ValBella: 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.
ValBella
Largest movements
- Current investments +€800,000
new in 2025: €800,000
- Tangible fixed assets +€219,675
up €219,675 (+9.9%), from €2.2m to €2.4m
of which Land and buildings: +€228,095
- Cash +€146,392
up €146,392 (+727%), from €20,128 to €166,520
mainly Other debts (+€1.0m) and Net result for the year (+€229,534)
- Receivables within one year -€70,756
down €70,756 (-5.5%), from €1.3m to €1.2m
of which Trade receivables: -€110,554
- Other debts +€1.0m
up €1.0m (+57.2%), from €1.8m to €2.8m
- Reserves +€169,606
up €169,606 (+11.4%), from €1.5m to €1.7m
- Debts after one year -€103,667
down €103,667 (-9.7%), from €1.1m to €961,055
- Trade debts -€92,059
down €92,059 (-87.7%), from €104,979 to €12,920
- Profit (loss) carried forward +€59,927
up €59,927, from -€59,927 to €0
- Gross operating margin +€176,247
up €176,247 (+64.9%), from €271,681 to €447,928
- Depreciation -€64,043
down €64,043 (-39.2%), from €163,490 to €99,447
- Other operating charges +€31,288
up €31,288 (+194%), from €16,168 to €47,456
- Taxes +€29,574
up €29,574 (+1,815%), from €1,630 to €31,204
- Financial charges +€20,955
up €20,955 (+20.4%), from €102,901 to €123,855
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 | €4,678,757 | €5,776,155 | +€1.1m | +23.5% |
| Fixed assets | 21/28 | €3,372,176 | €3,591,851 | +€219,675 | +6.5% |
| Tangible fixed assets | 22/27 | €2,214,263 | €2,433,938 | +€219,675 | +9.9% |
| Land and buildings | 22 | €2,193,238 | €2,421,332 | +€228,095 | +10.4% |
| Plant, machinery and equipment | 23 | €4,363 | €1,992 | -€2,371 | -54.3% |
| Furniture and vehicles | 24 | €16,662 | €10,614 | -€6,048 | -36.3% |
| Financial fixed assets | 28 | €1,157,913 | €1,157,913 | = | 0.0% |
| Current assets | 29/58 | €1,306,581 | €2,184,303 | +€877,723 | +67.2% |
| Amounts receivable within one year | 40/41 | €1,285,522 | €1,214,766 | -€70,756 | -5.5% |
| Trade receivables | 40 | €110,554 | €0 | -€110,554 | -100% |
| Other amounts receivable | 41 | €1,174,968 | €1,214,766 | +€39,798 | +3.4% |
| Current investments | 50/53 | - | €800,000 | +€800,000 | |
| Cash at bank and in hand | 54/58 | €20,128 | €166,520 | +€146,392 | +727% |
| Deferred charges and accrued income | 490/1 | €931 | €3,018 | +€2,087 | +224% |
| Total equity and liabilities | 10/49 | €4,678,757 | €5,776,155 | +€1.1m | +23.5% |
| Equity | 10/15 | €1,496,397 | €1,725,931 | +€229,534 | +15.3% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €1,481,324 | €1,650,931 | +€169,606 | +11.4% |
| Distributable reserves | 133 | €1,481,324 | €1,650,931 | +€169,606 | +11.4% |
| Profit (loss) carried forward | 14 | -€59,927 | €0 | +€59,927 | |
| Amounts payable | 17/49 | €3,182,359 | €4,050,224 | +€867,864 | +27.3% |
| Amounts payable after more than one year | 17 | €1,064,722 | €961,055 | -€103,667 | -9.7% |
| Financial debts | 170/4 | €1,064,722 | €961,055 | -€103,667 | -9.7% |
| Amounts payable within one year | 42/48 | €2,025,788 | €2,991,233 | +€965,445 | +47.7% |
| Current portion of amounts payable after more than one year | 42 | €103,667 | €103,667 | = | 0.0% |
| Trade debts | 44 | €104,979 | €12,920 | -€92,059 | -87.7% |
| Suppliers | 440/4 | €104,979 | €12,920 | -€92,059 | -87.7% |
| Taxes, remuneration and social security | 45 | €12,602 | €38,698 | +€26,096 | +207% |
| Taxes | 450/3 | €12,602 | €38,698 | +€26,096 | +207% |
| Other amounts payable | 47/48 | €1,804,539 | €2,835,947 | +€1.0m | +57.2% |
| Accrued charges and deferred income | 492/3 | €91,850 | €97,936 | +€6,086 | +6.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,490 | €99,447 | -€64,043 | -39.2% |
| Other operating charges | 640/8 | €16,168 | €47,456 | +€31,288 | +194% |
| Non-recurring operating charges | 66A | €257,122 | €0 | -€257,122 | -100% |
| Gross operating margin | 9900 | €271,681 | €447,928 | +€176,247 | +64.9% |
| Operating profit (loss) | 9901 | -€165,098 | €301,026 | +€466,124 | |
| Financial income | 75/76B | €95,081 | €83,567 | -€11,514 | -12.1% |
| Recurring financial income | 75 | €95,081 | €83,567 | -€11,514 | -12.1% |
| Financial charges | 65/66B | €102,901 | €123,855 | +€20,955 | +20.4% |
| Recurring financial charges | 65 | €102,901 | €123,855 | +€20,955 | +20.4% |
| Profit (loss) for the period before taxes | 9903 | -€172,918 | €260,737 | +€433,655 | |
| Income taxes | 67/77 | €1,630 | €31,204 | +€29,574 | +1,815% |
| Profit (loss) for the period | 9904 | -€174,548 | €229,534 | +€404,081 | |
| Profit (loss) for the period to be appropriated | 9905 | -€174,548 | €229,534 | +€404,081 |
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 17 October 2026 via checked.be.