ValdeSaire: 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.
ValdeSaire
Largest movements
- Cash +€34,814
up €34,814 (+55.3%), from €62,951 to €97,765
mainly Net result for the year (+€113,160) and Other debts (+€54,156)
- Intangible fixed assets -€30,000
down €30,000 (-35.3%), from €85,000 to €55,000
- Tangible fixed assets -€23,943
down €23,943 (-46.4%), from €51,586 to €27,643
- Receivables within one year -€6,335
down €6,335 (-81.6%), from €7,765 to €1,430
of which Trade receivables: -€5,300
- Deferred charges and accrued income +€2,376
up €2,376 (+48.6%), from €4,894 to €7,270
- Reserves -€55,000
down €55,000 (-54.9%), from €100,195 to €45,195
- Other debts +€54,156
up €54,156 (+223%), from €24,326 to €78,482
- Debts after one year -€11,198
down €11,198 (-18.3%), from €61,198 to €50,000
of which Financial debts: -€9,198
- Current portion of long-term debt -€9,487
down €9,487 (-50.8%), from €18,685 to €9,198
- Gross operating margin +€20,496
up €20,496 (+11.7%), from €175,496 to €195,992
- Depreciation -€8,612
down €8,612 (-15.7%), from €54,843 to €46,231
- Taxes +€6,541
up €6,541 (+24.4%), from €26,852 to €33,393
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 | €231,239 | €209,736 | -€21,504 | -9.3% |
| Fixed assets | 21/28 | €140,086 | €86,143 | -€53,943 | -38.5% |
| Intangible fixed assets | 21 | €85,000 | €55,000 | -€30,000 | -35.3% |
| Tangible fixed assets | 22/27 | €51,586 | €27,643 | -€23,943 | -46.4% |
| Plant, machinery and equipment | 23 | €19,606 | €10,055 | -€9,551 | -48.7% |
| Furniture and vehicles | 24 | €10,304 | €1,531 | -€8,773 | -85.1% |
| Leasing and similar rights | 25 | €21,676 | €16,057 | -€5,619 | -25.9% |
| Financial fixed assets | 28 | €3,500 | €3,500 | = | 0.0% |
| Current assets | 29/58 | €91,153 | €123,593 | +€32,440 | +35.6% |
| Stocks and contracts in progress | 3 | €15,543 | €17,127 | +€1,584 | +10.2% |
| Stocks | 30/36 | €15,543 | €17,127 | +€1,584 | +10.2% |
| Amounts receivable within one year | 40/41 | €7,765 | €1,430 | -€6,335 | -81.6% |
| Trade receivables | 40 | €5,300 | €0 | -€5,300 | -100% |
| Other amounts receivable | 41 | €2,465 | €1,430 | -€1,035 | -42.0% |
| Cash at bank and in hand | 54/58 | €62,951 | €97,765 | +€34,814 | +55.3% |
| Deferred charges and accrued income | 490/1 | €4,894 | €7,270 | +€2,376 | +48.6% |
| Total equity and liabilities | 10/49 | €231,239 | €209,736 | -€21,504 | -9.3% |
| Equity | 10/15 | €122,137 | €67,298 | -€54,840 | -44.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100,195 | €45,195 | -€55,000 | -54.9% |
| Distributable reserves | 133 | €100,195 | €45,195 | -€55,000 | -54.9% |
| Profit (loss) carried forward | 14 | €3,342 | €3,502 | +€160 | +4.8% |
| Amounts payable | 17/49 | €109,102 | €142,438 | +€33,336 | +30.6% |
| Amounts payable after more than one year | 17 | €61,198 | €50,000 | -€11,198 | -18.3% |
| Financial debts | 170/4 | €9,198 | €0 | -€9,198 | -100% |
| Other amounts payable | 178/9 | €52,000 | €50,000 | -€2,000 | -3.8% |
| Amounts payable within one year | 42/48 | €47,883 | €92,438 | +€44,555 | +93.1% |
| Current portion of amounts payable after more than one year | 42 | €18,685 | €9,198 | -€9,487 | -50.8% |
| Financial debts | 43 | - | €1,263 | +€1,263 | |
| Other loans | 439 | - | €1,263 | +€1,263 | |
| Trade debts | 44 | €4,872 | €3,494 | -€1,377 | -28.3% |
| Suppliers | 440/4 | €4,872 | €3,494 | -€1,377 | -28.3% |
| Other amounts payable | 47/48 | €24,326 | €78,482 | +€54,156 | +223% |
| Accrued charges and deferred income | 492/3 | €21 | €0 | -€21 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,843 | €46,231 | -€8,612 | -15.7% |
| Other operating charges | 640/8 | €979 | €1,034 | +€55 | +5.6% |
| Non-recurring operating charges | 66A | €739 | €0 | -€739 | -100% |
| Gross operating margin | 9900 | €175,496 | €195,992 | +€20,496 | +11.7% |
| Operating profit (loss) | 9901 | €118,935 | €148,727 | +€29,792 | +25.0% |
| Financial income | 75/76B | €31 | €240 | +€209 | +677% |
| Recurring financial income | 75 | €31 | €240 | +€209 | +677% |
| Financial charges | 65/66B | €2,057 | €2,413 | +€356 | +17.3% |
| Recurring financial charges | 65 | €2,057 | €2,413 | +€356 | +17.3% |
| Profit (loss) for the period before taxes | 9903 | €116,908 | €146,554 | +€29,645 | +25.4% |
| Income taxes | 67/77 | €26,852 | €33,393 | +€6,541 | +24.4% |
| Profit (loss) for the period | 9904 | €90,056 | €113,160 | +€23,104 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €90,056 | €113,160 | +€23,104 | +25.7% |
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 23 October 2026 via checked.be.