VALBONUM: 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.
VALBONUM
Largest movements
- Cash -€52,884
down €52,884 (-63.1%), from €83,772 to €30,888
mainly Investment in fixed assets (net) (-€91,470) and Receivables within one year (-€16,221)
- Financial fixed assets +€51,480
up €51,480 (+40.5%), from €127,260 to €178,740
- Tangible fixed assets +€32,759
new in 2025: €32,759
- Receivables within one year +€16,221
up €16,221, from €0 to €16,221
of which Trade receivables: +€8,805
- Debts after one year +€21,632
new in 2025: €21,632
- Reserves +€20,873
up €20,873 (+11.1%), from €188,664 to €209,536
- Current portion of long-term debt +€6,323
up €6,323, from €0 to €6,323
- Contributions +€6,200
up €6,200 (+50.0%), from €12,400 to €18,600
- Tax, wage and social debts -€3,798
down €3,798 (-100%), from €3,798 to €0
- Financial income -€46,154
down €46,154 (-100%), from €46,154 to €0
- Depreciation +€7,231
new in 2025: €7,231
- Taxes -€2,188
down €2,188 (-22.3%), from €9,798 to €7,610
- Gross operating margin +€1,230
up €1,230 (+3.4%), from €36,616 to €37,846
- Financial charges +€646
up €646 (+88.0%), from €734 to €1,380
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 | €211,333 | €259,268 | +€47,935 | +22.7% |
| Fixed assets | 21/28 | €127,260 | €211,499 | +€84,239 | +66.2% |
| Tangible fixed assets | 22/27 | - | €32,759 | +€32,759 | |
| Furniture and vehicles | 24 | - | €32,759 | +€32,759 | |
| Financial fixed assets | 28 | €127,260 | €178,740 | +€51,480 | +40.5% |
| Current assets | 29/58 | €84,073 | €47,769 | -€36,304 | -43.2% |
| Amounts receivable within one year | 40/41 | €0 | €16,221 | +€16,221 | |
| Trade receivables | 40 | €0 | €8,805 | +€8,805 | |
| Other amounts receivable | 41 | - | €7,416 | +€7,416 | |
| Cash at bank and in hand | 54/58 | €83,772 | €30,888 | -€52,884 | -63.1% |
| Deferred charges and accrued income | 490/1 | €301 | €660 | +€360 | +120% |
| Total equity and liabilities | 10/49 | €211,333 | €259,268 | +€47,935 | +22.7% |
| Equity | 10/15 | €201,064 | €228,136 | +€27,073 | +13.5% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €188,664 | €209,536 | +€20,873 | +11.1% |
| Distributable reserves | 133 | €188,664 | €209,536 | +€20,873 | +11.1% |
| Amounts payable | 17/49 | €10,269 | €31,132 | +€20,863 | +203% |
| Amounts payable after more than one year | 17 | - | €21,632 | +€21,632 | |
| Financial debts | 170/4 | - | €21,632 | +€21,632 | |
| Amounts payable within one year | 42/48 | €10,269 | €9,500 | -€769 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | €6,323 | +€6,323 | |
| Trade debts | 44 | €565 | €583 | +€18 | +3.2% |
| Suppliers | 440/4 | €565 | €583 | +€18 | +3.2% |
| Taxes, remuneration and social security | 45 | €3,798 | €0 | -€3,798 | -100% |
| Taxes | 450/3 | €3,798 | €0 | -€3,798 | -100% |
| Other amounts payable | 47/48 | €5,906 | €2,593 | -€3,313 | -56.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €306 | +€306 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,231 | +€7,231 | |
| Other operating charges | 640/8 | €807 | €753 | -€54 | -6.7% |
| Gross operating margin | 9900 | €36,616 | €37,846 | +€1,230 | +3.4% |
| Operating profit (loss) | 9901 | €35,809 | €29,862 | -€5,947 | -16.6% |
| Financial income | 75/76B | €46,154 | €0 | -€46,154 | -100% |
| Recurring financial income | 75 | €46,154 | €0 | -€46,154 | -100% |
| Financial charges | 65/66B | €734 | €1,380 | +€646 | +88.0% |
| Recurring financial charges | 65 | €734 | €1,380 | +€646 | +88.0% |
| Profit (loss) for the period before taxes | 9903 | €81,229 | €28,482 | -€52,747 | -64.9% |
| Income taxes | 67/77 | €9,798 | €7,610 | -€2,188 | -22.3% |
| Profit (loss) for the period | 9904 | €71,431 | €20,873 | -€50,559 | -70.8% |
| Profit (loss) for the period to be appropriated | 9905 | €71,431 | €20,873 | -€50,559 | -70.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.