VALDER: 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.
VALDER
Largest movements
- Current investments +€560,000
new in 2025: €560,000
- Receivables within one year -€412,116
down €412,116 (-91.5%), from €450,545 to €38,429
of which Other amounts receivable: -€384,376
- Cash +€111,198
up €111,198 (+274%), from €40,532 to €151,730
mainly Net result for the year (+€501,148) and Receivables within one year (+€412,116)
- Deferred charges and accrued income +€15,590
up €15,590 (+626%), from €2,490 to €18,081
- Reserves +€391,933
up €391,933 (+359%), from €109,215 to €501,148
- Other debts -€134,856
down €134,856 (-17.5%), from €769,423 to €634,566
- Accrued charges and deferred income -€43,608
down €43,608 (-86.2%), from €50,579 to €6,971
- Tax, wage and social debts +€38,360
up €38,360 (+3,994%), from €960 to €39,320
- Trade debts +€27,795
up €27,795 (+2,613%), from €1,064 to €28,859
- Financial income +€483,792
up €483,792 (+1,523%), from €31,767 to €515,560
- Financial charges -€86,282
down €86,282 (-91.7%), from €94,134 to €7,852
- Taxes +€34,986
up €34,986 (+13,424%), from €261 to €35,247
- Gross operating margin +€30,832
up €30,832 (+444%), from €6,948 to €37,780
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 | €963,241 | €1,230,864 | +€267,623 | +27.8% |
| Fixed assets | 21/28 | €469,674 | €462,624 | -€7,050 | -1.5% |
| Tangible fixed assets | 22/27 | €18,674 | €11,624 | -€7,050 | -37.8% |
| Plant, machinery and equipment | 23 | €16,114 | €9,519 | -€6,595 | -40.9% |
| Other tangible fixed assets | 26 | €2,560 | €2,105 | -€455 | -17.8% |
| Financial fixed assets | 28 | €451,000 | €451,000 | = | 0.0% |
| Current assets | 29/58 | €493,567 | €768,240 | +€274,673 | +55.7% |
| Amounts receivable within one year | 40/41 | €450,545 | €38,429 | -€412,116 | -91.5% |
| Trade receivables | 40 | €66,154 | €38,414 | -€27,740 | -41.9% |
| Other amounts receivable | 41 | €384,391 | €15 | -€384,376 | -100.0% |
| Current investments | 50/53 | - | €560,000 | +€560,000 | |
| Cash at bank and in hand | 54/58 | €40,532 | €151,730 | +€111,198 | +274% |
| Deferred charges and accrued income | 490/1 | €2,490 | €18,081 | +€15,590 | +626% |
| Total equity and liabilities | 10/49 | €963,241 | €1,230,864 | +€267,623 | +27.8% |
| Equity | 10/15 | €129,215 | €521,148 | +€391,933 | +303% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €109,215 | €501,148 | +€391,933 | +359% |
| Distributable reserves | 133 | €109,215 | €501,148 | +€391,933 | +359% |
| Amounts payable | 17/49 | €834,026 | €709,716 | -€124,310 | -14.9% |
| Amounts payable within one year | 42/48 | €783,447 | €702,745 | -€80,702 | -10.3% |
| Trade debts | 44 | €1,064 | €28,859 | +€27,795 | +2,613% |
| Suppliers | 440/4 | €1,064 | €28,859 | +€27,795 | +2,613% |
| Advances received on contracts in progress | 46 | €12,000 | - | -€12,000 | |
| Taxes, remuneration and social security | 45 | €960 | €39,320 | +€38,360 | +3,994% |
| Taxes | 450/3 | €960 | €39,320 | +€38,360 | +3,994% |
| Other amounts payable | 47/48 | €769,423 | €634,566 | -€134,856 | -17.5% |
| Accrued charges and deferred income | 492/3 | €50,579 | €6,971 | -€43,608 | -86.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,122 | €8,950 | -€172 | -1.9% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Gross operating margin | 9900 | €6,948 | €37,780 | +€30,832 | +444% |
| Operating profit (loss) | 9901 | -€2,314 | €28,687 | +€31,001 | |
| Financial income | 75/76B | €31,767 | €515,560 | +€483,792 | +1,523% |
| Recurring financial income | 75 | €31,767 | €515,560 | +€483,792 | +1,523% |
| Financial charges | 65/66B | €94,134 | €7,852 | -€86,282 | -91.7% |
| Recurring financial charges | 65 | €94,134 | €7,852 | -€86,282 | -91.7% |
| Profit (loss) for the period before taxes | 9903 | -€64,681 | €536,395 | +€601,075 | |
| Income taxes | 67/77 | €261 | €35,247 | +€34,986 | +13,424% |
| Profit (loss) for the period | 9904 | -€64,941 | €501,148 | +€566,089 | |
| Profit (loss) for the period to be appropriated | 9905 | -€64,941 | €501,148 | +€566,089 |
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 13 October 2026 via checked.be.