VALEDS: 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.
VALEDS
Largest movements
- Receivables within one year +€26,900
up €26,900 (+82.3%), from €32,676 to €59,576
of which Other amounts receivable: +€27,327
- Cash +€8,595
up €8,595 (+22.4%), from €38,372 to €46,966
mainly Net result for the year (+€38,805) and Tax, wage and social debts (+€8,104)
- Tangible fixed assets +€4,485
up €4,485 (+1169.2%), from €384 to €4,869
of which Furniture and vehicles: +€4,869
- Reserves +€38,805
up €38,805 (+83.0%), from €46,740 to €85,545
- Tax, wage and social debts +€8,104
up €8,104 (+57.3%), from €14,138 to €22,243
- Trade debts -€6,930
down €6,930 (-91.8%), from €7,552 to €623
- Gross operating margin +€9,942
up €9,942 (+21.3%), from €46,684 to €56,626
- Taxes +€3,966
up €3,966 (+28.1%), from €14,138 to €18,104
- Financial income +€2,113
up €2,113 (+427.0%), from €495 to €2,607
of which Financial income: +€2,113
- Financial charges -€2,028
down €2,028 (-93.9%), from €2,160 to €132
of which Financial charges: -€1,916
- Depreciation +€914
up €914 (+169.0%), from €541 to €1,454
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 | €71,431 | €111,411 | +€39,980 | +56.0% |
| Fixed assets | 21/28 | €384 | €4,869 | +€4,485 | +1169.2% |
| Tangible fixed assets | 22/27 | €384 | €4,869 | +€4,485 | +1169.2% |
| Plant, machinery and equipment | 23 | €384 | - | -€384 | |
| Furniture and vehicles | 24 | - | €4,869 | +€4,869 | |
| Current assets | 29/58 | €71,047 | €106,542 | +€35,495 | +50.0% |
| Amounts receivable within one year | 40/41 | €32,676 | €59,576 | +€26,900 | +82.3% |
| Trade receivables | 40 | €1,083 | €656 | -€427 | -39.4% |
| Other amounts receivable | 41 | €31,593 | €58,920 | +€27,327 | +86.5% |
| Cash at bank and in hand | 54/58 | €38,372 | €46,966 | +€8,595 | +22.4% |
| Total equity and liabilities | 10/49 | €71,431 | €111,411 | +€39,980 | +56.0% |
| Equity | 10/15 | €49,740 | €88,545 | +€38,805 | +78.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €46,740 | €85,545 | +€38,805 | +83.0% |
| Distributable reserves | 133 | €46,740 | €85,545 | +€38,805 | +83.0% |
| Amounts payable | 17/49 | €21,691 | €22,866 | +€1,175 | +5.4% |
| Amounts payable within one year | 42/48 | €21,691 | €22,866 | +€1,175 | +5.4% |
| Trade debts | 44 | €7,552 | €623 | -€6,930 | -91.8% |
| Suppliers | 440/4 | €7,552 | €623 | -€6,930 | -91.8% |
| Taxes, remuneration and social security | 45 | €14,138 | €22,243 | +€8,104 | +57.3% |
| Taxes | 450/3 | €14,138 | €22,243 | +€8,104 | +57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €541 | €1,454 | +€914 | +169.0% |
| Other operating charges | 640/8 | €656 | €738 | +€82 | +12.4% |
| Gross operating margin | 9900 | €46,684 | €56,626 | +€9,942 | +21.3% |
| Operating profit (loss) | 9901 | €45,488 | €54,434 | +€8,946 | +19.7% |
| Financial income | 75/76B | €495 | €2,607 | +€2,113 | +427.0% |
| Recurring financial income | 75 | €495 | €2,607 | +€2,113 | +427.0% |
| Non-recurring financial income | 76B | €495 | - | -€495 | |
| Financial charges | 65/66B | €2,160 | €132 | -€2,028 | -93.9% |
| Recurring financial charges | 65 | €2,047 | €132 | -€1,916 | -93.6% |
| Non-recurring financial charges | 66B | €112 | - | -€112 | |
| Profit (loss) for the period before taxes | 9903 | €43,823 | €56,909 | +€13,087 | +29.9% |
| Income taxes | 67/77 | €14,138 | €18,104 | +€3,966 | +28.1% |
| Profit (loss) for the period | 9904 | €29,684 | €38,805 | +€9,121 | +30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,684 | €38,805 | +€9,121 | +30.7% |
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 7 October 2026 via checked.be.