VALCAPO: 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.
VALCAPO
Largest movements
- Tangible fixed assets -€21,859
no longer reported in 2025 (was €21,859)
- Cash -€10,503
down €10,503 (-23.2%), from €45,229 to €34,726
mainly Debts after one year (-€18,811) and Current portion of long-term debt (-€5,722)
- Receivables within one year +€1,154
up €1,154 (+223%), from €518 to €1,672
of which Trade receivables: +€1,672
- Debts after one year -€18,811
no longer reported in 2025 (was €18,811)
- Current portion of long-term debt -€5,722
no longer reported in 2025 (was €5,722)
- Profit (loss) carried forward -€5,448
down €5,448 (-57.6%), from -€9,452 to -€14,900
- Other debts -€1,765
down €1,765 (-4.8%), from €36,642 to €34,877
- Depreciation -€11,236
down €11,236 (-95.9%), from €11,718 to €483
- Gross operating margin -€8,650
down €8,650, from €5,257 to -€3,393
- Financial charges -€4,654
down €4,654 (-77.4%), from €6,011 to €1,357
- Other operating charges +€70
up €70 (+48.1%), from €146 to €216
- Taxes -€55
no longer reported in 2025 (was €55)
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 | €68,669 | €36,978 | -€31,691 | -46.1% |
| Formation expenses | 20 | €1,063 | €580 | -€483 | -45.4% |
| Fixed assets | 21/28 | €21,859 | - | -€21,859 | |
| Tangible fixed assets | 22/27 | €21,859 | - | -€21,859 | |
| Furniture and vehicles | 24 | €21,859 | - | -€21,859 | |
| Current assets | 29/58 | €45,748 | €36,398 | -€9,350 | -20.4% |
| Amounts receivable within one year | 40/41 | €518 | €1,672 | +€1,154 | +223% |
| Trade receivables | 40 | - | €1,672 | +€1,672 | |
| Other amounts receivable | 41 | €518 | - | -€518 | |
| Cash at bank and in hand | 54/58 | €45,229 | €34,726 | -€10,503 | -23.2% |
| Total equity and liabilities | 10/49 | €68,669 | €36,978 | -€31,691 | -46.1% |
| Equity | 10/15 | €5,548 | €100 | -€5,448 | -98.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €15,000 | +€15,000 | |
| Other | 1109/19 | - | €15,000 | +€15,000 | |
| Profit (loss) carried forward | 14 | -€9,452 | -€14,900 | -€5,448 | -57.6% |
| Amounts payable | 17/49 | €63,121 | €36,879 | -€26,242 | -41.6% |
| Amounts payable after more than one year | 17 | €18,811 | - | -€18,811 | |
| Financial debts | 170/4 | €18,811 | - | -€18,811 | |
| Amounts payable within one year | 42/48 | €44,311 | €36,779 | -€7,532 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €5,722 | - | -€5,722 | |
| Trade debts | 44 | €1,776 | €1,358 | -€419 | -23.6% |
| Suppliers | 440/4 | €1,776 | €1,358 | -€419 | -23.6% |
| Taxes, remuneration and social security | 45 | €171 | €545 | +€374 | +219% |
| Taxes | 450/3 | €171 | €545 | +€374 | +219% |
| Other amounts payable | 47/48 | €36,642 | €34,877 | -€1,765 | -4.8% |
| Accrued charges and deferred income | 492/3 | - | €100 | +€100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,718 | €483 | -€11,236 | -95.9% |
| Other operating charges | 640/8 | €146 | €216 | +€70 | +48.1% |
| Gross operating margin | 9900 | €5,257 | -€3,393 | -€8,650 | |
| Operating profit (loss) | 9901 | -€6,607 | -€4,091 | +€2,516 | +38.1% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €6,011 | €1,357 | -€4,654 | -77.4% |
| Recurring financial charges | 65 | €6,011 | €1,357 | -€4,654 | -77.4% |
| Profit (loss) for the period before taxes | 9903 | -€12,615 | -€5,448 | +€7,167 | +56.8% |
| Income taxes | 67/77 | €55 | - | -€55 | |
| Profit (loss) for the period | 9904 | -€12,671 | -€5,448 | +€7,222 | +57.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,671 | -€5,448 | +€7,222 | +57.0% |
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.