VALDIVAN: what changed
Two fiscal 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.
VALDIVAN
Largest movements
- Receivables within one year -€32,761
down €32,761 (-52.6%), from €62,235 to €29,474
of which Other amounts receivable: -€30,914
- Tangible fixed assets +€20,904
up €20,904 (+20.5%), from €101,989 to €122,894
of which Furniture and vehicles: +€21,048
- Cash +€1,897
up €1,897 (+28.0%), from €6,770 to €8,668
mainly Debts after one year (+€42,500) and Depreciation (+€37,662)
- Debts after one year +€42,500
new in 2025: €42,500
- Profit (loss) carried forward -€34,722
down €34,722, from €25,473 to -€9,249
- Other debts -€12,083
down €12,083 (-23.9%), from €50,571 to €38,487
- Trade debts -€6,443
down €6,443 (-38.7%), from €16,634 to €10,190
- Advances received -€1,772
down €1,772 (-65.9%), from €2,689 to €917
- Depreciation +€15,374
up €15,374 (+69.0%), from €22,287 to €37,662
- Gross operating margin +€5,985
up €5,985 (+103.2%), from €5,800 to €11,784
- Write-downs +€5,012
new in 2025: €5,012
- Financial charges +€1,103
up €1,103 (+100.0%), from €1,103 to €2,206
of which Financial charges: +€1,103
- Other operating charges -€207
down €207 (-11.3%), from €1,834 to €1,626
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.
Cash bridge derived
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 | €172,607 | €162,308 | -€10,298 | -6.0% |
| Fixed assets | 21/28 | €102,014 | €122,919 | +€20,904 | +20.5% |
| Tangible fixed assets | 22/27 | €101,989 | €122,894 | +€20,904 | +20.5% |
| Furniture and vehicles | 24 | €100,751 | €121,799 | +€21,048 | +20.9% |
| Other tangible fixed assets | 26 | €1,238 | €1,095 | -€143 | -11.6% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €70,592 | €39,390 | -€31,203 | -44.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €62,235 | €29,474 | -€32,761 | -52.6% |
| Trade receivables | 40 | €31,321 | €29,474 | -€1,847 | -5.9% |
| Other amounts receivable | 41 | €30,914 | €0 | -€30,914 | -100.0% |
| Cash at bank and in hand | 54/58 | €6,770 | €8,668 | +€1,897 | +28.0% |
| Deferred charges and accrued income | 490/1 | €1,587 | €1,248 | -€339 | -21.3% |
| Total equity and liabilities | 10/49 | €172,607 | €162,308 | -€10,298 | -6.0% |
| Equity | 10/15 | €101,723 | €67,001 | -€34,722 | -34.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €51,250 | €51,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €32,500 | €32,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,473 | -€9,249 | -€34,722 | |
| Amounts payable | 17/49 | €70,883 | €95,307 | +€24,423 | +34.5% |
| Amounts payable after more than one year | 17 | - | €42,500 | +€42,500 | |
| Other amounts payable | 178/9 | - | €42,500 | +€42,500 | |
| Amounts payable within one year | 42/48 | €70,342 | €50,533 | -€19,809 | -28.2% |
| Trade debts | 44 | €16,634 | €10,190 | -€6,443 | -38.7% |
| Suppliers | 440/4 | €16,634 | €10,190 | -€6,443 | -38.7% |
| Advances received on contracts in progress | 46 | €2,689 | €917 | -€1,772 | -65.9% |
| Taxes, remuneration and social security | 45 | €449 | €938 | +€490 | +109.1% |
| Taxes | 450/3 | €449 | €938 | +€490 | +109.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €50,571 | €38,487 | -€12,083 | -23.9% |
| Accrued charges and deferred income | 492/3 | €541 | €2,274 | +€1,732 | +320.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,287 | €37,662 | +€15,374 | +69.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,012 | +€5,012 | |
| Other operating charges | 640/8 | €1,834 | €1,626 | -€207 | -11.3% |
| Gross operating margin | 9900 | €5,800 | €11,784 | +€5,985 | +103.2% |
| Operating profit (loss) | 9901 | -€18,322 | -€32,516 | -€14,195 | -77.5% |
| Financial income | 75/76B | €168 | €0 | -€168 | -99.8% |
| Recurring financial income | 75 | €168 | €0 | -€168 | -99.8% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,103 | €2,206 | +€1,103 | +100.0% |
| Recurring financial charges | 65 | €1,103 | €2,206 | +€1,103 | +100.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€19,256 | -€34,722 | -€15,466 | -80.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€19,256 | -€34,722 | -€15,466 | -80.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,256 | -€34,722 | -€15,466 | -80.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.