VALEDAN: 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.
VALEDAN
Largest movements
- Cash +€215,184
up €215,184 (+277.7%), from €77,483 to €292,667
mainly Current investments (+€175,000) and Net result for the year (+€71,433)
- Current investments -€175,000
no longer reported in 2025 (was €175,000)
- Receivables after one year -€8,000
down €8,000 (-60.0%), from €13,333 to €5,333
- Reserves +€20,758
up €20,758 (+9.4%), from €222,000 to €242,758
- Current portion of long-term debt +€6,935
new in 2025: €6,935
- Tax, wage and social debts +€4,067
up €4,067 (+37.9%), from €10,735 to €14,801
- Gross operating margin -€6,202
down €6,202 (-5.6%), from €111,339 to €105,137
- Financial income +€1,434
up €1,434 (+44.2%), from €3,246 to €4,680
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 | €274,456 | €305,106 | +€30,650 | +11.2% |
| Fixed assets | 21/28 | €3,971 | €2,397 | -€1,574 | -39.6% |
| Tangible fixed assets | 22/27 | €3,971 | €2,397 | -€1,574 | -39.6% |
| Plant, machinery and equipment | 23 | €1,480 | €976 | -€503 | -34.0% |
| Furniture and vehicles | 24 | €2,491 | €1,420 | -€1,070 | -43.0% |
| Current assets | 29/58 | €270,485 | €302,709 | +€32,223 | +11.9% |
| Amounts receivable after more than one year | 29 | €13,333 | €5,333 | -€8,000 | -60.0% |
| Other amounts receivable | 291 | €13,333 | €5,333 | -€8,000 | -60.0% |
| Amounts receivable within one year | 40/41 | €574 | €606 | +€31 | +5.4% |
| Other amounts receivable | 41 | €574 | €606 | +€31 | +5.4% |
| Current investments | 50/53 | €175,000 | - | -€175,000 | |
| Cash at bank and in hand | 54/58 | €77,483 | €292,667 | +€215,184 | +277.7% |
| Deferred charges and accrued income | 490/1 | €4,095 | €4,103 | +€8 | +0.2% |
| Total equity and liabilities | 10/49 | €274,456 | €305,106 | +€30,650 | +11.2% |
| Equity | 10/15 | €257,030 | €277,788 | +€20,758 | +8.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €222,000 | €242,758 | +€20,758 | +9.4% |
| Distributable reserves | 133 | €222,000 | €242,758 | +€20,758 | +9.4% |
| Profit (loss) carried forward | 14 | €28,830 | €28,830 | = | 0.0% |
| Amounts payable | 17/49 | €17,426 | €27,318 | +€9,892 | +56.8% |
| Amounts payable within one year | 42/48 | €17,184 | €27,318 | +€10,134 | +59.0% |
| Current portion of amounts payable after more than one year | 42 | - | €6,935 | +€6,935 | |
| Trade debts | 44 | €4,607 | €4,409 | -€199 | -4.3% |
| Suppliers | 440/4 | €4,607 | €4,409 | -€199 | -4.3% |
| Taxes, remuneration and social security | 45 | €10,735 | €14,801 | +€4,067 | +37.9% |
| Taxes | 450/3 | €10,735 | €14,801 | +€4,067 | +37.9% |
| Other amounts payable | 47/48 | €1,842 | €1,173 | -€669 | -36.3% |
| Accrued charges and deferred income | 492/3 | €243 | - | -€243 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,712 | €1,574 | -€139 | -8.1% |
| Other operating charges | 640/8 | €718 | €711 | -€7 | -1.0% |
| Gross operating margin | 9900 | €111,339 | €105,137 | -€6,202 | -5.6% |
| Operating profit (loss) | 9901 | €108,909 | €102,853 | -€6,056 | -5.6% |
| Financial income | 75/76B | €3,246 | €4,680 | +€1,434 | +44.2% |
| Recurring financial income | 75 | €3,246 | €4,680 | +€1,434 | +44.2% |
| Financial charges | 65/66B | €364 | €564 | +€199 | +54.7% |
| Recurring financial charges | 65 | €364 | €564 | +€199 | +54.7% |
| Profit (loss) for the period before taxes | 9903 | €111,790 | €106,969 | -€4,821 | -4.3% |
| Income taxes | 67/77 | €36,638 | €35,536 | -€1,102 | -3.0% |
| Profit (loss) for the period | 9904 | €75,153 | €71,433 | -€3,720 | -4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €75,153 | €71,433 | -€3,720 | -4.9% |
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 4 October 2026 via checked.be.