VALEFISC: 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.
VALEFISC
Largest movements
- Current investments +€30,028
up €30,028 (+66.4%), from €45,208 to €75,236
- Deferred charges and accrued income -€7,200
down €7,200 (-60.8%), from €11,835 to €4,635
- Receivables within one year +€1,801
up €1,801 (+6.6%), from €27,092 to €28,893
of which Trade receivables: +€6,505
- Reserves +€24,082
up €24,082 (+130%), from €18,486 to €42,568
- Trade debts +€6,184
up €6,184 (+34.7%), from €17,795 to €23,979
- Tax, wage and social debts -€3,153
down €3,153 (-10.7%), from €29,584 to €26,431
- Gross operating margin +€17,067
up €17,067 (+35.5%), from €48,018 to €65,085
- Taxes +€2,594
up €2,594 (+20.8%), from €12,497 to €15,091
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 | €91,484 | €117,111 | +€25,627 | +28.0% |
| Fixed assets | 21/28 | €2,498 | €2,815 | +€317 | +12.7% |
| Tangible fixed assets | 22/27 | €2,498 | €2,815 | +€317 | +12.7% |
| Furniture and vehicles | 24 | €2,498 | €2,815 | +€317 | +12.7% |
| Current assets | 29/58 | €88,986 | €114,296 | +€25,310 | +28.4% |
| Amounts receivable within one year | 40/41 | €27,092 | €28,893 | +€1,801 | +6.6% |
| Trade receivables | 40 | €22,388 | €28,893 | +€6,505 | +29.1% |
| Other amounts receivable | 41 | €4,704 | - | -€4,704 | |
| Current investments | 50/53 | €45,208 | €75,236 | +€30,028 | +66.4% |
| Cash at bank and in hand | 54/58 | €4,851 | €5,532 | +€681 | +14.0% |
| Deferred charges and accrued income | 490/1 | €11,835 | €4,635 | -€7,200 | -60.8% |
| Total equity and liabilities | 10/49 | €91,484 | €117,111 | +€25,627 | +28.0% |
| Equity | 10/15 | €37,086 | €61,168 | +€24,082 | +64.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,486 | €42,568 | +€24,082 | +130% |
| Distributable reserves | 133 | €18,486 | €42,568 | +€24,082 | +130% |
| Amounts payable | 17/49 | €54,398 | €55,944 | +€1,546 | +2.8% |
| Amounts payable after more than one year | 17 | €1,031 | - | -€1,031 | |
| Financial debts | 170/4 | €1,031 | - | -€1,031 | |
| Amounts payable within one year | 42/48 | €53,367 | €55,944 | +€2,576 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €1,488 | €1,031 | -€457 | -30.7% |
| Trade debts | 44 | €17,795 | €23,979 | +€6,184 | +34.7% |
| Suppliers | 440/4 | €17,795 | €23,979 | +€6,184 | +34.7% |
| Taxes, remuneration and social security | 45 | €29,584 | €26,431 | -€3,153 | -10.7% |
| Taxes | 450/3 | €29,584 | €26,431 | -€3,153 | -10.7% |
| Other amounts payable | 47/48 | €4,500 | €4,503 | +€3 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €341 | €946 | +€605 | +177% |
| Other operating charges | 640/8 | €512 | €462 | -€51 | -9.9% |
| Gross operating margin | 9900 | €48,018 | €65,085 | +€17,067 | +35.5% |
| Operating profit (loss) | 9901 | €47,164 | €63,676 | +€16,512 | +35.0% |
| Financial income | 75/76B | €241 | €617 | +€376 | +156% |
| Recurring financial income | 75 | €241 | €617 | +€376 | +156% |
| Financial charges | 65/66B | €340 | €731 | +€390 | +115% |
| Recurring financial charges | 65 | €340 | €731 | +€390 | +115% |
| Profit (loss) for the period before taxes | 9903 | €47,065 | €63,563 | +€16,498 | +35.1% |
| Income taxes | 67/77 | €12,497 | €15,091 | +€2,594 | +20.8% |
| Profit (loss) for the period | 9904 | €34,568 | €48,472 | +€13,904 | +40.2% |
| Profit (loss) for the period to be appropriated | 9905 | €34,568 | €48,472 | +€13,904 | +40.2% |
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 15 October 2026 via checked.be.