€36,629
up €36,629 (+1,287%), from €2,845 to €39,474
- Other debts -€22,330
down €22,330 (-7.1%), from €314,154 to €291,824
- Reserves +€17,460
up €17,460 (+478%), from €3,650 to €21,110
- Trade debts -€11,815
down €11,815 (-19.7%), from €60,105 to €48,290
- Current portion of long-term debt +€5,563
up €5,563 (+71.4%), from €7,792 to €13,356
- Gross operating margin +€34,079
up €34,079 (+23.0%), from €148,406 to €182,484
- Depreciation +€12,081
up €12,081 (+56.6%), from €21,340 to €33,422
- Staff costs +€3,654
up €3,654 (+3.1%), from €117,762 to €121,417
- Financial income -€2,269
down €2,269 (-35.1%), from €6,468 to €4,199
- Financial charges +€1,832
up €1,832 (+95.2%), from €1,926 to €3,758
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.
Derived cash bridge
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 | €501,797 | €530,382 | +€28,586 | +5.7% |
| Formation expenses | 20 | €4,578 | €3,548 | -€1,030 | -22.5% |
| Fixed assets | 21/28 | €114,310 | €149,468 | +€35,158 | +30.8% |
| Intangible fixed assets | 21 | €14,390 | €10,557 | -€3,833 | -26.6% |
| Tangible fixed assets | 22/27 | €99,920 | €138,910 | +€38,991 | +39.0% |
| Plant, machinery and equipment | 23 | €99,120 | €79,570 | -€19,549 | -19.7% |
| Furniture and vehicles | 24 | €800 | €600 | -€200 | -25.0% |
| Leasing and similar rights | 25 | - | €58,740 | +€58,740 | |
| Current assets | 29/58 | €382,909 | €377,367 | -€5,542 | -1.4% |
| Stocks and contracts in progress | 3 | €313,399 | €325,299 | +€11,900 | +3.8% |
| Stocks | 30/36 | €313,399 | €325,299 | +€11,900 | +3.8% |
| Amounts receivable within one year | 40/41 | €42,290 | €13,964 | -€28,327 | -67.0% |
| Trade receivables | 40 | €35,509 | €6,449 | -€29,060 | -81.8% |
| Other amounts receivable | 41 | €6,781 | €7,514 | +€734 | +10.8% |
| Cash at bank and in hand | 54/58 | €19,754 | €29,511 | +€9,757 | +49.4% |
| Deferred charges and accrued income | 490/1 | €7,466 | €8,594 | +€1,128 | +15.1% |
| Total equity and liabilities | 10/49 | €501,797 | €530,382 | +€28,586 | +5.7% |
| Equity | 10/15 | €23,658 | €41,119 | +€17,462 | +73.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €3,650 | €21,110 | +€17,460 | +478% |
| Distributable reserves | 133 | €3,650 | €21,110 | +€17,460 | +478% |
| Profit (loss) carried forward | 14 | €8 | €9 | +€2 | +26.0% |
| Amounts payable | 17/49 | €478,139 | €489,263 | +€11,124 | +2.3% |
| Amounts payable after more than one year | 17 | €2,845 | €39,474 | +€36,629 | +1,287% |
| Financial debts | 170/4 | €2,845 | €39,474 | +€36,629 | +1,287% |
| Amounts payable within one year | 42/48 | €475,294 | €447,288 | -€28,006 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €7,792 | €13,356 | +€5,563 | +71.4% |
| Financial debts | 43 | - | €161 | +€161 | |
| Other loans | 439 | - | €161 | +€161 | |
| Trade debts | 44 | €60,105 | €48,290 | -€11,815 | -19.7% |
| Suppliers | 440/4 | €60,105 | €48,290 | -€11,815 | -19.7% |
| Advances received on contracts in progress | 46 | €59,432 | €62,942 | +€3,510 | +5.9% |
| Taxes, remuneration and social security | 45 | €33,810 | €30,715 | -€3,094 | -9.2% |
| Taxes | 450/3 | €20,644 | €17,290 | -€3,354 | -16.2% |
| Remuneration and social security | 454/9 | €13,166 | €13,425 | +€259 | +2.0% |
| Other amounts payable | 47/48 | €314,154 | €291,824 | -€22,330 | -7.1% |
| Accrued charges and deferred income | 492/3 | - | €2,500 | +€2,500 | |
| Non-recurring operating income | 76A | - | €20,473 | +€20,473 | |
| Remuneration, social security and pensions | 62 | €117,762 | €121,417 | +€3,654 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,340 | €33,422 | +€12,081 | +56.6% |
| Other operating charges | 640/8 | €4,477 | €3,588 | -€889 | -19.9% |
| Gross operating margin | 9900 | €148,406 | €182,484 | +€34,079 | +23.0% |
| Operating profit (loss) | 9901 | €4,826 | €24,058 | +€19,232 | +399% |
| Financial income | 75/76B | €6,468 | €4,199 | -€2,269 | -35.1% |
| Recurring financial income | 75 | €6,468 | €4,199 | -€2,269 | -35.1% |
| Financial charges | 65/66B | €1,926 | €3,758 | +€1,832 | +95.2% |
| Recurring financial charges | 65 | €1,926 | €3,758 | +€1,832 | +95.2% |
| Profit (loss) for the period before taxes | 9903 | €9,368 | €24,498 | +€15,131 | +162% |
| Income taxes | 67/77 | €5,710 | €7,036 | +€1,326 | +23.2% |
| Profit (loss) for the period | 9904 | €3,658 | €17,462 | +€13,804 | +377% |
| Profit (loss) for the period to be appropriated | 9905 | €3,658 | €17,462 | +€13,804 | +377% |
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 25 October 2026 via checked.be.